| 1. Estimated amount of contract remaining to be executed on capital
account and not provided for Rs. Nil (Previous Year Rs. Nil)
2. Contingent Liabilities not provided for :
a. Guarantees given by the company Rs. NIL (PY. - NIL)
b. Claims against the company not acknowledge as debts Rs. 14.99 Lacs
(PY. - NIL)
Income Tax (AY 2010-11)
3. Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits
and the parties to whom the advances are given are subject to
reconciliation and such are as per books of accounts only. Adjustment
thereto having an impact of revenue nature, if any, will be made during
the period in which the same are fully reconciled.
4. In the opinion of Board of Directors and explanations given to us,
the Current Assets, Loans and Advances are approximately of the value
stated if realised in the ordinary course of business. The provision
for depreciation and all known liabilities are adequate.
5. Earning & Expenditure in foreign exchange
a) Earnings NIL (RY. NIL)
b) Expenditure Rs. NIL (RY. 67,088/-)
Note: 1) ) Segments have been identified in line with Accounting
Standard - 17 (AS-17) on Segment Reporting issued by the Institute of
Chartered Accountants of India, taking into account the nature of
activities as well as the differential risks and returns attached. The
Company's operation predominantly relates to the following segments:
a) Information Technologies/Services
b) Film Production and Distribution
c) Investment & Finance
2) There is no inter-divisional or inter segmental transfer of goods
and services.
3) There is no secondary segments i.e. Geographical by Customers.
6. Related party Disclosure (where transactions have taken place): In
terms of Accounting Standard AS-18, all related parties have been
identified by management and relied upon by the auditors.
a) Name of Related Parties & description of relationship:
i) Key Management Personnel:
Sh. Rakesh Bhhatia - Chairman
Sh. Ashok Juneja - Director
Smt. Arti Bhatia - Wife of Rakesh Bhhatia
Smt. Jaya Misra - Director
Sh. Rajiv Kumar - Director
Sh. Vimal Kumar Srivastava - Director
Sh. J K Bhatia - Brother of Rakesh Bhhatia
Ms. Garima Bhatia - Daughter of Rakesh Bhatia
Smt. Bharti Singh - Sister-in-law of Rakesh Bhatia
(ii) Related Parties where control exists:
Bharatiya Global Infomedia Limited Bhatia Investment & Finance (P) Ltd.
Number One Finsec (P) Ltd.
Number One Finvest (P) Ltd.
Grindlay Finman (P) Ltd.
Ignite Media & Entertainment Pvt. Ltd Rakesh Bhhatia HUF
7. Previous year figures have been re-grouped, re-arranged and/or
re-casted, wherever considered necessary so as to make them comparable
with the current year figures.
8. No Provision has been made for Gratuity, leave encashment or other
retirement benefits, which are accounted for on payment basis only.
However, the company has calculated the estimated amount of gratuity
which comes to Rs. 2,40,577/- as at 31st March 2014.
9. The Company has paid a sum of Rs. 1,28,46,331 as share application
money to Grindlay Finman Private Limited and Rs. 50,50,000 to Number One
Finvest Private Limited, but no written intimation of allotment of
shares has been received as yet by either of the companies and the same
are shown under head Short-Term Loans and Advances in the balance
sheet.
10. No provision has been made for diminution in value of Investments
as in the opinion of management, the diminution in the value of quoted
investments amounting to Rs. 186.35 lacs is temporary in nature.
11. Above mentioned Significant Accounting policies and notes on
Accounts form an integral part of the Balance Sheet as at 31st March,
2014 and the statement of Profit & Loss Account for the year ended on
that date and have been duly authenticated.
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