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Quint Digital Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 500.05 Cr. P/BV 2.36 Book Value (Rs.) 45.02
52 Week High/Low (Rs.) 177/95 FV/ML 10/1 P/E(X) 0.00
Bookclosure 29/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2023-03 

There were no Intangible assets related projects under development as on 31 March, 2022.

*There were no projects that were suspended at the end of reporting year. Accordingly, disclosure on expected date of completion of suspended project has not been given. Further, there are no projects whose completion is overdue or has exceeded its cost compared to its original estimate.

(ii) During the previous year, The Company, in the ordinary course of business, has granted loans to following related parties (as defined under Companies Act, 2013) by entering into inter-corporate loan agreements under following terms and conditions:

Note: Loans to the aforesaid related parties were given to meet their respective working capital requirements. Also, refer note 30 for details related to loans given, investment made, security provided and guarantee given if any as required under section 186(4) of the Companies Act, 2013.

11.3 Aggregate number of bonus shares issued, shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

During the year ended 31 March 2021, the Company had capitalized and transferred to the Paid-up Share Capital such amount standing to the credit of the Securities Premium Account of the Company as at 31 December, 2020, for the purpose of the issue of 10,975,404 new equity shares as Bonus Shares of ' 10 (Rupees Ten only) each credited as fully paid-up, in proportion of existing equity shares held by way of issuing 1 (One) Equity Shares for every 1 (One) existing Equity Shares held. Thus total number of shares issued for consideration other than cash are nil (previous year- nil ; year ended 31 March 2021 - 10,975,404 as bonus issues). Other than this, the Company has not issued any shares pursuant to contracts without payment being received in cash, or allotted as fully paid up by way of bonus shares during the year ended 31 March, 2023 and five years immediately preceding the year ended 31 March, 2023. There are no shares bought back during the period of five years immediately preceding the reporting date.

11.5 Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having the par value of ' 10 per share. Each holder of equity share is entitled to one vote per share. All shareholders are equally entitled to dividends. The Company will declare and pay dividend in Indian Rupees, if any. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders. The dividend, if any, proposed by the Board of Directors will be subject to the approval of the shareholders in the ensuing annual general meeting.

11.8 Share options granted under the Company’s employee share option plan:

The Company has reserved issuance of 11,49,500 (previous year 5,16,500) equity shares of ' 10 each for offering to eligible employees in the employment of the Company under Employees Stock Option Scheme (ESOS). Refer note no 36 for disclosures on share based payments.

Warrant forfeiture was created pursuant to forfeiture of warrants on account of non payment of final call money. During the year ended 31 March 2021, 7,524,596 Equity Warrants were lapsed due to non exercise by the warrant holders and the consideration amount equivalent to 25% of issue price, amounting to '79,948.83 paid by the warrant holder(s) on such Equity Warrants were forfeited by the Company.

(ia) Demand loan of up to ' 125,000 (previous year: ' 125,000 ) from Barclays Bank PLC carrying an interest rate at 6.25% - 8.20% p.a. (previous year: 5.70% - 6.30%) and is repayable on demand subject to maximum period of 12 months from disbursement. The outstanding balance as on 31 March, 2023 is ' Nil (previous year: ' 125,000 ). The facility is secured by hypothecation of bonds and debt mutual funds held by Company. This loan was repaid during the year.

(ib) Demand loan of up to ' 500 (previous year: ' nil ) from Kotak Mahindra Bank carrying an interest rate at 8.60% - 8.95% p.a. (previous year: nil) and is repayable on demand or maturity. The outstanding balance as on 31 March, 2023 is ' Nil (previous year: ' Nil ). The facility is secured by hypothecation of bonds and debt mutual funds held by Company. This loan was repaid during the year.

(ilia) Working Capital facility of up to ' 20,000 (previous year: ' 50,000 ) from Ratnakar Bank Limited carries an interest at 7.50% - 9.10% pea (previous year 7.75% pea) and is also repayable on demand. The outstanding balance as on 31 March, 2023 is ' nil (previous year: ' nil). The facilities were secured by a charge over fixed deposit of ' 21,507.97 (previous year: ' 20,293.76). This loan was taken and repaid during the year.

