Mar 31, 2018
b) Terms/ Rights Attached to equity shares
The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend if any proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting.
In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
1. Contingent Liabilities and Commitments
i) Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs. 34.28 lakhs). The company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered.
ii) Tax Demand - Based on the decisions of the Appellate authorities and interpretations of other relevant provisions, the company has been legally advised that the demand raised which is mentioned below is likely to be either deleted or substantially reduced accordingly no provision is considered.
a) Income Tax
The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 144.42 Lakhs, (Previous year Rs. 144.42 lakhs) against which the Company is in appeal. The company has deposited the amount in dispute with the authorities.
b) Sales Tax
Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Lease Tax and resulted in demand for Rs. 15.67 lakhs. (Previous year Rs. 15.67 lakhs). The company has preferred an appeal against the orders with Deputy Commissioner.
2. Impairment of Assets
There are no such impairable Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.
3. Asset Received under settlement
The company had received under settlement from debtors, an immovable property which is shown under the head Non-Current Investment âInvestment in Immovable propertyâ. Prior to 31st Marchâ2005 this asset was treated as fixed asset and depreciation was charged on it. However, it was transferred to Investment in Immovable property from 01st Aprilâ 2005 under the head non-current investment.
4. Inventories
During the earlier years, company had written off loss on account of non-availability of share certificates of own securities. Subsequently, wherever the shares certificates were available and it is substantially established that the shares belong to the company, they have been included as part of stock of security and shown under Inventories by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.
During the current year, the company has sold certain shares where ownership of the company is substantially established which is credited to profit & loss account under the head Revenue from operations and dividend on such shares received in earlier years shown under long term provision is written back.
5. Employee Benefits : Defined Contribution Plans
The Company has recognized the following amounts in the Profit and Loss Account for the year ended March 31, 2018
Defined Benefit Plans
Valuations in respect of gratuity have been carried out by independent actuary, as at the Balance Sheet date on Projected Unit Credit Method, based on the following assumptions:
6. Segment Reporting
The company has only one Business Segment, viz. Income from Investing and Financial activities and Companyâs business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 âSegment Reportingâ.
7. Earning Per Shares
The earning considered in ascertaining the Companyâs earnings per share comprises the net profit after tax. The number of shares used in calculation of basic/diluted EPS is the weighted average number of shares outstanding during the period which is calculated as below:
8. Reserve Fund
In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has to create a Reserve Fund. During the year 20% of the current year profits amounting to Rs. 9.62 Lakhs (Previous Year Rs. 81.15 Lacs) has been transferred to Reserve fund.
9. Tax & MAT Credit Entitlement
a) The Company has made provision of Rs. 11 lacs (previous year Rs. 107 Lacs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.
b) In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.
c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.
10. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006
There are no amounts unpaid as at the year end as required under the Micro, Small and Medium Enterprise Development Act, 2006.
11. Schedule to Balance sheet of NBFC as required in terms of Paragraph 18 of the âNon-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016â given in Annexure l.
12. Previous year figures have been rearranged, regrouped & recast wherever necessary.
Mar 31, 2016
Coupondunia Media Pvt. Ltd., Akuate Internet Services Pvt. Ltd., Grade Stack Learning Private Ltd. (w.e.f.07.01.2016), Times content Ltd.(w.e.f.06.08.2015), Moneygoals Solutions Ltd (w.e.f. 29.02.2016), Digi Smart Digital Media Private Ltd. (w.e.f.11.08.2015), Viral Craft Digital Media Private Ltd.( w.e.f.13.08.2015), Times Sports Content Inc. (w.e.f.23.07.2015), Locovida Digital Solutions Private Ltd.( w.e.f. 15 04.2015), Bennett Broadcasting & Distribution Services Ltd., Sub: Times Box TV Media PTE Ltd., Amrita Estates Pvt. Ltd., Ananta Properties Pvt. Ltd., BCCL International Events Pvt. Ltd., Times Conferences Ltd., Junglee Pictures Ltd., Brand Incubator Ltd. (w.e.f.07.01.2016), BCCL Worldwide Inc.
Key Management Personnels
Directors :-
Mr. S. Sivakumar Mr. Arun Arora
Mr. Avinash Jain (Resigned w.e.f. 18/04/2016)
Ms. Aashu Gurudeep Madhan
Ms. Mitu Samar Nath (Appointed w.e.f. 03/02/2016)
Other Key Management Personnel :-
Ms. Anita Malusare - Manager
Mr. Pramod Karmarkar - Chief Financial Officer
Ms. Prajakta Powle - Company Secretary
Related party relationships are as identified by the management.
