Mar 31, 2014
1.1 Basis of Accounting
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (Indian GAAP) under the
historical cost convention on the accrual basis except for certain
financial instruments which are measured at fair values. GAAP comprises
mandatory accounting standards as prescribed by the Companies
(Accounting Standards) Rules, 2006, the provisions of the Companies
Act, 1956 and guidelines issued by the Securities Exchange Board of
India (SEBI). Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in the
accounting policy hitherto in use
1.2 Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affects the reported amount of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amount of revenues and
expenses during the reported period. Actual results differ from
Estimates. Adjustment as a result of difference between actual and
estimates are made prospectively in the period in which results are
known /dematerialized.
1.3 Fixed Assets
Fixed assets are stated at their original cost of acquisition including
taxes freight and other incidental expenses related to acquisition and
installation of the concerned assets less depreciation till date.
Brand Equity is stated at the cost of acquisition
1.4 Depreciation
Depreciation is recognised only in respect of Fixed Assets put to use.
Individual assets acquired for less than Rs. 5000/- are entirely
depreciated in the year of acquisition.
Depreciation on other Fixed Assets have been provided on written down
value on a pro rata monthly basis at the rates specified in Schedule
XIV of the companies Act, 1956.
1.3 Inventory
The Company does not carry any inventory as on the balance sheet date.
1.4 Revenue Recognition
Revenue is primarily derived from Consultancy on oil field.
1.5 Foreign Currency transactions
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing at the time of transaction.
Monetary items denominated in foreign currencies at the yearend are
restated at year end rates.
Non monetary foreign currency items are carried at cost
Profit or loss arising on account of exchange differences is recognised
in the profit and loss account
1.6 Retirement Benefits
Retirement benefits in the form of provident fund is a defined
contribution scheme, is charged to profit and loss account of the year,
when the contribution to the respective fund accrues.
Gratuity and Leave Encashment benefits are charged in the profit and
loss account on the basis of actuarial valuation.
1.7 Borrowing Cost
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of such asset till such time as the asset is ready for
its intended use. All other borrowing costs are recognized as an
expense in the period in which they are incurred.
1.8 Lease
Operating lease payments are recognized as expenses in the profit and
loss account as per the terms of the agreements which are
representative of the time pattern of the users'' benefit.
1.9 Deferred tax
Deferred tax represents the effect of timing difference between taxable
income and accounting income for the reporting period that originate in
one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainty of realization of assets.
1.10 Interim Financial Reporting
The company has adopted same accounting policies in preparation of
interim financial statements as they followed in preparation of annual
financial statements.
1.11 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Mar 31, 2011
1. Basis of Accounting
i) The Financial Statements have been prepared under the historical
cost convention on a going concern basis and in accordance with the
requirements of the Companies Act. 1956 and applicable accounting
standards.
ii) The Company follows a mercantile system of accounting and
recognizes income and expenditure on accrual basis.
2. Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affects the reported amount of assets
and liabilities. the disclosure of contingent liabilities on the date
of the financial statements and the reported amount of revenues and
expenses during the reported period. Actual results differ from
Estimates. Adjustment as a result of difference between actual and
estimates are made prospectively in the period in which results are
known /dematerialized.
3. Fixed Assets
i) Fixed assets are stated at their original cost of acquisition
including taxes freight and other incidental expenses related to
acquisition and installation of the concerned assets less depreciation
till date.
ii) Brand Equity is stated at the cost of acquisition
4. Depreciation
i) Depreciation is recognised only in respect of Fixed Assets put to
use.
ii) Individual assets acquired for less than Rs.5000/- are entirely
depreciated in the year of acquisition.
iii) Depreciation on other Fixed Assets have been provided on written
down value on a pro rata monthly basis at the rates specified in
Schedule XIV of the companies Act. 1956.
5. Inventory
The Company does not carry any inventory as on the balance sheet date.
6. Revenue Recognition
i) Revenue is derived from the sale of film rights recognised upon
transfer of such film rights.
7. Retirement Benefits
Retirement benefits in the form of provident fund is a defined
contribution scheme, is charged to profit and loss account of the year,
when the contribution to the respective fund accrues.
Gratuity and Leave Encashment benefits are charged in the profit and
loss account on the basis of actuarial valuation.
8. Borrowing Cost
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of such asset till such time as the asset is ready for
its intended use. All other borrowing costs are recognized as an
expense in the period in which they are incurred.
9. Lease
Operating lease payments are recognized as expenses in the profit and
loss account as per the terms of the agreements which are
representative of the time pattern of the users' benefit.
10. Consolidated Financial Statements
The company is holding 100% shares in Pix Aalaya Studios Pvt. Ltd. and
Tamil Box Office (India) Pvt. Ltd. The management has prepared
consolidated financial statements of the company and its subsidiary
upto March 31, 2011.