(ibis) Working Capital facility of up to ' 218,500 (previous year: ' Nil ) from Kotak Mahindra Bank carries an interest at 7.90% pea (previous year Nil) and is also repayable on demand. The outstanding balance as on 31 March, 2023 is ' nil (previous year: ' nil). The facilities are secured by a charge over fixed deposits of ' 230,000 (previous year: ' Nil ). This loan was taken and repaid during the year.

(iii) Business investment and working capital facility up to ' 600,000 (previous year: ' 92,800 ) from Barclays Investment and Loans Limited carrying an interest at 7% - 9.35% pea (previous year: 5.50% - 7.10%) and is repayable on demand subject to maximum period of 12 months from disbursement. The outstanding balance as on 31 March, 2023 is ' 480,000 (previous year: ' 69,000 ). The facility is secured by hypothecation of bonds and debt mutual funds held by Company.

(iv) The Company is not required to submit any financials information to the banks as per sanction letter entered into with respective banks.

28 Earnings per share (EPS)

Earnings per share (‘EPS') is determined based on the net profit attributable to the shareholders. Basic earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the year, except where the result would be anti-dilutive.

*Share options (unvested) under the ESOP Plan 2020 and right issue shares are considered to be potential equity shares. They have been included in the determination of diluted earnings per share to the extent to which they are dilutive.

** Basic and diluted earning per share for previous year have been retrospectively adjusted for the bonus element in respect of right issue made during the year ended 31 March, 2023.

The Company also has certain defined contributions plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. Contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual or constructive obligation.

29.2 Compensated absences

The leave obligations cover the Company's liability for earned leave which are classified as other long-term benefits. The Company has unconditional right to defer settlement for any of these obligations and therefore the amount of provision of ' 6,363 (previous year ' 7,641) is presented as current and non-current based on the actuarial valuation.

The employees of the Company are entitled to compensated absences. The employees can carry forward a portion of the unutilized accrued compensated absences and utilize it in future periods or receive cash compensation at retirement or termination of employment for the utilized compensated absences.

Long term compensated absences are provided for based on actuarial valuation at year end. The actuarial valuation is done as per projected unit credit method.

29.3 Post-employment obligation (funded)

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is funded and the shortfall between plan assets and defined benefit obligation as determined by an independent actuarial as at year end is recognised in the statement of the profit and loss.

VII Investment details

The Company has invested during the year ended 31 March, 2022 in gratuity funds which is administered through Life Insurance Corporation of India. The detail of investment maintained by Life Insurance Corporation are not made available to the Company as it is a traditional plan and have therefore not been disclosed.

Sensitivities due to mortality and withdrawals are not material. Hence impact of change is not calculated above.

Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement and life expectancy are not applicable being a lump sum benefit on retirement.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of defined benefit obligation to significant actuarial assumptions the same method (present value of defined benefit obligations calculated with the projected unit credit method at the end of the reporting period ) has been applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

Risk

Actuarial Risk

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.”

Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

Discount rate

Reduction in discount rate in subsequent valuations can increase the plan's liability.

Mortality and disability

Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

Withdrawals

Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan's liability.

XII The average duration of the defined benefit plan obligation at the end of the reporting period is 2.79 year (previous year: 2.37 years)

XIII The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as certified by the Actuary. The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

30 Related party disclosures, as per Ind AS 24

In accordance with the requirement of Indian Accounting Standard (Ind AS) 24 “Related Party Disclosures”, name of the related parties, related party relationships, transactions and outstanding balances including commitments where control exist and with whom transactions have taken place during the reported year are as follows:

30.1 List of related parties30.1.1 Key management personnel (KMP)

(i) Ritu Kapur - Managing Director and Chief Executive Officer

(ii) Raghav Bahl - Director

(iii) Vivek Agarwal- Chief Financial Officer

(iv) Tarun Belwal- Company Secretary

(v) Mohan Lal Jain - Director

(vi) Vandana Malik - Director

(vii) Sanjeev Krishna Sharma - Director

(viii) Parshotam Dass Agarwal - Director

(ix) Abha Kapoor - Director (with effect from 31 December 2021)

