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il tut. aatfia{st' Co.S-1, tVth Floor, Raman Tower'
Sanjay Place, AYa '282002
Tel : 0562-4001556
E-mail :mradul. Pathak@gmail comCfiarteref Xccountdnts
ToThe Members.
M/s Sea News Network Limited
t48. Munu, Nugar, Shaliganj ' Agra - 282010
Report on the Financial Statements
Wel-raveauditedtheaccompanyingStandalonefinancialStatementsofM/sSeaNewsNctlvork
Limitecl, 148, Manas Nagar, Shahganj' Agra - 282010 which comprise the Balance Sheet as
on March 3l,2011 ,the Statement of Profit and Loss for tl-re yeal ended March 31' 2017' Cash
FlowStatementfortheyearendedMarch3l,20lTandaSummaryofsignificantaccotlt]ting
policies and other explanatory information'
Managemcnt's Responsibility for the Financial Statcments
Managenret1tisresporrsiblefolthenattelsstatedinSectiorrl34(5)oltlreCompaniesAct,20i3
("the Act") with respect to the preparation and presentation of these standalone financial
statements that give a true and fair view ofthe financial position, hnar-rcial performance and cash
flows of the company in accordance with the accolrnting principles generally accepted i, India'
,r","0**,ir. a,ccounting Standards specified under Section 133 of the Act, read with Rlrle 7 of
the Companies (Accounts) Rules' 2014' This responsibility also includes maintenance of
aclequateaccor-urtingrecordsinaccordancewiththeprovisiorrsoftheActforsafeguardingthe
assetsoftlreCorr'rpanyandforpreverrtinganddetectingflaudsanclotlrerirregularitiesiselection
and application of appropliate accounting policies; making judgments and estimates that are
reasonable and prudent; and design' implementation and tnaintenauce of adequate ir"ernal
'r.rancial co.trols, that were operating effectively fol ensuring the accr-tracy and completeness of
theaccotrntirrgrecords,relevanttothepreparationandpresentationoltlrefinancialstatenents
tlratgir,eatrueandfairviewandarefreef,.ommrterialmisstatement,wlrethelduetofraudor
error. Managene.t also undertakes that the information providecl r'egarcling thc dctails of SBN
lie]dandtlllnsactcclclurirrgderrror.retizationperiodfor.r.eportirrgirrfiirar-rcia]Statfmentsafetltle
aud correcl.
Aurlitor's li.esPonsibilifY
Our responsibility is to express an opinion on these standalone llnar.rcial statements based cin our
audit. we have taken into account the provisions of the Act. the accounting and auditing
standards a,d malters which are required to be inclr,rded in the audit report under the pror isiols
of tlte Act and the Rules n.rade thereunder. We have conducted our auclil in accordance rvith the
Stanclar.ds on Auditing specified rmder Section 143(10) ol the Act. These Standards reqr'rire that
wecorrrplywitlrethicalrequirementsandplarranclperlormtl.reaudittoobtainreasolrable
assurance about whether the tlnancial statements are fiee l}om material misstatement' An audit
inr,olvesperfbrr-r.rir-rgprocedurestoobtainauditevidenceaboutthean]otlntsandthedisc]osures
in thc llnancial statements. The procedures selected depend on thc auclitor's judgment, includillg
the assessment of the risks ol matelial misstatement of the ti.rancial statements' whetller dtle to
fiaudorerror.lnrr'rakingtl'roseriskassessments,tl-reauditorconsider.sitrternalfinancialcontlol
lelevarlt to the entity,S preparation of 1he finarrcial Statements tlrat give a true and fair view irr
order to dcsign audit procedures that ale applopliate in the circulnstances' An audit also irlcludes
er,aluatir-rgtheapplopriatenessoftheaccountingpoliciesrrsedandthereasonablerressoftlre
accountitlgestitlatesrrradebythemanagement,aswellasevaluatingtheover.allpresentationof
1l.re fir.rancial statenents. we believe that the audit evidence we llave obtained 15 5uffisient arld
applop[iatetoplovideabasisfor.ourauditopinior-ronthestatldalotreflnar-rcialstatenents.
Opinion
ln our opinion ar.rcl to the best of our intbrr.nation and according to the explanatiot]s given to us'
the f,inancral statemellts give the informatior-r required by the Act iuthe uatlner so required and
give a truc and l.air view in conformity with the accotulting principles genelally accepted ir,
lndia:
(a)lr.rthecaseoftheBalancesheet,ofthestateofaflairsoftlreConlpanyasonMtrrch3l'
2077.
(b)IntllecaseoftheProfitar-rdLossAccount,oftheprofit/lossfbrtheyearet-rdedonthatdate,
(c)InthecaseoftheCashFlowStatement,oftlrecaslrflowsfor.tlreyearendedorrthatdate.
Report on Othcr Legal and Regulatory llequircments
l.Asr.equiredbytheCorripanies(Auditor,sRepor.t)order.2016(..theorder.,,)issuedbythe
Ccttl'rll Cov..'rtrt trerr I ol lrrdia ill teIlIlS ol sttb-sccti..ltl (11)of SlJctiUll l4j ol.tlte Act. r,r e gir'e
iutl.re ,.Annexure A" statement on the matters speciliecl ir.r paragraphs 3 and 4 of the order'
2. As lequired by sectioll 143(3) of the Act' we report that:
a)lvelraveobtainedalltlieinforr-trrtionarrdexplanatiotrsrvlrichtotl-rebestofor"rr
linorvleclge and belief were necessary for tl.re purpose of oul audit; t
c)
e)
Placc: AgraDated: 30.05.2017
b)
d)
ir.r our opinion proper books of accounl as required by larv have been kept by the
Company so far as appears frolu our examination of those books;
the Balance Sheet & Statement ol Profit and Loss dealt with by this Report are in
agreemerll with the books of accounts;
in our opinion, the aforesaid standalone finar.rcial statements cornply with the Accountir.rg
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
on the basis of the written representations received fron the directors as on 31 Marcl.r
2017 taken on record by the Board ofDirectors, none ofthe directors is disqualified as on
3 I March 2017 fron-r being appointed as a director in terms of Section 1 64 (2) ol the Act:
with respect to the adequacy of the internal financial controls over linancial reporting of
tlre Company and the operating effectiveness of such contlols. l'efer to our separate repolt
ir.r "Annexure B"
with respect to the other matters to be included in the Auclitor's Report in accor.lance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best ofour inlorrnation and accolding to tl.re explanations given to us:
i. the entity has disclosed the impact ofpending litigations on its financial position
in its financial statements, there are no pendilrg litigations;
ii. the entity is not required to make provisior.r, as tequired under the applicable lar,v
or accounting standards, for material foreseeable losses, as there are no lor.rg-term
contracts including derivative contracts.
iii. there is no transf-er ofany amount to the Investor Education and Protectior.r Fund
by the entity.
iv. the Company has provided requisite disclosures ir.r the financial staternelrts as to
holdings as well as dealings in Specified Bank Notes dr:ring the period from Sth
November, 201 6 to 30th December, 201 6. However, we are unable to obtain
sufficient and appropriate audit evidence to report on whether tlie disclosures are
in accordance with books of accom.rt maintained by the Company and as
produced to us by the Management;
Iror M/s M. Pathtk & Co.
Ch:rrtered A
CA Mradul Pa
M. No. - 076499
TlreAnnexurereferredtoinourlndepen<lentAutlitors'ReporttotheMembersofM/ssr,t xurvs NETWORK LIMITED on the finrrrrcial stttemcnts for the yelr endcd Marclr
31,2$17, rve rcPort that:
(I) (a) The Con.rpany has n.rail.ttained proper records shou'iug 1'ull particulars including
qtrantitatir e detcils and situatiott o[ fixed assets:
lhlllreC()lllL]altrttasarcgLtllt.progt.amolplrysicelvel.iljcrtiortloeoVerlllfixedaSsCl\ill3:i,,',i', ,;,,';:';i";:;;.i"?;i,*o"v"u"' In aicorclar.rce r'vitli this progran' cenain fixed assets
|J:1.:1,,;:r,;:;;;".rr,,iJJ".r* the year by the manage,rent but no ctiscrepa,cies were noticed
or.r sr-rch verif-rcatior-r u, .*pluiiJ to us. In our opinio,, the frequency of verificatio, of fixed
assets is lersotlable.