Transactions with Holding Company, Bennett, Coleman & Co. Ltd.
1. Reserve Fund
In accordance with the provisions of Section 45- IC of the RBI Act, 1934, the Company has to create a Reserve Fund,
during the year in view of losses incurred the Company has not transferred any amount to such fund.
2. Tax & MAT Credit Entitlement
a) The Company has made provision of Rs. Nil (previous year 0.82 lakhs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.
b) In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.
c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.
3. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006
There are no amounts unpaid as at the yearend as required under the Micro, Small and Medium Enterprise Development Act, 2006.
4. Schedule to Balance sheet of NBFC as required in terms of Paragraph 13 of Non - Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007â given in Annexure I
Previous year figures have been rearranged, regrouped & recast wherever necessary.
Mar 31, 2014
1. Impairment of assets
There are no such impairable Assets at the year ended in term of AS Â
28. Hence company has not made any provision for impairment loss.
2. Asset received under settlement
The company had received under settlement from debtors, a immovable
property which is shown under the head Non Current Investment
"Investment in Immovable property". Prior to 31st March''2005 this asset
was treated as fixed asset and depreciation was charged on it. However
it was transferred to Investment in Immovable property from 01st
April''2005 and no depreciation was charged. The company in current year
has provided for depreciation on this asset as per Straight line
method. The total depreciation provided during the year is Rs. 3.03
lacs of which depreciation of prior year amounts to Rs. 2.70 lacs.
3. Inventories
During the earlier years, on account of non-availability of share
certifcates in respect of certain equity shares and transfer of shares
for settlement of PMS account, relevant book value of such shares were
written off / adjusted. Subsequently, after proper scrutiny and
wherever the shares were available or shares have not been transferred,
they have been included as part of stock of security and shown under
Inventories by assigning a value of Re. 1 to each of such securities by
crediting to Profit & loss account of such year. Such value of Re. 1 is
considered as cost for the purpose of valuation of relevant securities
and accordingly any dividend received from these shares are shown in
other current liabilities as dividend received on shares pending for
settlement of PMS account.
4. Segment reporting
The company has only one Business Segment, viz. Income from Investing
and Financial activities the source of which is recovery of past dues
and Company''s business activities are confned only to India. Hence no
additional disclosures are made as required under Accounting Standard
17 "Segment Reporting".
5. Related party Disclosures
Related Party Relationship
Bennett, Coleman & Company Ltd. Holding Company
(Holds 74.92% of the Equity Share Capital as at
March 31, 2014) Dharmayug Investments Limited, Satyam Properties &
Finance Ltd., Times Journal India. Ltd., Times Global Broadcasting
Company Ltd., Times Business Solutions Ltd., Magicbricks Realty
Services Ltd. Times Jobs Ltd., Zoom Entertainment Network Ltd., Times
Digital Ltd., Times Centre for Learning Ltd.,( Earlier known as Times
Yoga Ltd.) Centre for Excellence in Management Training and
Development, Speaking Tree Properties Ltd., Media Network &
Distribution (India) Ltd. Times Innovative Media Ltd.,
TIM Delhi Airport Advertising Pvt. Ltd. Worldwide Media Pvt. Ltd.,
Times VPL Ltd. Metropolitan Media Co. Ltd., Brand Equity Treaties Ltd.,
Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Mirchi Movies
(India) Ltd. Times Infotainment Media Limited, Entertainment Network
(India) Limited, Alternate Brand Solutions (India) Ltd., TIML Global
Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden
Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha
Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities
Ltd., Artha Distribution Services Ltd., Artha Insurance Broking
Services Ltd., Artha Credit Pvt. Ltd., Artha Forex Services Ltd., Artha
Network Services Ltd., Artha Realty Pvt. Ltd. Times Internet Limited,
Times Internet Inc., USA. Times Internet (UK) Limited, UK, Times
Websol Ltd., Times Mobile Ltd. A2zShopping Ltd., (merged with TIL),
Times City Ltd., Times Deals Ltd, Bennett Broadcasting & Distribution
Services Ltd., Times Box TV Media PTE Ltd. Amrita Estates Private
Ltd., Ananta Properties Private Ltd. BCCL International Events Private
Ltd., Times Conferences Ltd. Light Feather Films Ltd. TimesofMoney
Inc., TimesofMoney Ltd., TimesofMoney UK-PLC(UK), TOM Payment Solutions
Ltd., Aegon Religare Life Insurance Co. Ltd., 21st Century
Constructions Ltd., Aadidev Properties Ltd., Anagha Estates Ltd., Artha
Broking Services Ltd., Artha Commodities Ltd., Artha Distribution
Services Ltd., Artha Financial Services Ltd., Artha Insurance Broking
Services Ltd., Aryabhata Properties Ltd., Ativeer Properties Ltd.,
Banhem Estates and IT Parks Ltd., Bennett Property Holdings Company
Ltd. (BPHCL), Cyber Space Infotainment Ltd., Nandeeshwar Properties
Ltd., Rajdhani Printers Ltd., Shubhan Properties Ltd., Suryashankar
Properties Ltd., Sushena Properties Ltd., Surge Enterprises Ltd.,
Vaidehi Estates Ltd.
