Mar 31, 2015
1. a) During the financial year 2011-12 the company at the AGM held on
30th September 2011 obtained approval of shareholders to increase
authorised share capital from Rs. 30.50.00. 000/- divided into
305,00,000 equity shares of Rs. 10/- each to Rs. 35,50,00,000/-divided
into 305,00,000 equity shares of Rs. 10/- each and 5,00,000 preference
shares of Rs. 100/- each by creation of additional 5.00. 000
Preference Shares of Rs. 100/- each.
b) On 23/04/2012, the company made an allotment of 50,00,000 (fifty
lac) Equity Shares of Rs 10/- (Rs ten) each at par to SASF (in terms
of the OTS with SASF), in lieu of outstanding balance loan of SASf
amounting to Rs. 5,00,00,000/- (Rupees five crore) only with a
condition to buy back of said shares by company/promoters from SASF on
or before 30th September 2014 at par with a return calculated @10%
p.a. (Read with 2.4 (iv)).
c) On 23/04/2012, the company made an allotment of 60,50,000 (sixty
lac fifty thousand) Equity Shares of Rs 10/- (Rs ten) each at a
premium of Rs. 2.50/- per share to promoter on preferential basis.
d) Share capital includes 53,00,000 equity shares of Rs. 10/- each
allotted at a premium of Rs 9/-each during the F. Y 2005-06 which was
not listed and on request of the company, NSE and
BSE have given NOC for filling of 'scheme of arrangement and capital
reduction' before the Hon'ble High Court of Delhi. The said scheme is
duly approved by the Board and thereafter by the shareholders of the
company at AGM held on 30th September 2011. However, as per the SEBI
Circular No. CIR/CFD/DIL/5/2013 dated 4th February, 2013, the company
re-submitted the said scheme with BSE and NSE for their NOC with the
approval/observation of SEBI.
On the basis of observations of SEBI a revised scheme of reduction of
share capital shall be filed with BSE and NSE for their NoC with the
observation of SEBI.
e) On 17/10/2013, the company made an allotment of 31,58,700 Equity
Shares of Rs 10/-(Rs ten) each at Rs. 12.50/- per share on conversion
of equivalent numbers of Share Warrants (read with note no 2.3).
i) A sum of Rs. 6,222.81 thousands, i.e. 25% of share warrants money,
received as application money against 19,91,300 share warrants was
forfeited during the Financial Year 2013-14 and transferred to Capital
Reserve on noncompliance of certain terms of issue of Share Warrants.
ii) Freehold land and certain buildings were revalued on 31.03.1998 by
approved valuers on the basis of assessment about the Fair Market
Value of the similar assets. As a result book value of such assets was
increased by Rs 39,779 thousands, which was transferred to Revaluation
Reserve. Gross Block as at 31.03.2015 includes cumulative surplus of
Rs. 33,800 thousands (31.03.2011: Rs. 33,800 thousands) arising on
revaluation of assets.
iii) Depreciation for the period includes Rs. 94 thousands (Previous
Year: Rs. 94 thousands) being depreciation on increased amount of
assets due to revaluation and an equivalent amount has been
transferred from revaluation reserve to profit and loss account.
iv) On 17/10/2013, the company made an allotment of 31,58,700 Equity
Shares of Rs 10/-(Rs ten) each at Rs. 12.50/- per share on conversion
of equivalent numbers of Share Warrants and the premium received on
the said allotment of Equity Shares has been transferred to share
premium account.
2 Long Term Borrowings Loan from SASF (Stressed Assets Stabilisation
Fund)
(i) One time settlement proposal of the company was agreed in
principal by SASF vide its letter dated February 26, 2011 which
envisaged payment of Rs.160,000 thousand towards full and final
settlement of dues to SASF as per details given below.
a) Rs.10,000 thousand to be paid on or before issue of letter of
approval (LOA) (Paid on 31th March 2011).
b) Rs.100,000 thousand to be paid within a period of six months from
the date of LOA on interest free basis.
c) Allotment of Equity Shares with face value of Rs 10/- each for
aggregate value of Rs 50,000 thousand within three months from the
date of issue of LOA.
d) Promoters to execute an agreement for buy back of shares at par
with a return of 10% p.a. within a period of two years from the date
of approval. SASF shall have the right to dispose off the shares in
open market in case promoters/ company fail to pay buy back.
(ii) The above proposal was approved and accepted by the Board of
Directors during their meeting held on 15th March 2011 and accordingly
the shareholders in the Extra Ordinary General Meeting on 13th April
2011 have approved the said proposal.
(iii) In pursuance of the OTS, the company made payment of Rs. 90,000
thousand in cash, as against its commitment to make payment of Rs.
110,000 thousand (refer (i) (a) & (b) above) and had issued 5000
thousand Equity Shares of Rs. 10/- each at par to SASF on 23rd April
2012 (refer (i) (c) above). SASF has agreed to further extend the
period for repayment of balance amount of Rs 20,000 thousand alongwith
interest of Rs. 16,518.66 thousand upto 15th April 2013, as per the
request of the company. Further, the said amount of Rs. 20,000
thousand alongwith interest of Rs16,518.66 thousand has been paid by
the company on the committed date of 15th April 2013.
