Mar 31, 2014
1. The current assets and loans and advances are approximately of the
value stated in the Balance Sheet, if realized in the ordinary course
of business.
2. Income tax Demand against the company of Rs. 183,19,67,316/- out of
Rs. 39,42,17,900/- pertains to AY 2007-08 & Rs. 24,12,60,919/- pertains
to AY 2008-09 & Rs. 15,07,23,180/- pertains to AY 2009- 2010 &
Rs.104,57,65,317 pertains to AY 2010-11. The cases against these
demands are pending with CIT (Appeal).
3. Earning and Expenditures in foreign currency is Nil.
4. HSBC has sanctioned vide letter dt.21/08/2008 export facility for
purchase / negotiation of documents etc. for Rs. 19 crores creating a
first charge on the current Assets and other movable fixed assets of
the Borrower and personal gaurantee from Suresh Kumar Seengal and
Rashmee Seengal. Bank has declared the packing limit account as NPA and
litigation is going on with the bank and the case is pending with DRT
Court, Delhi. HSBC Bank has also filed winding up petition in Punjab
and Haryana High Court, Chandigarh.
5. PNB has sanctioned term loan for Rs. 25 crores not disbursed fully
for setting up of Animation Studio at Chandigarh at interest @ rate of
BPLR TP 1.5%-1.5% (as per letter dated 24.02.2010) by equitable
mortgage of leasehold land measuring 0.996 acres (4820.840 sq. yards)
at Rajiv Gandhi Technology Park, Chandigarh.The account was declared
NPA and the case is pending in DRT Court, Chandigarh.
6. In respect of Long Term borrowings,no provision for interest has
been made as the cases are pending in court and will be settled soon.
7. No TDS has been deducted and deposited on payments made to
professionals u/s 194J of the Income Tax Act,1961 during the F/Y
2013-14.
8 The balances of Trade Receivables, payables and Loans and advances
are subject to confirmation from parties.
9 The Company had acquired land of area 1.00 acre from Kerala
Industrial Infrastructure Development Corporation ( A statutory body of
Govt. Of Kerala) during the Financial Year 2007-2008 for the purpose of
investment and Company failed to commence any activity which is the
most important condition of the Licence Agreement out of which Kerala
Industrial Infrastructure Development Corporation ( A statutory body of
Govt. Of Kerala) cancelled allotment of such land and refunded amount
of Rs. 22,76,677.00 and during the financial year 2013-14 and on
cancelation company has incurred loss of Rs. 8,09,652.00 and loss of
work done on land of Rs.19,97,363.00 total loss of Rs. 28,07,015.00.
Transaction with Related Party
An advance of Rs.15000/-given to Kanta seengal Education Foundation.
A sum of Rs. 51300/- paid by PBPL on our behalf.
Payment of Rs.2000000/- made to Barsana Food Pvt Ltd on behalf of laser
Infomedia ltd.
Mar 31, 2013
1 The current assets and loans and advances are approximately of the
value stated in the Balance Sheet, if realized in the ordinary course
of business
2 Income tax Demand against the company of Rs. 183,19,67,316/- out of
Rs. 39,42,17,900/ pertains to AY 2007-08 & Rs. 24,12,60,919/- pertains
to AY 2008-09 & Rs. 15,07,23,180/- pertains to AY 2009-2010 & Rs.
104,57,65,317 pertains to AY 2010-11. The cases against these demands
are pending with CIT (Appeal).
3 Earning and Expenditure in foreign currency is NIL
4 In respect of Long Term borrowings, the cases are pending in court
and will be settled soon.
5 The balances of sundry debtors and sundry creditors are subject to
confirmation by the respective parties the figures included in the
financial statements are as certified by the management.
