Mar 31, 2014
1. Method of Accounting
The Company follows mercantile system of accounting and recognizes
income and expenditure on an accrual basis. Financial Statements are
prepared under historical cost convention, in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and comply in
all material aspects, with mandatory accounting standards as notified
by the Companies (Accounting Standards) Rules, 2006, relevant
provisions of the Companies Act and statements issued by the Institute
of Chartered Accountants of India. The significant accounting policies
followed by the Company are set out below.
2. Fixed Assets
a) Fixed assets are stated at cost of acquisition less accumulated
depreciation. The Cost includes all expenses related to acquisition and
installation of such assets. No revaluation has been made in any fixed
assets.
b) Intangible assets are stated at cost of acquisition less accumulated
amortization/depletion. The costs and expenses attributable to the
intangible assets are capitalized.
3. Depreciation
Depreciation for the year is provided on Straight Method at the rates
specified in Schedule XIV to the Companies Act, 1956 for the assets in
use for full year. On the assets added during the year, on pro Ârata
basis with reference to the date of addition.
4. Investments
All investments are held as long term Investments, unless otherwise
mentioned and are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary.
5. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Income from entertainment division, distribution and
exhibition of drama and film is recognized on accrual basis.
6. Provision for Current Tax and deferred Tax
a) Tax expense comprises both current and deferred tax at the
applicable enacted/substantively enacted rates. Current tax represents
the amount of income tax payable in respect of the taxable income for
the reporting period.
b) Deferred tax represents the effect of timing differences 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. Deferred tax assets are recognized only to the
extent there is reasonable certainty of realization in future. Such
assets are reviewed as at each Balance Sheet date to reassess
realization.
7. Provisions & Contingent Liabilities
Provisions are recognized when the company has a legal and constructive
present obligation as a result of a past event, for which it is
probable that outflow of resources will be required and a reliable
estimate can be made of the amount of the obligation. Contingent
liabilities are disclosed when there is a possible obligation that may
result in an outflow of resources. Contingent assets are neither
recognized nor disclosed. Contingent Liabilities not provided for: NIL
Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
1. Method of Accounting
The Company follows mercantile system of accounting and recognizes
income and expenditure on an accrual basis. Financial Statements are
prepared under historical cost convention, in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and comply in
all material aspects, with mandatory accounting standards as notified
by the Companies (Accounting Standards) Rules, 2006, relevant
provisions of the Companies Act and statements issued by the Institute
of Chartered Accountants of India. The significant accounting policies
followed by the Company are set out below.
2. Fixed Assets
a) Fixed assets are stated at cost of acquisition less accumulated
depreciation. The Cost includes all expenses related to acquisition and
installation of such assets. No revaluation has been made in any fixed
assets.
b) Intangible assets are stated at cost of acquisition less accumulated
amortization/depletion. The costs and expenses attributable to the
intangible assets are capitalized.
3. Depreciation
Depreciation for the year is provided on Straight line Method at the
rates specified in Schedule XIV to the Companies Act, 1956 for the
assets in use for full year. On the assets added during the year, on
pro Ârata basis with reference to the date of addition.
4. Investments
All investments are held as long term Investments, unless otherwise
mentioned and are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
5. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Income from entertainment division, distribution and
exhibition of drama and film is recognized on accrual basis.
6. Provision for Current Tax and deferred Tax
a) Tax expense comprises both current and deferred tax at the
applicable enacted/substantively enacted rates. Current tax represents
the amount of income tax payable in respect of the taxable income for
the reporting period.
b) Deferred tax represents the effect of timing differences 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. Deferred tax assets are recognized only to the
extent there is reasonable certainty of realization in future. Such
assets are reviewed as at each Balance Sheet date to reassess
realization.
7. Provisions & Contingent Liabilities
Provisions are recognized when the company has a legal and constructive
present obligation as a result of a past event, for which it is
probable that outflow of resources will be required and a reliable
estimate can be made of the amount of the obligation. Contingent
liabilities are disclosed when there is a possible obligation that may
result in an outflow of resources. Contingent assets are neither
recognized nor disclosed. Contingent Liabilities not provided for: NIL
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2012
1. Method of Accounting
The Company follows mercantile system of accounting and recognizes
income and expenditure on an accrual basis. Financial Statements are
prepared under historical cost convention, in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and comply in
all material aspects, with mandatory accounting standards as notified
by the Companies (Accounting Standards) Rules, 2006, relevant
provisions of the Companies Act and statements issued by the Institute
of Chartered Accountants of India. The significant accounting policies
followed by the Company are set out below.