(c) Accolding to the infonnation and explanations given to rts and on the basis of our
examination ol the lecords "i'tr-r.
c"*p-y, the title deecls of inrmovable properties are held in
the name ofthe ComPanY.
(ll) The ComPanY
Thus. palagraPl.r 3
is a Service Con-rpany. Accordingly it does not holcl ar.ry physical invet.ttories'
(ii) ofthe Ordet is not applicable'
(tII)TheCorlpanyhasgrantedunsecuredloantoacolllpal]ycovct.edilrtlreregistermaintairredi*a.r r.",io, i89 of t1l.-Co".'panies Act,2013('the Act")'
(a)Theternrsatrdconditionsofthegrantofloanalenotprejudicialtotlrecompany,sinterest.
(b) No scheclule of repaynlent of principal and intelest has bectl stipr-rlated
rup'rr tttetlt hcs beerl teccir ed drrring tlte l ear'
(c)Tl]eleisnostipulationaStolepaymentofloan,herrce,t]rereist-tooverdtteanrountformore than ,-,in"ty auyr,'-un.l iompany has r.rot taken any stells lot lecovery of the
princiPal and ir-rtelest'
1lV') ln r,rtrr.opirrion lrrd cccolding to the inrornlatiort attd erplattatiolls givell.lo tls' the col'l)pally
hcs ,or u*dc on; loa.s. i,,u.ri.init. gurrrn,.. and securirl r'equirirrg complia,ce ttndcr siition
ig! ""a
fSA ofthe Companies Act, 2013 dnling the year'
(V) The Company has not accepted any deposits from the public'
rvl) The central Go,ernment has not presclibed the maintenance ol cost records ltnder stlb-
;",i",ril r Jiection 148 of the Act, for any services rendered by the cor..pany'
(VII)(a)Accordirrgtointbt.matiorrarrdexplanatiorrsgir,entousatlclot.ltl-rebasisoftlrerecordsof the Company, amounts a"A]"t.a7 u""tred in the b-ooks of accor-ll1ts it.r lespect of ur.rdisptltecl
Statutolycluesincluclingprovidentfund,employeesStatelnsurance.Income-Tax.ServiceTax.ii.--v
"ll c1"i"-s, Dut):of Exc;;e, value added:fax' cess and ant'other material statutory dues
il; ;;.,, deposited dLrring ihe' year by the company rvith the appropriale authorities.As
explained to.s. the corpur-ry-Jii r-,ot have any dnes on accourt of duty ol excise, sales tax,
u,aallh row \/"1,,. "n'n^'-'l tov /-'oc
and althor"rgl-t
According to the inlormation and explanations given to us, no r:r.rdisputed amounts payairle ir.r
respect of-tl.re above were in arreals as at lvlarch 3 1. 201 7 fol a petiocl of l.tlore than six months
from the date ou n'hen they become payabie.
b) According to ll,e inforr.nation and explanation given to Lls, theL'e are no dues of income tax,
,u1", ,.", ser:vice tax, duty of customs, duty of excise, value added tax or-rtstanding on account of
any dispute.
(Vlll) The contpany has not defaulted in repayment of loans to banlis or' financial institutiot]s
during the 1'eat'.
(IX)TheCol]lpallydidnotraiseallyl,Iloneybyyay-ofirritialptrblicoffer(includingdebti,r.t,.rn .rt.) t",.,.r-, ioans durir,g the year'. Accordingly. the paragragh 3 (ix) of the orde. is t.tot
applicable to the Company.
(X) According to the information ar]d the explatlatiotts given to tLs- no material fra d by the
con1pnn1.or.on the company by its officers or employees has been rloticed or reported during the
course of our audit.
(Xl) According to the ir.rformation and explanations given to us atrd based on our examitlatiotl of
tl.re recor.ds ol tl.re company, the company has paid/ provicled lor managerial lemuneration in
u..ordun". rvith the requisite upp.orui, mandated by the provisior-rs of section 197 r'ead with
Schedule V to the Act.
(XIl)AccoLdingtotlreirrformationandexplanatioltsgiventoLlS.theConlpatryisriotaNid]riilonrp^ry. Acco-rclingly paragraph 3 (xii) of the order is not applicable'
(XIII) According to the ir.rfbrmation -and
the explanations given lo us and based on our
"-*n,inntlon of
"tl.re recorcls of the company, tl'ansactions witll thc related parties at e i;r
.on fiio,.,." rvith section 177 ad 188 of Companies Act, 2013 u'herc applicable and details of
such transactiorls have been disclosed in the financial statenlents as t'equired by the applicable
accoutttit.tg standards.
(XIV)Accordingtotheinforr-rrationandtheexplanationsgiventousandbasedonout.|*orrino,ion of ihe recorcls ol the Company, the corlpany has not urade any
. prelelential
allotntent or private placement ol shales or fully or paltly convertiblc debentut'es during tl.re year"
H.r*",,fr. pLovisions of clatLse 3 (xiv) ofthe order are not applicable to the Contpany'
(XV) AccoLding to the inforn-ration and the explar.ratior,rs given to tls and- basecl on out.
l-*#ination oithe records of the Co,rpar.ry, thi cornpany has uot entered. ir.tto non-cash
transactio.s $,ith directors or persons connicted with him. Accordingly, the provisions of clattse
3 (xv) ofthe order are not appLicable to the Company'
(XVI)TheCot-tlpanyisnotreqr-riredtoberegisteredtuldersectiotr45-lAol.theReserveBankofhJie Ae t. I o j-1.
Place: AglaDate:30.05.2017
For NIiS N'1. l',rthak & co.
CA. Mradul PaPzrrtner
M Nn. (l?ti4o<)
Annexurc - B to the Indenendent Autlitors lleport
ILcport on the Intcrnal Fin:rncial Controls undcr Clausc (i) of Sub-section 3 of Section 143
of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Sea Nervs Nehvork
Limitcd, as ol 3 I Marcl'r 2017 in conjunction lvith our audit of thc stanclalone financial
statemenls ol the entity for the year ended on that date.
Managcrnent's Responsibility for Intcrnal Financial Ct.rntrols
'fhe entitl,'s luanagement is responsible for establishing and maintait.tit.tg internal linancial
controls based on the intemal control over flnancial reportit.tg critelia cstablished by the entity
consiclcring the esset.rtial conlponents ol ir.rternal colltlol stated irt tlte (lLriclance Note on Audit of
lnternal Financial Controls over Financial Reporthrg issued by the Institute of Chartered
Accountalts of India ('ICAI'). Tl.rese responsibilities include the design, in-rplernentation and
pailtenance of adequate interual financial controls that \\,ere operating elfectively for ettsutittg
the or.clelly and elficient conduct of its business, including adhclcucc to Erltity's policics, the
safeguar.cling of its assets, the plevention and detection of fi'aucls and errot's, the accuracy aud
cornplctcpess ol the accourting records, and tl're tiurcll, plcpalertion of reliable llnancial
infolrration, as tequired ttuder the Companies Act, 201 3.
