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Notes to Accounts of Times Guaranty Ltd.

Mar 31, 2014

1. 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.

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, 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.

 
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