Home  »  Company  »  Sri Adhikari Bro  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sri Adhikari Brothers Television Network Ltd.

Mar 31, 2015

1. Scheme of Arrangement

On 28th August, 2014, the Audit Committee and the Board of Directors of the Company has approved the Composite Scheme of Amalgamation and Arrangement between Maiboli Broadcasting Private Limited and Sri Adhikari Brothers Assets Holding Private Limited and Sri Adhikari Brothers Television Network Limited and UBJ Broadcasting Private Limited and HHP Broadcasting Services Private Limited and MPCR Broadcasting Service Private Limited and TV Vision Limited and SAB Events & Governance Now Media Private Limited (Formerly Known As ''Marvick Entertainment Private Limited'') and their respective Shareholders ("Scheme") under Sections 391 to 394 of the Companies Act, 1956 read with Section 78, Sections 100 to 103 of the Companies Act, 1956 and Section 52 and other relevant provision of the Companies Act, 2013.

The Hon''ble High Court of Judicature at Bombay vide its Order dated 8th May, 2015 has directed to hold the meeting of the Equity Shareholders of the Company on Friday, 19th June, 2015. In lieu of pending approval from the Hon''ble High Court of Judicature at Bombay and the Equity Shareholders of the Company, the impact of the above mentioned Scheme has not been given in these Financial Statements.

2. Transitional effect of the Asset whose useful life is over.

Effective from April 1, 2014 , the Company has revised the useful life of certain fixed assets based on Schedule II to the Companies Act 2013 for the purposes of providing depreciation on fixed assets. Accordingly, the carrying amount of the assets as on April 1, 2014 has been depreciated over the remaining revised useful life of the fixed assets. Consequently, an amount of Rs. 225.12 lacs representing the residual value of assets where the remaining useful life of an Asset is Nil i.e. the deprection not charged to Statement of Profit and Loss in earlier years has now been recognized in retained earnings and disclosed in appropriation part of the Statement of Profit and Loss.

3. Preferential Issue of Warrants

During the Previous Financial year company has allotted 100,00,000 warrants convertible into even number of equity of Rs.10/-each of the Company at a issue of Rs.75.10 (including premium of Rs.65.10) per share to the entities in the promoter group and others on preferential basis on 18th March 2014 in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulation 2009. The above warrants entitle the allotees to convert into equity shares on balance payment of 75% of the issue price. Up to 31st March, 2014 Company had issued 28,20,000 equity shares on conversion of warrants. During the year Company has issued Balance 71,80,000 equity shares on conversion of Warrants.

4. Segment Reporting

The Company is operating in single primary business segment i.e. Content Production and distribution. Accordingly no segment reporting as per Accounting Standard 17 has been reported.

5. Contingent Liability and Commitments Contingent Liability

(To the extent not provided for)

Particulars 31.03.2015 31.03.2014

Income Tax demand and Penalty (net of payments) 10,410,000 14,410,000

Capital & Other Commitments

As on Balance Sheet date there is no outstanding Capital and Other Commitments.

6. Events occurring after Balance Sheet date

There are no event occurring after Balance Sheet date that require adjustment to amount stated on Balance Sheet date.

7. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act cannot be identified.

8. Previous Year Figures

The previous year figures have been regrouped/reclassified wherever considered necessary to correspond with current year classification/disclosure.


Mar 31, 2014

1. Segment Reporting

The Company is operating in single primary business segment i.e. Content Production and distribution. Accordingly no segment reporting as per Accounting Standard 17 has been reported.

2. Contingent Liability and Commitments Contingent Liability

(To the extent not provided for)

Particulars 31.03.2014 31.03.2013

Income Tax demand and Penalty (net of payments) 14,410,000 24,410,510

Capital & Other Commitments

As on Balance Sheet date there is no outstanding Capital and Other Commitments.

3. Events occurring after Balance Sheet date

There are no event occuring after Balance Sheet date that require adjustment to amount stated on Balance Sheet date.

4. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act cannot be identified.

5. Previous Year Figures

The previous year figures have been regrouped/reclassified whereever considered necessary to correspond with current year clasification/disclosure.