(iv) On request of the company, the SASF has granted further extension
of Buy Back of 5000 thousand equity shares at par value of Rs.
10/-each up to 30.09.2014 vide letter dated 29.03.2014 subject to
payment of Rs. 15013.70 thousands towards return on equity @ 10% p.a.
on or before 30.04.2014. The company has further requested the SASF to
extend the time of Buy Back alongwith extension for payment of return
on equity till 31.03.2015. (Read with 2.1 (2)(b)). During the
financial year various communications had been made between the
company and SASF and finally the SASF vide their letter dated
12.02.2015 and 05.03.2015 respectively denied the further extension
and revoked the OTS. However, the company is contesting the matter
with SASF and the management of the company is of the opinion that
revocation shall be cancelled and the OTS shall be reinstated.
(v) The Company was in discussion with the SASF regarding further
extension as it was in the process of fund arrangement through various
sources. However, the SASF vide its letter dated 12.02.2015 and
05.03.2015 respectively denied further extension and revoked the OTS
and subsequent modifications thereof including reversal of waiver of
dues and has restored the original liability as per the terms of loan
agreement subject to adjustment of payment received by SASF from the
company. The company has taken up the matter and the management is of
the view that they will be able to restore the original OTS and hence
in view of the above no liability has been provided in the books of
the company.
In the opinion ofthe management, in respect of disputes regarding
amount payable to statutory authorities relating to provident fund,
tds, the same will be settled within next financial year.
The net deferred tax assets recognized in compliance with AS 22
"Accounting for Taxes on Income" upto 31.03.2014 has been updated
for items giving rise to timing difference upto 31.03.2015. In view of
the cost reduction measures and addition of new business and based on
future projection, the Board believes that there is a virtual
certainty that the future taxable income would be sufficient against
which such carried forward deferred tax asset can be realized.
(i) In addition to deposit of Rs. 22,313.00 thousand with the Custom
Department towards custom duty saved under EPCG licences as was made
till 31.03.2012, during the financial year 201112 the company has
further deposited Rs. 5,108.00 thousand with Customs Department as
security deposit ( refundable after fulfilment of Export Obligation)
towards balance amount of 50% of duty saved amount vide their meeting
held on 04.05.2011 and vide order dated 28.06.2011 of Jt. DGFT, CLA,
New Delhi (Appellate Authority), wherein extension upto 12 years (upto
September 2011) has been allowed against one license from the date of
issue of this licence subject to compliance of specified conditions
and with reference to the above said decision. The company has filed
with the office of DGFT on 27.04.2012, the redemption application
against the said licence for issue of export obligation discharge
certificate.
(ii) On filing of petition with office of the DGFT, EPCG Committee
vide their meeting held on 23.09.2010, had allowed extension upto 12
years against four EPCG Licenses from the date of issue of these
licences subject to deposit of the balance 50% custom duty saved (net
of deposit lying with the custom department), i.e. Rs. 341.04
thousands as security deposit and on payment of requisite composition
fee. The company has complied with the necessary conditions of deposit
of 50% custom duty saved, deposited the necessary composition fee and
filed with the DGFT for extension of validity period of all the above
said four licences upto 12 years from the date of issue of the
licence, condonation of block-wise fulfilment of export obligation and
re-fixation of export obligation on the basis of duty saved amount.
(iii) On filing of petition with office of the DGFT, EPCG Committee
vide their meeting held on 20.12.2001 for extension upto 12 years and
refixation of EO (export obligation) and condonation of block wise
fulfillment of EO against fifth EPCG License from the date of issue of
this licence. the DGFT has issued a show cause notice on 06.04.2015
asking for why action should not be taken and fiscal penalty should
not be imposed, declare the company as defaulter and place in the
Denied Entity List under Foreign Trade (Development & Regulation) Act,
1992 and Rules made thereunder due to non deposit of custom duty saved
and interest thereon. However, the company has contested the matter
and submitted a reply alongwith necessary documents with DGFT vide
letter dated 21.04.2015 with proper justification and the management
of the company is confident that such action shall be avoided.
MAT credit entitlement has been recognized in view of addition of new
business and based on future projections; the board believes that
future taxable income would be sufficient so as the tax credit for
such carried forward MAT credit entitlement can be setoff as per
provision of section 115JAA of the Income Tax Act, 1961.
Advances recoverable in cash or in kind or value to be received
include interest free Advances given to bodies Corporates and Others
(in terms of clause 32 of listing agreement):
The value of current assets and loans and advances in the ordinary
course of business, to the best of management's knowledge and belief,
will not be less than the stated value.
(Rupees in '000)
3 Contingent Liabilities: 2014-15 2013-14
(to the extent as ascertained by the Management)
A) Claims against the Company not acknowledged as
debts 69,500.03 44,823.46
B) Others:
i) Customs Duty saved which may arise if
obligation for exports is not fulfilled against
import of certain machinery under EPCG Scheme
(EPCG license (obligation fulfilled) of custom
duty saved of Rs.3,623.94 thousands where company
has applied for discharge) {(BG of Rs. Nil thousands
given (P. Y. Rs Nil
thousands)} 35,148.08 35,148.08
C) Corporate Guarantee 1,272,000.00 1,123,900.00
D) Registered Office is situated at premises
which is available to the company at free of cost.