Auditors' Ilesponsibility
Ogr r.esponsibility is to express an opinion on the entity's intelnal llnar.rcial conttols over
lltancial reporting based ou our audit. We conducted our audit in accorclance with the Guidance
Note on ALrclit ol Internal Fir-rar.rcial Controls over Fiuattcial Rcporting (the "Guidance Note")
alcl the Stlldards on Auditing, issued by ICAI and decmed to be plescribed under sectiolt
143(10) o1'the Cornpanies Act. 2013, to the exterlt applicable to an attclit of internal financial
cortrols, both ?pplicable to an audit of Intemal Financial Controls and, both issued by thc
lnstitule of Chartered Accountants ollndia. Those Slattclalds and tlic Gttidatrce Note requile that
1,e coltpll rvith ethical requirements and plan and perlorrn t]ic audit to obtain reasouable
assLll.iutce about $,hether adequate internal finar.rcial controls ovet i'inancial repofiing was
establis6ed ar.rd maintained and if such controls operated eff'ectivcly in all n.raterial respects. Ottr
audit ir.rvolves perfonr-ring plocedures to obtain audit evidertoe abottt the adequacy ofthe interrlal
financial controls system over llnancial reporting and theil operating cfI'ectivertess. Ottl audit of
inter.lal financial controls over financial repoltir.rg inciuded obtaining an ttnclerslaucling of
i1ter.1al Ilnancial cor.rtrols over' financial reporting, assessing the risli that a material rveakness
exists, ancl tcsting and evaluating the design ar.rd operating ellectivencss of ir.rtemal control basecl
on the asscssed risk. The procednres selected depend on the auditor's .iudgirent, inclttcling the
assessluent of the risks ol matelial misstatclnent of the financial statelueltts, whether due to fraud
or crrol., \Vc believc that the audit evidence we havc obtained is sulllciertt ancl approllliatc to
pt.oyidc a basis lor our audit opinior.r on the entity's internal flnancill cotttrols systerll ovcr
llnancial lcporting.
I
Meaning of Internal Financial Controls over Fin:rncial Reporting
A company's internal financial control over financial reportit.tg is er process designed to provide
reasonable assurance regarding tl-re reliabilitl, of llnancial reporting and the preparation offinancial statements for external pllrposes in accordance t'ith gencrally accepted accoturting
plinciples. A entity's internal financial control over financial repolting includes those policies
and plocedures that (1) pertain to the maintenance of records that, in reasonable detail, accuralely
and ihir'l1' rel'lect the transactions and dispositions ol the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necesscl\ to pernrit prepalation offiuancial statements in accordance with generally accepted accourrting principles, ancl that
receipts anci expenditures ofthe Entity are being made only in accordanoe u,ith authorisations oftnanagemcnt and directols of the Entity; and (3) provide reasonable assurance regaldir.rg
plevention or timely detection ol r"rnauthorised acquisitior.r. use. ol clisposition of the cor.npanv's
assets that could have a material effect on the financial statemenls.
lnherent Limitations of Internal Financial Controls Ovcr Financial Rcporting
Becausc o1' the inherent limitations of internal financial controls or,'er financial reportiug.
including the possibility of collusion or imploper managemenl overricle of controls, nratelial
misstatenlenls due to error or 1'raud may occur and not be delecteLl. Also, ptojections oI arty
evaluation ol tlte interr-ral finar.rcial controls over financial reportiug to future periods are subject
to the risk tliat the ir.rternal financial control over financial repofling may becone inadequate
because of cl.ranges in conditions, or that the degree of cot.upliance with the policies or'
proceclnres may deteriorate.
Opinion
In our.opiniou, the entity ltas, in all r.naterial respects, an adequate internal financial controls
systenl over 1'urancial reporting and such internal financial controls ovcr lluartcial reporting rvele
operatiug elltctively as at 31 March 2017, based on the intertral conltol over fit.rancial reportir.rg
critcria established by the Er.rtity considering the essential corl'Iporlel1ts of iuternal control stated
ir.r tfte Guidar.rce Note on Audit of Internal Financial ConLrols Ovel Finar.rcial Reporting issued by
the Institute of Chartered Accollntants of India.
Place: AglaDate: 30.05.2017
For M/S Nl. l'athak & Co.Chartercd Accountants
"7SEA NEWS NETWORK LIMITED148, Manas Nagar, Shahgani, Agra
BALANCE SHEET AS AT 31ST MARCH'20I7
{Amount in Rs,}PARTICULARS FIGURES AS AT FIGURES AS AT
31.03.2017 31.03.2016
EQUIry AND LIABILITIES
SHAREHOLDERS' FUNDS
a. Share Capital
b Resetues & Surplus
SIIARE APPLICATION MONEY PENDING ALLOTMENT
NON-CURRENT LIABILITIESa. Long-Term Borrowings
b. Deferred Tax Lrablities (Net)
.. Other Long Term Liabilitiesd. Long-Term Provisions
CURRENT L'ABILITIESa. Short-Term Borrowings
b Trade Payables
c. Other Current Liabilitiesd Short-Term Provisions
134,500,000 00 134,500,000.00
\48,581,902.12J 93,117,316.28)85.918,097.88 9'1,382,683.72
4
7
8
I'10
729,947.63494,269.00
75,876.00
889,671.008.223,389.001,055,762.00
470,739.00897,732.00
6S.113.00
1,300,092.63 1,437,584.00
546,623,00
17,r01,681.0010,181,236.00
35,057.00 87,326.0010,203,679.00 27,916,866.00
ASSETS
NON.CURRENT ASSETSA FIXED ASSETS
(i) Tangible Assets(ii) lntangible Assets(iii) Capital Work-in-Progress(iv) lntangible Assets under Development
b. Non-Current lnvestmentsc Deferred Tax Assets (Net)
d. l-ong form Loans and Advances
o. Other Non-Curenl Assets
CI.IRRENT ASSETS
a. Current lnvestmentsb. lnvenioriesc. lrade Receivablesd. Cash and Cash Equivaientse. Shon-Term Loans and AdvancesI Other Current Assets
Signilicant A(counting PoliciesContingent I-iabilities and CommitmontsOther Notcs on Accounts
____91_t4,c6s-41 _____12!Jg_J33.12_
14,740,105.16 r6 467,062.16
28 ,97 4 ,7 86.00 5,630,376.0012
13 _ 4'1,073,328.00 53,425,837.00
84,788,219.16 75,523,275.16
14
15
l6
1
24
530,869.00162,118.35
11,940,863.00
5,845,392.00
51,445.56
39,317,021.00
12,633,850 35 45,213,858.56
97,422,069.51 120,737,133.72
As Per Our Report ot even date attached
For and on tlh(fof tho Board
9g'^"x"9-^'(SonalJain)
Director
3i,ll^$:h-.El ZOrt
SEA NEWS NETWORK LIMITED148, Manas Nagar, Shahganj, Agra
STATEMENT OF PROFIT AND LOSS FOR THE PERIOD 0,I.04.201610 31.O7.2O17
SCHEDULES FIGURES FOR THE FIGURES FORTHE
PERIOD ENOEO PERIOD ENOEO
31.03.2017 31.03.2016
t.
.
t.
Revenue from Operations 17
Other lncome 18
Total Revenuo (l + ll)
Expenses lEmployee Beneifit Expenses 19
Finance Costs 20
Depreciation and Amortizalion Expenses 2lOther Expenses 22
Total sxpenses
PROFIT BEFORE EXCEPTIONAL AND EXTRAOROINARY ITEMS AND IAX (III.IV)
EXCEPTIONAL ITEMS
PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX (V.VI)
EXTRAORDINARY ITEMS
PROFTT BEFORE TAX (Vll-Vlll)
TAX EXPENSE:
(1) Current Tax
(2) Deferred Tax
pRoFtr FoR THE PERIOO FROM CONTTUNING OPERATIONS(lX-X)
PROFIT FROM DISCONTINUING OPEMTIONS
TAX EXPENSES OF DISCONTINUING OPERATIONS
PROFITFROM DISCONTINUING OPERATIONS (aftortaxxxll-Xlll)
PROFTT FOR THE PERTOO (X + XIV)
Earnlngs per oquity $hare:(1)Basic(2) Diluled
Significant Accounting PoliciosContingent Llabilities and CommitmentsOther Notes on Accounts
___l,e9g9!9_q0 _______1_p22213!9-
1,264.080.00722.a76.00
2,214,392.002,707,823.00
1,633,421.00
283,271.63
3 ,228,347 .00
2,709 ,965 .21
1,992,843.00
149,287.00
3,116,459.00
9,674,399.78
7,855,004,84 '14,932,988.78
{s,868,048.84)
vll.vl .
lx
XI,
x .
x t.
