Mar 31, 2015
1.Contingent Liabilities
a. The Company has defaulted in payment of loan to Andhra Bank for which
b. they have raised a demand of Rs.1.80 crores under one time settlement
scheme (OTS) vide letter no.1204/45/26/837 dated 12-03-2004.
In response to the above, the company had requested the Bank to
favorably consider their settlement offer of Rs.1.00 crore as against
the above demand.
No further information (acceptance/rejection) is available about the
present status of the above demand by the Bank and counter settlement
offer by the Company
Notwithstanding the above, Bank had proceeded in exercising their
enforcement rights and accordingly, auctioned in the year 2006-07, the
following 2 properties.
-No.301/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953/A and
6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
Yes, Kharitabad and
-No.309/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953, 6-2-953/A
and 6-2-953/B admeasuring 923.65sq ft along with undivided land 28.83
sq Yes, Kharitabad.
An amount of Rs.41.00 lacs were reportedly realized by the Bank from
the auction sale of the above properties, which were purportedly
adjusted towards their book outstanding.
The Company had in addition to the above, from time to time, reportedly
paid to the bank an amount of Rs.9 lacs, thereby resulting in a total
repayment of Rs.50 lacs.
Balance net demand, without considering future interests/costs/charges
etc by the Bank from 12.03.2004 until 31.03.2015 would be Rs.1.30
crores.
Company has submitted their written request to the Bank, seeking
confirmation of balance amount outstanding, due and payable by them to
the Bank as on 31.03.2015, include unrealized interests/costs/ charges
etc., for which response of the Bank is still awaited.
In view of the above pending status, we are unable to determine the
quantum of Contingent Liability upon the Company as on 31.03.2015, even
though the Company continues to disclose their financial obligation and
dues to the Bank at Rs.3614500 under Note No 6: Long Term Borrowings,
Item (b) : Secured Loans.
b.The Company has defaulted in payment of loan to Indian Bank, long
back Company has submitted their written request to the Bank, seeking
confirmation of balance amount outstanding, due and payable by them to
the Bank as on 31.03.2015, include unrealized interests/costs/ charges
etc., for which response of the Bank is still awaited.
In view of the above pending status, we are unable to determine the
quantum of Contingent Liability upon the Company as on 31.03.2015, even
though the Company continues to disclose their financial obligation and
dues to the Bank at Rs.426370 under Note No. 6: Long Term Borrowings,
Item (b) : Secured Loans.
2.Sundry Creditors
Disclosure has been made as per the definition given in the Micro,
Small and Medium Enterprises Development Act, 2006. The Company is not
having the information regarding supplier's status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to the amounts as at year end together with
interest payable as required under the Act has not been given.
3.Capital Work in Progress
The Opening Balance as on 01.04.2014 lying in Capital Work In Progress
being Rs.20397779/- pertain to purported advance payments reckoned
prior to 01.04.2014 towards purchase of properties of Flat G1, G2 & G3
in ground floor of "Siri Balaji Residency" admeasuring 5100 sq ft by V
R Mathur (personal) under multiple unregistered documents of sale. It
is further noted that the right holder Mr.V.R Mathur (personal) has no
certain intent to have the properties registered in the name of the
Company in future. Accordingly, necessary adjustment entry has been
effected during the year 2014-15, to establish factual position.
4.Segment Information
In accordance with Accounting Standard - 17, "Segmental Reporting"
issued by the Institute of Chartered Accountants of India, the
Company's business segment is Print Media & Electronic Media and TV
Serial Production business and it has no other primary reportable
segments. Accordingly, the segment revenue, segment results, total
carrying amount of segment assets and segment liability, total cost
incurred to acquire segment assets and total amount of charge for
depreciation during the year, is as reflected in the Financial
Statements as of and for the year ended March 31, 2015. The Company
caters to the needs of the domestic market and hence there are no
reportable geographical segments.
5.Related Party Disclosures
a)Parties where control exists related Party Nil
b)Fellow Subsidiary Companies Nil
c)Joint Venture Nil
d)Key Managerial Personnel
6. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS)
is the weighted average number of shares outstanding during the year.
The number of shares used in computing Diluted EPS comprises of
weighted average shares considered for deriving Basic EPS and also the
weighted average number of equity share which would be issued for no
consideration on exercise of options under the Employee Stock Option
Scheme, 2005. The number of shares is adjusted for reduction of share
capital.