30.1.2 Subsidiary Companies

(i) Quintillion Media Limited (formerly known as Quintillion Media Private Limited) (with effect from 19 January, 2022)

(ii) Quintillion Business Media Limited (formerly known as Quintillion Business Media Private Limited) (with effect from 19 January, 2022)

(iii) Quintype Technologies India Limited (formerly known as Quintype Technologies India Private Limited) (with effect from 19 January, 2022)

30.1.3 Associate Companies

(i) Spunklane Media Private Limited (with effect from 19 January, 2022)

(I) YKA Media Private Limited (with effect from 19 January, 2022)

30.1.4 Entities over which key management personnel are able to exercise significant influence and with whom transactions have taken place during the year

(i) RB Diversified Private Limited

(ii) Quintillion Media Limited (formerly known as Quintillion Media Private Limited) (upto 18 January, 2022)

(iii) Quintillion Business Media Limited (formerly known as Quintillion Business Media Private Limited) (upto 18 January, 2022)

(iv) Quintype Technologies India Limited (formerly known as Quintype Technologies India Private Limited) (upto 18 January, 2022)

(v) Spunklane Media Private Limited (upto 18 January, 2022)

(a) All the transactions were made on normal commercial terms and conditions and at market rates.

(b) No non cash transactions entered with Promoters during the year.

(c) All outstanding balances are unsecured and repayable in cash.

(d) During the year ended 31 March, 2023 the board of directors of the Company issued a letter of support to board of directors of Quintype Technologies India Limited.

(e) (In previous year it was given to Quintype Technologies India Limited and Quintillion Business Media Limited).

(f) The Company uses rent free premises as its registered address provided by a director (Mr. Mohan Lal Jain) during current year and previous year.

33 Fair value measurement33.1 Valuation techniques used to determine fair value

The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods were used to estimate the fair values:- Current investment, trade receivables, cash and cash equivalents, loans, other financial assets, borrowings, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

- Borrowings, taken by the Company are as per the Company's credit and liquidity risk assessment and there is no comparable instrument having the similar terms and conditions with related security being pledged and hence the carrying value of the borrowings represents the best estimate of fair value.

- The fair value of investment in mutual funds is measured at quoted price or net asset value (NAV).

The Chief financial Officer (CFO) is responsible for performing the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values, through involvement of external experts , as may be considered necessary . The discussions and results are held between the CFO and the Audit Committee at least once every three months, in line with the Company's quarterly reporting periods.

33.3 Fair value hierarchy

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial investments into the three levels prescribed under the Indian Accounting Standard 113 “Fair Value Measurement”. An explanation of each level follows underneath.

There are no transfer between levels during the year.

Level 1: It includes financial instruments measured using quoted prices in active markets for identical assets or liabilities.

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs other than Level 1 inputs;

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

34 Financial risk management Risk management

The Company's activities expose it to liquidity risk, credit risk and market risk. The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

34.1 Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to meet its contractual obligations. The Company's exposure to credit risk is influenced mainly by the individual characteristics of each financial asset. The management also considers the factors that may influence the credit risk of its customer base, including the default risk etc. The carrying amounts of financial assets represent the maximum credit risk exposure.

A default on a financial asset is when the counterparty fails to make contractual payments as per agreed terms. This definition of default is determined by considering the business environment in which entity operates and other macro-economic factor.

The Company monitors its exposure to credit risk on an ongoing basis.

The Company closely monitors the credit-worthiness of the receivables through internal systems that are configured to define credit limits of customers, thereby, limiting the credit risk to pre-calculated amounts. The Company uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected credit loss for trade receivables.

During the period, the company made write-offs of trade receivables, it does not expect to receive future cash flows or recoveries from collection of cash flows written off in current year and previous year.

The credit risk in loans to related parties, contract asset (unbilled revenue) and other financial assets is low and therefore no allowance has been recognised. The loss allowances for financial assets are based on assumption about risk of default and expected loss rates. The company uses judgement in making these assumptions and selecting the impact to the impairment calculation.

