| 1. Contingent liabilities and commitments
Claims against the company not acknowledged as debt -
- Contingent Liabilities
(i) Income Tax Demand forAY 2011-12 of ' 8,99,61,810/-
(PY ' 8,99,61,810/-)
(ii) Income Tax Demand for AY 1994 -95 of ' 36,84,285/- (PY 36,84,285/-)
(iii) SEBI Penalty - ' 17,00,000/- (PY - ' 17,00,000)
2. Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Micro, Small and Medium Enterprises in terms of section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such parties have been identified on the basis
of information available with the Company and relied upon by the
auditors. The Company has not received any instruction from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures if any, relating to
amounts unpaid as at the year end together with interest payable as
required under the said Act have not been given.
3. Earnings per share (EPS)
4. The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliation
5. In the opinion of the Board, the Current Assets, Loans and Advances
have value on realisation in the ordinary course of business, at least
equal to the amount at which they are stated in the Balance Sheet.
6. All known liabilities are provided for on the basis of available
information/ estimates.
7. Segment Reporting:
The Company operates in one segment i.e. film productions and allied TV
contents hence no separate disclosure of segment-wise information has
been made as per Accounting Standards (AS-17) Segment Reporting issued
by the Institute of Chartered Accountants of India.
8. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure The accompanying notes are an integral part of the
financial statements
9. Related party transactions
Description of relationship Names of related parties
Key Management Personnel (KMP) Prakash Dhebar
Smita Pandya
Lokanath Mishra
Relatives of KMP Nil
Company in which KMP/Relatives Gujarat Capital Ventures Limited
of KMP can
(Company in which Mr Prakash Dhebar is
a Director)
exercise significant influence Suntech Consultants Private Limited
(Company in which Mr Prakash Dhebar is a
Director)
Note: Related parties have been identified by the Management.
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