Mar 31, 2013

1 Employees Stock Option

The Company has granted in April 2010, 700,000 options to eligible employees under the SABTNL Employees Stock Option Plan 2010 (ESOP 2010). These options would be vested over a period of two years from the date of grant of options. 50% of these options vested in April 2011 and the balance will vest in April 2012. The options can be exercised within one year from the date of vesting. Each option is convertible into equivalent number of Equity Share of Rs.10/- Face value. The Exercise Price of the Option is Rs.10.

The stock option discount has been amortized over the vesting period of two years on straight line basis. A sum of Rs. 0.75 lacs (PY. Rs. 19.70 lacs) representing proportionate charge for the period has been included in the accounts under Salaries, Allowances etc. and a sum of Rs. 14.44 lacs has been credited in the accounts under Salaries, Allowances etc. on account of forfeiture of 139,000 employee stock options.

Potential number of Diluted Equity shares to be issued under Employees Stock Option Plan 2010 is Nil (Previous year Rs. 2,10,551/-) of Rs. 10/- each.

2 Segment Reporting

The Company is operating in single primary business segment i.e. Content Production and Distribution. Accordingly no segment reporting as per Accounting Standard 17 has been reported.

3. Related Party Disclosures

a) List of Related Parties & Relationship:-

i. Subsidiary Companies

TV Vision Ltd. Subsidiary Company

Westwind Realtors Pvt. Ltd. Subsidiary Company

HHP Broadcasting Services Pvt. Ltd. Step-down Subsidiary Company

UBJ Broadcasting Pvt. Ltd. Step-down Subsidiary Company

MPCR Broadcasting Services Pvt. Ltd. Step-down Subsidiary Company

ii. Associate Concern

Maiboli Broadcasting Pvt. Ltd. Associate Concern

SAB Entertainment Network Pvt. Ltd. Associate Concern

iii. Key Management Personnel (KMP)

Gautam Adhikari Chairman & Whole Time Director

Markand Adhikari Vice Chairman & Managing Director

iv. Relative of Key Management Personnel

Urvee Adhikari Daughter of Key Management Personnel

Ravi Adhikari Son of Key Management Personnel

Kailashnath Adhikari Son of Key Management Personnel

iv. Others

SAB & View Entertainment 50% Joint Venture

4 Contingent Liability and Events occurring after Balance Sheet date

There is no contingent liability as on Balance Sheet date except as stated below:

(Rs.)

Particulars 31.03.2013 31.03.2012

Income Tax Demand 24,410,510 37,463,448

Total 24,410,510 37,463,448

5 Capital and Other Commitment

As on Balance sheet date there is no outstanding Capital and Other Commitment,

6 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act cannot be identified.

7 Previous Year Figures

The previous year figures have been regrouped/reclassified whereever considered necessary to correspond with current year clasification/disclosure.


Mar 31, 2012

Terms and Rights attached to Equity Shares:

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

The amount of per share dividend recognized as distributions to equity shareholders during the year ended 31st March, 2012 is Rs. 0.60 (RY. Rs. 0.60), subject to approval by shareholders in the ensuing annual general meeting.

The reconciliation of the number of shares outstanding and the amount of share capital as at 31st March, 2012 is set out Below:

Term loan and External Commercial borrowings from Punjab National Bank are secured by way of equitable mortgage of Lana and all the present and future assets created out of loan proceeds for project at Kandivali and hypothecation of studio equipment and furniture and fixtures. Further, the loan is guaranteed by personal guarantee of promoter directors.

Term loan from Canara Bank is secured by way of negative lien on content rights acquired from loan proceeds. Further, the loan is guaranteed by personal guarantee of Promoter Directors and is collaterally secured by assets belonging to Promoter Directors and their relative.

Corporate Loan is secured by way of first charge on the program/content rights acquired from loan proceeds. Further loan is guaranteed by personal guarantee of promoter directors and collaterally secured by assets belonging to promoter director.

Vehicle loan is secured by way of hypothecation of vehicles.

These loan are repayable on monthly and quarterly installment basis spreading upto financial year 2014-15 and rate of interest for the term loan is Base Rate 4.00%, for external commercial borrowing rate is LIBOR 6M 7% and for corporate loan rate is Base Rate 4.25%.