XIV,
xvt.
(5,868,048.84)
(10,010,773.78)
(10,010,773.78)
1261 ,254 .00)
19,7 49,479.78)
19,7 49,479.78)
(1.97)
(1.97)
(403,463.00)
(5,464,585.84)
(5,464,585.84)
(1.10)
(1.10)
1
23
24
As per our roport ot even date attached
Place: AGR.A
For and on behalf oftho Board
goJ)s*(SonalJain)
(Shraboni Chatterjee)
Company Secretary
-/ ::,itrj,,.:.,,,/
oate: $ g Hlr 20ll
Signif icant Accounting Policies
Contingent Liabilities and Commitments
Other Notes on Accounts
As per our rcporl of cvcn datc attached
SI]A NEWS NETWORK LIMITED
148, Manas Nagar, shahganj, ABra
C.rsh lrlow Statement for the year ended 31st March, 2017
1
23
24
(Amount in Rs.)
For and on behalf of the Boardt\ \-(e--rAd*
(S6nal Ja n)
Drrector
(ShraboniChatterlee)
Company SecretaryPlacerAGRA
PAITTICUI-ARS TOR THE YIiAR END'D31-Mar.h-2017
FOII TTTE YEAR ENDED31-March-2016
CASH FLOW FIIOM OPERATING ACTIVITIES
Net lrrofit before tax arrd after prior Ireriod Adjustments (5,868,048.84) 1L0,0L0,n3.78)
3,224317.00 3,077,259 .00
(35,852.00)
Itltcresi & Irirance Charges 283,271.63 't19,287.00
I)iflered Rcvenr.te & Misccllancous Exp. Written Off
Operating l'rofit before working capital changes 12,356,430.21) (6,820,089.78)
SundI\ Debtors 1,114,523 00 't,'182,73 t .O0
Crntuity & I"eave Encashment I'rovisnm 7,24'L00
27,37b,158.40 5t4,817 00
Current Lrabilitics 118,057 276_00) 6,369,4a7 .00
Cash Generated from Operations 12,278,275.79 7,266,945,22
\,'r' Cu,r.nt \.set5/ Lirbrhhc5-Nrt 10,985,I38 00 '1,657,747.00
NI:t Cash used in Operating Activities (A) 1,293,077.79 l.390,795,78)
CAS}I FLOW FROM INVESTING ACTIVITIES
Purchase of lixed Assets (1,501,390.00)
35,862.00
Net cash used in Invcsting Activities (B) (1,501,390.00) 35,852.00
CASH FI,OW FROM FINANCINC ACTIVITIES
1283,271 $) (149,287 .00)
l'rn..(iis !f \hurt tcnn lrurros urgs
Re payment ofshort term borroaings (212,718.00)
Procee.Ls ofk)ng tcrnl borrou'ings 1,117,745_40 (60,9rh UU)
Re-payment of lotlg term borroilings (888,4q6.37) (94,383.00)
hoc(,ccts/It.-pavmcnt of U:rsecured t,oan 343,018.00 516,623.00
Net Cash fron Irinancing Activities (C )s18,985.00 1711.00)
Net lncrease/iD€crease) h Cash and Cash Equivalent (A+B+C) 110,672.79 \355,644.78)
OPININC CAS}I I]AI-ANCE 51,445.56 407,090,34
CLOSINC CASH BALANCE 162718.35 57,M5-56
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SEA NEWS NETWORK LIMITED
1. Significant Accounting Policies1.1 Basis of preparation of financial statements
These financial statements have been prepared in accordance with lndian Generally Accepted AccountingPrinciples (GAAP) under the historical cost convention on the accrual basis. GMP comprises mandator!accountlng standards as prescribed under section 133 of the Companies Act, 2013 ('the Acl) read with Rule 7 ofthe Companies (Accounts) Rules, 2014 the provisions of the Act (to the extent notified) and guidelines issued bythe Securities and Exchange Board of lndia (SEBI). Accounting policies have been consistently applied exceptwhere a newly issued accounting standard is initially adopted or a revision to an existing accounting standardrequires a change in accounting policy hitherto in use.
'1.2 Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Management to make estimates andassumptions that affect the reported balances of assets and liabilities and disclosures relating to contingentliabilities as at the date of the financial statements and reported amounts of income and expenses during theperiod. Examples of such estimates include provision for doubtful debts; future obligations under employeesretirement benefit plans, income taxes, post sales customer support and the useful lives of fixed tangible andintangible assets. Although these estimates are based on the management's best knowledge of current eventsand actions, uncertainty about these assumptions and estjmates could results in the outcomes requiring a materialadjustment to the carrying amounts of assets, Iiabilities, revenue and expenses in future penods. Changes lnestimates are reflected in the financial statements in the period in which changes are made and if materiai thejreffects are disclosed in notes to accounts.
1.3 Revenue recoqnition
Revenue is primarily derived from time and space selling. Revenue is recognized as the related services areperformed/ provided to the clients.
The Company presents revenues net of indirect taxes in its statement of Profit and Loss.
Profit from sale of investments is recorded on transfer of title from the Company and is determlned as thedifference between the sale price and carrying cost of the i.nvestment.
Lease rentals are recognized rateably on a straight-line basis over the lease term.lnterest is recognized using the time-proportion method, based on rates lmplicit in the transaction.Dividend income is recognized when the Company's right to receive dividend is established.
'1.4 Provisions and continqent liabilities
A provision is recognized if, as a result of a past event, the Company has a present legal obligation that isreasonably estimable, and it is probable that an outflow of economic benefits will be required to setfle theobligation. Provisions are determined by the best estimate of the outflow of economic benefits requires to setflethe obligation at the reporting date. Where no reliable estimate can be made, a disclosure is made as contingent
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I'ability. A disclosure for a contingent liability is also made when there is a possible obligation or a presentobligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or apresent obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure ismade
1.5 Tanqible assets and capital work-in-proqress
Tangible assets are stated at cost, less accumulated depreciation and impairment, if any. Direct costs arecapitalized until such assets are ready for use. Capital work-in-progress comprises the.cost of fixed assets that arenot yet ready for their intended use at the reporting date.
1.6 lntanqible assets
lntangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost lessaccumulated amortization and impairment.
1.7 Depreciation and amortization
Depreciation on tangible assets is provided on the straighuine method over the useful lives of assets as perschedule ll of the companies Act, 2013. Depreciation for assets purchased/sold during the period is proportionatelycharged. The Management estimates the useful lives of the fixed assets as prescribed under part C of Schedule llof Companies Act 2013.
lntangible assets are amortized over their respective individual estimated useful lives on a straight-line basiscommencing from the date of assets is available to the company for its use.
1.8 lmpairment
The management periodically assesses, using external and internal sources, whether there is an indicatlonthat an assets may be impaired. lf any indications exist, the recoverable amount is estimated. An impairmentloss is recognized wherever the carrying amount of an asset exceeds its recoverable amount.
1.9 Retirement benefits to emplovees
cratuitv
The employees' gratuity scheme is a Defined Benefit Plan (DBP). The present value of obligation is determinedbased on actuarial valuation using the Projected Unit Credit Method on the balance sheet date, which recognizeseach period of service as giving rise to additional unit of employee benefit entitlement and measures each unitseparately to build up the final obligation. The Company recognizes the net liability of the gratuity in the Balancesheet and expenses in statement of Profit and Loss in accordance with Accounting Standard (AS) 15, "EmployeeBenefits".
