TV Vision Limited Full Page 9 September 2016.Pmd
Total Page：16
File Type：pdf, Size：1020Kb
PUBLIC ANNOUNCEMENT TO THE ATTENTION OF THE SHAREHOLDERS OF TV VISION LIMITED (CIN: U64200MH2007PLC172707) Registered Office: 4th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India. Tel.: +91 22 40230000; Fax: +91 22 26395459, E-mail: [email protected]; Website: www.tvvision.in th STATUTORY ADVERTISEMENT IN COMPLIANCE WITH CLAUSE 6 OF PART II(A) OF ANNEXURE I OF THE b. Mr. Markand Navnitlal Adhikari, aged 59 years, resident of 5 Floor, Adhikari Villa 46, Hatkesh CHS, Rd-7, SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS: SECURITIES EXCHANGE BOARD OF INDIA (‘SEBI’) CIRCULAR CIR/CFD/CMD/16/2015 DATED NOVEMBER 30, 2015 Near J.N. School, JVPD Scheme, Vile Parle (West), Mumbai-400056, is intermediate in Arts from University of 1. Significant Accounting Policies AND CLAUSE 6 OF PART B OF PARA II OF ERSTWHILE SEBI CIRCULAR CIR/CFD/DIL/5/2013 DATED Bombay. He has more than 35 years of experience in Media & Entertainment industry. He has produced various films FEBRUARY 4, 2013 (‘THE ERSTWHILE ORIGINAL CIRCULAR’), AS AMENDED VIDE SUBSEQUENT CIRCULAR NO. viz. "Bhookamp", "Chehraa", etc. He has played a key role in the growth of our Company with his inputs in strategic 1.1 General: The financial statements of the Company have been prepared in accordance with the Generally CIR/CFD/DIL/8/2013 DATED MAY 21, 2013, READ WITH SUB-RULE (7) OF RULE 19 OF THE SECURITIES CONTRACTS planning and business development. He also shaped the group's foray into regional Hindi GEC space with focused Accepted Accounting Principles in India (Indian GAAP) and the Accounting Standards notified under the (REGULATIONS) RULES, 1957, AS AMENDED (‘SCRR’), PURSUANT TO THE GRANT OF RELAXATION BY channels like Dabangg, Dhamaal and Maiboli. He is also leading the group's foray into films which will establish relevant provisions of the Companies Act, 2013. The financial statements have beenprepared on accrual basis SABTNL as a media conglomerate with a presence in publishing, content production, broadcast and filmmaking. SEBI FROM THE APPLICABILITY OF THE RULE 19(2)(b) OF SCRR. under the historical cost convention. The accounting policies adopted inthe preparation of the financial statements 7. BUSINESS AND ITS MANAGEMENT: are consistent with those followed in the previous year; 1.2 Use of Estimates: The preparation of the financial 1. NAME AND ADDRESS OF COMPANY'S REGISTERED OFFICE: The Companyis engaged in the business of television broadcasting and other activities related to the Media and statements in conformity with Indian GAAP requires the Management to make estimates and assumptions Company’s Name: TV Vision Limited Entertainment Business. The Company ventured into the broadcasting business in the year 2010 with the launch considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported Registered Office: 4th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (West), of "Mastiii" Channel. The Company currently operate a network of TV Channels namely Mastiii, Dabangg, Dhamaal income and expenses during the year. The Management believes that the estimates used in preparation of the Mumbai - 400053, Maharashtra, India. and Maiboli which operates in various genres such as Music, Regional Entertainment and General Entertainment financial statements are prudent and reasonable. Future results could differ due to these estimates and the having different target market and different territory. All these channels are free to air channels. All our Channels run 2. DETAILS OF CHANGE OF NAME AND/OR OBJECT CLAUSE: differences between the actual results and the estimates are recognised in the periods in which the results are on 24 hrs per day, 7 days a week. For further details on "Our Business", please refer to Information Memorandum, known / materialise; 1.3 Provisions, Contingent liabilities and Contingents Assets: A provision is recognized The Company was originally incorporated as TV Vision Private Limited on July 30, 2007 and obtained a fresh which will be available on www.bseindia.com, www.nseindia.com and www.tvvision.in. when the company has a present obligation as a result of past event and it is probable that an outflow of certificate of incorporation dated June 23, 2011, subsequent to conversion into a Public Limited Company. There has The details of the Directors of the Company are set out below: resources will be required to settle the obligation, in respect of which a reliable estimate can be made. been no change in the objects of the Company. Sr. No. Name of Directors Category Provisions are not discounted to its present value and are determined based on best estimate to settle the 3. CAPITAL STRUCTURE PRE AND POST COMPOSITE SCHEME OF AMALGAMATION AND ARRANGEMENT (“SCHEME”): obligation at the balance sheet date. These provisions are reviewed at each balance sheet date and adjusted 1 Mr. Gautam Navnitlal Adhikari Chairman and Non-Executive Director Pre Scheme Post Scheme to affect the current best estimates. Contingent liabilities are not recognized but are disclosed in the notes. 