Profit computation for both Basic and Diluted Earnings per Share of
Rupees 10 each Net profit as per the Profit and Loss Account available
for Equity share holders (in Rupees) Weighted average number of equity
shares for Earning per share computation for Basic Earnings per Share
Add: Weighted average outstanding employee stock options deemed to be
issued for no consideration
Mar 31, 2014
1. Sundry Creditors
Disclosure has been made as per the definition given in the Micro,
Small and Medium Enterprises Development Act, 2006. The Company is not
having the information regarding supplier's status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to the amounts as at year end together with
interest payable as required under the Act have not been given
2. Capital Work in Progress
The amount lying in Capital work in progress is made towards payments
for purchase of properties of Flat G1, G2 & G3 in ground floor of "Siri
Balaji Residency" admeasuring 5100 sq ft for a total consideration of Rs.
200.32 lakhs for which agreement of sale is entered but pending
registration next year.
3. Segment Information
In accordance with Accounting Standard  17, "Segmental Reporting"
issued by the Institute of Chartered Accountants of India, the
Company's business segment is Print Media & Electronic Media and TV
Serial Production business and it has no other primary reportable
segments. Accordingly, the segment revenue, segment results, total
4. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS)
is the weighted average number of shares outstanding during the year.
The number of shares used in computing Diluted EPS comprises of
weighted average shares considered for deriving Basic EPS and also the
weighted average number of equity share which would be issued for no
consideration on exercise of options under the Employee Stock Option
Scheme, 2005. The number of shares is adjusted for reduction of share
capital.
Profit computation for both Basic and Diluted Earnings per Share of
Rupees 10 each Net profit as per the Profit and Loss Account available
for Equity share holders (in Rupees) Weighted average number of equity
shares for Earning per share computation for Basic Earnings per Share
Add: Weighted average outstanding employee stock options deemed to be
issued for no consideration.
5. Retirement Benefits
a. Gratuity: The Company is yet to contribute Rs. 16,02,403/- towards
the gratuity fund.
b. Provident Fund: The Company has not made any contributions to
provident fund for employees during the year.
6. Reduction of Share Capital
The Company has bought back 6,42,000 shares during the current year
having face value of Rs. 10/- each at discounted value and as a result,
capital reserve has been provided to the extent of Rs. 57,42,117/- and as
per provision of the companies Act, the company has transferred face
value of the shares brought back to Capital redemption reserve from the
Securities premium account for Rs. 64,20,000/-.
Mar 31, 2013
1. Sundry Creditors
Disclosure has been made as per the definition given in the Micro, Small and Medium Enterprises Development Act, 2006. The Company is not having the information regarding supplier''s status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts as at year end together with interest payable as required under the Act have not been given
2. Capital Work in Progress
The amount lying in Capital work in progress is made towards payments for purchase of properties of Flat G1, G2 & G3 in ground floor of "Siri Balaji Residency" admeasuring 5100 sq ft for a total consideration of Rs, 200.32 lakhs for which agreement of sale is entered but pending registration next year.
3. Segment Information
In accordance with Accounting Standard - 17, "Segmental Reporting" issued by the Institute of Chartered Accountants of India, the Company''s business segment is Print Media & Electronic Media and TV Serial Production business and it has no other primary reportable segments. Accordingly, the segment revenue, segment results, total carrying amount of segment assets and segment liability, total cost incurred to acquire segment assets and total amount of charge for depreciation during the year, is as reflected in the Financial Statements as of and for the year ended March 31, 2013. The Company caters to the needs of the domestic market and hence there are no reportable geographical segments.
4. Related Party Disclosures
a) Parties where control exists related Party Nil
b) Fellow Subsidiary Companies Nil
d) Key Managerial Personnel Vimal Raj Mathur, Chairman & Managing Director
Sudheep Raj, Executive Director
e) Relative to Key Managerial Personnel Vineeth Raj Mathur (Son of Vimal Raj Mathur)
5. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS) is the weighted average number of shares outstanding during the year. The number of shares used in computing Diluted EPS comprises of weighted average shares considered for deriving Basic EPS and also the weighted average number of equity share which would be issued for no consideration on exercise of options under the Employee Stock Option Scheme, 2005. The number of shares is adjusted for reduction of share capital.
Profit computation for both Basic and Diluted Earnings per Share of Rupees 10 each Net profit as per the Profit and Loss Account available for Equity share holders (in Rupees) Weighted average number of equity shares for Earning per share computation for Basic Earnings per Share Add: Weighted average outstanding employee stock options deemed to be issued for no consideration.
6.Retirement Benefits
a. Gratuity: The Company is yet to contribute Rs, 16,02,403/- towards the gratuity.
b. Provident Fund: The Company has not made any contributions to provident fund for employees during the year.