Provident FundEligible employees receive benefits from a provident fund, which is a defined benefit plan. Both the employee andthe Company make monthly contributions to the provident fund equal to a specified percentage of salary.
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Leave encashment
The obligation for leave encashment is provided on the basis of earned leave standing to the credit of theemployees. The present value of obligation is determined based on actuarial valuation using the Projected UnitCredit lvlethod on the balance sheet date, which recognizes each period of service as giving rlse to additional unitof employee benefit entitlement and measures each unit separately to build up the final obligation. The Companyrecognizes the net liability of the leave encashment in the Balance sheet and expenses in statement of Profit andLoss in accordance with Accounting Standard (AS) 15, "Employee Benefits"
1.10 ForeiqnCurrencvTransactions
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amountthe exchange rate between the reporting currency and the foreign currency at the date of transaction.
Foreign currency denominated monetary assefs and liabilities are translated at exchange rates in effect at theBalance Sheet Date. The ga,ns or /osses resulting from such transactions are included in the statement of profitand i oss.
Foreign currency denominated non-monetary liabilities is translated at exchange rates in effect at the BatanceSheet Dafe. The gains or losses resulting from such transactions are included in fhe respecllve assefs.
Revenue, expenses and cash flow items denomjnated in foreign currencies are translated using the exchange ratejn effect on the date of the transactions. Transaction gains or losses realized upon settlement of foreign currencytransactions are included in determining net profit for the period in which the transaction is settled.
1.'11 Taxes on incomea) Current tax
i) Current income tax is measured at the amount expected to be paid to taxation authorities inaccordance with the lncome Tax Act, 1961 enacted in lndia by using tax rates and the tax laws thatare enacted at the reporting date after considering tax allowances and exemptions. Provisions arerecorded when it is estimated that a liability due to disallowances or other matters is probable.
ii) Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to futureeconomic benefits in the form of tax credit against future income tax liability, is recognised as an assetin the Balance Sheet if there is convincing evidence that the Company will pay normal tax after certainperiod. and the resultant asset can be measured reliably.
b) Deferred taxThe differences that result between the profit considered for income taxes and the profit as per the financialstatements are identified, and thereafter a deferred tax asset or deferred tax liability is recorded for timingdifferences, namely the differences that originate in one accounting period and reversed in another, based onthe tax effect of the aggregate amount of timing difference. The tax effect is calculated on the timingdifferences at the end of the an accounting period based on enacted or substantively enacted regulations.Deferred tax aisets in situation where unabsorbed depreciation and carry forward business loss exists, arerecognized only if there is virtual certainty supported by convincing evidence that sufficient future taxableincome will be available against which such deferred tax asset can be realized. Deferred tax assets, other thanin situation of unabsorbed depreciation and carry forward business loss, are recognized only if there isreasonable certainty that they will be realized. Deferred tax assets are reviewed for the appropriateness of
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their respective carrying values at each reporting date. Deferred tax assets and deferred tax liabilities havebeen offset as they relate to income taxes levied by the same taxation authority.
1.12 Earninqs oer share
Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equityshares outstanding during the period, Diluted earnings per share is computed by dividing the profit after tax by theweighted average number of equity shares considered for deriving basic earnings per share and also the weightedaverage number of equity shares that could have been issued upon conversion of all diluted potential equityshares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actuallyissued at fair value which is the average market value of the outstanding shares.
1 .13 lnvestments
Trade investments are the investments made to enhance the Company's business interest. Investments are eitherclassified as current or non-current based on Management's intention. Current investments are carried at thelower of cost and fair value of each investment individually. Long term investments are carried at cost lessprovisions recorded to recognize any decline, other than temporary, in the carrying value of each investment.
1.14 Cash and cash equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks. The Company considers all highlyliquid investments with remaining maturity at the date of purchase of three months or less and that they are readilyconvertible to known amounts of cash to be cash equivalents.
1 ,15 Cash flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects oftransactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or paymentsand item of income or expenses associated with investing or financing cash flows. The cash flows from operating,,nvesting and financing activities of the Company are segregated.
1.16 Leases
Lease under which the company assumes substantially all the risks and rewards of ownership are classified asfinance leases. Such assets acquired are capitalized at fair value of the asset or present value of the minimumlease payments at the inception of the lease, whichever is lower. Lease payments under operatjng leases arerecognized as an expense on a straight-line basis in the Statement of Profit and Loss over the lease term.
'1.'17 Borrowinq costs
Bonowing cost includes interest and ancillary costs incurred in connection with the arrangement of borrowings.Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarilytakes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost ofrespective asset. All other borrowing costs are recognised as expenses in the period in which they occur.
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SEA NEWS NETWORK LIMITED'148, Manas Nagar, Shahganj, Agra
NOTES TO ACCOUNTS
FIGURES FOR THE
PERIOO ENOED
31.03.2017
SHARE CAPITAL
(a) AUTHORISED
50,00,000 Equity shares of Rs 10/= each
(Prev.year 50,00,000 equity Share of Rs.10/= each)
85,00.000 Redeemable Non,Cumulaltve Preferenceshares of Rs 10/= each
(Prev.year 85,00,000 Redeemable non cumulative Preference Share)
(b) ISSUED, SUBSCRIBED AND FULLY PAID
49,50,000 Equjty shares of Rs '10l= each fully paid-up
(Prev year 49,50,000 equlty Share of Rs.10/= each fully paid-up)
85,00,000 1 2% Redeemable Non-Cumulalive Preference
shares of Rs 10/= each fully paid,up
(Prev.year 85,00,000 Redeemable non-cumulative Preference Share)
50.000.000.00 50,000,000.00
85,000,000 00 85,000.000.00
49,500,000.00
85,000,000.00
49,500,000.00
85,000,000.00
(c )VALUE PER SHARE (Rs-)(d) REGONGILIATION OF SHARES
Openino Balance of SharesShares lssued
Buy-Back of SharesClosing Balance of Shares
(e) RlGHTs, PREFERENCES AND RESTR|CT|oNS oN otSTRtBUTtON
OF DIVIDENDANO THE REPAYMENT OF CAPITAL
(f) SHARES HELD BY.Holding CompanySubsldaries CompanyAssociates CompanySHARES HELD BY SHAREHOLOERS HOLDING MORE
'9) Tultt s% or sganes(i) [,i/s Sea TV Network Lim]ted
(h) SHARES RESERVED UNDER.Options
Contracts/Commitmenls for the sale of shares/DisinvestmenlAGGREGATE NO. OF SHARES ALLOTTED AS FULLY PAIO FOR
THE PERIOD OF FIVE YEARS IIIMEDIATELY PRECDING
Pursuant to contract(s) without payment being received tn cash
By way of bonus shares
Shares bought back
SECURITIES CONVERTIBLE INTO EOUITY/PREFERENCE SHARES
CALLS UNPAID BY.Directors and officers
Others
rOnretreO SUnneS lAmount origina y paid up)
TOTAL 134,500,000.00'10.00
13450000
NILNIL
.13450000
NIL
13450000
NIL
NIL
134,500,000.00
(i)
(k)
13450000
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
i-joi ;iee !\i.1,'ii
10.00
13450000
NIL
NIL'13450000
NIL
13450000
NIL
NIL
13450000
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
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SEA NEWS NETWORK LTD148, Manas Nagar, ShahganJ, Agra
RESERVES AND SURPLUS
GENERAL RESERVE
As Per Last Balance SheetAddr Transfer from Profit & Loss tucAdd: Additions During the year
SURPLUS i.e. BALANCE IN STATETMENT oF PRoFIT ANo LossAs Per Last Balance SheetAdd: Profil as pe. Statement of Profil and lossLess: Transfer to General Reserve
TOTAL
LONG TERM BORROWNGS(a) Securod
From Banks
From Other Parties
Nature oi Secu.itv
Torm Loan From Banks
Primary S6curity
Firsl and exclusiyo charge ov6r moior vochic e toAxs Bank Limiled by way ofhypolhecation of Rs.9 41 ,000^ and t\rr.Viv6k Jarn. Oiroctor is th6 .o-
' First and exclusivecharge over motor vschict6 to HDFC Aank Ltmiled by wayof hypolhecation oI Rs 1 8 63,565r and Mr Noe.at Jain, Ohector is lhe @-
DEFERRED TAX LIABILITIES (Net)Deferred Tax Liabitities arlsing on account of:
Depreciation DifferencesLgas : Dorered Tax Aasets a sing on account of:
Provision for employee Benefits
LONG TERM PROVISIONS(a) Provision For Employee Benefits(b) Others
SHORT TERM BORROWINGS
LOANS REPAYABLE ON DEMAND(a) Secured
From Banks
From Other Parties
(b) Unsecured
From Banks
From Director
_(48,581.902.12) (43.117.316.28)
(48.581,S02.12) G3.117.3162A1
729.947.63 470,739.00
729.947 .63 470,739.00
(43 ,117 ,316.28)(5,464,585.84)
(33,367,836.50)
(9 ,7 49 ,479 .78)
Term ot Repavment
R€payablo in 60 €quat monlhty insia menls otRs 20,229t- 1.e Repaym€nl wi commence ftomDecomber 201 4.[Now Ac.ounr C]osedl
Repayable in 36 €qual monthty inslalmonts ofRs 59 655/- / e R€paymentwil @mmence f.om Jlty2016
581,184.00
86,915.00
494,269.00
982,941.00
85,209.00
897 ,732.00
75,876.00 69,1'13.00
7.
