Mar 31, 2015
1. Basis of preparation of Financial Statements
a) These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified under Section 211(3C) [Companies (Accounting
Standards) Rules, 2006, as amended] and the other relevant provisions
of the Companies Act, 2013 and the RBI guidelines/regulations to the
extent applicable.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles.
c) The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The Difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
2. Fixed Assets and Depreciation
a) Fixed assets are stated at cost less accumulated depreciation.
b) Till year ended 30th June, 2014, depreciation rates as prescribed
under Schedule XIV were taken for the purpose of charging depreciation
on fixed assets. As per the newly amended Companies Act, 2013 company
is now required to charge Depreciation on fixed assets on the basis of
useful life of assets and as per Schedule II of the said Act. Further
as per guidance note issued by ICAI, depreciation rate is calculated
for existing assets considering its residual value and remaining useful
life and depreciation on such assets is charged on written down value
method.
3. Foreign Exchange Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Outstanding balances are valued at the rate prevailing on the Balance
Sheet date.
4. Investments
The Investments are stated at cost. Provision for diminution in' the
value of long-term investments is made only if such a decline is other
than temporary in the opinion of the management.
5. Inventories
The inventories and films include raw stock (Tapes and cassettes etc.)
TV programmers/ Episodes of TV serials under production and are valued
at cost or net realizable value, whichever is lower.
6. Revenue Recognition.
i) In the case of movies telecasted on Doordarshan, the revenue is
recognized in the year in which Doordarshan sanctions the payment.
ii) In case of sale of other rights, the Company recognizes the income
when all the following criteria are met:
* A license agreement is signed by both the parties;
* The licensee is able to freely exploit the rights granted;
* Effective date of grant of rights to the licensee has commenced as
per the agreement or complete payment with respect to the rights has
been received, whichever is earlier;
* The Enterprise has no remaining performance obligations;
* The arrangement is fixed and determinable;
* Collection of the fee is reasonably assured;
* All the essential deliverables to the licensee as per the agreement
are completed.
Other streams of income
In all other cases, revenue is recognized when the Company has the
undisputable right to receive the income.
7. Purchase of Movie rights.
The Enterprise recognizes purchase of movie rights when all the below
mentioned criteria are met:
* A license agreement is signed by both the parties;
* The Enterprise is able to freely exploit the rights granted;
* Effective date of grant of rights to the Enterprise has commenced as
per the agreement or complete payment for the same has been made,
whichever is earlier;
* The Seller has no remaining performance obligations;
* The arrangement is fixed and determinable;
* All essential deliverables to the Enterprise as per the agreement are
completed.
8. Employees Retirement and other benefits
The Company does not fulfill the criteria of minimum number of Employee
employed and therefore no provision is required to be made for Gratuity
and provident fund.
9. Contingent Liabilities
Contingent liabilities are not provided for and are disclosed by way of
notes, if any.
10. Provisions for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Company has not provided deferred tax in the books.
11. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
Jun 30, 2014
1. Basis of preparation of Financial Statements
a) The financial statements have been prepared under historical cost
convention, in accordance with the generally accepted accounting
principles and the provision of the Companies Act, 1956 and the
applicable accounting standards issued by the Institute of Chartered
Accountants of India.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles.
c) The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The Difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
2. Fixed Assets and Depreciation
a) Fixed assets are stated at cost less accumulated depreciation.
b) Depreciation on fixed assets provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956.
3. Foreign Exchange Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Outstanding balances are valued at the rate prevailing on the Balance
Sheet date.
4. Investments
The Investments are stated at cost. Provision for diminution in the
value of long-term investments is made only if such a decline is other
than temporary in the opinion of the management.
5. Inventories
The inventories and films include raw stock (Taps and cassettes etc.)
TV programmers/ Episodes of TV serials under production and are valued
at cost or net realizable value, whichever is lower.
6. Revenue Recognition
i) In the case of movies telecasted on Doordarshan, the revenue is
recognized in the year in which Doordarshan sanctions the payment.
ii) In case of sale of other rights, the Company recognizes the income
when all the following criteria are met:
* A license agreement is signed by both the parties;
* The licensee is able to freely exploit the rights granted;
* Effective date of grant of rights to the licensee has commenced as
per the agreement or complete payment with respect to the rights has
been received, whichever is earlier;
* The Enterprise has no remaining performance obligations;
* The arrangement is fixed and determinable;
* Collection of the fee is reasonably assured;
* All the essential deliverables to the licensee as per the agreement
are completed.