Mr. S. Sivakumar  Director
Mr. Shrijeeet Mishra  Director
Mr. Arun Arora  Director
Mr. Avinash Jain  Director
Mr. D. N. Shukla  (Director till 20.04.2013)
Related party relationships are as identified by the management.
6. Reserve Fund
In accordance with the provisions of section 45- IC of the RBI Act,
1934, the Company has created a Reserve Fund & during the year, the
Company has transferred an amount of Rs. 23.79 lakhs (Previous Year Rs.
38.73 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.
7. Tax & mat Credit entitlement
a) The Company has made provision of Rs. 14.48 lacs (previous year
16.90 lakhs) of Income Tax payable under the provision of Section 115JB
of Income Tax Act, 1961.
b) In view of uncertainty regarding generation of suffcient future
taxable income, on prudent basis, deferred tax assets have not been
recognized in the accounts.
c) The company is entitled to MAT credit for which no effects are given
in the books of accounts due to its uncertainty about its reversal in
future.
8. Disclosure under the micro, small and medium enterprises
Development act, 2006
There are no amounts unpaid as at the year end as required under the
Micro, Small and Medium Enterprise Development Act, 2006.
9. Schedule to Balance sheet of NBFC as required in terms of
Paragraph 13 of Non  Banking Financial (Non  Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007"
given in Annexure I
10. Previous year figures have been rearranged, regrouped & recast
wherever necessary.
Mar 31, 2013
1. Contingent Liabilities
Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year
Rs.34.28 lakhs)
2. Tax Demand
a) Income Tax
i) The income tax assessment for the assessment year 1993-94 was
completed resulting in demand of Rs. 113.06 Lakhs, (Previous year
Rs.113.06 lakhs) against which the Company is in appeal.
ii) The income tax assessment for the assessment year 2009-1 0 was
completed resulting in demand of Rs.1.90 lakhs (Previous year Rs. 1.90
lakhs ) against which the company is in appeal
b) Sales Tax
Sales tax assessment under the Bombay Sales Tax Act for the assessment
year 1998-99, was completed in respect of Bombay Sales Tax and Lease
Tax and resulted in demand for Rs.3.92 lakhs and Rs. 15.67 lakhs
respectively (Previous year Rs. 3.92 lakhs and Rs. 15.67 lakhs
respectively). The company has preferred an appeal against the orders
with Deputy Commissioner.
3 . Impairment of Assets
There are no such impair able Assets at the year ended in term of AS -
28. Hence company has not made any provision for impairment loss.
4. Assets Received under Settlement
1 ) The Company in the past had written-off amounts recoverable from
certain debtors as the recovery of the same was uncertain.
In earlier years, the company had received land under the settlement in
case of a debtor which was fully written off. However, the ownership of
this land has still not been transferred to the company and hence being
shown under debtors at NIL value. This land in the current year has
been sold by the company for Rs 68.5 Lakhs. The same is shown in the
Statement of profit and loss as other operating revenue.
2) In case of a debtor, the Company in October 1997 had received under
a settlement, the right to receive property to be developed in future.
These assets were treated as fixed assets from October 1 997 until
March 31st, 2005 and accordingly depreciated in the books of account
for the above said period.
It had been decided to dispose of such assets in the financial year
2005-06 and was accordingly transferred from April 1st, 2005 to Non
current assets at its written down value as ''assets held for sale'' and
hence no further depreciation charged on it.
The assets as per the requirement of Accounting Standard -13
"Accounting for Investments" have been disclosed under Investments. The
depreciation needs to be provided from April 1st, 2005 to date. The
additional cumulative depreciation works out to Rs 2.69 lacs of which
the prior period amounts to Rs.2.35 lacs and current year charge
amounts to Rs 0.34 lacs, the effect of which not being material has not
been provided in the books of account.
5. Current Assets, Loans and Advances
The assets other than fixed assets and noncurrent investments of the
Company are expected to be realized in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet.
