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Company Information

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7SEAS ENTERTAINMENT LTD.

10 August 2022 | 12:00

Industry >> IT Consulting & Software

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ISIN No INE454F01010 BSE Code / NSE Code 540874 / 7SEASL Book Value (Rs.) -0.87 Face Value 10.00
Bookclosure 28/12/2020 52Week High 31 EPS 0.02 P/E 1,125.00
Market Cap. 27.24 Cr. 52Week Low 13 P/BV / Div Yield (%) -20.64 / 0.00 Market Lot 1.00
Security Type Other

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2015-03 
1. Contingent Liabilities : Nil

2. Secured Loans

Working Capital Loan and Term Loan from Indian Overseas Bank:

First charge on all current assets by way of hypothecation of all book debts and other current assets of the Company and Collateral Security on open Plot No.38 of 313.33 Sy of Smt, L. Usha Kumari in S.No.416/4 at Prabhu Nagar, Poranki, Krishna Dist, and open plot No.8 of 485 Sy of Smt. L. Hemalatha in s.No.404/1 at Poranki, Krishna Dist, AP and personal guarantee given by Directors. Due to non payment of instalment amounts of term loan and interest on cash credit accounts, the bank has classified both the term loan and cash credit as NPA accounts.

3. Quantitative details

The Company is engaged in the business of development & maintenance of Computer Software, offshore development and other related services. The production and sale of such software services cannot be expressed in any generic unit and hence it is not possible to give such quantitative details of sales and certain information as required under paragraph 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956. The details of Conversation of Energy, Technology absorption are given in Directors Report. R&D expenditure is not separately accounted for.

4. Related Party Transactions

List of related parties on which the company is able to exercise control.

A. Subsidiaries

Name of the Subsidiary company: Fortune 7Inc

Transactions with above company in the ordinary course of business: NIL

5. Dues to micro & small-scale industrial undertakings

As at March 31, 2015 as per available information with the company, there are no dues to small scale Industrial Undertakings.

6. Balances under trade receivable, Loans & Advances and trade payables are subjected to confirmation and reconciliation from respective parties and the classification / grouping of the parties under sundry debtors and creditors are as per the management representation.

7. Income taxes

The provision for taxation includes tax liabilities in India on the company's global income as reduced by exempt incomes and any tax liabilities arising overseas on income sourced from those countries. Due to continuous losses from the past few years the company has not made provision for income tax and differed tax.

8. Segment reporting

As required by the Accounting Standard (AS 17) "Segment Reporting", the Company is mainly engaged in the area of Gaming Software Development and related services. Hence segment reporting is not applicable to the Company and to the nature of its business.

9. The previous year figures have been recast / restated, wherever necessary, to the current period's classification.

10. Financial figures have been rounded off to nearest rupee.

11. Schedules 2 to 14 form part of Balance Sheet and have been authenticated.