1.3 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation, in respect of which a reliable estimate can be made. If the effect of time value of
money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will
not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably.
When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying
economic benefits is remote, no provision or disclosure is made.
Contingent assets are not recognised in the financial statements, however they are disclosed where the inflow of economic
benefits is probable. When the realisation of income is virtually certain, then the related asset is no longer a contingent asset and
is recognised as an asset.
1.4 Fixed Assets
Property, Plant and Equipment
Property, Plant and Equipment are stated at cost of acquisition as reduced by accumulated depreciation and impairment losses, if
any. Cost comprises the purchase price and attributable cost for bringing the asset to its working condition for its intended use.
Intangible Fixed Assets
Intangible Fixed Assets are carried at cost less accumulated amortisation and impairment losses, if any. The Cost of intangible
assets comprises of cost of purchase, production cost and any attributable expenditure on making the asset ready for its intended
use.
Capital Work in Progress :
Capital work in progress are assets that are not yet ready for their intended use which comprises cost of purchase and related
attributable expenditures.
1.5 Depreciation / Amortisation
Property, Plant and Equipment
Depreciation on Property, Plant and Equipment has been provided based on the useful life as follows:’Depreciation on Property,
Plant and Equipment has been provided on a straight line basis based on the useful life as follows:
Intangible Fixed Assets
Intangible fixed assets comprising of Business & Commercial right are amortised over a period from 5 to 10 years and Software
are amortised over a period of 3 years on Pro Rata Basis.
1.6 Inventories
Cassettes and tapes are charged of fully in the year of purchase.
Inventories, if any, are valued at lower of cost or net realisable value. The cost of each episode of program is determined on the
basis of average cost. Films under production are valued at cost.
Where carrying amount of inventories does not exceeds recoverable amount in the ordinary course of business or where
management does not anticipate any future economic benefit flowing from it appropriate loss has been provided.
1.7 Revenue Recognition
For Content Production and Distribution
Revenue from sale of Business & Comercial rights is recognised when the relevant program/content is delivered/transferred.
In respect of Interest Income, it is recognized on a time proportion basis taking into account the amount outstanding and the rate
applicable.
1.8 Foreign Currency Transactions
Initial Recognition
Foreign currency transactions are recorded in the reporting currency i.e. rupee value, by applying the exchange rate, between the
reporting currency and the foreign currency, to the foreign currency amount at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical
cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction.
Exchange Differences
Exchange differences arising on the settlement of monetary items or conversion of monetary items at balance sheet date are
recognised as income or expenses.
1.9 Employee Benefits
Defined Benefit Plan
Long term Employee benefits for Defined benefit schemes, such as leave encashment and gratuity, are provided on the basis of
actuary valuation taken at the end of each year.
All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefit liability/ (asset)
are recognized in the Statement of Profit and Loss. Remeasurements of the net defined benefit liability/ (asset) comprising actuarial
gains and losses (excluding interest on the net defined benefit liability/ (asset)) are recognised in Other Comprehensive Income
(OCI). Such remeasurements are not reclassified to the statement of profit and loss, in the subsequent periods.
Other short -term employee benefits are charged to profit & loss account on accrual basis.
1.10 Borrowing Cost
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period
of the borrowings using the EIR.
Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividend, on these
preference shares is recognised as finance costs in the Statement of Profit and Loss.
Borrowing costs directly attributable to development of qualifying asset are capitalized till the date qualifying asset is ready for put
to use for its intended purpose. All other Borrowing costs are recognized as expense and charged to profit & loss account.
1.11 Leases
Finance lease
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership
to the lessee. All other leases are classified as operating leases.
1.12 Financial Instruments
I) Financial Assets
a Initial recognition and measurement
All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue
of financial assets, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase
and sale of financial assets are recognised using trade date accounting.
b Subsequent Measurement
Financial assets carried at amortised cost (AC)
A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order
to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through profit or loss (FVTPL)
A financial asset which is not classified in any of the above categories are measured at FVTPL.
c Investment in subsidiaries, Associates and Joint Ventures
The Company has accounted for its investments in subsidiaries, associates and joint venture at fair value.
d Impairment of financial assets
In accordance with Ind AS 109, the Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of financial
assets other than those measured at fair value through profit and loss (FVTPL).
Expected credit losses are measured through a loss allowance at an amount equal to:
i) The 12-months expected credit losses (expected credit losses that result from those default events on the financial
instrument that are possible within 12 months after the reporting date); or
ii) Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the
financial instrument)
For trade receivables Company applies ‘simplified approach’ which requires expected lifetime losses to be recognised
from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the
portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward
looking estimates are analysed.
For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in
credit risk. If there is significant increase in credit risk full lifetime ECL is used.
e De-recognition of financial instruments
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire
or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109. A financial liability (or a part
of a financial liability) is de-recognized from the Company’s Balance Sheet when the obligation specified in the contract is
discharged or cancelled or expires.