During the earlier years, on account of non-availability of share
certificates in respect of certain equity shares and transfer of shares
for settlement of PMS account, relevant book value of such shares were
written off / adjusted. Subsequently, after proper scrutiny and
wherever the shares were available or shares have not been transferred,
they have been included as part of stock of security by assigning a
value of Re. 1 to each of such securities by crediting to profit &
loss account of such year. Such value of Re. 1 is
6. Segment Reporting
The company has only one Business Segment, viz. Income from Investing
and Financial activities the source of which is recovery of past dues
and Company''s business activities are confined only to India. Hence no
additional disclosures are made as required under Accounting Standard
17 "Segment Reporting".
7. Related Party Disclosures
Related Party Relationship
Bennett, Coleman & Company Ltd. Holding Company
(Holds 74.92% of the Equity Share Capital as at March 31, 2013)
Fellow Subsidiaries
Dharmayug Investments Limited, Satyam Properties & Finance Ltd., Times
Journal India. Ltd., Times Global Broadcasting Company Ltd., Times
Business Solutions Ltd., Times Jobs Ltd. ,Zoom Entertainment Network
Ltd. , Times Digital Ltd., Times Centre for Learning Ltd. , (Earlier
khown as Times Yoga Ltd.) Centre for Excellence in Management Training
and Development, Speaking Tree Properties Ltd., Media Network &
Distribution (India) Ltd. Times Innovative Media Ltd., TIM Delhi
Airport Advertising Pvt. Ltd. Worldwide Media Pvt. Ltd. Metropolitan
Media Co. Ltd. Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd.,
Vardhaman Publishers Limited, Times VPL Ltd., Times Infotainment Media
Limited, Mirchi Movies (India) Ltd. Entertainment Network (India)
Limited, Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML
Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square
Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha
Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities
Ltd., Artha Distribution Services ltd., Artha Forex Services Ltd.,
Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Artha
Network Services Ltd., Artha Realty Pvt. Ltd. Times Internet Limited,
Times Internet Inc., USA. Times Internet (UK) Limited, UK, Times Websol
Ltd., Times Mobile Ltd. a2zShopping Ltd., Times City Ltd., Times Deals
Ltd, Bennett Broadcasting & Distribution Services Ltd., Times Box TV
Media PTE Ltd. Amrita Estates Private Ltd., Ananta Properties Private
Ltd., BCCL International Events Private Ltd., Times Conferences Ltd.,
Aegon Religane Life Insurance Private Ltd.
Key Management Personnels:
Dr. Bhaskar Das - Chairman (Upto September 28, 2012)
Mr. S. Sivakumar - Director
Mr. Shrijeet Mishra - Additional Director (w.e.f. October 29, 2012)
Related party relationships are as identified by the management.
8. Reserve Fund
In accordance with the provisions of section 45 - IC of the RBI Act,
193 4, the Company has created a Reserve Fund & during the year, the
Company has transferred an amount of Rs 38.73 lakhs (Previous Year Rs.
18.56 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.
9. Tax
The Company has made provision of Rs. 16.90 lakhs (previous year Nil)
of Income Tax payable under the provision of Section 115JB of Income
Tax Act, 1961. In view of uncertainty regarding generation of
sufficient future taxable income, on prudent basis, deferred tax assets
have not been recognized in the accounts.
10. Disclosure under the Micro, Small and Medium Enterprises
Development Act, 2006
There are no amounts unpaid as at the yearend as required under the
Micro, Small and Medium Enter prise development Act, 2006 .
11. Schedule to Balance sheet of NBFC as required in terms of
Paragraph 1 3 of Non - Banking Financial (Non - Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007"
given in Annexure I
12. Previous year figures have been rearranged, regrouped & recast
wherever necessary.
Schedule to the Balance Sheet of a non-deposit taking non-banking
financial Company (as required in terms of paragraph 13 of Non Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank ) Directions,2007
Mar 31, 2012
1 SHARE CAPITAL
a) Terms/ Rights Attached to equity shares
The company has one class of equity shares having a par value of Rs. 10
per share. Each holder of equity shares is entitled to one vote per
share. The company declares and pays dividend in Indian Rupees. The
dividend proposed by the Board of Director is subject to the approval
of the share holders in the ensuing Annual General Meeting.
In the event of Liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders
b) Aggregate number of bonus shares issued, shares issued for
consideration other than cash and shares bought back during the period
of five years immediately preceding the reporting date : Nil (P.Y. Nil)
2. Contingent Liabilities
Claims not acknowledged as debts Rs. 34.28 lakhs.