11. Deferred tax
i) Deferred tax represents the effect of timing difference between
taxable income and accounting income for the reporting period that
originate in one period and are capable of reversal in one or more
subsequent periods.
ii) Deferred tax assets is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainty of realization of assets.
12. Interim Financial Reporting
The company has adopted same accounting policies in preparation of
interim financial statements as they followed in preparation of annual
financial statements.
13. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Mar 31, 2010
1. Basis of Accounting
i) The Financial Statements have been prepared under the historical
cost convention on a going concern basis and in accordance with the
requirements of the Companies Act, 1956 and applicable accounting
standards.
ii) The Company follows a mercantile system of accounting and
recognizes income and expenditure on accrual basis.
2. Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affects the reported amount of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amount of revenues and
expenses during the reported period. Actual results differ from
Estimates. Adjustment as a result of difference between actual and
estimates are made prospectively in the period in which results are
known /dematerialized.
3. Fixed Assets
i) Fixed assets are stated at their original cost of acquisition
including taxes freight and other incidental expenses related to
acquisition and installation of the concerned assets less depreciation
till date.
ii) Brand Equity is stated at the cost of acquisition
4. Depreciation
i) Depreciation is recognised only in respect of Fixed Assets put to
use.
ii) Individual assets acquired for less than Rs 5000/- are entirely
depreciated in the year of acquisition.
iii) Depreciation on other Fixed Assets have been provided on written
down value on a pro rata monthly basis at the rates specified in
Schedule XIV of the companies Act, 1956.
5. Inventory
The Company does not carry any inventory as on the balance sheet date.
6. Revenue Recognition
i) Revenue from sale of stock & shares are recognised at the time of
transfer of stock & shares
ii) Revenue from consultancy services is recognised on accrual basis
upon completion of services.
iii) Revenue from software development is recognised on accrual basis
at the time of delivery of services.
iv) Finance charges on Hire Purchase Contracts have not been recognized
during the year in the absence of their virtual certainity.
Expenditure has been accounted normally on accrual basis. However, the
Company has not provided for interest on cash credit accounts with
banks in view of settlement of secured loans, on a "One Time
Settlement" basis.
7. Foreign Currency transactions
a) Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing at the time of transaction.
b) Monetary items denominated in foreign currencies at the year end are
restated at year end rates.
c) Non monetary foreign currency items are carried at cost
d) Profit or loss arising on account of exchange differences is
recognised in the profit and loss account
8. Retirement Benefits
Retirement benefits in the form of provident fund is a defined
contribution scheme, is charged to profit and loss account of the year,
when the contribution to the respective fund accrues.
Gratuity and Leave Encashment benefits are charged in the profit and
loss account on the basis of actuarial valuation.
9. Lease
Operating lease payments are recognized as expenses in the profit and
loss account as per the terms of the agreements which are
representative of the time pattern of the users benefit.
10. Consolidated Financial Statements
The company has acquired 100% shares in Pix Aalaya Studios Pvt Ltd and
Tamil Box Office Pvt Ltd with effect from December 30, 2009. The
management has prepared consolidated financial statements of the
company and its subsidiary upta March 31, 2010.
11. Deferred tax
i) Deferred tax represents the effect of timing difference between
taxable income and accounting income for the reporting period that
originate in one period and are capable of reversal in one or more
subsequent periods.
ii) Deferred tax assets is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainity of realization of
assets.
12. Interim Financial Reporting
The company has adopted same accounting policies in preparation of
interim financial statements as they followed in preparation of annual
financial statements.
13. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Mar 31, 2009
1. Basis of Accounting
i) The Financial Statements have been prepared under the historical
cost convention on a going concern basis and in accordance with the
requirements of the Companies Act, 1956 and applicable accounting
standards.
ii) The Company follows a mercantile system of accounting and
recognises income and expenditure on accrual basis.
2. Fixed Assets
Fixed assets are stated at their original cost of acquisition including
taxes, freight and other incidental expenses related to acquisition and
installation of the concerned assets less depreciation till date.
3. Depreciation
i) Depreciation is recognised only in respect of Fixed Assets put to
use.
ii) Depreciation on other Fixed Assets have been provided on written
down value on a pro rata monthly basis at the rates specified in
Schedule XIV of the Companies Act, 1956.
4. Revenue Recognition
i) Revenue from sale of stock & shares are recognised at the time of
transfer of stock & shares.
ii) Revenue from consultancy services is recognised on accrual basis
upon completion of services.
iii) Revenue from software development is recognised on accrual basis
at the time of delivery of services.
iv) Finance charges on Hire Purchase Contracts have not been recognized
during the year in the absence of their virtual certainty.
6. Deferred Tax
i) Deferred tax represents the effect of timing difference between
taxable income and accounting income for the reporting period that
originate in one period and are capable of reversal in one or more
subsequent periods.
ii) Deferred tax assets is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainty of realization of assets.