34.2 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

(i) Maturities of financial liabilities

The table below provides details regarding the contractual maturities of significant financial liabilities:

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time in INR and are repayable on demand.

34.3 Market risk(i) Foreign exchange risk

The Company has international transactions and is exposed to foreign exchange risk arising from foreign currency transactions (imports and exports). Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional currency. The Company has not hedged its foreign exchange receivables and payables as at 31 March, 2023

35 Capital management(a) Risk management

The Company's objectives when managing capital are:

- To ensure Company's ability to continue as a going concern, and

- To maintain optimum capital structure and to reduce cost of capital

Management assesses the capital requirements in order to maintain an efficient overall financing structure. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. The Company is not subject to externally imposed capital requirements. The Company manages its capital requirements by overseeing the gearing ratio:

The net debt to equity ratio for the current year decreased from 53.41% to 20.34% as a result of rights issue which resulted in cash flows and cash held by the company at the end of year.

(i) Loan Covenants

Under the terms of the major borrowing facilities, the Company does not have to comply with any financial covenants.

(b) Dividends

All shareholders are equally entitled to dividends. This reserve is available for distribution to shareholders in accordance with provisions of Companies Act, 2013. The Company has not declared or paid any dividend during the year ended 31 March 2023.

36 Share based payments(a) Employee Option Plan

The Company, vide the resolution passed at the meeting of Nomination and Remuneration Committee (“NRC”), dated 29 January,2021, approved ‘QDML ESOP Plan 2020' for granting employee stock options in the form of equity shares, linked to the completion of a minimum period of continued employment, to the eligible employees of the Company. The Members of the Company have approved the Scheme through postal ballot on 16 January 2021. The eligible employees, for the purpose of this scheme are determined by the NRC. Each stock option entitles the eligible employee to avail one share at the end of the vesting period.

The vested options can be exercised between a period from the vesting date to a period not later than 8 (Eight) years from the date of Grant of Options.

(b) Fair value of option granted

The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. The fair values of options granted were determined using Black-Scholes option pricing model that takes into account factors specific to the share incentive plans along with other external inputs. Expected volatility has been determined by reference to the average volatility for comparable companies for corresponding option term. Total Company share based payment to employees amounting ' 12,467 for the year ended 31 March, 2023 ( ' 2,528 for the year ended 31 March, 2022) is recognised in the statement of profit and loss of the Company pertaining to options issued to employees of the Company. Each Option entitles the holder thereof to apply for and be allotted one Ordinary Shares of the Company upon payment of the exercise price during the exercise period. The exercise period commences from the date of vesting of the Options and expires at the end of eight years from grant date. The following principal assumptions were used in the valuation: Expected volatility was determined by comparison with peer companies, as the

Company's shares are not presently publicly traded. The expected option life and average expected period to exercise, is assumed to be equal to the contractual maturity of the option. The risk-free rate is the rate associated with a risk-free security with the same maturity as the option. At each balance sheet date, the Company reviewed its estimates of the number of options that are expected to vest. The Company recognizes the impact of the revision to original estimates, if any, in the profit or loss in consolidated statement of comprehensive income, with a corresponding adjustment to ‘retained earnings' in equity. The fair value of option using Black Scholes model and the inputs used for the valuation for options that have been granted during the reporting period are summarized as follows:

37 Extention and termination options

The Company's lease asset class primarily consists of leases for buildings and plant and machinery. The rental contracts are typically made for fixed period of 3 to 5 years. With the exception of leases of low-value and cancellable long-term leases, each lease is reflected on the balance sheet as a right of use asset and a lease liability. These lease contracts do not contain any variable payment terms.

Lease liabilities are measured at the present value of the remaining lease payments, discounted using the weighted average borrowing rate on the date of adoption, i.e., 8.18%.

37.5 Critical judgements in determining the lease term

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

As at 31 March 2023, there is no potential future cash outflows that have not been considered in lease liability as there is no reasonable uncertainty that the leases will be extended (or not terminated).

