Notes to Accounts of Cinevista Ltd.

Mar 31, 2026

(iii) Terms and rights attached to equity shares:

The Company has only one class of equity shares having a face value of INR 2 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company the holders of equity share will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholder.

1 Security Premium -

Securities premium reserve is used to record the premium received on issue of shares by the Company. The reserve can be utilised in accordance with the provision of Section 52(2) of Companies Act, 2013.

2 Revaluation Reserve -

Revaluation reserve is created by revaluation of assets of the company in accordance with the provisions of Companies Act, 2013. Amount transferred to Retained earnings to the extent of cost of land sold.

3 Retained earnings-

The cumulative gain or loss arising from the operations which is retained by the Company is recognised and accumulated under surplus in the statement of profit and loss.

The Company has on-going disputes with Indirect Tax Authorities for F.Y 2019-20 excess availment of input set off and violation of other provisions of Goods and Service Tax Act, 2017. Demand u/s 73 of CGST Act, 2017 of Rs.84.85 Lacs for F.Y 2019-20 from GST authorities which are being contested by the Company based on the management evaluation and advice of tax consultants.

The management of the company is confident about substantial relief in the said demands and will not have material adverse effect on the Company''s financial position and results of operations.

During the year, Company continued to exploit its existing intangible assets in form of digital entertainment content and has launched various channels on You Tube including Cinevista Entertainment, Cinevista Swift & Fast and Regional contents channels. Accordingly existing intangible assets in the form of entertainment content were remastered and uploaded for exhibition on YouTube. The Company has also launched some songs of Anup Jalota on the youtube channel. Company is expecting many more musical songs to be released.

Residential project known as ''Antares'', comprising of Towers ''A'' and ''B'', under the aegis of the Joint venture Agreement between Cinevista and K. Raheja was launched in this FY 2024-25. Construction of the said project is now in full swing. The project is expected to see its completion by November 2029, as indicated to RERA. Company expects substantial revenue whcih will wipe off old losses in make the Company profitable.

The Company continues to develop plots of land in ''Girivan''. The said project will help the Company to enter into hospitality industry.

Note 30:

Under the Joint Development Agreement, Company transferred Development Rights to the Developer i.e. K.Raheja Corp. Real Estate Pvt. Ltd who is developing entire project at its own cost and sharing revenues with the Company as per agreed terms of the Joint Development Agreement for such transfer of development rights. Accordingly, Company has recognised revenue under Joint Development project over a period of time (i.e. percentage completion method) in accordance with Ind AS 115.

“Post receipt of Commencement certificate and other necessary approvals from regulatory authorities, Residential project known as ''Antares'', comprising of Towers ''A'' and ''B'', under the aegis of the Joint venture Agreement between Cinevista and K. Raheja was launched in the F.Y 2024-25. Accordingly Company converted its land at Kanjurmarg, Mumbai, which was part and parcel of Fixed Assets into inventory in Financial Year 2024-25 after obtaining Fair Market Value report as required by the statutory requirements. Company is carrying inventory in the Statement of Accounts at cost or realisable value whichever is lower as per Ind AS 3.

Company has recognised profits/gains arising on such conversion as capital gain to the extent stock-in-trade is sold or otherwise transferred as required by Section 45 (2) of the I.TAct, 1961. The Company has also recognised business profit u/s 28 to 44 of the I.T.Act, 1961 by taking Fair Market Value of the assets as on the date of conversion as cost of acquisition of business assets which were sold or transferred during the year.

Note 31:

The Company''s investment in subsidiary companies i.e. Cinevista Eagle Plus Media Private Limited, Chimera Entertainment Private Limited & Associate company i.e. Heritage Productions Private Limited whose net worth has been substantially eroded is carried at cost at Rs.54.84 Lacs, Rs.5 Lacs & Rs.2.51 Lacs respectively in the Balance sheet as at 31st March, 2026. The Company has also advanced short term funds to the above said companies which are carried at Rs.136.74 Lacs, Rs.165.14 Lacs & Rs.73.74 Lacs respectively in the Balance sheet. During the financial year Company has not carried out any impairment on investments as well as advances made to subsidiaries and business associates although there is substantial erosion of Net worth of the said companies. However according to the Management, Company is making all out efforts to recover investments and advances from above said Companies.