1 Employees Stock Option

The company has granted in April 2010, 700,000 options to eligible employees under the SABTNL Employees Stock Option Scheme 2009-10 (ESOP 2009-10). These options would be vested over a period of two years from the date of grant of options. 50% of these options vested in April 2011 and the Balance will vest in April 2012. The options can be exercised within one year from the date of vesting. Each option is convertible into equivalent number of Equity Share of Rs.10/- Face value. The Exercise Price of the Option is Rs.10.

The stock option discount has Peen amortized over the vesting period of two years on straight line basis. A sum of Rs. 19.70 lacs (PY. Rs. 52.27 lacs) representing proportionate charge for the year has Been included in the accounts under Salaries, Allowances etc.

Potential number of Diluted Equity shares to be issued under Employees Stock Option Scheme 2009-10 is 2,10,551 (Previous year 2,56,374/-) ofRs.10/- each.

2 Segment Reporting

The Company is operating in single primary Business segment i.e. Content Production and distribution. Accordingly no segment reporting as per Accounting Standard 17 has Been reported.

3. Related Party Disclosures

a) List of Related Parties & Relationship:-

i. Subsidiary Companies

TV Vision Ltd. Subsidiary Company

Westwind Realtors Pvt. Ltd. Subsidiary Company

MaiPoli Broadcasting Pvt. Ltd. Subsidiary Company

HHP Broadcasting Services Pvt. Ltd. Step-down Subsidiary Company

UBJ Broadcasting Pvt. Ltd. Step-down Subsidiary Company

MPCR Broadcasting Services Pvt. Ltd. Step-down Subsidiary Company

ii. Key Management Personnel (KMP):

Gautam Aahikari Chairman & Whole Time Director

Markand Aahikari Vice Chairman & Managing Director

iii. Relatives of Key Management Personnel

Heeren Aahikari Urvee Aahikari Kanchan Aahikari Ravi Aahikari Kailashnath Aahikari

iv. Others

SAB & View Entertainment 50% Joint Venture

Infra Projects Vision Pvt Ltd Directors having Substantial Interest

Kartavyaa Publication Pvt Ltd Directors having Substantial Interest

Dream Merchant Cinema Pvt Ltd Directors having Substantial Interest

Cinema Today Pvt Ltd Directors having Substantial Interest

Sri Aahikari Brothers Assets Holding Pvt Ltd. Directors having SuPstantial Interest

Urvee Aahikari Creation Relative of Director having Substantial Interest

Defined Benefit Plan

Employees gratuity and leave encashment scheme is defined benefit plan. The present value of obligation is determined based on actuarial valuation using projected unit credit method which recognised each period of service as giving rise to additional need of employee benefit entitlement and measures each unit separately to build up the final obligation.

4 Consolidation of Financial Statements:

SABe TV Ltd, a WOS of a company is in the process of voluntary winding up and it is not carrying on any operating activity, Residual value of the investment in the WOS is fully adjusted in the earlier years against the amount payable to the WOS. Accordingly, company has not consolidated Financial Statements of SABe TV Ltd.

5 Contingent Liability and Events occurring after Balance Sheet date

There is no contingent liability as on Balance Sheet date except as stated Below:

particulars 31.03.2012 31.03.2011

a) Guarantees Given for Loan taken by Subsidiaries 1,100,000,000 740,000,000

P) Income Tax Demand/Penal1y 61,668,180 61,668,180

Total 1,161,668,180 801,668,180

6 Capital and Other Commitment

As on Balance sheet date there is no outstanding Capital and Other Commitment.

7 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act cannot be identified.

8 Previous Year Figures

The revised Schedule VI of the Companies Act, 1956 has Become effective from 01.04.2011 for the preparation of financial statements, which has significantly impacted the disclosure and presentation made in financial statement. The previous year figures have Peen regrouped/reclassified wherever considered necessary to correspond with current year classification/disclosure.


Mar 31, 2010

1. FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB)

During the year, the company has bought back all the outstanOing FCCBs at an average discount of 43.42%. The discount of Rs.159.10 million on buy back has been credited to Capital Reserve.