____3, 82q99_ __!9J13. 09_
889,671.00 546,623.00889.671.00 546.623 0o
For Sea I'lews Neiwork Limited
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SEA NEWS NETWORK LTD148, Manas Nagar, Shahgani, Agra
8.
9.
TRADE PAY.ABLES
(a) Trade Payables
Payable to Related party
Others
(b) Olhers
968,574.00
5,254,815.00
2,000,000.00
11,564,018.00
5,537,663.00
_____q!_q9_q0 ______Ilnl 68, no(a) T€de payable lnclude Rs. Nil due to subs diary cornpany (previous yoar Rs Nit)
(b) rhere rs no micro, sma and med um eniepr ses as d€finod in Iho mlcro, small, modium enrorprises deveropm€nl acl, 2006, lo whom rhs company
This rnfomation hes b6e. delerminedto iha exlent such parties have be€n identifiedon the bEs s otintormalion avaitabte wiih lha Company.
OTHER CURRENT LIABILITIES
INCOME RECEIVED IN ADVANCEOTHER PAYABLES
Advance Received Againsl IVIotor Car Sale
Book Overdraft
Loan lnstallment Payable within 12 l\4onths
TDs/Service lax Payable
7,786,000.00
325,000.00
715,860.00
14,902.00
2,013,820.00
303,664.00
77.752.00
_!q!!l!Z 0!_ ______l!jl:!! r'n(a)lncom€ recolv€d in advance rncludes Rs N ldua to subsidarycompany (provious year Rs.Nit)
(b) Book overdraft ncludes chequ6s ssued but nol yel p.esented rn banks to. payments Rs NtL/- (pr€vrous year Rs 20,j3,820/-)
10. SHORT TERM PROVISIONS(a) Provision for Employee Benefits
(b) Other Provisions
Provision For lncome Tax (Net of Payments)
Provision For Expenses
LONG-TERM LOANS & ADVANCES(a) CAPITAL ADVANCES(b) sEcuR|TY DEPOSTTES
(c ) LOANS AND ADVANCES To RELATED PARTIES
(d) oTHER LOANS ANO ADVANCES
Advances recoverable in cash or in kind orfor value to be received
Balance with Govt. Authorities. TOTAL
Deposil wth subsidiary Rs.NlL (Proviols year Rs.NlL)
Oobls due by dir€clors or olhor oflcers of ihe company or zny of th6m severally
orlo nrly wilh any orher person
Oebis duabyfirms or privale companlos in which any dreclorrs a pa.lnerora
dir6ctor or a memb6r
For Sea News I'i
35,057.00 87,326.00
23,057.00
12,000.00
67,016.00
20,3't0.00
12.
4,050,000.00
34,799.00
23,315,145.00
4,050,000.00
34,799.00
1,029.00
1.574,842.00 1,544,548.0028,974,786.00 5,630,376.00
Fcr'Sea llt?n s Netv/ork LinriieC
S@,-.-aJ*'Director
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SEA NEWS NETWORK LTD148, Manas Nagar, Shahganj, Agra
'I3. OTHER NON-CURRENT ASSETS(a) Unsecured, congidorod good unless statod otherwise
Other Receivables
TOTALDeposilwlthsubsidiary Rs.NlL (Previousy6arRs NIL)
Oebls due by dneclors or olhor ofl cers ot lhe company or any oI them s6veratly
orjointly wilh any olher porson
Debls du€ by Ikms or prival€ companles n which any direclor is a parlner or a
dkeclor or a member
TRADE RECEIVABLES(Unsecured, Conside.ed Good Unless Otherwise Staled)
Oebts OuGtanding for a Poriod exceeding Six MonthsConsidered Good
Considered Doubtful
Less r Provisions for Doubtful Debts
Other Debts
Considered Good
IOTALDeposrt wih subsidiary Rs.NlL (Provious year Rs.NlL)
Oebls due by directors or oth6r officers oi the company or any of th6m sev€rally
orjoinlly w h any olher person
D6bts due byfirms or privalo conrpan es i. which any d recror ls a partner or a
dn€clor or a m6mb€r
CASH & CASH EQUIVALENTS
(a) BALANCE wlTH BANKS
ln Current Account
(b) CHEQUES,ORAFTS ON HAND
(c ) CASH lN HAND
TOTAL
SHORT TERM LOANS & ADVANCES(a) CAPITAL ADVANCES
(b) sEcuRrTY DEPOSTTES
(c ) LOANS AND ADVANCES TO RELATED PARTIES
Loan to Group companies(d) LOANS AND ADVANCES TO OTHERS
(Unsecured, considered good)
Advances to Executives and StaffPrepaid Expenses
Balance with Govt. Authorities
Others
TOTALDepos t wlh subs diary Rs.NlL (Previous y6ar Rs NIL)
Dobts dus by d rectors or other ofiicers ot th€ company or any oflhem sevelalty
oriointly wth any other porson
Debts due by frms or private @mpanies ln which any dirccior is a parlner or a
41,073,328.00 53,425,837.0041,073,32A.00 53,425.837.00
15,698.00
15.
15,698.00
15.698.00
530,869.00 5,829,694.00
530,869.00 5,845.392.00
122,955.35 48,395.56
48,395.56
3.050.00
162.118.35 51.445.56
'122,955.35
39.163.00
16.
42,148.00
802.00
15,977,684.00
50.00
7,538.00
23,331,749.00'11,940,863.00 39.317.021.00
For Sea l\ews Network Lirnited
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17.
18.