Note 32:

“During the year, the Management of Company has not carried out technical evaluation of intangible assets and hence no impairment was done on the said Intangible Assets. According to the management, the Company is in the process of exploiting the said intangible assets. Accordingly part of the said intangible assets were remastered and uploaded for exhibition on various channels which are already launched by the Company on You Tube. The Company expects to generate substantial revenues in the years to come. The Management is of the view that the realizable value of the said intangible assets is more than its Amortized cost.

Under the Micro, Small and Medium Enterprises Development Act, 2006, (MSMED) which came into force from 2nd October 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. However, Management of the Company has not identified micro, small and medium enterprises as required by MSMED Act, 2006. Hence no separate disclosure is made for outstanding dues of micro and small enterprises.

Note 34:

Loans & advances, sundry creditors and other current liabilities are subject to confirmation.

Note 35:

Previous year''s figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year''s figures in conformity with the Indian Accounting Standards (Ind AS) to Financial Statements.

The accompanying notes are an integral part of these standalone financial statements.

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Mar 31, 2025

Provisions are recognized when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated. Provisions are measured at the present value of management''s best estimate of
the expenditure required to settle the present obligation at the end of the reporting period. Provisions are not
recognized for future operating losses.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events where
it is either not probable that an outflow or resources will be required to settle or a reliable estimate of the
amount cannot be made. Where the likelihood of outflow of resources is remote, no provision or disclosure as
specified in Ind AS-37 “Provision, contingent liabilities and contingent assets” is made.

M. Employee Benefits:

i) Short-term obligations:

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are
recognized in respect of employee''s services upto the end of the reporting period and are measured at
the amount expected to be paid when the liabilities are settled.

ii) Post-employment obligations:

There are no post-employment benefit plans such as gratuity and defined contribution plans such as
provident fund.

N. Earnings Per Share:

(1) Basic earnings per share:

Basic earnings per share is calculated by dividing¬
- The profit attributable to owners of the Company

- By the weighted average number of equity shares outstanding during the financial year

(2) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account:

- The after income tax effect of interest and other financing costs associated with dilutive potential equity
shares and

- The weighted average number of additional equity shares that would have been outstanding assuming
the conversion of all dilute potential equity shares.

O. Statement of Cash Flows:

Cash flows are reported using the indirect method, whereby net profit/(loss) for the year is adjusted for the
effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts
or payments and items of income or expenses associated with investing or financing cash flows. The cash
flows from operating, investing and financing activities of the company are segregated.

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash in
hand, cash at banks, other short term deposits and highly liquid investments with original maturity of three
months or less that are readily convertible into cash and which are subject to an insignificant risk of changes
in value.

The above statement of cash flows has been prepared under the ''indirect method'' as set out in Ind AS 7
statement of cash flows.

P. Segment Reporting:

i) Identification of segments

In accordance with Ind AS 108 - Operating Segment, the operating segments used to present segment
information are identified on the basis of information reviewed by the Company''s management
to allocate resources to the segments and assess their performance. An operating segment is a

component of the Company that engages in business activities from which it earns revenues and incurs
expenses, including revenues and expenses that relate to transactions with any of the Company''s other
components. Results of the operating segments are reviewed regularly by the Managing Director who
has been identified as the chief operating decision maker (CODM), to make decisions about resources
to be allocated to the segment and assess its performance.

ii) Inter-segment transfers

The Company generally accounts for intersegment sales and transfers at appropriate margins.

iii) Unallocated items

Unallocated items include general corporate asset, liability, income and expense items which are not
allocated to any business segment.

iv) Segment accounting policies

The Company prepares its segment information in conformity with the accounting policies adopted for
preparing and presenting the standalone financial statements of the Company as a whole.

3. New Standards, Interpretations and Amendments Adopted by the Company

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. The Company has reviewed the
new pronouncements and based on its evaluation has determined that it is not likely to have any significant
impact in its financial statements.

4. Rounding of Amounts:

All amounts disclosed in the notes to accounts have been rounded off to rupees in lakhs as per the requirement
of Schedule III of the Act, unless otherwise stated.

