| 1. Impairment of Assets
The company is in the Broadcasting business and it owns substantial
tangible and intangible assets.
The Company has internally reviewed for impairment of assets at the
Balance Sheet date and accordingly recognized an amount of Rs.93,429/-
as impairment loss in the Statement of Profit and Loss.
2. Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
3. Related Party Disclosure
a. List of Related Parties & Relationship where control exists and
with whom transactions are done in the financial year.
Name of Related Party Relationship
Mi Marathi Media Ltd Associate Company
Supriya Kanase Key Managerial Personnel (CEO)
4. Defined Benefits Plan
Employee's gratuity fund scheme managed by Life Insurance Corporation
of India is defined benefit plan.
The present value of obligations is determined based on actuarial
valuation using projected unit credit method which recognises each
period of service as giving rise to additional need of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment recognized in the same
manner.
5. Other Disclosures
i. Contingent Liabilities
a. The Company had imported certain equipments in earlier years at a
concessional duty under various licenses pursuant to the Export
Promotion Capital Goods ("EPCG") scheme. The said licenses have since
expired and the custom duty including interest / penalty thereon has
become payable though not ascertained till now. However, the company
has made adequate provision for custom duty saved earlier under above
scheme. Further, the interest thereon is above provided on estimated
basis which may vary upon determination of the final interest by the
concern authority.
b. The Company has maintained Fixed Deposits worth Rs. 92Lacs with the
bank to meet the said liability arising on account of custom duty. As
of March 31, 2015, the Fixed Deposit and interest accrued thereon
amounts to Rs. 110Lacs (approx) and the company feels that the same is
reasonably sufficient to meet such liability.
c. The Company has received legal notices from certain Creditors and
other parties for an amount of Rs. 1,55,77,598/- payable to them.
The Company may be liable for above amount including interest/ penalty
amount/ other charges if ordered by the court. As informed to us, the
Company is in the process of settling the cases with the respective
creditors. The amount of interest / penalty / other charges cannot be
quantified till the settlement of the cases. (Refer Note: 2.35)
6. Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
7. Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act has not been given.
8. Debtors /Creditors /Advances
Balances of Sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
9. Pending Legal cases against the company
The company has received legal notices from 10 parties who being sundry
creditors and other parties for an amount of Rs.1,55,77,598/- payable
to them. Out of this an amount of Rs.48,63,510/- is already provided in
the books of accounts. The company may be liable for interest / penal
amount if any ordered by the court.
As informed, the company is in the process of clearing the payments or
in arriving at settlement with these parties.
10. Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
|