4 The company has not received any reply/information from suppliers
regarding their status under "Micro, Small & Medium Enterprises
Development Act' 2006 and hence disclosures, if any relating to amount
unpaid as at year end together with interest paid/payable as required
under the said Act have not been given.
5 Segment Reporting:
a) Primary Segment Reporting (by business segment): -
In line with Accounting Standard (AS) 17 on Segment Reporting, the
Company has identified business segment as given below taking into
account the organisational structure as well as differential nature,
risk and return.
Television :
Marketing, Production & Broadcasting of TV Programme and
Advertisement.
Educational Infrastructure and Technology :
Imparting the full and part time education Teleport :
Uplinking, Video Clipping & News Feeding Charges through Digital
Satellite News Gathering equipment. Others :
Feature film production & distribution
6 Related Party disclosures:
Due to increase in capital base of Dr. Jain Video on Wheels Ltd.
during previous year 2010-11 the shareholding in Dr. Jain Video on
Wheels Ltd has reduced from 52.727% to 45.944% and consequently ceased
to be a subsidiary company.
a. Other Related Parties where transactions have been taken place
during the year:
Key Management Personnel & their Relatives:
Dr J K Jain (Managing Director) - Key Management Personnel Dr. (Mrs.)
Ragini Jain (Director, Wife of Dr. J.K.Jain)
Mr. Ankur Jain (Son of Dr. J.K.Jain)
b. Enterprises over which Key Management Personnel and their relatives
have significant influence:
Dr Jain Clinic Pvt. Ltd.
Dr. Jain Laboratories Pvt. Ltd.
Ankur Services and Growth Fund Ltd.
Dalmia Foundation for Medical Research The Development Group Jain
Internet Ltd.
Noida Software Technology Park Ltd.
Dr. Jain Video on Wheels Ltd.
Note:
i) The company has given corporate guarantee for the loans taken from
bank By Noida Software Technology Park Ltd and Dr. Jain Video on
Wheels Ltd. The property at Dundahera, Gurgaon has been mortgaged
against groupÂs borrowings from Punjab National Bank which includes
Noida Software Technology Park Ltd. and Dr. Jain Video on Wheels Ltd.
ii) Company has given interest free security deposit for rented
premises.
iii) 22,10,300 Equity Shares of Jain Studios Ltd held by Promoters are
pledged for loan taken from Financial Institutions by the company.
iv) Details of remuneration to Key Management Personnel are given in
Note.
v) Figures for previous year are given in brackets.
7 Figures for the previous year have been regrouped/ re-arranged/
recast wherever considered necessary, to conform current yearÂs
classification.
Mar 31, 2014
1.1 Share Capital
a) During the financial year 2011-12 the company at the AGM held on
30th September 2011 obtained approval of shareholders to increase
author i sed share capi tal f rom Rs. 30,50,00,000/- divided into
305,00,000 equity shares of Rs. 10/- each to Rs. 35,50,00,000/- divided
into 305,00,000 equity shares of Rs. 10/- each and 5,00,000 preference
shares of Rs. 100/- each by creation of additional 5,00,000 Preference
Shares of Rs. 100/- each.
b) On 23/04/2012, the company made an allotment of 50,00,000 (fifty
lac) Equity Shares of Rs 10/- (Rs ten) each at par to SASF (in terms of
the OTS with SASF), in lieu of outstanding balance loan of SASF
amounting to Rs. 5,00,00,000/- (Rupees five crore) only with a
condition to buy back of said shares by company/promoters from SASF on
or before 30th September 2014 at par with a return calculated @10% p.a.
(Read with 2.4 (iv)).
c) On 23/04/2012, the company made an allotment of 60,50,000 (sixty lac
fifty thousand) Equity Shares of Rs 10/- (Rs ten) each at a premium of
Rs. 2.50/- per share to promoter on preferential basis.
d) Share capital includes 53,00,000 equity shares of Rs. 10/- each
allotted at a premium of Rs 9/- each during the F. Y. 2005-06 which was
not listed and on request of the company, NSE and BSE have given NOC
for filling of ''scheme of arrangement and capital reduction'' before the
Hon''ble High Court of Delhi. The said scheme is duly approved by the
Board and thereafter by the shareholders of the company at AGM held on
30th September 2011.The company is in the process of filing the ''scheme
of arrangement and capital reduction'' before the Hon''ble High Court of
Delhi with necessary compliance.
e) On 17/10/2013, the company made an allotment of 31,58,700 Equity
Shares of Rs 10/- (Rs ten) each at Rs. 12.50/- per share on conversion
of equivalent numbers of Share Warrants (read with note no 2.3).
1.2 Reserves & Surplus
i) 50,00,000 warrants for a face value of Rs. 10 each at a price of Rs.
36 each (including premium) allotted by the company as per SEBI
application regulations for which the company received an amount of Rs.