2. Fixed Assets
a) Fixed assets are stated at cost of acquisition less accumulated
depreciation. The Cost includes all expenses related to acquisition and
installation of such assets. No revaluation has been made in any fixed
assets.
b) Intangible assets are stated at cost of acquisition less accumulated
amortization/depletion. The costs and expenses attributable to the
intangible assets are capitalized.
3. Depreciation
Depreciation for the year is provided on Straight line Method at the
rates specified in Schedule XIV to the Companies Act, 1956 for the
assets in use for full year. On the assets added during the year, on
pro Ãrata basis with reference to the date of addition.
4. Investments
All investments are held as long term Investments, unless otherwise
mentioned and are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
5. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Income from entertainment division, distribution and
exhibition of drama and film is recognized on accrual basis.
6. Provision for Current Tax and deferred Tax
a) Tax expense comprises both current and deferred tax at the
applicable enacted/substantively enacted rates. Current tax represents
the amount of income tax payable in respect of the taxable income for
the reporting period.
b) Deferred tax represents the effect of timing differences 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. Deferred tax assets are recognized only to the
extent there is reasonable certainty of realization in future. Such
assets are reviewed as at each Balance Sheet date to reassess
realization.
7. Provisions & Contingent Liabilities
Provisions are recognized when the company has a legal and constructive
present obligation as a result of a past event, for which it is
probable that outflow of resources will be required and a reliable
estimate can be made of the amount of the obligation. Contingent
liabilities are disclosed when there is a possible obligation that may
result in an outflow of resources. Contingent assets are neither
recognized nor disclosed. Contingent Liabilities not provided for: NIL
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2011
1. System of Accounting -
(i) The company generally follows mercantile system of accounting and
recognizes Income and Expenditure on accrual basis.
(ii) The financial statements are prepared on historical cost basis and
as a going concern, in accordance with normally accepted Accounting
principles and the provisions of the Companies Act, 1956 as followed
consistently by the company.
2. Fixed Assets and Depreciation
A. Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. No revaluation has been made in any fixed
assets.
B. Depreciation is charged on fixed assets on following basis:
i) On straight line method applying rates as per schedule XIV of the
Companies Act, 1956 for the assets in use for full year.
ii) On the assets added during the year, on pro-rata basis with
reference to the date of addition.
3. Investment
All investments are held as Long Term Investments, unless otherwise
mentioned and are stated at cost, unless there is a permanent fall in
the value of investments.
4. Inventories
Inventories primarily consist of cost of feature film production and
cost of serials which are valued at cost. During the year the company
has incurred film promotion expenses & publicity expenses, which have
been added to the inventory.
5. Taxation:
(i) Provision for current tax is made on the assessable income computed
for the accounting period in accordance with the Income Tax Act, 1961.
(ii)Deferred Tax is recognized, subject to the consideration of
prudence, on timing differences, calculated by applying tax rates and
tax laws that have been enacted or substantively enacted by the balance
sheet date. Deferred tax assets arising mainly on account of business
losses and capital losses under tax laws are recognized, only if there
is a virtual certainty of its realization, supported by convincing
evidence. At each balance sheet date, the carrying amount of deferred
tax assets is reviewed to reassure realization.
Mar 31, 2010
1. System of Accounting -
(i) The company generally follows mercantile system of accounting and
recognizes Income and Expenditure on accrual basis.
ii) The financial statements are prepared on historical cost basis and
as a going concern, in accordance with normally accepted Accounting
principles and the provisions of the Companies Act, 1956 as followed
consistently by the company.
2. Fixed Assets and Depreciation
A. Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. No revaluation has been made in any fixed
assets.
B. Depreciation is charged on fixed assets on following basis:
i) On straight line method applying rates as per schedule XIV of the
Companies Act, 1956 for the assets in use for full year.
ii) On the assets added during the year, on pro-rata basis with
reference to the date of addition.
3. Investment
All investments are held as Long Term Investments, unless otherwise
mentioned and are stated at cost, unless there is a permanent fall in
the value of investments.
4. Inventories
i) The Company does not have any inventory at the end of the year.
5. Taxation:
(i) Provision for current tax is made on the assessable income computed
for the accounting period in accordance with the Income Tax Act, 1961.
(ii)Deferred Tax is recognized, subject to the consideration of
prudence, on timing differences, calculated by applying tax rates and
tax laws that have been enacted or substantively enacted by the balance
sheet date. Deferred tax assets arising mainly on account of business
losses and capital losses under tax laws are recognized, only if there
is a virtual certainty of its realization, supported by convincing
evidence. At each balance sheet date, the carrying amount of deferred
tax assets is reviewed to reassure realization.