7. Previous year''s figures have been regrouped where necessary.
8. Prior Period Adjustment
The company has committed error by over claiming depreciation on fixed assets in earlier years due to change in method of depreciation. The company has identified the error in estimates and revised the depreciation amounts and assets values following written down value method as stipulated under schedule XIV of the companies Act, 1956. The revisions were accounted for prospectively as a change in accounting estimates and as a result the expense has been increased by Rs, 8,87,796/-.
Mar 31, 2012
Nature of Operations
The Company was incorporated on June 22, 1992 in the name of VR Mathur
Mass Communications Ltd. and subsequently the name has been changed to
Gradiente Infotainment Ltd.( w.e.f 09-01-2003). The Company's revenue
is generated mainly from the advertisement, in Print Media & Electronic
Media and TV Serial production for other production houses and own
production.
1. Contingent Liabilities
a. The Company has defaulted in payment of loan to Andhra Bank for
which they have raised a demand of Rs. 1.80 crores under one time
settlement scheme (OTS) vide letter no.1204/45/26/837 dated
12-03-2004,subsequently Bank has Auctioned 2 properties.
- No.301/1, 3rd Floor of Krishna Plaza, Muncipal # 6-2-953/A and
6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
Yds, Kharitabad and
- No.309/1, 3rd Floor of Krishna Plaza, Muncipal # 6-2-953, 6-2-953/A
and 6-2-953/B admeasuring 923.65sq ft along with undivided land 28.83
sq Yds, Kharitabad.
The above properties were auctioned by the Bank in the year 2006-07 and
realised an amount of Rs. 41 lacs and the company has paid Rs. 9 lacs in
cash making a total repayment of Rs. 50 lacs. Balance demands Rs. 1.30
crores.
The company has requested to settle the demand for Rs. 1.00 crore. If the
request is accepted by the bank there will be a net outflow of Rs. 50
lacs, if not outflow shall be Rs. 1.30 crores.
b. Director Vimal Raj Mathur has given a corporate guarantee of 5 lakh
shares of Gradiente allotted on his name to SE Investments for Rs. 25
lakhs.
2. Sundry Creditors
Disclosure has been made as per the definition given in the Micro,
Small and Medium Enterprises Development Act, 2006. The Company is not
having the information regarding supplier's status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to the amounts as at year end together with
interest payable as required under the Act have not been given
3. Capital Work in Progress
The amount lying in Capital work in progress is made towards payments
for purchase of properties of Flat G1, G2 & G3 in ground floor of "Siri
Balaji Residency" admeasuring 5100 sq ft for a total consideration of Rs.
200.32 lakhs for which agreement of sale is entered but pending
registration next year.
4. Segment Information
In accordance with Accounting Standard - 17, "Segmental Reporting"
issued by the Institute of Chartered Accountants of India, the
Company's business segment is Print Media & Electronic Media and TV
Serial Production business and it has no other primary reportable
segments. Accordingly, the segment revenue, segment results, total
carrying amount of segment assets and segment liability, total cost
incurred to acquire segment assets and total amount of charge for
depreciation during the year, is as reflected in the Financial
Statements as of and for the year ended March 31, 2012. The Company
caters to the needs of the domestic market and hence there are no
reportable geographical segments.
5. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS)
is the weighted average number of shares outstanding during the year.
The number of shares used in computing Diluted EPS comprises of
weighted average shares considered for deriving Basic EPS and also the
weighted average number of equity share which would be issued for no
consideration on exercise of options under the Employee Stock Option
Scheme, 2005. The number of shares is adjusted for reduction of share
capital.
Profit computation for both Basic and Diluted Earnings per Share of
Rupees 10 each Net profit as per the Profit and Loss Account available
for Equity share holders (in Rupees) Weighted average number of equity
shares for Earning per share computation for Basic Earnings per Share
Add: Weighted average outstanding employee stock options deemed to be
issued for no consideration.
6.Retirement Benefits
a.Gratuity: The Company is yet to contribute Rs. 8.74 lakhs to gratuity
funds towards Provision made for the year ended 31st March 2012.
b.Provident Fund: The Company has not made any contributions to
provident fund for employees during the year.
7. Indian Bank - ODCC# 74105484 bank account was not incorporated in
the books of accounts earlier and there were no transactions during the
year so taken into books with balance as appearing last year.
8. Information pursuant to other provisions of Part II of Schedule VI
to the Act, is either nil or not applicable to the Company for the
year.
9. Previous year's figures have been regrouped where necessary.
10. Refer Annexure for additional information pursuant to Part IV of
Schedule VI of the Act Signatures forming part of the financial
statements.