18,000 thousand , however the subscribers to the said warrants had to
deposit the rest of the demand within stipulated period, on failure of
deposit of the rest of the demand by the subscribers, warrants were
forfeited and cancelled and the money received was transferred to
Capital Reserve Account in the F.Y. 2006-07.
ii) A sum of Rs. 6,222.81 thousands, i.e. 25% of share warrants money,
received as application money against 19,91,300 share warrants was
forfeited during the current financial year and transferred to Capital
Reserve on noncompliance of certain terms of issue of Share Warrants.
iii) Freehold land and certain buildings were revalued on 31.03.1998 by
approved valuers on the basis of assessment about the Fair Market Value
of the similar assets. As a result book value of such assets was
increased by Rs 39,779 thousands, which was transferred to Revaluation
Reserve. Gross Block as at 31.03.2014 includes cumulative surplus of
Rs. 33,800 thousands (31.03.2011: Rs. 33,800 thousands) arising on
revaluation of assets.
iv) Depreciation for the period includes Rs. 94 thousands (Previous
Year: Rs.94 thousands) being depreciation on increased amount of assets
due to revaluation and an equivalent amount has been transferred from
revaluation reserve to profit and loss account.
v) On 17/10/2013, the company made an allotment of 31,58,700 Equity
Shares of Rs 10/- (Rs ten) each at Rs. 12.50/- per share on conversion
of equivalent numbers of Share Warrants and the premium received on the
said allotment of Equity Shares has been transferred to share premium
account.
Money Received Against Share Warrants
During the financial year 2011-12, the company had proposed to issue
51,50,000 share warrants subject to the condition that the subscriber
to the issue will pay atleast 25% of the amount due before the
allotment of the said warrants. In compliance of the same the company
had received Rs. 1,75,43,402/- as application money towards 51,50,000
share warrants of Rs 10/ each at a premium of Rs 2.50/- per share
warrants which is 27.25% of the value of the share warrants by the end
of the financial year 2011- 12. Further, the company had allotted
51,50,000 share warrants of face value Rs 10/ each at a premium of Rs
2.50/- per share warrants to the applicant on 23rd April 2012 which is
convertible into equivalent number of equity shares within the period
of 18 months from the date of allotment by paying balance share
warrants money. During the financial year 2012-13 and 2013-14, the
company has further received Rs 28,163.16 thousand towards Share
Warrants outstanding amount. However, a sum of Rs. 6,222.81 thousands,
i.e. 25% of share warrants money, received as application money against
19,91,300 share warrants was forfeited during the current financial
year and transferred to Capital Reserve on non-compliance of certain
terms of issue of Share Warrants. Balance 31,58,700 Share Warrants has
been converted into equivalent numbers of Equity Shares and allotted to
the applicant (read with note no 2.1 (2)(e)).
Share Warrants
(I) One time settlement proposal of the company was agreed in principal
by SASF vide its letter dated February 26, 2011 which envisaged payment
of Rs.160,000 thousand towards full and final settlement of dues to
SASF as per details given below.
a) Rs.10,000 thousand to be paid on or before issue of letter of
approval (LOA) (Paid on 31th March 2011).
b) Rs.100,000 thousand to be paid within a period of six months from
the date of LOA on interest free basis.
c) Allotment of Equity Shares with face value of Rs 10/- each for
aggregate value of Rs 50,000 thousand within three months from the date
of issue of LOA.
d) Promoters to execute an agreement for buy back of shares at par with
a return of 10% p.a. within a period of two years from the date of
approval. SASF shall have the right to dispose off the shares in open
market in case promoters/ company fail to pay buy back.
(ii) The above proposal was approved and accepted by the Board of
Directors during their meeting held on 15th March 2011 and accordingly
the shareholders in the Extra Ordinary General Meeting on 13th April
2011 have approved the said proposal.
1.3 Long Term Borrowings
(Secured by hypothecation of movable properties, book debts and
mortgage of immovable properties of the company both present & future
ranking pari passu with the charges /mortgage created/to be created on
the said assets in favour of the Company''s bankers for securing the
borrowing for working capital requirements and personal guarantee of
Dr. J K Jain, (Managing Director) and corporate guarantee(s) of and
pledge of 22,10,300 equity shares held by certain promoters.)
(iii) In pursuance of the OTS, the company made payment of Rs. 90,000
thousand in cash, as against its commitment to make payment of Rs.
110,000 thousand (refer (i) (a) & (b) above) and had issued 5000
thousand Equity Shares of Rs. 10/- each at par to SASF on 23rd April
2012 (refer (i) (c) above). SASF has agreed to further extend the
period for repayment of balance amount of Rs 20,000 thousand alongwith
interest of Rs. 16,518.66 thousand upto 15th April 2013, as per the
request of the company. Further, the said amount of Rs. 20,000
thousand alongwith interest of Rs16,518.66 thousand has been paid by
the company on the committed date of 15th April 2013.
(iv) On request of the company, the SASF has granted further extension
of Buy Back of 5000 thousand equity shares at par value of Rs. 10/-
each up to 30.09.2014 vide letter dated 29.03.2014 subject to payment
of Rs. 15013.70 thousands towards return on equity @ 10% p.a. on or
before 30.04.2014. The company has further requested the SASF to extend
the time of Buy Back alongwith extension for payment of return on
equity till 31.03.2015. (Read with 2.1 (2)(b)).
