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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 533137ISIN: INE947J01015INDUSTRY: Entertainment/Multi Media

BSE   ` 120.70   Open: 117.10   Today's Range 117.10
123.40
-1.15 ( -0.95 %) Prev Close: 121.85 52 Week Range 65.00
149.55
Year End :2016-03 

1. FINANCE LEASE AS LESSOR

The Company has entered into finance lease arrangements for certain equipment which provide the Company an option to sell the assets at the end of the lease period.

Future minimum lease payments and reconciliation of gross investment in the lease and present value of minimum lease payments.

2. DISCLOSURES AS PER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006

As per information available with the management, the balance due to enterprises covered under the MSMED Act, 2006 is Rs. Nil (Previous year Rs. Nil) and no interest has been paid or is payable under the terms of the MSMED Act, 2006. This has been relied upon by the auditors.

3. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD 15 (REVISED 2005) ON ‘EMPLOYEE BENEFITS’

(I) Defined contribution plans

The Company makes provident fund contribution which is a defined contribution plan for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.

The Company recognized Rs. 41.75 million (Previous year Rs. 26.53 million) for provident fund contributions and Rs. 0.59 million (Previous year Rs. 0.83 million) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules to the scheme.

The contribution payable by the Company is at the rates specified in the rules to the plans.

(II) Defined benefit plan Gratuity plan

Gratuity liability arises on retirement, withdrawal, resignation, and death of an employee. The aforesaid liability is calculated on the basis of 15 days salary (i.e. last drawn salary plus dearness allowance) for each completed year of service or part thereof in excess of 6 months, subject to a maximum of Rs. 1,000,000. Vesting occurs upon completion of 5 years of service.

The present value of the defined benefit obligation and the related current service cost are measured using the Projected Unit Credit method with actuarial valuations being carried out at each balance sheet date.

The following tables set out the unfunded status of the defined benefit scheme and amounts recognized in the Company financial statements as at 31 March, 2016:

Notes:

a. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities.

b. The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors.

c. The gratuity plan is unfunded.

4. EMPLOYEE STOCK OPTION PLAN 2010 (“ESOP 2010”)

a. The Company had established an Employee Stock Option Plan (ESOP 2010) in accordance with the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, which has been approved by the Board of Directors and the shareholders. A Nomination and Remuneration / Compensation Committee comprising majority of independent, non-executive members of the Board of Directors administers the ESOPs. All option under the ESOPs are exercisable for equity shares. The Company had taken approval of the Shareholders to grant and allot up-to 5,219,599 equity options under the said scheme. The total outstanding options under the scheme are 1,680,000 which were granted in last financial year.

b. There shall be a minimum period of one year between the grant of options and vesting of options. The vesting period may extend up to three years. The vesting shall happen in one or more tranches as may be decided by the Nomination and Remuneration / Compensation Committee. The exercise period of the options is a period of one year after the vesting of the options. Each option is exercisable for one equity share of Rs. 10 each fully paid up on payment of exercise price (as determined by the Nomination and Remuneration / Compensation Committee) of share determined with respect to the date of grant. The Company has granted 4,756,195 options up to 31st March, 2016.

c. The movement in the scheme is set out as under:

5. The Company has investments of Rs. 6,126.75 million in subsidiary companies, joint venture and associate companies. Of these, the Company has investment of Rs. 825.60 million (net of provision for other than temporary diminution in the value of investments) and has balances of loans/advances of Rs. 28.20 million in various subsidiary companies whose net worth as at 31 March, 2016 has fully/substantially eroded. Of these, investments aggregating to Rs. 72.90 million in companies whose net worth is fully/substantially eroded have earned profits for the year ended 31 March, 2016. The management of the Company expects that these subsidiary companies will have positive cash flows to adequately sustain its operations in the foreseeable future. Having regard to the long term investment and strategic involvement no further provision is considered necessary for other than temporary diminution in the value of these investments.

6. Pursuant to TRAI notification, Digital Addressable System (DAS) was implemented in the metropolitan cities of the country in phase I, Phase 2 and Phase 3 cities effective 1 November, 2012, 1 April, 2013 and 1 January, 2016 respectively. The Company has not been able to finalize subscription rates / agreements with Distributors / Local Cable Operators (LCOs) in notified cities. Pending finalization of agreements, the Company has recognized subscription income on estimates based on market trends and negotiations with LCOs. Based on its review of such estimates on a regular basis management is of the view that any change arising in the subscription fee once finalized will not have significant impact on the revenue of the Company for the current period/year.

7. Exceptional items comprises the following:

a. Provision for doubtful trade receivables of Digital Addressable System customers of Rs. 637.43 million. Pursuant to TRAI notification, Digital Addressable System (DAS) was implemented in a phased manner in select cities / towns in F.Y 2012-13 and F.Y 2013-14. The Company had not been able to finalize the agreements with distributors/ Local Cable operators for DAS areas and hence revenues were accounted for on a best estimate basis. Based on current market trends of DAS rates and discussions/negotiations with trade partners, the Company has made an assessment of its trade receivables pertaining to DAS areas and has accordingly made a provision of doubtful trade receivables of Rs. 637.43 million.

b. Provision for other than temporary diminution in value of investments in subsidiary companies : Rs. 234.37 million.

c. During the current year, the Company has sold its entire 50% stake in Star Den Media Services Private Limited (‘Star Den) for a sales consideration of Rs. 403.50 million which has resulted in a net profit of Rs. 378.50 million and the same is disclosed as an exceptional item in the standalone financial statements.

d. Profit from disposal of investments has been netted off from the charge on account of provision for doubtful trade receivables and provision for other than temporary diminution in value of investments to arrive at a net exceptional item charge of Rs. 493.30 million.

8. Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.

Consequent to the change arising from the assessment of the useful lives of certain assets as above:

i. The Company had fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and had adjusted an amount of Rs. 12.03 million against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

ii. As a result the net depreciation charge was higher by Rs. 4.17 million.

9. Expenditure on Corporate Social Responsibility (CSR)

a. Gross amount required to be spent by the Company during the period ended 31 March, 2016 is Rs. Nil (Previous year Rs. 5.60 million)

Figures in bracket relates to previous year

c. Details of related party transactions:

- Contribution during the period ended 31 March, 2016 is Rs. Nil (Previous year Rs. Nil)

- Payable as at 31 March, 2016 is Rs. Nil (Previous year Rs. Nil)

10. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

11. Previous year’s figures have been regrouped/ reclassified wherever necessary to correspond with the current year’s classification/ disclosure.