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Gradiente Infotainment

BSE: 590126|ISIN: INE361K01017|SECTOR: Media & Entertainment
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Mar 12
Notes to Accounts Year End : Mar '15
1.Contingent Liabilities
 
 a. The Company has defaulted in payment of loan to Andhra Bank for which
 b. 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.
 
 In response to the above, the company had requested the Bank to
 favorably consider their settlement offer of Rs.1.00 crore as against
 the above demand.
 
 No further information (acceptance/rejection) is available about the
 present status of the above demand by the Bank and counter settlement
 offer by the Company
 
 Notwithstanding the above, Bank had proceeded in exercising their
 enforcement rights and accordingly, auctioned in the year 2006-07, the
 following 2 properties.
 
 -No.301/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953/A and
 6-2-953/B admeasuring 952.85sq ft along with undivided land 30.68 sq
 Yes, Kharitabad and
 
 -No.309/1, 3rd Floor of Krishna Plaza, Municipal # 6-2-953, 6-2-953/A
 and 6-2-953/B admeasuring 923.65sq ft along with undivided land 28.83
 sq Yes, Kharitabad.
 
 An amount of Rs.41.00 lacs were reportedly realized by the Bank from
 the auction sale of the above properties, which were purportedly
 adjusted towards their book outstanding.
 
 The Company had in addition to the above, from time to time, reportedly
 paid to the bank an amount of Rs.9 lacs, thereby resulting in a total
 repayment of Rs.50 lacs.
 
 Balance net demand, without considering future interests/costs/charges
 etc by the Bank from 12.03.2004 until 31.03.2015 would be Rs.1.30
 crores.
 
 Company has submitted their written request to the Bank, seeking
 confirmation of balance amount outstanding, due and payable by them to
 the Bank as on 31.03.2015, include unrealized interests/costs/ charges
 etc., for which response of the Bank is still awaited.
 
 In view of the above pending status, we are unable to determine the
 quantum of Contingent Liability upon the Company as on 31.03.2015, even
 though the Company continues to disclose their financial obligation and
 dues to the Bank at Rs.3614500 under Note No 6: Long Term Borrowings,
 Item (b) : Secured Loans.
 
 b.The Company has defaulted in payment of loan to Indian Bank, long
 back Company has submitted their written request to the Bank, seeking
 confirmation of balance amount outstanding, due and payable by them to
 the Bank as on 31.03.2015, include unrealized interests/costs/ charges
 etc., for which response of the Bank is still awaited.
 
 In view of the above pending status, we are unable to determine the
 quantum of Contingent Liability upon the Company as on 31.03.2015, even
 though the Company continues to disclose their financial obligation and
 dues to the Bank at Rs.426370 under Note No. 6: Long Term Borrowings,
 Item (b) : Secured Loans.
 
 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 has not been given.
 
 3.Capital Work in Progress
 
 The Opening Balance as on 01.04.2014 lying in Capital Work In Progress
 being Rs.20397779/- pertain to purported advance payments reckoned
 prior to 01.04.2014 towards purchase of properties of Flat G1, G2 & G3
 in ground floor of Siri Balaji Residency admeasuring 5100 sq ft by V
 R Mathur (personal) under multiple unregistered documents of sale. It
 is further noted that the right holder Mr.V.R Mathur (personal) has no
 certain intent to have the properties registered in the name of the
 Company in future. Accordingly, necessary adjustment entry has been
 effected during the year 2014-15, to establish factual position.
 
 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, 2015. The Company
 caters to the needs of the domestic market and hence there are no
 reportable geographical segments.
 
 5.Related Party Disclosures
 
 a)Parties where control exists related Party  Nil
 
 b)Fellow Subsidiary Companies                 Nil
 
 c)Joint Venture                               Nil
 
 d)Key Managerial Personnel
 
 6. 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
 capital.
 
 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
Source : Dion Global Solutions Limited
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