1.4 Other Current Liablities
(i) In the opinion of the management, in respect of disputes regarding
amount payable to statutory authorities relating to provident fund,
tds, the same will be settled within next financial year.
(ii) During the Financial Year 1999-2000 and 2000- 2001, the company
had imported certain capital equipments under licenses availed as per
EPCG scheme of Government of India.
As on the date of Balance Sheet, remaining unfulfilled Eexport
Obligation (EO) commitment under EPCG licenses on the basis of 8 times
of custom duty saved) is Rs. 28,11,84,602/- (custom duty saved on which
amounts to Rs. 351.48 lacs).
Application has been made to DGFT seeking extension in the period for
fulfillment of export obligation (EO), re-fixation of EO on the basis
of 8 times of custom duty saved and condonation of delay which is
pending with DGFT for approval.
Liability on account of custom duty which will fall on the company is
Rs 351.48 lacs towards custom duty saved against which the company''s
fund amounting to Rs. 274.21 lacs are laying deposited with custom
department.
The company has not provided the liability of custom duty saved plus
interest as applicable thereon as in the opinion of management; the
company will be able to get the extension and will be able to fulfill
the Export Obligation (Read with note no 2.31).
1.5 Deffered Tax Assets
The net deferred tax assets recognized in compliance with AS 22
"Accounting for Taxes on Income" upto 31.03.2013 has been updated for
items giving rise to timing difference upto 31.03.2014. In view of the
cost reduction measures and addition of new business and based on
future projection, the Board believes that there is a virtual certainty
that the future taxable income would be sufficient against which such
carried forward deferred tax asset can be realized.
1.6 Long Term Loans and Advances
(i) In addition to deposit of Rs. 22,313.00 thousand with the Custom
Department towards custom duty saved under EPCG licences as was made
till 31.03.2012, during the financial year 2011- 12 the company has
further deposited Rs. 5,108.00 thousand with Customs Department as
security deposit ( refundable after fulfilment of Export Obligation)
towards balance amount of 50% of duty saved amount vide their meeting
held on 04.05.2011 and vide order dated 28.06.2011 of Jt. DGFT, CLA,
New Delhi (Appellate Authority), wherein extension upto 12 years (upto
September 2011) has been allowed against one license from the date of
issue of this licence subject to compliance of specified conditions and
with reference to the above said decision. The company has filed with
the office of DGFT on 27.04.2012, the redemption application against
the said licence for issue of export obligation discharge certificate.
(ii) On filing of petition with office of the DGFT, EPCG Committee vide
their meeting held on 23.09.2010, had allowed extension upto 12 years
against four EPCG Licenses from the date of issue of these licences
subject to deposit of the balance 50% custom duty saved (net of deposit
lying with the custom department), i.e. Rs. 341.04 thousands as
security deposit and on payment of requisite composition fee. The
company has complied with the necessary conditions of deposit of 50%
custom duty saved, deposited the necessary composition fee and filed
with the DGFT for extension of validity period of all the above said
four licences upto 12 years from the date of issue of the licence,
condonation of block-wise fulfilment of export obligation and
re-fixation of export obligation on the basis of duty saved amount.
1.7 Contigent Liablities: 2013-14 2012-13
(to the extent as ascertained by the Management)
A) Claims against the Company not acknowledged
as debts 44,823.46 46,311.46
B) Others:
I) Customs Duty saved which may arise if
obligation for exports is not fulfilled against
import of certain machinery under EPCG Scheme
(EPCG license (obligation fulfilled) of custom
duty saved of Rs. 3,623.94 thousands where
company has applaied for discharge)
(BG of Rs. Nil thousands
(P.Y. Rs Nil thousands)) 35,148.08 35,148.08
1.8 The company has not received any reply information from suppliers
regarding their status under "Micro, Small & Medium Enterprises
Development Act'' 2006 and hence disclosures, if any relating to amount
unpaid as at year end together with interest paid/payable as required
under the said Act have not been given."
1.9 Segment Reporting:
a) Primary Segment Reporting (by business segment):-
In line with Accounting Standard (AS) 17 on Segment Reporting, the
Company has identified business segment as given below taking into
account the organisational structure as well as differential natujre,
risk and return.
Television : Marketing, production & Broadcasting of TV Programme and
Advertisement.
Educational Infrastructure and Technology : Imparting the full and part
time education
Teleport : Uplinking, Video Clipping & News Feeding Charges through
Digital Satellite News Gathring equipment
Others : Feature Film production & distribution
b) Secondary Segment Reporting (by Geographical Segment)
Since the Company''s Activities/Operations are mainly within India,
hence there is no separate geographical segment.
c) Segment revenue, results, Assets and Liabalities include the
respective amounts identifiable to each of the Segments and amounts
allocated on a reasonable basis.