(Previous year Rs. 34.28 lakhs)
3. Tax Demand
a) Income Tax
i) The income tax assessment for the assessment year 1993-94 was
completed resulting in demand of Rs. 113.06 lakhs, (Previous year Rs.
113.06 lakhs) against which the Company is in appeal.
ii) The income tax assessment for the assessment year 2009-10 was
completed resulting in demand of Rs. 1.90 lakhs (Previous year Rs. Nil)
against which the company is in appeal
b) Sales Tax
Sales tax assessment under the Bombay Sales Tax Act for the assessment
year 1998-99, was completed in respect of Bombay Sales Tax and Lease
Tax and resulted in demand for Rs. 3.92 lakhs and Rs. 15.67 lakhs
respectively (Previous year Rs. 3.92 lakhs and Rs. 15.67 lakhs
respectively). The company has preferred an appeal against the orders
with Deputy Commissioner.
4. Impairment of Assets
There is no such impairable Assets at the year ended in term of AS -
28. Hence company has not made any provision for impairment loss.
5. Assets Received under Settlement
The Company in the past had written-off amounts recoverable from
certain debtors as the recovery of the same was uncertain.
In earlier years, the company had received land under the settlement in
case of a debtor which was fully written off. However, the ownership of
this land has still not been transferred to the company and hence being
shown under debtors at NIL value.
In case of a debtor, the Company in October 1997 had received under a
settlement, the right to receive property to be developed in future.
These assets were treated as fixed assets from October 1997 until March
31st, 2005 and accordingly depreciated in the books of account for the
above said period.
It had been decided to dispose off such assets in the financial year
2005-06 and was accordingly transferred from April 1st, 2005 to current
assets at its written down value as 'assets held for sale' and hence no
further depreciation charged on it.
The assets as per the requirement of Accounting Standard -13 Accounting
for Investments have been disclosed under Investments. The depreciation
needs to be provided from April 1st, 2005 to date. The additional
cumulative depreciation works out to Rs. 2.35 lacs of which the prior
period amounts to Rs. 2.02 lacs and current year charge amounts to Rs.
0.34 lacs, the effect of which not being material has not been provided
in the books of account.
6. Current Assets, Loans and Advances
The current assets, loans and advances and the investments of the
Company are expected to be realized at values not less than those
stated in the Balance Sheet. Hence no impairment loss recognized on
such assets.
During the earlier years, on account of non-availability of share
certificates in respect of certain equity shares and transfer of shares
for settlement of PMS account, relevant book value of such shares were
written off/adjusted. Subsequently, after proper scrutiny and wherever
the shares were available or shares have not been transferred, they
have been included as part of stock of security by assigning a value of
Rs. 1 to each of such securities by crediting to profit & loss account
of such year. Such value of Rs. 1 is considered as cost for the purpose
of valuation of relevant securities
7. Segment Reporting
The company has only one Business Segment, viz. Income from Investing
and Financial activities the source of which is recovery of past dues
and Company's business activities are confined only to India. Hence no
additional disclosures are made as required under Accounting Standard
17 "Segment Reporting".
8. Related Party Disclosures
Related Party Relationship
Bennett, Coleman & Company Ltd. Holding Company
(Holds 74.92% of the Equity
Share Capital as at March
31, 2012)
Fellow Subsidiaries
Dharmayug Investments Limited, Satyam Properties & Finance Ltd.,
Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & IT
Parks Ltd., 21st Century Constructions Ltd., Times Journal India. Ltd.,
Times Global Broadcasting Company Ltd., Times Business Solutions Ltd.,
Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev
Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd.,
Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment
Network Ltd., Times Digital Ltd., Times Yoga Ltd., PT Ventures Private
Ltd., Bennett Broadcasting & Distribution Services Ltd., (Earlier known
as Times Goa Media Ltd.) Centre for Excellence in Management Training
and Development, Speaking Tree Properties Ltd., Nandeshwar Properties
Ltd., Ativeer Properties Ltd., Media Network & Distribution (India)
Ltd., TIM Delhi Airport Advertisement Pvt. Ltd.., Times Innovative
Media Ltd., Worldwide Media Pvt. Ltd, Metropolitian Media Pvt. Ltd,
Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman
Publishers Limited, Times VPL Ltd., Times Infotainment Media Limited,
Mirchi Movies (India) Ltd., Entertainment Network (India) Limited,
Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden
Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd.,
TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services
Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha
Distribution Services Ltd., Artha Forex Services Ltd., Artha Insurance
Broking Services Ltd., Artha Credit Pvt. Ltd., Artha Network Services
Ltd, Artha Realty Pvt. Ltd, Times Internet Limited, Times Internet
Inc., USA, Times Internet (UK) Limited, UK, Times Websol Ltd., Times
Mobile Ltd., a2zShopping Ltd., TimesofMoney Limited, TimesofMoney Inc.