Other streams of income
In all other cases, revenue is recognized when the Company has the
undisputable right to receive the income.
7. Purchase of Movie rights.
The Enterprise recognizes purchase of movie rights when all the below
mentioned criteria are met:
* A license agreement is signed by both the parties;
* The Enterprise is able to freely exploit the rights granted;
* Effective date of grant of rights to the Enterprise has commenced as
per the agreement or complete payment for the same has been made,
whichever is earlier;
* The Seller has no remaining performance obligations;
* The arrangement is fixed and determinable;
* All essential deliverables to the Enterprise as per the agreement are
completed.
8. Employees Retirement and other benefits
The Company does not fulfill the criteria of minimum number of Employee
employed and therefore no provision is required to be made for Gratuity
and provident fund.
9. Contingent Liabilities
Contingent liabilities are not provided for and are disclosed by way of
notes, if any
10. Provisions for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Company has not provided deferred tax in the books.
11. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
Jun 30, 2013
1. Basis of preparation of Financial Statements
a) The financial statements have been prepared under historical cost
convention, in accordance with the generally accepted accounting
principles and the provision of the Companies Act, 1956 and the
applicable accounting standards issued by the Institute of Chartered
Accountants of India.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles.
c) The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The Difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
2. Fixed Assets and Depreciation
a) Fixed assets are stated at cost less accumulated depreciation.
b) Depreciation on fixed assets provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956.
3. Foreign Exchange Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Outstanding balances are valued at the rate prevailing on the Balance
Sheet date.
4. Investments
The Investments are stated at cost. Provision for diminution in the
value of long-term investments is made only if such a decline is other
than temporary in the opinion of the management.
5. Inventories
The inventories and films include raw stock (Taps and cassettes etc.)
TV programmers/ Episodes of TV serials under production and are valued
at cost or net realizable value, whichever is lower.
6. Revenue Recognition
i) In the case of movies telecasted on Doordarshan, the revenue is
recognized in the year in which Doordarshan sanctions the payment. ii)
In case of sale of other rights, the Company recognizes the income when
all the following criteria are met:
- A license agreement is signed by both the parties;
- The licensee is able to freely exploit the rights granted;
- Effective date of grant of rights to the licensee has commenced as
per the agreement or complete payment with respect to the rights has
been received, whichever is earlier;
- The Enterprise has no remaining performance obligations;
- The arrangement is fixed and determinable;
- Collection of the fee is reasonably assured;
- All the essential deliverables to the licensee as per the agreement
are completed. Other streams of income
In all other cases, revenue is recognized when the Company has the
undisputable right to receive the income.
7. Purchase of Movie rights.
The Enterprise recognizes purchase of movie rights when all the below
mentioned criteria are met:
- A license agreement is signed by both the parties;
- The Enterprise is able to freely exploit the rights granted;
- Effective date of grant of rights to the Enterprise has commenced as
per the agreement or complete payment for the same has been made,
whichever is earlier;
- The Seller has no remaining performance obligations;
- The arrangement is fixed and determinable;
- All essential deliverables to the Enterprise as per the agreement are
completed.
8. Employees Retirement and other benefits
The Company does not fulfill the criteria of minimum number of Employee
employed and therefore no provision is required to be made for Gratuity
and provident fund.
9. Contingent Liabilities
Contingent liabilities are not provided for and are disclosed by way of
notes, if any.
10. Provisions for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Company has not provided deferred tax in the books.
11. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
Jun 30, 2012
1. Basis of preparation of Financial Statements
a) The financial statements have been prepared under historical cost
convention, in accordance with the generally accepted accounting
principles and the provision of the Companies Act, 1956 and the
applicable accounting standards issued by the Institute of Chartered
Accountants of India.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles.
c) The preparation of financial statements requires estimates and
assumption to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
2. Fixed Assets and Depreciation
a) Fixed assets are stated at cost less accumulated depreciation.
b) Depreciation on fixed assets provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956.
