(l) Provisions Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a present obligation as a result of past events, for
which it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate of the amount can be made. Contingent liabilities, if
material, are disclosed by way of notes to accounts. Contingent assets are not recognized or disclosed in
the financial statements.
(m) Employee Benefits
Short term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service
are recognised in respect of employees’ services up to the end of the reporting period and are
measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in the balance sheet.
Contribution towards Superannuation Fund, Pension Fund, government administered Provident Fund
and Employee State Insurance Scheme are treated as Defined Contributions Schemes. In respect of
contributions made to Superannuation Fund, Pension Fund, government administered Provident Fund
and Employee State Insurance Scheme, the Company has no further obligations beyond its
monthly/yearly contributions. Such Contributions are recognized as expense in the period in which the
employee renders related service.
(n) Contributed Equity
Equity shares are classified as equity
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
(o) Operating leases
Lease where the lessor effectively retains substantially all the risks and rewards of ownership over the
lease term are classified as operating lease. Lease rental income / expenses in respect of operating
leases is recognized in accordance with the Accounting Standard on “Leases” [AS 19).
(p) Inventory
Inventories are valued at the lower of cost and net realizable value.
a) Cost of projector components, stores and spares are ascertained on First in First Out (FIFO) basis.
b) Cost of finished goods comprises of purchase and other costs incurred in bringing the inventories to
their present location and condition.
(q) Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing:
(a) the profit attributable to owners of the Company.
(b) by the weighted average number of equity shares outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the year.
(r) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The Managing Director of the Company has been identified as being the
chief operating decision maker. Based on the internal reporting to the Chief operating decision maker,
the Company has identified that the Company has only one segment (media and entertainment
services) and accordingly there are no other reportable segments.
(s) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs
and decimals thereof as per the requirements of Schedule III, unless otherwise stated.
39: AMENDMENTS TO SCHEDULE III OF THE COMPANIES ACT, 2013
Ministry of Corporate Affairs (MCA) issued notifications dated 24th March, 2021 to amend Schedule III of the
Companies Act, 2013 to enhance the disclosures required to be made by the Company in its financial statements.
These amendments are applicable to the Company for the financial year starting from 1st April 2021 and applied to
the standalone financial statements.
a. Certain additional disclosures to the standalone Statement of Changes in Equity such as changes in
equity share capital due to prior period errors and restated balances at the beginning of the current
reporting period.
b. Additional disclosures for shareholding of promoters.
c. Additional disclosure for ageing of trade receivables, trade payables, capital work -in -progress.
d. Specific disclosures such as compliance with approved schemes of arrangements, compliance with
number of layers of companies, title deeds of immovable property not held in the name of the
Company, loans and advances to promoters, directors, key managerial personnel (KMP) and related
parties tec."
40: The code on Social Security, 2020 (Code) relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020.The Code has been published in the Gazette of India.
However, the date on which the Code will come into effect has not been notified and the final rules / interpretation
have not yet being issued. The Company will assess the impact of the Code when it comes into effect and will record
any related impact in the period the Code becomes effective.
41: ADDITIONAL REGULATORY INFORMATION:
(i) Details of Benami Property held:
No proceedings have been initiated on or are pending against the company for holding benami property
under the Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.
(ii) Willful Defaulter
The Company not declared willful defaulter by any bank or financial institution or other lender.
(iii) Relationship with struck of Companies
The Company did not have any material transactions with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
(iv) Registration of Charges of satisfaction with ROC
There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory
period as applicable"
(v) Undisclosed Income
During the year, the Company has not surrendered or disclosed any income in the tax assessments under
the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961). Accordingly, there are no transaction which are not recorded in the books of accounts.
(vi) Details of Crypto Currency or Virtual Currency
The company has not traded or invested in crypto currency or virtual currency during the current or
previous year.
(vii) Compliance with approved Scheme (s) of Arrangements
The company has not entered in to any scheme of arrangement which has an accounting impact on current
or financial year.
(viii) Compliance with number of layers of Companies
The company has complied with the number of layers prescribed under the Companies Act.
(ix) Utilisation of Borrowed Funds and Share premium through intermediaries or benefit of third party
beneficiaries
The Company has not advanced or loaned or invested funds to any other person (s) or entity (ies), including
foreign entities (intermediaries) with the understanding that the intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (ultimate beneficiaries) or
b. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The company has not received any fund from any person or entity, including foreign entities (Funding
Party) with the understanding (Whether recorded in writing or otherwise) that the company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner
Whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or
b. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
43: SIGNIFICANT EVENTS AFTER THE REPORTING YEAR
There were no significant adjusting events that occurred subsequent to the reporting period other than the events
disclosed in the relevant notes.
For RAY & RAY FOR AND ON BEHALF OF THE BOARD
Chartered Accountants
Firm Registration No. 301072E
Sd/- Sd/- Sd/-
V. Raman Fayaz Usman Faheed Vasudevan Sridharan
Partner Managing Director Director
Membership No. 019839 (DIN:00252610) (DIN: 07487245)
Sd/- Sd/-
UDIN : 24019839BKBZQZ8486 Pakriswamy Saraswathy Chandramouli Banerjee
Place : Chennai Chief Financial Officer Company Secretary
Date : 31.05.2024 (PAN: GPHPS9352K) (PAN: AFPPB2091C)
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