2 Mr. Markand Navnitlal Adhikari Managing Director Contingent Assets are neither recognized nor disclosed in the financial statements; 1.4 Fixed Assets Particulars Face Face Amount No. of Amount Tangible Fixed Assets: Tangible Fixed Assets are stated at cost of acquisition as reduced by accumulated No. of Value Value 3 Mr. Pritesh Mansukhlal Rajgor Non-Executive and Independent Director Shares (in `) Shares (in `) depreciation and impairment losses, if any. Acquisition cost comprises of the purchase price and attributable (in `) (in `) 4 Mr. Prasannakumar Baliram Gawde Non-Executive and Independent Director cost incurred for bringing the asset to its working condition for its intended use. Intangible Fixed Assets: Authorised Capital 5 Mrs. Sandhya Rohit Malhotra Additional Non-Executive and Independent Director Intangible Fixed Assets are carried at cost less accumulated amortisation and impairment losses, if any. The Equity Share Capital 55,000,000 10 550,000,000 54,990,000 10 54,99,00,000 The details of the Key Managerial Personnel of the Company are set out below: Cost of intangible assets comprises of cost of purchase, production cost and any attributable expenditure on Redeemable Sr. No. Name Designation making the asset ready for its intended use. Capital Work in Progress: Capital work in progress are assets - - - 10,000 10 1,00,000 that are not yet ready for their intended use which comprises cost of purchase, production cost and related Preference Shares 1. Mr. Markand Adhikari Managing Director attributable expenditures; 1.5 Depreciation/Amortisation Tangible Fixed Assets: Depreciation on Tangible Total 55,000,000 10 550,000,000 55,000,000 10 550,000,000 2. Mr. Anand Shroff Chief Financial Officer Fixed Assets has been provided based on the useful life of the asset and in the manner as prescribed in Issued, Subscribed 3. Ms. Jyotsna Kashid Company Secretary and Compliance Officer Schedule II to the Companies Act, 2013. Improvement to Lease Assets is amortised over a balance period of and Paid-up 8. RATIONALE FOR THE SCHEME: The rationale and benefits of the Scheme are: i. Unlocking Shareholders Value lease on straight line basis. Depreciation on decoders is provided 100% in the year of purchase or in the year Equity Share Capital 2,63,75,000* 10 263,750,000 34,944,500 10 349,445,000 in Broadcasting Business through listing of growing Broadcasting Business of the group. ii. Focusing on core which Company starts commercial operations of respective channel, whichever is later. Intangible Fixed Assets: Business and Commercial Rights are amortized 10% in the year of purchase/production or in the year Non-Convertible business of content to Facilitate a level playing field for the Company in new age media and to focus on creating in which Company starts commercial operations of respective channel, whichever is later and remaining 90% Non-Cumulative and developing infrastructure related to the new age media and Entertainment field; and iii. Creating a new vertical - - - 10,000 10 1,00,000 are amortized in subsequent nine years on a straight line basis. If the management anticipates that there will Redeemable and rewarding the shareholders through listing of the niche and oriented Publication Business of the Group. not be any future economic benefit from particular rights then same is amortised fully in the year of such Preference Shares 9. AUDITED STANDALONE FINANCIAL STATEMENT OF THE COMPANY anticipation. Channel Development cost is amortized on straight line basis over a period of ten years on time Total 2,63,75,000 10 263,750,000 3,49,54,500 10 349,545,000 BALANCE SHEET OF THE COMPANY: Amount (In `) proportionate basis. Computer Softwares are amortized on straight line basis over a period of 3 years on time Pursuant to the Scheme, 3,49,44,500 equity shares of ` 10/- each in and 10,000 Non-Convertible Non-Cumulative As At As At As At proportionate basis; 1.6 Borrowing Cost: Borrowing costs directly attributable to development of qualifying Redeemable Preference Shares of ` 10/- each of the Company have been issued and allotted to the equity shareholders, Particulars Notes asset are capitalized till the date qualifying asset is ready for put to use for its intended purpose. Other 31.03.16 31.03.15 31.03.14 in the entitlement ratio of one equity share of the Company for every one equity share held in Sri Adhikari Brothers Borrowing costs are recognized as expense and charged to profit & loss account.; 1.7 Revenue Recognition: Television Network Limited (‘SABTNL’), and preference shareholders, on proportionate basis, of SABTNL respectively. EQUITY AND LIABILITIES Revenue from advertisements is recognised on telecast basis and revenue from sale of program/content rights *Upon allotment of the aforesaid equity shares, the existing equity shares held by SABTNL stands cancelled in Shareholder's Funds is recognised when the relevant program/content is delivered; 1.8 Foreign Currency Transaction: Initial terms of the Scheme.