REVENUE FROM OPERATIONS
Sale of Seruicog
Time 8 Space Sellinq
OTHER INCOME(a) Other Operating lncome
lnterest lncomelnteresl on loan to Others ITDS,NrL. Previous Year3586/-]
(b) Non Oporating lncomeEarlier Year lncome
lnterest on lncome Tax Refund (AY 15-16 & AY 16-'17)
Liability No longer required written back
EMPLOYEE BENEFIT EXPENSE
Salaries and Wages
Contribution to EPF & ESI
Employee Welfare & Other Aminities
Gratuiiy and Leave Encashment
Employ€o bonofil expenses include managorial r€mlneral on as under
Sa ary,Wages & Bonus
Conlibul on towards PF
FINANCE COSTS
lnlerest expenselnterest to Dkector
lnterest to Others
DEPRECIATION AND AMORTISATION EXPENSES
Depreciation of Tangible Assets
Amortisation of lntangible Assets
Foi S.la i;e$/s
SEA NEWS NETWORK LIMITEDI'18, Manas Nagar, Shahganj, Ag.a
TOTAL
1,264,080.00 2,214,392.001,264,080.00 2.214.392.00
35,862.00
2,6't8,449.00
722,876.00 2,671,961.00
i5,862.00
53,51:0010,921.00
7'l'1,955.00
1,516,758.00
111,141.00
5,522.00
1,88't,660.00
161,220.00
2,100.00
(52,137.00)
1,633,421.00 1,992,843.00
600,000.00 300,000.00
NIL NIL
103.386.00179,885.63
5'1,803.0097,484.00
21.
283,271.63 149,287.00
3,228.347.00 3,077,259.00
- 39.200.003,228,347 .00 3.116.459.00
Fcr Sea News Network Linrited
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SEA NEWS NETWORK LIMITED148, Manas Nagar, Shahgani, Agra
OTHER EXPENSE
Advertisement and Publicity
Auditors Remuneration150,440.00
10,050.00
840,642.00
43,417.00
427,750.78
20s,824.00
110,244.00
1,202,500.00
2.000.00300,625.00
4,490.005,500.00
4,570.006,313,125.00
49,222.00------s,-E-EJ9fir
€arriage Fees Expenses
Commission To Selling Agents
Ilriscellaneous Expenses
Mobiles & Telephone Expenses
News Expenses
Power, Fuel & Electricity
Loss on Sale of Fixed Assets
Rates and TaxesOffice Rent
Bad DebtsRepaks and I\,laintenance
Channel Operations Expenses
' Travelling and Conveyance Expenses
Audit Fees
Olhffservices
Rsimbursement of expens€s
Budings
158,101.00
86,815.33
89,079.00
19,441.00
175,182.00
1,202.00
301,500.00644,230.00
1,600 00
1,206,000.0016,764.88
------270's-s6E.zr
10,050.00
For Sea News Fle For sea Ner,vs -"I5$Direcior
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Notes on Accounts23. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not orovided for)
ures in Rs.Particulars 31"' March. 2017 31" March. 2016
A. Contingent liabilities
a) Claims against the company not acknowledge as debts (refer (i)1,51,97,404.00 1,51,91,495,00
b) Corporate Guarantee (refer (ii))60,1 1 ,00,000.00 60,1 1 ,00,000.00
Claims filed aqainst the companv are as under:'
a) Pioneer Publicity Corporation Private Limited has filed an appeal, with Sea News Network Limited asthe respondent, before the High Court of Delhi, against the order of the Additional District Judge, Delhiwherein the Additional District Judge, Delhi declined to hear the matter citing lack of jurisdiction ofcourts in Delhi in relation to the said matter.The case is for bills pending for Rs.4,80,000/= and interestRs.57,600/=. Since there is no ascertainable liability involved, no Provision has, therefore, been made.
b) Den Netvvorks Limited has filed two petitions on May 15, 2014 against SEA TV Network Limited beforethe Telecom Disputes Settlement and Appellate Tribunal ('TDSAT') claiming placement fees ofRs.33,70,8001 and Rs.1,12,17,2741 respectively. The said petitions are currently pending before theTDSAT and SEA TV Network Limited is contesting the claims made by Den Networks Limited. SeaNews has a debit balance of Rs.2,32,01,2951 towards Den Networks. At present both petitions arepending before an appellate authority TDSAT for passing of their order.
c) Demand raised by Income Tax Department of lnterest on TDS of Rs.71,7301.
d) A notice is received from Deputy Labour Commissioner Agra for Payment of Salary to employees.Payment has been made as per the outstanding balance in our Books of Accounts. Hence No furtherprovision is required.
Corporate Guarantee details are as under:-
The Company has given jointly with M/S Jain Telemedia Services Ltd. & Sea Print Media andPublication Limited Corporate Guarantee of Rs.60.1 1 Crore against the Loan taken by its holdingcompany i.e. M/s Sea TV Netvvork Limited from Allahabad Bank, New Agra, Agra.
res in Rs.Particu lars 31"' March 2017 3'l'' March 2016
B. CommitmentsEstimated amount of capital contracts remaining to beexecuted and not provided for (net of advances)
5,50,000 00 5,s0,000.00
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24. OTHER NOTES ON ACCOUNTS
24.1 Quantitative details
The company is primarily engaged in providing entertajnment services which cannot be expressed in any generic unit.H€nce it is not possible to give the Quantitative details and certaln information as required under paragrap-h S (viii) (c)of general instructions for preparation of the Statement of Profit and Loss as per Schedule lll to the -ompanibs Act,2013.
24,2 Continqencies and events occurring after balance sheet date
There are no contingencies and events that have occurred after the balance sheet date.
24.3 Prior period debits/ credits
Prior period debits/ credits are as under:ures in Rs"
Particulars 31" March 2017 31" March 2016Other expenses 17.536.00 8.40.642.00Other income 7,1 1 ,955.00 53,512.00
24.4 Earninq per shareres in Rs.
Particu la rs 31"'March 2017 3l" March. 2016a) Basic Earnings per share
Numerator for earnings per shareProfit after taxation (54.64.585.84) (97 .49.479.78\
_Senominator for earWeighted number of equity shares outstanding during the period (Nos.) 49s0000 4950000Earnings per share - Basic (One equity share of Rs.10/= each) 't .10) (1.97\
b) Diluted Earnings per share
Numeretor for earnings per shareProfit after taxation (54.64.585.84) (97.49.479.78\
Denominator for earninqs per share_ _ Weighted number of equjty shares outstanding during the period (Nos.) 4950000 4950000
Earnings per share - Diluted (One equity share of Rs.1 0/= each) (1 .10) 1.97)
24.5 Related parties transactions
The related parties as per the terms of Accounting Standard-18, "Related Party Disclosures", notified under theCompanies (Accounting Standard) Rules, 2006 (as Amended) are disclosed below:
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(A) List of related parties
(B) List of enterprises in which directors exercise sionificant influence
(C) List of kev manaqement personnel as defined unde. Accountinq Standard (AS) 18. ,,Related PartvDisclosures"
(D) Details of transactions durinq the vear:
For Sea I'1.\,.'l: F3r Sea Ne$is Ne\'iorl'i Limited
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Name of Holding Company Cou ntry Holding as atMarch 31,2017
Holding as atMarch 31,20{6
Sea Tv Network Limited lndia 100 100
Particulars Country Nature of relationshipSea Vaishno Cable Network LLP ndia LLPYour Cable Broadband LLP nd ia LLPJ invani Media Venture Limited ndia Group CompanyN4v Diqital Network Limited ndia Group CompanvSea Shoppers Private Limited ndia Group ComoanvJain Telemedia Services Limited nd ia Fellow SubsidiarySea Print Media and Publication Limited ndia Group Companv
DirectorsMr. Neeral Jain DirectorMr. Pankai Jain DirectorMrs. Sonal Jain Whole Time Directorl\4r. Vivek Jain Director (Cessed on 20-Jun-2015)
in which directors exercise significant influenceSea Print Media and Publication Limited 1.51.862.00
in which directors exercise sionificant influenceSea Print Media and Publication Limited 1 ,19,589.00
Maximum amount of loans outstandino duin which directors exercise
Sea Print Media and Publication Limited 1.59.77.684.00 1.60.97 273 00
1 1.03.386.00 5,5'1.803.00
Loans repaidKev Manaqement personnelMr. Neeraj Jain 7,60,338.00 5.1 80.00
Maximum amount of loans outstandinq durinq the vearKev Manaqement personnelMr. Neerai Jain 1 4 .46 .623 .00 5.46.623.00
GUARANTEE GIVEN JOINTLY JAIN TELEMEDIA SERVICES LIMITEDHoldinq ComDanvSea TV Network Limited 60.11.00.000.00 60.1 1 .00.000.00
Revenue transactionsRenderinq of Services (Previous fiqure lncl. Service Tax)
Enterprises in which directors exercise significant influenceJain Telemedia Services Limited 0.00 18,39,618.00Sea Print Media and Publication Limited 0.00 13.483.00
Availinq of Services (Previous fiqure lncl. Service Tax)
Holdino ComDanvSea TV Network Limited 1s,00.000.00 90.00.796.00
lnterest PaidKev Manaoement PersonnelMr Neerai Jain 1,03.386 00 51.803 00
Manaqerial remunerationKev Manaqement Personnellvlrs Sonal Jain 6,00,000.00 3,00,000 00
Trade advances made/received back durinq the yearHoldinq CompanvSea TV Network Limited 19,00,000.00 19,00,000 00
(E) Details of amounts due to or due from related parties as at March 31, 2017 and March 31. 2016 are asfollows: (Figures in Rs.)