2. PREFRENTIAL ISSUE

During the year, the company has allotted 91,75,000 warrants on 19th November, 2009 ana 29,25,000 on 28th January, 2010 issued on preferential basis. These warrants are convertible into eauivalent number of eauity shares issued @ of Rs.25.25 and Rs.31.85 respectively. On 27th March, 2010 the Company has alloted 69,75,000 eauity shares on conversion of 50,50,000 warrants from 1st tranche ana 19,25,000 warrants from the 2nd tranche at the price of RS.25.25&RS.31.85 respectively.

3. SEGMENT REPORTING:

The Company is operating in Single Primary Business Segment i.e. content production & distribution. Accordingly, no Segment Reporting as per Accounting StanOara-l 7 has been reported.

4. RELATED PARTIES DISCLOSURES:

(a) List of Related Parties & Relationship:

"NAME OF THE RELATED PARTY NATURE OF RELATIONSHIP

TV Vision Private Limited Wholly owned Subsidiary Company

MPCR Broadcasting Service Private Limited Wholly owned Subsidiary Company

UBJ Broadcasting Private Limited Wholly owned Subsidiary Company

HHP Broadcasting Services Private Limited Wholly owned Subsidiary Company

Westwind Realtors Private Limited Subsidiary Company

Sri Adhikari Brothers & View Entertainment 50% Partnership Firm

Key Management Personnel

Gautam Adhikari Chairman & Whole Time Director

Markand Adhikari Vice Chairman & Managing Director

"Relative of Key Management Personnel

Heeren Adhikari Brother of Key Management Personnel

Urvee Adhikari Daughter of Key Management Personnel

Kanchan Adhikari Wife of Key Management Personnel

Ravi Adhikari Son of Key Management Personnel

Kailashnath Adhikari Son of Key Management Personnel

"Others

Sri Adhikari Brothers Media Limited Directors having Substantial Interest

Broadcast Initiatives Limited Directors having Substantial Interest

Technocrft Media Private Limited Directors having Substantial Interest

Dream Merchant Cinema Private Limited Directors having Substantial Interest

Cinema Today Private Limited Directors having Substantial Interest

Regional Broadcasters Private Limited Directors having Substantial Interest

Sri Adhikari Brothers Assets Holding Private Limited Directors having Substantial Interest

5. CONSOLIDATION OF FINANCIAL STATEMENTS:

SABe TV Ltd, a WOS of the company is in the process of voluntary winOing up ana it is not carrying on any operating activity, Residual value of the investment in the WOS is fully adjusted in the earlier year against the amount payable to the WOS. Accordingly, company has not consolidated Financial Statements of SABe TV Ltd.

Defined Benefits Plan

Employees Gratuity FunO Scheme manage by Life Insurance Corporation of InOia is defined benefit plan. The present value of obligations is determined based on actuarial valuation using projected unit credit method which recognized each period of service as giving rise to additional need of employee benefit entitlement ana measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner.

6. CAPITAL COMMITMENTS:

Estimated amount of contracts outstanOing on account of capital commitment (net of advances) is Rs.33.10 Million (RY. 27.7 Million).

7. CONTINGENT LIABILITIES: (Rs.in Million) PARTICULARS As at 31.03.2010 As at 31.03.2009

Claims against the Company not acknowledged as Debt 20.00 20.00

Custom DuV obligation for EPCG Scheme 4.59 4.59

8. EVENTS OCCURING AFTER BALANCE SHEET DATE

To the best of knowledge of the management, there are no events occurring after the Balance Sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet Date that reauires adjustment to the Assets or Liabilities of the Company except to the extent stated otherwise.

9. CURRENT ASSETS AND CURRENT LIABILITIES:

Balances of Sunary Debtors, SunOry Creditors, ana Loans & AOvances, receivable /payable are taken as per books ana are subject to confirmation ana reconciliation, if any ana Cash & Bank Balance.

10. DETAILS ABOUT THE MICRO, SMALL AND MEDIUM ENTERPRISES

In absence of information regarding vendors covered under the Micro, Small ana Medium Enterprises Development Act, 2006, disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given

11. Figures of previous year have been regrouped, rearranged ana recasted wherever considered necessary.

 
Subscribe now to get personal finance updates in your inbox!