Mar 31, 2011
A) Figures of previous year have been regrouped and reclassified
wherever necessary to make them comparable.
b) The current assets and loans and advances are approximately of the
value stated in the Balance Sheet, if realized in the ordinary course
of business
c) Related Party Transactions:
As per Accounting Standard (AS-18) 'Related Party Disclosures',
notified in the Companies (Accounting Standards) Rules-2006, the
disclosure of Transactions with the related parties are given below:
d) The balances of sundry debtors and sundry creditors are subject to
confirmation by the respective parties. The figures included in the
financial statements are as certified by management.
e) All receipts and expenditures(including traveling expenses) received
/ incurred in foreign currency have been properly accounted in
respective heads i.e. Income From Operations, Project Development
Expenses and Traveling Expenses (Head Office).
f) There was no revenue generated from own film production business
during the year.
g) The accounting of investment in Rims has been made as per
International Accounting Standards.
h) As per Accounting Standards 21 on "Consolidated Financial Statements"
issued by ICAI the company has presented consolidate financial separately
including subsidiary, in this annual return.
i) Deferred Tax Adjustment for the current year amounted to Rs.
163172.89
j) Additional information pursuant to provision of part II of schedule
VI of the Companies Act, 1956 (to the extent applicable). The income
from operation of the Company comprises of to develop, produce and
market animation films. The nature of which is such that it is not
possible to give details regarding capacity, quantitative details of
turnover, purchase and stocks.
k) There was not any employee who was paid remuneration exceeding the
prescribed limit under section 217 (2A) of the Companies Act, 1956
during the year.
l) Two entries in the name of Eternal Love amounting to
Rs.201,661,257/- and Futebol Rs.329,683,749/- re-classified under the
head of investments by shifting from other current assets
m) Total demand of Rs.688,875,185/- raised by the ITAT for Assessment
Year 2007-08 Rs.441,524,048/- and for Assessment Year 2008-09
Rs.247,351,137/- against which the proceedings are pending before
authorities.
Mar 31, 2010
A) Figures of previous year have been regrouped and reclassified
wherever necessary to make them comparable.
b) The current assets and loans and advances are approximately of the
value stated in the Balance Sheet, if realised in the ordinary course
of business.
c) Related Party Transactions: As per Accounting Standard (AS-18)
Related Party Disclosures, notified in the Companies (Accounting
Standards) Rules-2006, the disclosure of Transactions with the related
parties are given below:
(ii) Subsidiaries Companies:
1. Seengal Animation Pvt. Ltd, Chandigarh.
(iii) Associate Companies:
1. Interactive Creative Media Pte. Ltd., Singapore
(Now known as Golden Games Pte. Ltd)
2. Global Internet Ltd., Chandigarh
3. Premier Brands Pvt. Ltd. (iv) Related Companies:
1. Celluloid Dreams Pvt. Ltd., Mumbai
e) The balances of sundry debtors and sundry creditors are subject to
confirmation by the respective parties. The figures included in the
financial statements are as certified by management.
f) Although the company has created providion for bad & doubtful debts
of Rs. 180,924,000.00 but the creditors have approached for amiable
settlements. The creditors have offered 20% preferred returns on the
investments with 10 % net profit from the gross box-office revenues for
the first 5 years from the date of theatrical release of the film.
g) All receipts and expenditures(including traveling expenses) received
/ incurred in foreign currency have been properly accounted in
respective heads i.e. Income From Operations, Project Development
Expenses and Traveling Expenses (Head Office).
h) There was no revenue generated from own film production business
during the year.
i) The accounting of investment in Films has been made as per
International Accounting Standards.
j) As per Accounting Standards 21 on ÃConsolidated Financial
Statementsà issued by ICAI the company has presented consolidate
financial separately including subsidiary, in this annual report.
k) Deferred Tax Adjustment for the current year amounted to Rs.
103,165.32
l) Additional information pursuant to provision of part II of schedule
VI of the Companies Act, 1956 (to the extent applicable). The income
from operation of the Company comprises of to develop, produce and
market animation films. The nature of which is such that it is not
possible to give details regarding capacity, quantitative details of
turnover, purchase and stocks.
m) There were two employee who were paid remuneration exceeding the
prescribed limitunder section 217 (2A) of the Companies Act, 1956
during the year.