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Creative Eye

BSE: 532392|NSE: CREATIVEYE|ISIN: INE230B01021|SECTOR: Media & Entertainment
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Notes to Accounts Year End : Mar '15
 1. Defined benefits plan:
 
 The present value of obligation is determined based on actuarial
 valuation using the Projected Unit Credit Method, which recognises each
 period of service as giving rise to additional unit of employee benefit
 entitlement and measures each unit separately to build up the final
 obligation.
 
                                      As at 31st           As at 31st
 Particulars                          March 2015           March, 2014
 
                                      AMOUNT   AMOUNT     AMOUNT  AMOUNT
                                        Rs.     Rs.         Rs.    Rs.
 2.  Contingent Liabilities :
 
 a. Bank Guarantees Outstanding               300,000            300,000
 
 b. Claim against the company not         140,800,000        140,800,000
    acknowledged as Debt
 
 The National Broadcaster claimed a sum of Rs. 1408.00 lacs which is
 under dispute. The arbitration proceedings into the matter is under
 process. The amount disclosed is the minimum liability on this count
 excluding interest thereon which is presently not quantifiable
 
 3.  Expenditure / Earnings in Foreign Currency :
 
 There is no expenditure and earnings in foreign currency during the
 year.
 
 4.  The following Premises are yet to be transferred in the name of
 the Company :
 
 6/7 Blue Diamond at Juhu Tara Road, Mumbai
 
 5. Related party disclosure :
 
 Related party disclosure as required by AS - 18 issued by the Institute
 of Chartered Accountants of India.
 
 a) Relationship :
 
 Key Management Personnel
 
 Mr. Dheeraj Kumar            Chairman & Managing Director
 
 Mrs. Zuby Kochhar            Executive Director
 
 Other Directors
 
 Mr. Shiv S. Sharma           Non Executive Director
 
 Mr. M.R. Sivaraman           Non Executive Director
 
 Mr. TK. Choudhary            Non Executive Director
 
 6.  Arbitration proceeding with National Broadcaster (Doordarshan)
 
 As per the order of Hon''ble arbitrator, the Company had paid an amount
 of Rs. 2,00,00,000/- to Prasar Bharti Broadcasting Corporation of India
 (PBBCI). And also PBBCI/The Directorate General, Doordarshan had
 acquired programmes from the existing library of the company for Rs.
 1,34,78,831/-, representing cost of acquisition of programmes payable,
 which had not been paid directly to CEL but had been adjusted /
 credited / treated as amount received in kind by PBBCI / The
 Directorate General, Doordarshan on behalf of Creative Eye Limited. The
 said amounts are included in Others Short Term Loans & Advances. Also,
 Trade Receivable includes Rs. 3,00,000/-, receivable from Prasar
 Bharati Broadcasting Corporation of India. The final accounting /
 financial implication in the respective account shall be reflected /
 adjusted at the time of final outcome of the arbitration proceedings.
 
 7.  Amounts Written Off/ Written Back: -
 
 During the financial year an amount of Rs. 49,301/- (Previous Year Rs.
 28,925/-) has been written off on account of Trade Receivable which
 became irrecoverable in spite of best efforts for recovery.
 
 An amount of Rs. 2,29,895/- (Previous Year Rs. 6,20,228/-) has been
 written back as it became no longer payable.
 
 8.  Figures of previous year have been regrouped/ reclasified/
 rearranged wherever necessary.
 
 9.  There is only One Reportable Segment - ''Production of Audio-Visual
 T. V. Content''. Accordingly no separate segment wise disclosure has
 been made.
 
 
 
Source : Dion Global Solutions Limited
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