11. Remuneration calculated as per schedule XIII of Companies Act.
12.Prior Period Adjustment
The company has committed error by over claiming depreciation on fixed
assets in earlier years due to change in method of depreciation. The
company has identified the error in estimates and revised the
depreciation amounts and assets values following written down value
method as stipulated under schedule XIV of the companies Act, 1956. The
revisions were accounted for prospectively as a change in accounting
estimates and as a result the income has been increased by Rs. 4,414/-
Mar 31, 2011
1.Contingent Liabilities
a. The Company has defaulted in payment of loan to Andhra Bank for
which they have raised a demand of Rs 1.80 crores under one time
settlement scheme (OTS) vide letter no.1204/45/26/837 dated 12-03-2004,
subsequently Bank has Auctioned 2 properties.
No.301/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953/A and
6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
Yds, Khairatabad dNo.309/1, 3rd Floor of Krishna Plaza, Municipal #
6-2-953, 6-2-953/A and 6-2-953/B admeasuring 923.65sq.ft along with
undivided land 28.83 sq Yds, Khairatabad.
The above properties were auctioned by the Bank in the year 2006-07 and
realized an amount of Rs 41 lacs and the company has paid Rs9 lacs in
cash making a total repayment of Rs 50 lacs. Balance demands Rs 1.30
crores.
The company has requested to settle the demand for Rs 1.00 crore. If the
request is accepted by the bank there will be a net outflow of Rs 50
lacs, if not outflow shall be Rs 1.30 crores.
b. The Company has given a corporate guarantee to S.E. Investments,
New Delhi for Director VR Mathur for a personal loan of Rs 25 lakhs
against the security of 5 lakhs shares of Mr. VR Mathur.
2.Sundry Creditors
Disclosure has been made as per the definition given in the Micro,
Small and Medium Enterprises Development Act, 2006. The Company is not
having the information regarding supplier's status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to the amounts as at year end together with
interest payable as required under the Act have not been given
3.Capital Work in Progress
The amount lying in Capital work in progress is made towards payments
for purchase of properties of Flat G1, G2 & G3 in ground floor of "Siri
Balaji Residency" admeasuring 5100 sq ft for a total consideration of Rs
200.32 lakhs each for which agreement of sale is entered but pending
registration
4. Segment Information
In accordance with Accounting Standard - 17, "Segmental Reporting"
issued by the Institute of Chartered Accountants of India, the
Company's business segment is Print Media & Electronic Media and TV
Serial Production business and it has no other primary reportable
segments. Accordingly, the segment revenue, segment results, total
carrying amount of segment assets and segment liability, total cost
incurred to acquire segment assets and total amount of charge for
depreciation during the year, is as reflected in the Financial
Statements as of and for the year ended March 31, 2011. The Company
caters to the needs of the domestic market and hence there are no
reportable geographical segments.
5. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS)
is the weighted average number of shares outstanding during the year.
The number of shares used in computing Diluted EPS comprises of
weighted average shares considered for deriving Basic EPS and also the
weighted average number of equity share which would be issued for no
consideration on exercise of options under the Employee Stock Option
Scheme, 2005. The number of shares is adjusted for reduction of share
capital.
Profit computation for both Basic and Diluted Earnings per Share of
Rupees 10 each Net profit as per the Profit and Loss Account available
for Equity share holders (in Rupees) Weighted average number of equity
shares for Earning per share computation for Basic Earnings per Share
Add: Weighted average outstanding employee stock options deemed to be
issued for no consideration.
6.Retirement Benefits
a. Gratuity: The Company is yet to contribute Rs 7.28 lakhs to gratuity
funds towards Provision made for the year ended 31st March 2011.
b. Provident Fund: The Company has not made any contributions to
Provident fund for employees during the year.
7. Indian Bank - ODCC# 74105484 bank account was not incorporated in
the books of accounts earlier and there were no transactions during the
year so taken into books with balance as appearing last year.
8. Information pursuant to other provisions of Part II of Schedule VI
to the Act, is either nil or not applicable to the Company for the
year.
9. Previous year's figures have been regrouped where necessary.
10. Refer Annexure for additional information pursuant to Part IV of
Schedule VI of the Act Signatures forming part of the financial
statements.
11. Remuneration calculated as per schedule XIII of Companies Act.
12. Prior Period Adjustment
The company has committed error by over claiming depreciation on fixed
assets in earlier years due to change in method of depreciation. The
company has identified the error in estimates and revised the
depreciation amounts and assets values following written down value
method as stipulated under schedule XIV of the companies Act, 1956. The
revisions were accounted for prospectively as a change in accounting
estimates and as a result the income has been increased by Rs
19,78,233/-.
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