The accompanying notes are an integral part of these standalone financial statements.

For Raj Niranjan Associates For and on Behalf of the Board of Directors

Chartered Accountants
FRN: 108309W

Raj Advani Premkrishen Malhotra Sunil Mehta

Partner Chairman Managing Director

M. No.: 039953 DIN: 00065136 DIN: 00064800

Place : Mumbai Vijay Singh Phoolka Kilpa Goradia

Date : 30.05.2025 Chief Financial Officer Company Secretary

UDIN: 25039953BMGYYP9577

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Mar 31, 2016

1. Cost of Production:

Estimation of cost of serials ‘under production’ being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

2. During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the Income Tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The Company disputed the demand raised by the Income Tax Department and filed an appeal against the order before the Commissioner of Income Tax (Appeal) who has partly allowed it to the extent of Rs.31,00,524/-. The Company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

3. Previous year’s figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year’s figures.

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Mar 31, 2015

1. Cost of Production:

Estimation of cost of serials 'under production' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

2. During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand raised by the income-tax department and filed an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

3. Segment reporting:

There is only one primary reportable business segment viz. production of serials, films and ad films. The disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

4. All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

5. Previous year's figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year's figures.

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Mar 31, 2014

1.1 Cost of Production:

Estimation of cost of serials ''under production'' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

1.2 During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand raised by the income-tax department and filed an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, films ad films, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

1.5 Previous year''s figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year''s figures.

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Mar 31, 2013

1.1 Cost of Production:

Estimation of cost of serials ''under production'' being of technical nature, cannot be verifed by the Auditors and have been taken as certifed by the Management of the Company.

1.2 During the fnancial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,09/-. The company disputed the demand raised by the income-tax department and fled an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, flms ad flms, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classifed as current or non-current as perthe Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classifcation of assets and liabilities.

1.5 Previous year''s fgures have been re-grouped, re-arranged, re-classifed and re-casted wherever necessary to make them comparable with current year''s fgures.

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Mar 31, 2012

Notes:

1. Shareholders holding more than 5% of the total share capital

Pamma Mehta holds 94,90,355 ( 2011: 94,90,355) Equity shares of Re.2/- each aggregating to 16.52% (2011: 16.52%) Premkrishen Malhotra holds 93,16,355 ( 2011: 93,16,355) Equity shares of Re.2/-each aggregating to 16.22% (2011: 16.22%) Sunil Mehta holds 90,09,315 ( 2011: 90,09,315) Equity shares of Re.2/- each aggregating to 15.69% (2011: 15.69%)

Sunita P Malhotra holds 51,65,135 ( 2011: 51,65,135) Equity shares of Re.2/- each aggregating to 8.99% (2011: 8.99%)

1.1 Cost of Production:

Estimation of cost of serials 'under production' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

1.2 During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/'s.132 of the Income Tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand' raised by the Income-Tax department and filed an appeal against the order before the Commissioner of Income-Tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-Tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority. "

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, films, ad films, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

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Mar 31, 2010

1. Inventories :

(a) U-Matic Cassettes:

The company values stock of U-Matic Cassettes at Weighted Average Cost as permissible under the Accounting Standard 2 (AS 2) "Valuation of Inventories" issued by the Institute of Chartered Accountants of India.

(b) Work in progress:

Under production cost of serials, ad films etc. is valued at actual cost on incurred basis.

2. Contingent Liabilities :

During the Financial Year 1997-98 search action was carried out by the Income Tax Authority at the premises of the company Under Section 132 of the Income Tax Act, 1961, and assessment under the same was completed on 31st January, 2000 thereby raising a demand of Rs.48,30,381/- on the Company As against the said demand the company has paid Rs. 41,07,093/- .

The Company disputed the demand raised by the Income Tax Department and filed an Appeal against the order before the Commissioner of Income Tax (Appeals) who has partly allowed it to the extent of Rs. 31,00,524/-. Disputing the balance liability the company has gone into Appeal to Income Tax Appellate Tribunal which went into favour of the company. Further the department has gone into Appeal to the High court.

