Nature of Operations
The Company was incorporated on June 22, 1992 in the name of VR Mathur
Mass Communications Ltd. and subsequently the name has been changed to
Gradiente Infotainment Ltd.( w.e.f 09-01-2003). The Company''s revenue
is generated mainly from the advertisement, in Print Media & Electronic
Media and TV Serial production for other production houses and own
1. Contingent Liabilities
a. The Company has defaulted in payment of loan to Andhra Bank for
which 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,subsequently Bank has Auctioned 2 properties.
- No.301/1, 3rd Floor of Krishna Plaza, Muncipal # 6-2-953/A and
6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
Yds, Kharitabad and
- No.309/1, 3rd Floor of Krishna Plaza, Muncipal # 6-2-953, 6-2-953/A
and 6-2-953/B admeasuring 923.65sq ft along with undivided land 28.83
sq Yds, Kharitabad.
The above properties were auctioned by the Bank in the year 2006-07 and
realised an amount of Rs. 41 lacs and the company has paid Rs. 9 lacs in
cash making a total repayment of Rs. 50 lacs. Balance demands Rs. 1.30
The company has requested to settle the demand for Rs. 1.00 crore. If the
request is accepted by the bank there will be a net outflow of Rs. 50
lacs, if not outflow shall be Rs. 1.30 crores.
b. Director Vimal Raj Mathur has given a corporate guarantee of 5 lakh
shares of Gradiente allotted on his name to SE Investments for Rs. 25
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 have not been given
3. Capital Work in Progress
The amount lying in Capital work in progress is made towards payments
for purchase of properties of Flat G1, G2 & G3 in ground floor of Siri
Balaji Residency admeasuring 5100 sq ft for a total consideration of Rs.
200.32 lakhs for which agreement of sale is entered but pending
registration next year.
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, 2012. The Company
caters to the needs of the domestic market and hence there are no
reportable geographical segments.
5. 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
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.
a.Gratuity: The Company is yet to contribute Rs. 8.74 lakhs to gratuity
funds towards Provision made for the year ended 31st March 2012.
b.Provident Fund: The Company has not made any contributions to
provident fund for employees during the year.
7. Indian Bank - ODCC# 74105484 bank account was not incorporated in
the books of accounts earlier and there were no transactions during the
year so taken into books with balance as appearing last year.
8. Information pursuant to other provisions of Part II of Schedule VI
to the Act, is either nil or not applicable to the Company for the
9. Previous year''s figures have been regrouped where necessary.
10. Refer Annexure for additional information pursuant to Part IV of
Schedule VI of the Act Signatures forming part of the financial
11. Remuneration calculated as per schedule XIII of Companies Act.
12.Prior Period Adjustment
The company has committed error by over claiming depreciation on fixed
assets in earlier years due to change in method of depreciation. The
company has identified the error in estimates and revised the
depreciation amounts and assets values following written down value
method as stipulated under schedule XIV of the companies Act, 1956. The
revisions were accounted for prospectively as a change in accounting
estimates and as a result the income has been increased by Rs. 4,414/-