(USA), TimesofMoney UK-PLC(UK), TOM Payment Solutions Ltd.
Key Management Personnels:
Dr. Bhaskar Das - Chairman
Mr. S. Sivakumar à Director
Related party relationships are as identified by the management.
9. Reserve Fund
In accordance with the provisions of section 45- IC of the RBI Act,
1934, the Company has created a Reserve Fund & during the year, the
Company has transferred an amount of Rs. 18.56 lakhs (Previous Year Rs.
6.05 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.
10. Tax
The Company has not made provision of Income Tax payable under the
provision of Income Tax Act, 1961 since the Company has unabsorbed
depreciation and carried forward losses available for set off under the
Income Tax Act 1961. In view of uncertainty regarding generation of
sufficient future taxable income, on prudent basis, deferred tax assets
have not been recognized in the accounts
11. Disclosure under the Micro, Small and Medium Enterprises
Development Act, 2006
There are no amounts unpaid as at the year end as required under the
Micro, Small and Medium Enterprise Development Act, 2006.
12. Schedule to Balance sheet of NBFC as required in terms of
Paragraph 13 of Non à Banking Financial (Non à Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
given in Annexure I
13. Previous year figures have been rearranged, regrouped & recast
wherever necessary.
Notes:
1. As defined in paragraph 2(1)(xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998
2. Provisioning norms shall be applicable as prescribed in Non-Banking
Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007
3. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in (4) above.
Mar 31, 2011
1. Contingent Liabilities
Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year
Rs.34.28 lakhs)
Tax Demand
Income Tax
The income tax assessment for the assessment year 1993-94 was completed
resulting in demand of Rs. 113.06 lakhs, (Previous year Rs.113.06
lakhs) against which the Company is in appeal.
Sales Tax
Sales tax assessment under the Bombay Sales Tax Act for the assessment
year 1998-99, was completed in respect of Bombay Sales Tax and Lease
Tax and resulted in demand for Rs.3.92 lakhs and Rs. 15.67 lakhs
respectively (Previous year Rs.3.92 lakhs and Rs.15.67 lakhs
respectively). The company has preferred an appeal against the orders
with Deputy Commissioner.
2. Impairment of Assets
There is no such impairable Assets at the year ended in term of AS -
28. Hence company has not made any provision for impairment loss.
3. Assets Received under Settlement
The Company in the past had written-off amounts recoverable from
certain debtors as the recovery of the same was uncertain.
In earlier years, the company had' received land under the settlement
in case of a debtor which was fully written off. However, the ownership
of this land has still not been transferred to the company and hence
being shown under debtors at NIL value'
In case of a debtor, the Company in Oct 1997, had received under a
settlement, the right to receive property to be developed in future.
These assets were treated as fixed assets from October 1997 until March
31st, 2005 and accordingly depreciated in the books of account for the
above said period.
It had been decided to dispose off such assets in the financial year
2005-06 and were accordingly transferred from April 1st, 2005 to
current assets at its written down value as 'assets held for sale' and
hence no further depreciation charged on it.
The assets as per the requirement of Accounting Standard -13
"Accounting for Investments" have been disclosed under Investments. The
depreciation needs to be provided from April 1st. 2005 to date. The
additional cumulative depreciation works out to Rs. 2,02,153 of which
the prior period amounts to Rs. 1,68,461 and current year charge
amounts to Rs. 33,692, the effect of which not being material has not
been provided in the books of account.
4. Current Assets, Loans and Advances
The current assets, loans and advances and the investments of, the
Company are expected to be realized at values not less than those
stated in the Balance Sheet. Hence no impairment loss recognized on
such assets.
During the earlier years, on account of non-availability of share
certificates in respect of certain equity shares and transfer of shares
for settlement of PMS account, relevant book value of such shares were
written off / adjusted. Subsequently, after proper scrutiny and
wherever the shares were available or shares have not been transferred,
they have been included as part of stock of security by assigning a
value of Re. 1 to each of such securities by crediting to profit & loss
account of such year. Such value of Re. 1 is considered as cost for
the purpose of valuation of relevant securities.