Related Party disclosures:
Due to increase in capital base of Dr. Jain Video on Wheels Ltd. during
previous year 2010-11 the shareholding in Dr. Jain Video on Wheels Ltd
has reduced from 52.727% to 45.944% and consequently ceased to be a
subsidiary company.
a. Other Related Parties where transactions have been taken place
during the year:
Key Management Personnel & their Relatives:
Dr J K Jain (Managing Director) - Key Management Personnel
Dr. (Mrs.) Ragini Jain (Director, Wife of Dr. J.K.Jain)
Mr. Ankur Jain (Son of Dr. J.K.Jain)
b. Enterprises over which Key Management Personnel and their relatives
have significant influence:
Dr Jain Clinic Pvt. Ltd.
Dr. Jain Laboratories Pvt. Ltd.
Ankur Services and Growth Fund Ltd.
Dalmia Foundation for Medical Research
The Development Group
Jain Internet Ltd.
Noida Software Technology Park Ltd.
Dr. Jain Video on Wheels Ltd.
Note:
I) The company has given corporate guarantee for the loans taken from
bank By Noida Software Technology Park Ltd and Dr. Jain Video on Wheels
Ltd. The property at Dundahera, Gurgaon has been mortgaged against
group''s borrowings from Punjab National Bank which includes Noida
Software Technology Park Ltd. and Dr. Jain Video on Wheels Ltd.
ii) Company has given interest free security deposit for rented
premises.
ii) 22,10,300 Equity Shares of Jain Studios Ltd held by Promoters are
pledged for loan taken from Financial Institutions by the company.
iii) Details of remuneration to Key Management Personnel are given in
Note.
iv) Figures for previous year are given in brackets.
1.10 Figures for the previous year have been regrouped/ re-arranged/
recast wherever considered necessary, to conform current year''s
classification.
Mar 31, 2013
1.1 The company has not received any reply/information from suppliers
regarding their status under "Micro, Small & Medium Enterprises
Development Act''2006 and hencedisclosures, if any relating to amount
unpaid as at year end together with interest paid/payable as required
under the said Act have not been given.
1.2 Segment Reporting:a) Primary Segment Reporting (by business
segment): -In line with Accounting Standard (AS) 17 on Segment
Reporting, the Company has identified business segment as given below
taking into account the organisational structure as well as
differential nature, risk and return.
Television
Marketing, Production & Broadcasting of TV Programme and Advertisement.
Educational Infrastructure and Technology
Imparting the full and part time education.
Teleport
Uplinking, Video Clipping & News Feeding Charges through Digital
Satellite News Gathering equipment.
Others
Feature film production & distribution
b) Secondary Segment Reporting (by Geographical Segment) Since the
Company''s activities/operations are mainly within India, hence there is
no separate geographical segment.
c) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
1.3 Related Party disclosures:
Due to increase in capital base of Dr. Jain Video on Wheels Ltd. during
previous year 2010-11 the shareholding in Dr. Jain Video on Wheels Ltd
has reduced from 52.727% to 45.944% and consequently ceased to be a
subsidiary company. a. Other Related Parties where transactions have
been taken place during the year:Key Management Personnel & their
Relatives:
Dr. J K Jain (Managing Director) Â Key
Management Personnel
Dr. (Mrs.) Ragini Jain (Director, Wife of
Dr. J.K.Jain)
Mr. Ankur Jain (Son of Dr. J.K.Jain)
b. Enterprises over which Key Management Personnel and their relatives
have significant influence: Dr Jain Clinic Pvt. Ltd. Dr. Jain
Laboratories Pvt. Ltd. Ankur Services and Growth Fund Ltd. Dalmia
Foundation for Medical Research The Development Group Jain Internet
Ltd.
Noida Software Technology Park Ltd. Dr. Jain Video on Wheels Ltd.
Note:
i) The company has given corporate guarantee for the loans taken from
bank By Noida Software Technology Park Ltd and Dr. Jain Video on Wheels
Ltd. The property at Dundahera, Gurgaon has been mortgaged against
group''s borrowings from Punjab National Bank which includes Noida
Software Technology Park Ltd. and Dr. Jain Video on Wheels Ltd.
ii) Company has given interest free security Deposit for rented
premises.
iii) 22,10,300 Equity Shares of Jain Studios Ltd held by Promoters are
pledged for loan taken from Financial Institutions by the company.
iv) Details of remuneration to Key Management Personnel are given in
Note.
v) Figures for previous year are given in brackets.
1.4 Figures for the previous year have been re- grouped/ re-arranged/
recast wherever considered necessary, to conform current year''s
classification.
Mar 31, 2012
1.1 Money Received Against Share Warrants
During the year, the company had proposed to issue 51,50,000 share
warrants subject to the condition that the subscriber to the issue will
pay atleast 25% of the amount due before the allotment of the said
warrants. In compliance of the same the company has received Rs.
1,75,43,402/- as application money towards 51,50,000 share warrants of
Rs 10/ each at a premium of Rs 2.50/- per share warrants which is
27.25% of the value of the share warrants. The company has allotted
51,50,000 share warrants of face value Rs 10/ each at a premium of Rs
2.50/- per share warrants to the applicant on 23rd April 2012which is
convertible into
1.2 Share Application Money Pending Allotment
During the year, the company has received Rs. 7,56,25,000/- towards
issue of 60,50,000 equity share of Rs 10/ each at a premium of Rs
2.50/- per share. Subsequent to the receipt of full value, the company
has issued the above said share of Rs 10/ each at a premium of Rs 2.50
per share on 23rd April 2012.