II) Financial Liabilities
a Initial Recognition and Measurement
All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attributable cost, Fee of recurring
nature are directly recognized in the Statement of Profit and Loss as finance cost.
b For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair
value due to the short maturity of these instruments.
1.13 Taxes on Income
Tax expense comprises both current and deferred taxes. Current Tax provision as per Income Tax Act, 1961, is made based on
the tax liability computed after considering tax allowances and exemptions at the balance sheet date.
Deferred tax reflects the impact of current year timing differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date.
Deferred tax asset is recognized only to the extent that there is reasonable certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realized. Deferred tax assets are recognized on carry forward of
unabsorbed depreciation and tax losses only if there is virtual certainty that such deferred tax assets can be realized against future
taxable profits.
The carrying amount of Deferred Tax Assets are reviewed at each balance sheet date and written down or written up, to reflect the
amount that is reasonably or virtually certain, as the case may be, to be realized.
1.14 Earning Per Share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period. Dilutive earning per shares is computed and disclosed
using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year, except when the
result would be anti-dilutive.
1.15 Impairment of Assets
The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication
of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of
these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in
use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.
The management assessed that fair value of financial liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments.
27 “The Resolution Plan submitted by M/s. SAB Events and Governance Now Media Limited, M/s. Marvel Media Private Limited, Mr.
Ravi Adhikari and Mr. Kailasnath Adhikari for the Company had been approved by the Hon’ble NCLT, Mumbai bench vide its order
dated December 8, 2023. The said approved Resolution Plan contains the details and timelines for settlements of various financial
creditors (secured creditors) and operational creditors, statutory dues and litigation claims of the Company. During the previous
financial year 2023-2024, the Company had given the financial impact of the said approved Resolution plan by reducing all its
liabilities / reduction of equity / preference share capital, writing off various assets, creating capital reduction reserve disclosed in
Other Equity as per generally accepted accounting principles in India.”
27(i) As per Resolution Plan approved by Hon’ble NCLT Order dated December 8, 2023, the Company has sold one of its immovable
properties located in Kandivali (Mumbai) during the year ended March 31, 2025. The loss on sale of such asset and other cost
pertaining to such sale of asset amounting to Rs. 2,284.28 Lakhs is shown as an Exceptional Item during the year ended March
31,2025.
28 Financial Risk Management
The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk.
The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk management
framework. The Company has constituted a core Management Committee, which is responsible for developing and monitoring the
Company’s risk management policies. The Company’s risk management policies are established to identify and analyse the risks
faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions
and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee
of the Company.
A) Liquidity risk
Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities.The Company’s
approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring
unacceptable losses.
B) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial instruments
affected by market risk include loans and borrowings and deposits.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. This risk exist mainly on account of borrowings of the Company. However, all these borrowings are at
fixed interest rate and hence the exposure to change in interest rate is insignificant.
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company is not exposed to significant foreign currency risk as at the respective reporting dates.
C) Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and other
financial assets.
i) Trade Receivables
“Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and
control relating to customer credit
risk management. An impairment analysis is performed at each reporting date on an individual basis for major trade
receivables.”
ii) Other Financial Assets
Credit risk from balances with banks and financial institutions is managed by the Company in accordance with the Company’s
policy. Investments of surplus funds are made only in highly marketable debt instruments with appropriate maturities to
optimise the cash return on instruments while ensuring sufficient liquidity to meet its liabilities.
D) Excessive Risk Concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s
performance to developments affecting a particular industry.
In order to avoid excessive concentrations of risk, the Company’s policies and procedures include specific guidelines to focus
on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly.
29 The figures have been re-grouped / re-arranged / reclassified / reworked wherever necessary to conform to the current year
accounting treatment.
30 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium
Enterprises Development Act, 2006, hence the amounts unpaid at the year end together with interest paid / payable under this Act
cannot be identified.
31 Additional Regulatory Information as required by schedule- III of Companies Act, 2013
i) There are no Immovable Property held in name of the Company.
ii) The company has not revalued its Property, Plant and equipment and intangible Assets as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017.
iii) The Company has not granted any loans or advances that are in the nature of loans to promoters, directors, KMPs and the
related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are:
(a) repayable on demand or
(b) without specifying any terms or period of repayment
iv) The company does not hold any Benami property. Further, no proceedings have been initiated or pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules
made thereunder.
v) The Company has no borrowings from bank or financial institutions on security of current assets as on 31st March 2025.
vi) The Company has no relationship and transactions with struck off companies.
vii) There are no charges or satisfaction to be registered with ROC during the statutory period.
viii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
As per our report of even date
For Hitesh Shah & Associates For and on behalf of the Board of Directors
Chartered Accountants
FRN : 103716W
Hitesh Shah Ravi Gautam Adhikari Kailashnath M. Adhikari
Membership No. 040999 Chairman Managing Director
- DIN : 02715055 DIN : 07009389
Mumbai Suresh Khilari
Date : May 27, 2025 Chief Finacial Officer
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