5. Segment Reporting
The company has only one Business Segment, viz. Income from Investing
and Financial activities the source of which is recovery of past dues
and Company's business activities are confined only to India. Hence no
additional disclosures are made as required under Accounting Standard
17 "Segment Reporting".
6. Related Party Disclosures
Related Party Relationship
Bennett. Coleman & Company Ltd- Holding Company
(Holds 74.92% of the Equity Share Capital as
at March 31, 2011)
Fellow Subsidiaries
Dharmayug Investments.Limited, Satyam Properties & Finance Ltd.,
Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & IT
Parks Ltd., 21st Century Constructions Ltd., Times Journal India. Ltd.,
Times Global Broadcasting Company Ltd., Times Business Solutions Ltd.,
Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev
Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd.,
Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment
Network Ltd., Zoom Movies (TV) Ltd., Times Digital Ltd., Times Yoga
Ltd., PT Ventures Private Ltd., Bennett Broadcasting & Distribution
Services Ltd., (Earlier known as Times Goa Media Ltd.) Centre for
Excellence in Management Training and Development, Speaking Tree
Properties Ltd., Nandeshwar Properties Ltd., Ativeer Properties Ltd.,
Media Network & Distribution (India) Ltd., Bennett Property Holdings
Company Ltd., Times Innovative Media Ltd., Brand Equity Treaties Ltd.,
Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Times VPL
Ltd., Times Infotainment Media Limited, Mirchi Movies (India) Ltd.,
Entertainment Network (India) Limited, Alternate Brand Solutions
(India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio
Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML
Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking
Services Ltd., Artha Commodities Ltd., Artha Distribution Services
Ltd., Artha Forex Services Ltd., Artha Insurance Broking Services Ltd.,
Artha Credit Pvt. Ltd., Times Internet Limited, Times Internet Inc.,
USA. Times Internet (UK.) Limited, UK, Times Websol Ltd., Times Mobile
Ltd., a2zShopping Ltd., Times of Money Limited, Times of Money Inc.
(USA), Times of Money UK- PLC(UK), TOM Payment Solutions Ltd.
Key Management Personnels:
Dr. Bhaskar Das - Chairman
Mr. S. Sivakumar - Director
Mr. P. M. Rao - Director (up to 16/05/2011)
Related party relationships are as identified by the management.
7. Reserve Fund
In accordance with the provisions of section 45- IC of the RBI Act,
1934, the Company has created a Reserve Fund & during the year, the
Company has transferred an amount of Rs6.05 lakhs (Previous Year Rs.
33.96 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.
8. Tax
The Company has made adequate provision of Income Tax of Rs Nil (P.Y.
Rs. Nil) payable under the provision of Income Tax Act, 1961. The
Company has unabsorbed depreciation and carried forward losses
available for set off under the Income Tax Act 1961 In view of
uncertainty regarding generation of sufficient future taxable income,
on prudent basis, deferred tax assets have not been recognized in the
accounts.
9. Disclosure under the Micro, Small and Medium Enterprises
Development Act, 2006
Disclosures, relating to amounts unpaid as at the year end together
with interest paid / payable as required under the Micro, Small and
Medium Enterprise Development Act, 2006 have been given to the extent
Group has received intimation from "Suppliers" regarding their status
under the said Act.
10 Contingent Provision against Standard Assets
In accordance with the notification dated 17.01.2011 issued under the
Non Banking (Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007, the Company has created a Contingent
Provision against Standard Asset and during the year, the Company has
transferred an amount of Rs 771 (Previous Year Nil) to Reserve Fund, it
being 0.25% of the Standard Assets.
11. Previous Year's Figures
Previous year figures have been rearranged, regrouped & recast wherever
necessary.
Mar 31, 2010
1. Contingent Liabilities
Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year
Rs.36.28 lacs)
1.1 Tax Demand
Income Tax
The income tax assessment for the assessment year 1993-94 was completed
resulting in demand of Rs. 113.06 lakhs, (Previous year Rs.113.06
lakhs) against which the Company is in appeal.
Sales Tax
Sales tax assessment under the Bombay Sales Tax act for the assessment
year 1998-99, was completed in respect of Bombay Sales Tax and Lease
Tax and resulted in demand for Rs.3.92 lakhs and Rs.15.67 lakhs
respectively (Previous year Rs.3.92 lakhs and Rs.15.67 lakhs
respectively). The company has preferred an appeal against the orders
with Deputy Commissioner.
2. Fixed Assets
In the opinion of the board, the current assets, loans & advances and
Investments of the Company are expected to be realized at values not
less than those stated in the Balance Sheet. Further provisions have
been made for all known & accrued liabilities.