1.3 Exceptional Items (Income)
(refer note no. 2.5)
1.4 Exceptional Item (Expenses)
In terms of settlement with Shin Satellite the company had to pay USD
3,52 656 by 31.10.2011 and any delay may attract interest. The company
delayed the payment in terms of settlement and hence paid interest of
Rs. 1074.20 thousands and charged to the Statement of Profit and Loss
1.5 Deferred tax liabilities/ (assets)
During the year the company has created deferred tax assets amounting
to Rs. 16,286.91 thousand (refer note no. 2.13).
1.6 The company has not received any reply/intimation from suppliers
regarding their status under 'Micro, small & Medium Enterprises
Development Act'2006 and hence disclosures, if any relating to amount
unpaid as at year end together with interest paid/payable as required
under the said Act have not been given.
1.7 Segment Reporting:
a) Primary Segment Reporting (by business segment): -
In line with Accounting Standard (AS) 17 on Segment Reporting, the
Company has identified business segment as given below taking into
account the organisational structure as well as differential nature,
risk and return.
Television : Marketing, Production & Broadcasting of TV Programme and
Advertisement.
Teleport :Uplinking, Video Clipping & News Feeding Charges through
Digital Satellite News Gathering equipment.
Others : Feature film production & distribution Information about
business segments
1.8 Related Party disclosures:
Due to increase in capital base of Dr. Jain Video on Wheels Ltd. during
previous year 2010-11 the shareholding in Dr. Jain Video on Wheels Ltd
has reduced from 52.727% to 45.944% and consequently ceased to be a
subsidiary company.
a. Other Related Parties where transactions have been taken place
during the year:
Key Management Personnel & their Relatives:
Dr J K Jain (Managing Director) Ã Key Management Personnel
Dr. (Mrs.) Ragini Jain (Director,
Wife of Dr. J.K. Jain)
Mr. Ankur Jain (Son of Dr. J.K.Jain)
b. Enterprises over which Key Management Personnel and their relatives
have significant influence:
Dr Jain Clinic Pvt. Ltd.
Dr. Jain Laboratories Pvt. Ltd.
Ankur Services and Growth Fund Ltd.
Dalmia Foundation for Medical Research
The Development Group
Jain Internet Ltd.
Noida Software Technology Park Ltd.
Dr. Jain Video on Wheels Ltd.
1.9 Figures for the previous year have been re-grouped/ re-arranged/
recast wherever considered necessary, to conform current year's
classification.
Mar 31, 2010
1 (i) Freehold land and certain buildings were revalued on 31.03.1998
by approved valuers on the basis of assessment about the Fair Market
Value of the similar assets. As a result book value of such assets was
increased by Rs 39,779 thousands, which was transferred to Revaluation
Reserve. Gross Block as at 31.03.2010 includes cumulative surplus of
Rs. 33,800 thousands (31.03.2009: Rs. 33,800 thousands) arising on
revaluation of assets.
ii) Depreciation for the year includes Rs. 94 thousands (Previous Year:
Rs.94 thousands) being depreciation on increased amount of assets due
to revaluation and an equivalent amount has been transferred from
revaluation reserve to profit and loss account.
2. (i) One time settlement proposal of the company was agreed by SASF
vide its letter dated June 26, 2007 which envisage payment of
Rs.211,796.93 thousands towards full and final settlement of dues to
SASF as per details given below. Accordingly, effect of one time
settlement was incorporated in the accounts.
a) Rs. 1,800 thousands to be paid on issue of letter of approval (Paid
during the F.Y. 2007- 08).
b) Rs. 10,000 thousands to be paid within one month from date of
approval (Paid during the F.Y. 2007-08)
c) Balance Rs.200,000 thousands to be paid within six month after the
payment of Rs. 10,000 thousands on interest free basis.
d) Interest @ 12% p.a. on the outstanding amount for a further period
of six month from the due date of amount as per ( c ) above.
The above one time settlement was subject to fulfillment of certain
other condition of settlement as contained in the above referred
letter. In the event of non compliance of any condition including any
delay/default in payment of settlement amount by the company, SASF had
the right to reverse the waiver of dues and restore the original
liability as per the terms of the loan agreement entered into by the
company.
However, the company could not comply with condition c above and did
not pay the balance amount (out of settled amount) Rs. 200,000
thousands on the due date i.e. on or before 26.01.2008. Further, on the
proposal of the company the SASF vide its letter dated 6th November
2008, has again extended some relaxation as below:
a) As a special case the repayment period has been extended upto 25th
July 2009.
b) Rs. 10,000 thousands interest has been capitalized and Rs. 210,000
thousands to be paid towards settlement of loan.
c) Interest @ 12 % p.a. on the outstanding amount from 26th July 2008
to be accrued and paid on monthly rests.
Further, on proposal of the company vide letter dated June 08, 2009;
and subsequent approval of SASF vide its letter dated 8th December
2009, wherein the SASF has relaxed payment of interest by way of
capitalization of the interest with the conditions as below:
a) As a special case the repayment period has again been extended upto
25th July, 2010.
b) The accumulated interest till September 2009 shall be capitalized
subject to upfront payment of Rs. 4,700 thousands. A sum of Rs. 18,750
thousands has been capitalized out of accumulated interest and Rs.
