The Global Economy remains in an unpredictable state and highlights a multitude of
challenges amid the prolonged effects of the overlapping negative shocks of the pandemic,
the Russian Federations invasion of Ukraine, and the sharp tightening of the monetary
policy. However, amid the global uncertainties, India has outperformed, reflecting the
robust of domestic consumption and lesser dependence on global demand.
Forward Looking Statement
Forward-looking statement reflects the current expectations regarding future results of
operations. Actual results, performances or achievements could differ materially from
those expressed or implied in such forward-looking statements. Shareholders are cautioned
not to place undue reliance on these forward-looking statements that speak only as of
their dates. This Report should be read in conjunction with the financial statements
included herein and the notes thereto.
Business Overview
The Company, during the last year has invested in Legend SRS Cinemas Private Limited
making it a wholly owned subsidiary of the company for the growth and expansion of its new
business stream of Media and entertainment.
OPPORTUNITIES AND THREATS
As you are aware of the current reversionary conditions prevailing in the market
coupled with the cut -throat competition, Continuous change, it becomes difficult to grab
the new opportunity. Government Policy on relaxing the Foreign Direct Investment limits in
the different areas will allow many Multi-National Companies to enter into the Indian
Market, which might pose as a probable risk, since the Company will be competing with the
International Players as well.
Future Outlook
As it has been already mentioned above the company is exploring new markets keeping in
mind the new objects to be undertaken and efforts are being made to initiate the new
ventures as early as possible
Risks & Concerns
Every business faces risks involved in it operations, which could be internal as well
as external. The external factors like negative shocks of the pandemic, the Russian
Federations invasion of Ukraine, and the sharp tightening of the monetary policy and the
increase in Inflation is affecting every Countrys business directly or indirectly. But at
the same time the Company is quite hopeful that things will change in the upcoming
days the consumption and Growth of India by laying out friendly business and Industrial
Policies.
The Company has a control over its internal factors but may not have much control over
such external factors; however it is important to address these risks & concerns to
mitigate their overall impact on the business. Realistic risk assessment and Management
approach along with the regular monitoring mechanism in the Company ensures that these
risks are duly addressed and well managed. High focus on safety of our manpower continuity
and proactive Management of related business environment are essential for the risk
management in the overall supply chain and business in general.
Internal Control System & Their Adequacy
The Company has adequate system of internal controls to ensure that all activities are
monitored and controlled as well as transactions are authorized, recorded and reported
correctly. The Company has effective budgetary control system and the actual performance
is reviewed with reference to the budget periodically by the Management. The Company
ensures adherence to all internal control policies and procedures as well as compliance
with all regulatory guidelines, which are supplemented by internal audit regularly. The
Audit Committee of the Board meets on quarterly basis and reviews the internal control
systems as well as financial statements.
Human Resources/Industrial Relations
The company lays due emphasis on sound Human Resource Management practices and
appraisal systems with focus on cordial employer-employee relations to ensure higher level
of productivity and operational efficiency. Adequate efforts have been made to strengthen
and develop its human resources as a key strength through continuous training inputs and
focused development plan.
ANALYSIS OF FINANCIAL PERFORMANCE AND OPERATIONAL PERFORMANCE
The accompanying financial statements have been prepared in accordance with the
requirements of the Companies Act, 2013 and Generally Accepted Accounting Principles and
Accounting Standards prevailing in India.
A. FINANCIAL CONDITIONS
Fixed Assets
At the end of the year, Companys investment in fixed assets was as under:
Year ended March 31st |
2019 |
2020 |
2021 |
2022 |
2023 |
Gross Block (Rs. in 000) |
58 |
58 |
58 |
58 |
228 |
The composition and growth of assets was as under: [Rs. in 000]
Particulars |
March 31, 2022 |
March 31, 2022 |
March 31, 2021 |
Growth
% |
Land |
0 |
0 |
0 |
0 |
Buildings |
0 |
0 |
0 |
0 |
Plant & Equipments |
0 |
0 |
0 |
0 |
Electrical Fittings & Installations |
0 |
0 |
0 |
0 |
Office Equipments |
228 |
58 |
58 |
393% |
ERP Software |
0 |
0 |
0 |
0 |
Furniture & Fixtures |
0 |
0 |
0 |
0 |
Vehicles |
0 |
0 |
0 |
0 |
Total |
228 |
58 |
58 |
393% |
Less: Acc. Depreciation |
79 |
41 |
29 |
- |
Add: CWIP |
0 |
0 |
0 |
0 |
Net Fixed Assets |
149 |
17 |
29 |
- |
CURRENT ASSETS LOANS & ADVANCES Inventories
Inventories include stock of raw material, consumables, work-in-progress, finished
goods and packing material. Total inventories were as on 31/03/2023 was Rs 2250
representing 1510% of the fixed assets.