3. Income In Foreign Currency :

Realisation from export of serials, feature film, medical transcription & ad films: 88,83,218/- (Previous Year: Rs. 44,82,791/-)

4. Expenditure In Foreign Currency : Travelling Expenses Rs. Nil (Previous Year: Rs.Nil)

5. Cost of Production:

Estimation of cost of serials under production being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

6. Directors Remuneration :

Salaries : Rs. 45,60,000/- (Previous Year : Rs.40,80,000/-)

Sitting Fees: Rs. 68,000/- (Previous Year : Rs.61,000/-)

7. Auditors Remuneration :

Audit Fees : Rs.82,725/- (Previous Year : Rs.90,000/-)

Tax Audit Fees : Rs.82,725/- (Previous Year : Rs.60,000/-)

8. Balance of Debtors & Creditors :

Balances of Sundry Debtors and Sundry Creditors, Loans and Advances, are taken as per books of accounts and are subject to confirmation.

9. Preliminary Expenses :

Preliminary expenses incurred before 1st April, 1998 are being amortised in ten equal instalments over the years. Preliminary Expenses incurred on or after 1 st April, 1998 are being amortised in five equal instalments over the years. The above Write-Offs have been made as per the Provisions of Section 35 D of the Income Tax Act, 1961.

10. Taxation:

Provision for Deferred Tax Liability created during the year Rs.215128.70 has been made as per the requirements of AS-22 "Accounting for Taxes on Income" on the difference of depreciation as per Companies Act , 1956 & Income Tax Act ,1961, Deferred Tax Asset has been written off on the current years profit of Rs3,07,49,959/-. Deffered Tax Liability of Rs.2004,723/- has been written off on the deffered cost of production of feature film "Garv-Pride & Honour". Deferred Tax Asset arising on account of Capital Loss brought forward from assessment year 2002-03. Provision for wealth tax of Rs. 1,48,758/- has been made as per the provision of Wealth Tax Act, 1957.

11. Related Party Disclosures :

Related party disclosure as required under Accounting Standard on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below:

a) Relationship: Subsidiary Companies

Cinevista Eagle Plus Media Pvt. Ltd.

Cinevista Studios (P) Ltd.

Video Vista lnc.-(Foreign Subsidiary, based in U.S.A.)

Key Management personnel

Mr. Sunil Mehta Mr. Prem Krishen Malhotra

Relatives of Key Management personnel

Mr. Vishnu T. Mehta - Father Mrs. Bina Rai - Mother

Mrs. Kaushalya Mehta - Mother Mrs. Sunita Malhotra - Wife

Mrs. Pamma Mehta - Wife Mr. Kailashnath Malhotra - Brother

Mr. Mahesh Mehta - Brother Mr. Siddharth Malhotra - Son

Mrs. Sunita Malhotra - Sister Mrs. Aakansha Agarwal - Daughter

Mrs. Sapna Malhotra- Daughter in Law

Entities over which Key Management personnel are able to exercise significant influence:

Fame Communications Sat - tel Communications

Fascination Network Cinevista Ads

b) The following transactions were carried out with related parties in the ordinary course of business. Advances given to Cinevista Studios (P) Ltd. Rs. Nil /-

Repayment of Advances from Cinevista Studios Pvt Ltd. Rs 4,75,000/-

Share of Technical Service charges (Income) from Cinevista Studios Pvt Ltd. Rs Nil/-

Paid to Mr. Sunil Mehta as Directors Remuneration Rs. 22,80,000/-

Paid to Mr. Prem Krishen Malhotra as Directors Remuneration Rs. 22,80,000/-

Paid to Mrs.Pamma Mehta as Salary Rs. 19,80,000/-

Paid to Mrs. Sunita Malhotra as Salary Rs. 19,80,000/-

Paid to Mr. Siddharth Malhotra as Professional fees Rs. 24,28,190/-

Repaid partly loan of Mr. Sunil Mehta of Rs. Nil/-

Repaid partly loan of Mr. Premkishen Malhotra of Rs. 14,61,111/-

Loan given by Pamma Mehta during the year of Rs 6,00,000/-

From Video Vista Company has realized income from medical transcription of Rs 88,83,218/-

Advance to Eagle Plus Media Pvt Ltd of Rs 1804/-

All the figures have been rounded off to the nearest Rupee.

Previous years figures have been re-grouped and re-arranged, wherever necessary.