Trade receivablesin which directors exercise siqnificant influence
Jain Telemedia Services Limited 5'1.85.641.00Sea Print Media and Publication Limited
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Trade payablesHoldingSea TV Network Limited (7 .42.579.00\ 1.05.85,444.00Enterprises in which directors exercise significant influenceSea Print Media and Publication Limited 9,68,574.00 9,78.57 4.00
Loan receivablesEnterprises in which directors exercise significant influenceSea Print Media and Publication Limited 1,1 I ,55,334.00 1,59,77,684.00
Loan payablesKey Manaqement personnelMr. Neeraj Jain 8,89,671.00 5,46,623.00
Other PayablesKey Management personnelMr Vivek Jain 29.676.OO 29.676.00Mrs. Sonal Jain 54,800.00 3,00,000.00
EgLatives of Key ManageMrs. Ritu Jain 2,75,000.00 2,75,000.00IVI/S Sonal Gift Palace 49.1 00.00 49,1 00.00
Purchase of GoodsRelatives of Key Management personnel
M/S Sonal Gift Palace 0.00 49,100.00
24.6 Accountinq for emplovee benefits
Disclosures oursuant to Accountinq Standard 15 "Emolovee Benefits,,
Defined Contribution Plan
Contribution to defined contribution plan, recognised as expense for the year is as under:-
Particulars- 3'1"' March. 2017 31" March. 2016Emplover,s contribution towards Provident Fund (PF) 77.396.00 1 ,14,356.00Employer's contribution towards Employee Statelnsurance (ESl)
33,745.00 46,864.00
Defined Benefit Plan
The employees' gratuity scheme is a Defined Benefit Plan (DBP). The present value of obligation isdetermined based on actuarial valuation using the Projected Unit Credit (PUC) Method, which recognizeseach period of service as giving rise to additional unit of employee benefjt entitlement and measures eaCh unit
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separately to build up the final obligation. The obligation for leave encashment is recognized in the samemanner as gratuity.
Gratuitv
Particulars 31'' March. 2017 31" March. 2016a) Reconciliation of opening and closing balances of
Defined Benefit Obligation
Present value of obliqation at the beqinning of the vear 57.0 53.00 1.10.712.00lnterest Cost 4.564.00 8.857.00Current Service Cost 28.283.00 28.143.00Benefits PaidActuarial (qain)/loss (19.298.00) (90.659.00)Present value of obliqation at the end of the vear 70,602.00 57,053.00b) Actuarial gain/ loss recognized
Actuarial oain/(loss) -Oblioation 1 9.298.00 90.6 59.00Actuarial return on plan assetsTotal Actuarial (qain)/loss (19.298.00) (90,659.00)Actuarial (oain)/loss recoqnized in the period (19.298.00) 190.659.00)
c) The amount to be recognized in Balance Sheet
Present value of oblioation at the beqinnino of the vear 70,602.00 57.053.00Fair value of olan assets at the end of the periodFunded status / Difference (70.602.00) (57.053.00)Net asses/ (Liabilitv) recoqnized in the balance sheet (70,602.00) (57.053.00)
d) Expenses recognized in the statement of profit andloss
Current service cost 28.283.00 28.143.00lnterest cost 4,564.00 8,857.00ExDected return on plan assetsNet actuarial (qain)/ Loss recoqnized in the period 19.298.00) (90,659.00)Expenses recoqnized in the Statement of Profit and Loss 13,549.00) (53,659.00)
b) Leave encashment
Particulars 31" March, 2017 31" March. 2016
a) Reconciliation of opening and closing balances ofDefined Benefit Obligation
Present value of obliqation at the beqinnino of the vear 14.51 6.00 12.994.00lnterest Cost 1.16'1.00 1.040.00Current Service Cost 2.77 5.00 10.1 56.00Benefits PaidActuarial (oain)/loss (11.963.00) (9.674.00)
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Present value of oblioation at the end of the 6.489.00 14.516.00
b) Actuarial gain/ loss recognized
Actuarial qain/(loss) -Obliqation 1 '1,963.00 9.674.00Actuarial return on plan assetsTotal Actuarial (qain)/loss 1 1,963.00) (9.674.00)Actuaflal (qain)/loss recoqnized in the period (1 1.963.00) (9.674.00)
Actuarial assumptions
Actuarial Method
Projected unit credit (PUC) actuarial method has been followed in calculating the above liabilities asCertified by M/s Charan Gupta Consultants Pvt. Ltd. (Actuarial and Financial Consultants), Noida
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c) The amount to be recognized in Balance Sheet
Present value of obliqation at the beoinninq of the vear 6.489.00 1 4.516.00Fair value of plan assets at the end of the periodFunded status / Difference (6.489.00) (14.516.00)Net asses/ (Liabilitv) recoqnized in the balance sheet {6,489.00) t14.516.00)
d) Expenses recognized in the statement of profit andloss
Current service cost 2.77 5.00 10.156.00lnterest cost 1 . 161 .00 1.040.00Expected return on plan assetsNet actuarial (qain)/ Loss recoqnized in the period 1 1,963.00) (9,674.00 )
Expenses recoqnized in the Statement of Profit and Loss (8.027.00) 1,522.00
a) Economic Assumptions
Discount rate 7 .36% P.A. 8.00% P.AFuture salary increase s.50% P.A. 5.50% P.A.Expected rate return on plan assets 0.00 0.00b) DemographicAssumption
Retirement aoe 60 60Mortality Table tALt\4 (2006-08) IALM (2006-08)Aqes - Withdrawal rate (%) Withdrawal rate f%)
Up to 30 Years 3.00% P.A. 3.00% P.A.From 31 to 44 Years 2 00% P.A. 2.000/o P.A.Above 44 Years 1.00% P.A. 1.00% P.A.
24.7 Seqment reportinq
The company is a single produet, single location company and hence the requirements of AccountingStandard 17 on Segment Reporting are not applicable.
24.8 ln the opinion of Board -a) Sundry creditors, debtors, loans and advances as stated in the Balance sheet though not individually confirmed bythe respective parties are good and payable/ receivable to the full extent in the ordinary course of business.
b) Short term loans, advances & creditors have been classified as such that these assets and liabiljties will be realised/paid within the period of twelve month.
24,9 Previous year frgures have been regrouped/ reclassified wherever necessary to make them comparable with thecurrent year figures.
24.10 Note no. 1 lo 24 form integral part of the balance sheet and statement of profit and loss.
The accompanying notes are an integral part of the financial statements.
As per our report of even date attached For and on behalf of Board
For M.FRN : 00Ch
Pa rtnerM.No. 07Agra,Date: $0t{Ay20lI
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Sonal Jain
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Director
Company Secretary