Sundry Debtors
Sundry debtors were Rs. nil lacs as at 31st March, 2023 as against Rs nil lacs as at
31st March, 2022 Debtors as a percentage of total operating revenue were nil % for the
current year as against nil% for the previous year.
Cash and Bank Balances
Cash and bank balances were 0.38% of total assets as on 31st March, 2023 as
against 0.619% as on 31st March, 2022.
Loans & Advances
Loans & Advances, advance taxes and security deposits. Advances recoverable in cash
or kind or for value to be received are mainly towards amount paid in advance for
value and services to be received in future. Security deposits mainly represent deposit
for electricity.
Net Deferred Tax Assets
Deferred tax liabilities of Rs. nil lacs represent closing balance of net deferred tax
liabilities after adjusting total deferred tax assets and deferred tax liabilities as on
31.03.2023. It has been calculated in accordance with Accounting Standard -22
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India.
CURRENT LIABILITIES & PROVISIONS Current Liabilities
Sundry Creditors include amount payable to vendors for supply of goods and services.
Advances from customers represent amount for which material has not yet been delivered.
Other liabilities include amounts payables to staff/workers for earned leave, bonus,
salary and overtime besides taxes.
B. RESULTS OF OPERATIONS
The summary of operating performance for the year is given below:
(Rs.in 000)
Particulars |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
|
Amount |
% |
Amount |
% |
INCOME |
|
|
|
|
Income from operations |
0.00 |
- |
0.00 |
- |
Other income |
479 |
100 |
0.00 |
- |
Total Income |
479 |
100 |
0.00 |
- |
EXPENDITURE |
|
|
|
|
Raw Material Consumed |
|
|
|
- |
Purchase of Stock in Trade |
210 |
9.61 |
2,040 |
118.51 |
(Increase)/Decrease in stock |
(210) |
(9.61) |
(2,040) |
(118.51) |
Depreciation |
38 |
8.24 |
12 |
10.46 |
Payment & Benefit to Emp. |
180 |
1.74 |
180 |
0.68 |
Administrative, Selling & Other
Expenses |
1966 |
90.02 |
1530 |
88.86 |
OPERATING EXPENSES |
- |
- |
- |
- |
EXTRAORDINARY ITEM |
- |
- |
- |
- |
EBDIT |
(1,705) |
100 |
(1,721) |
100 |
Foreign Exchange Earnings & Outgo: During the year under review the Company earned
nil foreign Exchange and nil amount was spend in Foreign Exchange.
Disclosures with respect to demat suspense account/ unclaimed suspense account
The unclaimed shares lying in the possession of the Company are required to be
dematerialized and transferred into a special demat account held by the Company.
Accordingly unclaimed shares lying with the Company have been transferred and
dematerialized in an Unclaimed Suspense Account" of the Company. This Account is
being held by the Company purely on behalf of the shareholders entitled for these shares.
It may also be noted that all the corporate benefits accruing on these shares like
bonus, split etc., if any, shall also be credited to the said Unclaimed Suspense Account
and the voting rights on these shares shall remain frozen until the rightful owner has
claimed the shares.
Shareholders, who have not yet claimed their shares are requested to immediately
approach the Registrar & Transfer Agents of the Company by forwarding a request letter
duly signed by all the shareholders furnishing their complete postal address along with
PIN code, a copy of PAN card & proof of address, and for delivery in demat form, a
copy of Demat Account - Client Master Report duly certified by the Depository Participant
(DP) and a recent Demat Account Statement, to enable the Company to release the said
shares to the rightful owner.
As per the provisions of Schedule V (f) of SEBI Listing obligation and Disclosure
requirement, 2015 the status of equity shares lying in the Suspense Account is given
below:
Sl. Particulars No. |
No. of Shareholders |
No. of equity shares held |
1. Aggregate number of shareholders and
the outstanding shares in the suspense account lying at the beginning of the year |
185 |
25,000 |
2 Number of shareholders who approached
listed entity for transfer of shares from suspense account during the year |
- |
- |
3 Number of shareholders to whom shares
were transferred from suspense account during the year |
- |
- |
4 Aggregate number of shareholders and the
outstanding shares in the suspense account lying at the end of the year |
185 |
25,000 |
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