4,700 thousands has been paid as on date.
c) Interest @ 12% p.a. w.e.f. October 1, 2009 on the outstanding amount
to be accrued and paid on monthly rests. 1st installment of interest
shall be payable on Novemberl, 2009.
The company has paid Rs. 4,700 thousands towards interest since date.
Rs. 18,362.78 thousands and Rs. 2,28,746.93 thousands are payable
towards interest and principal/settlement respectively.
ii) The company had entered into an agreement with ASGFL on 30th March,
2007. The agreement provided that the company (JSL) shall issue and
allot Equity Shares amounting to Rs. 200,000 thousands (including
premium) as per SEBI guidelines to ASGFL. However, these shares were
not issued till the end of current financial year due to pending
approval from stock exchanges.
3. (i) The company has obtained in-principle approval from Bombay Stock
Exchange ( BSE ) vide their letter dated 26.05.2008, in relation to
listing of 53,00,000 Equity Shares allotted during the FY. 2005-06
shares. The company is in the process of complying with the conditions
of the said approval letter dated 26.05.2008. In-principle approval
from National Stock Exchange (NSE) and other stock exchanges with
regard to the listing of the said shares is awaited.
ii) 50,00,000 warrants for a face value of Rs. 10 each at a price of
Rs. 36 each (including premium) allotted by the company as perSEBI
application regulations for which the company received an amount of Rs.
18,000 thousand , however the subscribers to the said warrants had to
deposit the rest of the demand within stipulated period , failure of
deposit of the rest of the demand by the subscribers, warrants were
forfeited and cancelled and the money received was transferred to
Capital Reserve Account in the FY. 2006-07.
4. There are certain disputes with regards to the amount payable to
some statutory Authorities relating to Provident Fund, ESI, Bonus, TDS,
Service Tax. Management is of the opinion that it will be possible to
settle all the disputes within the next year.
5. The value of current assets and loans and advances in the ordinary
course of business, to the best of management knowledge and belief,
will not be less than the stated value.
6. The company has not received any reply/ intimation from suppliers
regarding their status under Micro, small & Medium Enterprises
Development Act2006 and hence disclosures, if any relating to amount
unpaid as at year end together with interest paid/payable as required
under the said Act have not been given.
7. Segment Reporting:
a) Primary Segment Reporting (by business segment): - In line with
Accounting Standard (AS) 17 on Segment Reporting, the Company has
identified business segment as given below taking into account the
organisational structure as well as differential nature, risk and return.
b) Secondary Segment Reporting (by Geographical Segment). Since the
Companys activities/operations are mainly within India, hence there is
no separate geographical segment.
c) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
8. Related Party disclosures:
a. Parties where control exists:
Subsidiary:
Dr. Jain Video on wheels Ltd (w.e.f. 01.04.2005)
b. Other Related Parties where transactions have been taken place
during the year:
Key Management Personnel & their Relatives:
Dr J K Jain (Managing Director) - Key Management Personnel Dr. (Mrs.)
Ragini Jain (Director, Wife of Dr. J.K.Jain)
Mr. Ankur Jain (Son of Dr. J.K.Jain) c. Enterprises over which Key
Management Personnel and their relatives have significant influence:
Dr Jain Clinic Pvt. Ltd. Dr. Jain Laboratories Pvt. Ltd. Ã
Ankur Services and Growth Fund Ltd. Dalmia Foundation for Medical
Research The Development Group Jain Internet Ltd. Noida Software
Technology Park Ltd.
b) The net deferred tax assets recognized in compliance with AS 22
"Accounting for Taxes on Income" upto 31.03.2009 has been updated for
items giving rise to timing difference upto 31.03.2010. In view of the
cost reduction measures and addition of new business and based on
future projection, the Board believes that there is a virtual certainty
that the future taxable income
would be sufficient against which such carried forward deferred tax
asset can be realized.
Advances recoverable in cash or in kind or value to be received include
interest free Advances given to following bodies Corporates and Others
(in terms of clause 32 of listing agreement):
9. a) Subsidiary: NIL
b) Directors Interested: NIL
10. In pursuance of the provisions of AS-4, "Contingencies and Events
Occurring After the Balance Sheet Date" read with section 217 (d) of
the Companies Act, 1956, Fixed deposits amounting to Rs 22,313
thousands kept as 100% margin money towards BGs with Syndicate Bank in
compliance of the provisions under which export licenses obtained (EPCG
Scheme). In view of the non compliance of the requirement to fulfill
the export obligation under EPCG scheme, the Fixed Deposits as stated
have been revoked.
11. MAT credit entitlement has been recognized in view of addition of
new business and based on future projections; the board believes that
future taxable income would be sufficient so as the tax credit for such
carried forward MAT credit entitlement can be setoff as per provision
of section 115JAA of the Income Tax Act, 1961.
12. Figures for the previous year have been re-grouped/ re-arranged/
recast wherever considered necessary, to confirm current years
classification.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article