38 Business Combination transactions

i) During the year ended 31 March, 2022, post approval of the Board of Directors and shareholders, the Company completed the acquisition of 368,000 equity shares of Spunklane Media Private Limited (“Spunklane”) for an aggregate consideration of ' 56,591 (on a deferred payment basis), in accordance with the terms and conditions specified in the Share Purchase Agreement dated November 10, 2021 executed with Mr. Raghav Bahl (a related party) in this regard.

Management's assessment of investment in Spunklane involved significant judgement whether it has significant influence over investee when it has more than 20% voting rights and representation on the board of directors and power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies, in accordance with Ind AS 28, Investments in Associates and Joint Ventures (‘Ind AS 28'). The management concluded Spunklane as its associate.

ii) During the year ended 31 March, 2022, post approval of the Board of Directors and shareholders, the Company completed the acquisition of 100% stake on a fully diluted basis in Quintillion Media Limited for an aggregate consideration of ' 90,658 (after agreed closing adjustment of ' 98,005) , payable on a deferred basis, in accordance with the terms and conditions specified in the Share Purchase Agreement dated November 10, 2021 executed with Mr. Raghav Bahl (a related party) and RB Diversified Private Limited (a related party) in this regard. Accordingly, Quintillion Media Limited is a wholly-owned subsidiary of the Company.

Out of the total aggregate consideration of ' 90,658 , ' 21,607 was paid to acquire 85,000,000 shares, representing 100% stake, of Quintillion Media Limited. The balance consideration of ' 69,051 was paid for investment in debentures of Quintillion Media Limited as follows:

(a) 21,154,000 compulsorily convertible zero coupon debentures (CCZCDs) of ' 100 each of Quintillion Media Limited was purchased for a consideration of ' 53,774 .

(b) 6,010,000 optionally convertible zero coupon debentures (OCZCDs) of ' 100 each of Quintillion Media Limited was purchased for a consideration of ' 15,277.

41 Contingent liabilities and capital commitments

The Company does not have any contingent liability and capital commitments as on 31 March, 2023 and 31 March, 2022.

42 Exceptional Items

During the year ended 31 March 2022, the Company had availed certain transaction advisory services amounting to ' 5,000 in order to assist the management in acquisition of identified stakes in Spunklane Media Private Limited and Quintillion Media Limited (refer notes 38). These expenses were disclosed as an exceptional item during the previous year ended 31 March, 2022. There are no exceptional items during the current year.

43 Event occurring after the reporting period

The disclosures of non-adjusting subsequent events is as below:

(i) Pursuant to the approval of the Board of Directors on 14 November 2022, the Company has executed a Share Subscription

and Shareholders' Agreement dated 21 January 2023 with Spunklane Media Private Limited, News Laundry Media Private Limited and other promoters, wherein the Company and News Laundry Media Private Limited have agreed to infusing additional share capital in Spunklane Media Private Limited on terms specified therein.

Subsequent to the year end, the Company and News Laundry Media Private Limited have infused additional capital amounting to '8,740 & ' 9,500 respectively. The said capital infusion has not led to any change/ dilution of Company's shareholding in Spunklane Media Private Limited.

44 Segment information(a) Reportable Segment

In line with provisions of Ind AS 108-Operating segments, the Company is engaged in media operations for its customers in India and overseas which constitute single reportable business segment as reviewed by the Chief Operating Decision Maker (CODM).

* The Company's revenue has been allocated on the basis of location of customers.

** The Company's has common assets for servicing domestic and overseas markets, Hence, assets has been allocated on the basis of asset's location.

Separate figures for assets cannot be furnished.

Note 1 - Non current assets includes Property, plant and equipment, right of use assets, intangible assets and intangible assets under development exclude financial instruments and deferred taxes.

Note 2 - The Company does not have any non-current assets that are located in any region outside India.

* Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the Rules”), the Company is in the process of examining suitable project for deployment of fund toward CSR activities. The timelines to spend the unspent amount is 6 months from the end of the financial year which has not expired as on the date of these financial statements.