3. Impairment on Fixed Assets
No impairment loss is recognized on fixed assets.
4. Assets Received under Settlement
The Company in the past had written-off amounts recoverable from
certain debtors as the recovery of the same was uncertain.
In earlier years, the company had received land under the settlement in
case of a debtor which was fully written off. However, the ownership of
this land has still not been not transferred to the company and hence
being shown under debtors at NIL value.
In case of some of the debtors, the Company in Oct 1997, had received
under a settlement, the right to receive property to be developed in
future. These assets were treated as fixed assets from October 1997
until March 31st, 2005 and accordingly depreciated in the books of
account for the above said period.
It has been decided to dispose off such assets in the financial year
2005-06 and were accordingly transferred from April 1st, 2005 to
current assets at its written down value as assets held for sale and
hence no further depreciation charged on it.
The assets disclosed under current assets needs to be disclosed under
Investments as per the requirements of Accounting Standard -13 "
Accounting for Investments". Accordingly, depreciation needs to be
provided from April 1st, 2005 to date. The additional cumulative
depreciation works out to Rs.1,73,923 of which the prior period amounts
to Rs.1,39,138 and current year charge amounts to Rs.34,785 the effect
of which not being material has not been provided in the books of
account.
5. Current Assets & Loans & Advances
The current assets, loans and advances and the investments of the
Company are expected to be realized at values not less than those
stated in the Balance Sheet. Hence no impairment loss recognized on
such assets.
6. Segment Reporting
The company has only one Business Segment, viz. Income from Investing
and Financial activities the source of which is recovery of past dues
and Companys business activities are confined only to India. Hence no
additional disclosures are made as required under Accounting Standard
17 "Segment Reporting" issued by Institute of Chartered Accountant of
India.
7. Related Party Disclosures
Related Party Relationship
Bennett, Coleman & Company Ltd. Holding Company
(Holds 74.92% of the Equity
Share Capital as at March 31, 2010)
Fellow Subsidiaries:
Dharmayug Investments Limited, Satyam Properties & Finance Ltd.,
Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & I T
Parks Ltd., Optimal Media Solutions Ltd., 21st Century Constructions
Ltd., Times Journal India. Ltd., Times Global Broadcasting Company
Ltd., Times Business Solutions Ltd., Times Business Solutions FZLLC
(Dubai), Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev
Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd.,
Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment
Network Ltd., Times Digital Ltd., Times Yoga Ltd., PT Ventures Private
Ltd., Times Goa Media Ltd., Centre for Excellence in Management
Training and Development, Brand Equity Treaties Ltd., Mind Games Shows
Pvt. Ltd., Vardhaman Publishers Limited, Vijayanand Printers Ltd.,
Times Infotainment Media Limited, Mirchi Movies (India) Ltd.,
Entertainment Network (India) Limited, Times Innovative Media Ltd.,
Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden
Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd.,
TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services
Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha
Distribution Services Ltd., Artha Forex Services Ltd., Artha Insurance
Broking Services Ltd., Artha Credit Pvt. Ltd., Times Internet Limited,
Times Internet INC., USA, Times Internet (UK) Limited, UK, Times websol
Ltd., Times Mobile Ltd., a2zShopping Ltd., TimesofMoney Limited,
TimesofMoney Inc. (USA), TimesofMoney UK-PLC(UK), TOM Expat Services
Ltd., TOM Global Payment Services Ltd., TOM Payment Solutions Ltd.,
TimesofMoney Financial Services Ltd.,
Key Management Personnels:
Dr. Bhaskar Das - Chairman
Mr. S. Sivakumar - Director
Mr. P. M. Rao à Director
Related party relationships are as identified by the management.
8. Reserve Fund
In accordance with the provisions of section 45- IC of the RBI Act,
1934, the Company has created a Reserve Fund & during the year, the
Company has transferred an amount of Rs. 33.96 lakhs (Previous Year Rs.
26.04 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.
9. Tax
The Company has unabsorbed depreciation and carried forward losses
available for set off under the Income Tax Act 1961. In view of
uncertainty regarding generation of sufficient future taxable income,
on prudent basis, deferred tax assets have not been recognized in the
accounts.
10. Capital Commitments : NIL
11. Disclosures, relating to amounts unpaid as at the year end
together with interest paid / payable as required under the Micro,
Small and Medium Enterprise Development Act, 2006 have been given to
the extent Group has received intimation from ÃSuppliersà regarding
their status under the said Act.
12. Previous Years Figures
Figures for the previous year have been regrouped, rearranged and
reclassified wherever necessary to conform to the current years
classification.