| 1.Contingent Liabilities
a. The Company has defaulted in payment of loan to Andhra Bank for which
b. they have raised a demand of Rs.1.80 crores under one time settlement
scheme (OTS) vide letter no.1204/45/26/837 dated 12-03-2004.
In response to the above, the company had requested the Bank to
favorably consider their settlement offer of Rs.1.00 crore as against
the above demand.
No further information (acceptance/rejection) is available about the
present status of the above demand by the Bank and counter settlement
offer by the Company
Notwithstanding the above, Bank had proceeded in exercising their
enforcement rights and accordingly, auctioned in the year 2006-07, the
following 2 properties.
-No.301/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953/A and
6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
Yes, Kharitabad and
-No.309/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953, 6-2-953/A
and 6-2-953/B admeasuring 923.65sq ft along with undivided land 28.83
sq Yes, Kharitabad.
An amount of Rs.41.00 lacs were reportedly realized by the Bank from
the auction sale of the above properties, which were purportedly
adjusted towards their book outstanding.
The Company had in addition to the above, from time to time, reportedly
paid to the bank an amount of Rs.9 lacs, thereby resulting in a total
repayment of Rs.50 lacs.
Balance net demand, without considering future interests/costs/charges
etc by the Bank from 12.03.2004 until 31.03.2015 would be Rs.1.30
crores.
Company has submitted their written request to the Bank, seeking
confirmation of balance amount outstanding, due and payable by them to
the Bank as on 31.03.2015, include unrealized interests/costs/ charges
etc., for which response of the Bank is still awaited.
In view of the above pending status, we are unable to determine the
quantum of Contingent Liability upon the Company as on 31.03.2015, even
though the Company continues to disclose their financial obligation and
dues to the Bank at Rs.3614500 under Note No 6: Long Term Borrowings,
Item (b) : Secured Loans.
b.The Company has defaulted in payment of loan to Indian Bank, long
back Company has submitted their written request to the Bank, seeking
confirmation of balance amount outstanding, due and payable by them to
the Bank as on 31.03.2015, include unrealized interests/costs/ charges
etc., for which response of the Bank is still awaited.
In view of the above pending status, we are unable to determine the
quantum of Contingent Liability upon the Company as on 31.03.2015, even
though the Company continues to disclose their financial obligation and
dues to the Bank at Rs.426370 under Note No. 6: Long Term Borrowings,
Item (b) : Secured Loans.
2.Sundry Creditors
Disclosure has been made as per the definition given in the Micro,
Small and Medium Enterprises Development Act, 2006. The Company is not
having the information regarding supplier's status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence
disclosures relating to the amounts as at year end together with
interest payable as required under the Act has not been given.
3.Capital Work in Progress
The Opening Balance as on 01.04.2014 lying in Capital Work In Progress
being Rs.20397779/- pertain to purported advance payments reckoned
prior to 01.04.2014 towards purchase of properties of Flat G1, G2 & G3
in ground floor of "Siri Balaji Residency" admeasuring 5100 sq ft by V
R Mathur (personal) under multiple unregistered documents of sale. It
is further noted that the right holder Mr.V.R Mathur (personal) has no
certain intent to have the properties registered in the name of the
Company in future. Accordingly, necessary adjustment entry has been
effected during the year 2014-15, to establish factual position.
4.Segment Information
In accordance with Accounting Standard - 17, "Segmental Reporting"
issued by the Institute of Chartered Accountants of India, the
Company's business segment is Print Media & Electronic Media and TV
Serial Production business and it has no other primary reportable
segments. Accordingly, the segment revenue, segment results, total
carrying amount of segment assets and segment liability, total cost
incurred to acquire segment assets and total amount of charge for
depreciation during the year, is as reflected in the Financial
Statements as of and for the year ended March 31, 2015. The Company
caters to the needs of the domestic market and hence there are no
reportable geographical segments.
5.Related Party Disclosures
a)Parties where control exists related Party Nil
b)Fellow Subsidiary Companies Nil
c)Joint Venture Nil
d)Key Managerial Personnel
6. Earnings per Share (Basic and Diluted)
The number of shares used in computing Basic Earnings per share (EPS)
is the weighted average number of shares outstanding during the year.
The number of shares used in computing Diluted EPS comprises of
weighted average shares considered for deriving Basic EPS and also the
weighted average number of equity share which would be issued for no
consideration on exercise of options under the Employee Stock Option
Scheme, 2005. The number of shares is adjusted for reduction of share
capital.
Profit computation for both Basic and Diluted Earnings per Share of
Rupees 10 each Net profit as per the Profit and Loss Account available
for Equity share holders (in Rupees) Weighted average number of equity
shares for Earning per share computation for Basic Earnings per Share
Add: Weighted average outstanding employee stock options deemed to be
issued for no consideration
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