3. Foreign Exchange Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Outstanding balances are valued at the rate prevailing on the Balance
Sheet date. .
4. Investments
The Investments are.stated at cost. Provision for diminution in the
value of long-term investments is made only if such a decline is other
than temporary in the opinion of the management.
5. Inventories
The inventories include Raw stock (Taps and cassettes etc.) TV
programmers/ Episodes of TV serials under production and are valued at
cost or net realizable value, whichever is lower. The inventory of film
have been valued at cost.
6. Revenue Recognition. .
i) In the case of movies telecasted on Doordarshan, the revenue is
recognized in the year in which Doordarshan sanctions the payment.
ii) In case of sale of other rights, the Company recognizes the income
when all the following criteria are met:
- A license agreement is signed by both the parties;
- The licensee is able to freely exploit the rights granted;
- Effective date of grant of rights to the licensee has commenced as
per the agreement or complete payment with respect to the rights has
been received, whichever is earlier;
- The Enterprise has no remaining performance obligations;
0 The arrangement is fixed and determinable; -
- Collection of the fee is reasonably assured;
- All the essential deliverables to the licensee as per the agreement
are completed.
Other streams of income
In all other cases, revenue is recognized when the Company has the
undisputable right to receive the income.
Company has restated its accounting policies considering the nature of
business. However such restatement does not affect the statement of
profit & loss account and balance sheet of the Company.
7. Purchase of Movie rights.
The Enterprise recognizes purchase of movie rights when the all the
below mentioned criteria are met:
- A license agreement is signed by both the parties; -
- The Enterprise is able to freely exploit the rights granted;
- Effective date of grant of rights to the Enterprise has commenced
as per the agreement or complete, payment for the same has been made,
whichever is earlier;
- The Seller has no remaining performance obligations;
- The arrangement is fixed and determinable;
- All essential deliverables to the Enterprise as per the agreement
are completed.
8. Employees Retirement and other benefits
The Company does not fulfill the criteria of minimum number of Employee
employed and therefore no provision is required to be made for Gratuity
and provident fund.
9. Contingent Liabilities . Contingent liabilities are not provided
for and are disclosed by way of notes.
10. Provisions for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Company has not provided deferred tax in the books.
11. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to statement of
Profit and Loss Account in the year in which an asset is identified as
impaired. The impairment loss ' ' recognized in prior accounting
periods is reversed if there has been a change in the estimate of
recoverable amount.
Jun 30, 2010
1. Basis of preparation of Financial Statements
a) The financial statements have been prepared under historical cost
convention, in accordance with the generally accepted accounting
principles and the provision of the Companies Act, 1956 and the
applicable accounting standards issued by Institute of Chartered
Accountants of India.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
c) The preparation of financial statements requires estimates and
assumption to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period .The Difference
between the actual and estimate are recognized in the period in which
results are known/materialized.
2. Fixed Assets and Depreciation
a) Fixed assess stated at cost less accumulated depreciation.
b) Portal & content rights has been capitalized and has been amortized
over the estimated economical life of the content.
c) Depreciation on fixed assets provided on straight-line method at
the; rates prescribed by Schedule XIV of the Companies Act, 1956.
d) Portal & contents rights are amortized over the period of three
years.
3. Foreign Exchange Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Outstanding balances are valued at the rate prevailing on the Balance
Sheet date.
4. Investments
The Investments are stated at cost. Provision for diminution in the
value of long-term investments is made only if such a decline is other
than temporary in the opinion of the management.
5. Inventories
The inventories include Raw stock (Taps and cassettes etc.) TV
programmers/ Episodes of TV serials under production are valued at cost
or net realizable value, whichever is lower. The inventory of film have
been valued at cost.
6. Revenue
Revenue/ Income are accounted as and when the relevant episode of the
program is or film is delivered to the . channel. Cost/Expenditure are
generally accounted for on accrual baisis as they are incurred.
7. Employees Retirement and other benefits
The company does not fulfill the criteria of minimum number of Employee
employed and therefore no provision is required to be made for Gratuity
and provident fund.
8. Contingent Liabilities
Contingent liabilities are not provided for and are disclosed by way of
notes.
9. Provisions for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benofits admissible under the provisions of the Income-tax Act, 1961.
Company has not provided deferred tax in the; books.
10. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
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