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Moneycontrol.com India | Notes to Account > Finance - Investments > Notes to Account from BGIL Films and Technologies - BSE: 511664, NSE: N.A
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BGIL Films and Technologies

BSE: 511664|ISIN: INE443D01018|SECTOR: Finance - Investments
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BGIL Films and Technologies is not listed on NSE
Mar 13
Notes to Accounts Year End : Mar '14
1. Estimated amount of contract remaining to be executed on capital
 account and not provided for Rs. Nil (Previous Year Rs. Nil)
 
 2. Contingent Liabilities not provided for :
 
 a. Guarantees given by the company Rs. NIL (PY. - NIL)
 
 b. Claims against the company not acknowledge as debts Rs. 14.99 Lacs
 (PY. - NIL)
 
 Income Tax (AY 2010-11)
 
 3. Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits
 and the parties to whom the advances are given are subject to
 reconciliation and such are as per books of accounts only. Adjustment
 thereto having an impact of revenue nature, if any, will be made during
 the period in which the same are fully reconciled.
 
 4. In the opinion of Board of Directors and explanations given to us,
 the Current Assets, Loans and Advances are approximately of the value
 stated if realised in the ordinary course of business. The provision
 for depreciation and all known liabilities are adequate.
 
 5. Earning & Expenditure in foreign exchange
 
 a) Earnings NIL (RY. NIL)
 
 b) Expenditure Rs. NIL (RY. 67,088/-)
 
 Note: 1) ) Segments have been identified in line with Accounting
 Standard - 17 (AS-17) on Segment Reporting issued by the Institute of
 Chartered Accountants of India, taking into account the nature of
 activities as well as the differential risks and returns attached. The
 Company''s operation predominantly relates to the following segments:
 
 a) Information Technologies/Services
 
 b) Film Production and Distribution
 
 c) Investment & Finance
 
 2) There is no inter-divisional or inter segmental transfer of goods
 and services.
 
 3) There is no secondary segments i.e. Geographical by Customers.
 
 6. Related party Disclosure (where transactions have taken place): In
 terms of Accounting Standard AS-18, all related parties have been
 identified by management and relied upon by the auditors.
 
 a) Name of Related Parties & description of relationship:
 
 i) Key Management Personnel:
 
 Sh. Rakesh Bhhatia - Chairman
 
 Sh. Ashok Juneja - Director
 
 Smt. Arti Bhatia - Wife of Rakesh Bhhatia
 
 Smt. Jaya Misra - Director
 
 Sh. Rajiv Kumar - Director
 
 Sh. Vimal Kumar Srivastava - Director
 
 Sh. J K Bhatia - Brother of Rakesh Bhhatia
 
 Ms. Garima Bhatia - Daughter of Rakesh Bhatia
 
 Smt. Bharti Singh - Sister-in-law of Rakesh Bhatia
 
 (ii) Related Parties where control exists:
 
 Bharatiya Global Infomedia Limited Bhatia Investment & Finance (P) Ltd.
 Number One Finsec (P) Ltd.
 
 Number One Finvest (P) Ltd.
 
 Grindlay Finman (P) Ltd.
 
 Ignite Media & Entertainment Pvt. Ltd Rakesh Bhhatia HUF
 
 7. Previous year figures have been re-grouped, re-arranged and/or
 re-casted, wherever considered necessary so as to make them comparable
 with the current year figures.
 
 8. No Provision has been made for Gratuity, leave encashment or other
 retirement benefits, which are accounted for on payment basis only.
 However, the company has calculated the estimated amount of gratuity
 which comes to Rs. 2,40,577/- as at 31st March 2014.
 
 9. The Company has paid a sum of Rs. 1,28,46,331 as share application
 money to Grindlay Finman Private Limited and Rs. 50,50,000 to Number One
 Finvest Private Limited, but no written intimation of allotment of
 shares has been received as yet by either of the companies and the same
 are shown under head Short-Term Loans and Advances in the balance
 sheet.
 
 10. No provision has been made for diminution in value of Investments
 as in the opinion of management, the diminution in the value of quoted
 investments amounting to Rs. 186.35 lacs is temporary in nature.
 
 11. Above mentioned Significant Accounting policies and notes on
 Accounts form an integral part of the Balance Sheet as at 31st March,
 2014 and the statement of Profit & Loss Account for the year ended on
 that date and have been duly authenticated.
Source : Dion Global Solutions Limited
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