46 Capitalisation of Video cost

The Company creates different kinds of content videos in covering multiple genres like documentaries, entertainment, sports, lifestyle, news etc. for its viewers. These videos are viewed over different platforms like YouTube, Facebook, its own website and through its channel partners.

It receives inputs from primary sources like news reporter, investigations etc., and secondary sources like Wire Services -Asian News International, Press Trust of India, Social Media platforms like Facebook or twitter. Based on inputs received the creative team creates the content videos and then publish the same on various platforms. The Company on acquisition of digital business has formulated a policy during year ended 31 March 2021, that the cost of content gets capitalised on the date of publishing.

In accordance with Ind AS 38 “Intangible Assets”, the videos created meet the definition of an asset as:

- The Videos are controlled by the Company as it retains the Intellectual Property Rights of these videos and it decides the platforms on which these will be posted for public viewership.

- It has the rights to remove these videos from these platforms as per its discretion.

- The economic benefits flow only to the Company, which are either direct economic benefit i.e. Partner/Programmatic revenue which is generated by monetisation of these videos on various platforms based on viewership or Direct Selling of display advertisement revenue, which is generated for placement of various advertisements on Quint's website or other platforms. Both of the revenues are related to content videos as these videos generate viewership.

The cost of video include direct expenses such as video crew, production costs, editing, visual effects and production overhead costs such as studio rent etc. It also includes on proportionate basis production-related administrative costs, if directly attributable and costs of employee benefits i.e. cost of Creative Team or production team working directly on creation of these videos.

The video cost had been assumed to have a life of 4 years and is to be amortised from the date of its publishing, 60% of the cost capitalised in the first year of video being published , 20% in the second year and 10% each in next 2 years. If a video, in later year, is found to be not generating any economic benefit it could be decided by the management to be written off completely in that year itself.

47 Rights issue

(a) Pursuant to the basis of allotment for the Rights Issue approved by the BSE Limited, the Board of Directors in their meeting held on January 31, 2023, allotted 2,50,00,000 fully paid-up equity shares of the Company, having face value of ' 10 (Indian Rupee Ten) each in dematerialized form at an issue price of ' 50 (Indian Rupees Fifty Only) per equity share.

Pursuant to the above allotment, the Issued and Paid-up Equity Share Capital of the Company increased from existing Issued, Paid-up, Admitted and Listed Equity Share Capital of the Company of ' 2,19,698 divided into 2,19,69,808 Equity Shares of ' 10 each to ' 469,698 divided into 4,69,69,808 Equity Shares of ' 10 each.

The Company has incurred an expense of ' 14,828 for the purpose of rights issue which has been netted off from security premium.

*Of the unutilised right issue proceeds, there is no balance lying in Monitoring Agency Account as at 31 March, 2023. The unutilised right issue proceeds have been kept in fixed deposits and current account maintained with Kotak Mahindra Bank.

(c) The transaction cost amounting to ' 14,828 (previous year ' Nil) related to right issue has been adjusted with security premium in accordance with the provision of the Companies Act, 2013. (refer note 12)

48 Other statutory information

(a) The Company has not been declared a wilful defaulters by any bank or financial institute or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

(b) There are no proceeding initiated or pending against the Company for holding any benami property und the Benami Transaction (Prohibition) Act 1988 (45 of 1988) and rule made thereunder.

(c) The Company has not traded or involved in Crypto currency or Virtual Currency during the reporting year.

(d) There is no immovable property whose title deed is not held in the name of the company.

(e) There is no charge or satisfaction of charge which is yet to be registered with Registrar of Companies beyond the statutory period.

(f) The Company do not have any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,1961.

(g) The company does not have any transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(h) 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:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(i) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(j) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the current or previous year.

(k) The company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(l) The company does not own any immovable property (including investment properties) other than properties where the company is the lessee and the lease agreement are duly executed in favour of the lessee.

49 Previous year’s figures has been regrouped and/ or reclassed wherever necessary to confirm to the current year’s groupings and classifications. The impact of such regrouping/ reclassification is not material to the financial statements.

The summary of significant accounting policies and other explanatory information form an integral part of these standalone financial statements.


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