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74 Shree Ashtavinayak Cine Vision Limited BALANCE SHEET AS AT 31ST MARCH, 2006 SOURCES OF FUNDS As at As at Schedule (Amount in Rs.) (Amount in Rs.) Shareholders' Funds: Share Capital 1 63,030,000 28,650,000 Reserves & Surplus 2 186,470, ,841,280 Loan Funds: Secured Loans 3 96,514,476 20,412,834 Un secured Loans 4 23,500,000 - Deferred Tax Liabilities 1,409, ,260 (Refer Note no.b.12 of Schedule 19) Total Funds Employed 370,924, ,258,374 APPLICATION OF FUNDS Fixed Assets: 5 Gross Block 373,151,275 4,634,072 Less: Depreciation 329,510, ,904 Net Block 43,641,236 4,182,168 Capital Work in Progress 185,636,510 31,273, ,277,746 35,455,972 Investments 6 22,401 - Current Assets, Loans and Advances: Inventories 7 8,287, ,846,815 Sundry Debtors 8 60,289,665 12,062,284 Cash & Bank Balances 9 64,043,058 1,679,306 Loans & Advances ,607,044 21,556, ,227, ,144,463 Less: Current Liabilities and Provisions: 11 Current Liabilities 207,512, ,009,422 Provisions 7,108,048 6, ,620, ,016,385 Net Current Assets 141,606, ,128,078 Miscellaneous Expenditure 12 (To the extent not written off or adjusted ) Preliminary Expenses 17, ,324 Total Funds Utilised 370,924, ,258,374 Significant Accounting Policies and Notes on Accounts - 19 Schedules referred to above form an integral part of the accounts As per our attached Report of even date For Khimji Kunverji & Co. Chartered Accountants Shivji. K. Vikamsey Chairman cum Managing Director Jt. Managing Director Partner Mumbai Dated Whole Time Directors Company Secretary

75 Shree Ashtavinayak Cine Vision Limited PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2006 Schedule (Amount in Rs.) (Amount in Rs.) INCOME Income from Operations ,398, ,483,712 Other income 14 7,106, ,493 Total Income 610,505, ,962,205 EXPENDITURE Cost of Sales (Note B.1 ) ,159, ,609,579 (Profit) / Loss in Securities Trading 16 9,759,394 - Administrative and Other expenses 17 19,217,505 5,704,814 Interest & Other Financial Expenses 18 3,642, , ,779, ,115,527 Profit / (Loss) before Depreciation and Taxation 448,725,759 4,846,678 Depreciation ( Note B.1) 5 329,302, ,359 Profit / (Loss) before Taxation 119,423,696 4,566,319 Less : Provision for Taxation Current Tax 43,400, ,000 Deferred Tax 1,055, ,260 Wealth Tax 51,000 - (Excess) / Short provision for tax (4,000) - Fringe Benefit Tax 183,000 44,685,000-1,104,260 Profit After tax 74,738,696 3,462,059 Balance brought forward 1,891,280 (1,570,780) Balance carried over to Balance sheet 76,629,976 1,891,279 Basic / Diluted Earnings per share Significant Accounting Policies and Notes on Accounts - 19 Schedules referred to above form an integral part of the accounts As per our attached Report of even date For Khimji Kunverji & Co. Chartered Accountants Shivji. K. Vikamsey Chairman cum Managing Director Jt. Managing Director Partner Mumbai Dated Whole Time Directors Company Secretary

76 Shree Ashtavinayak Cine Vision Limited SCHEDULES FORMING PART OF BALANCE SHEET As at As at (Amount in Rs.) (Amount in Rs.) SCHEDULE - 1 SHARE CAPITAL Authorised: 1,10,00,000 ( Previous Year 30,00,000 )Equity shares of Rs. 10 each 110,000,000 30,000,000 Issued, Subscribed and paid up 63,03,000 ( previous Year 28,65,000) Equity shares of Rs. 10 each 63,030,000 28,650,000 fully paid-up * * Includes 34,38,000 shares (previous year Nil ) issued as Bonus Shares by capitalisation of Securities Premium Account 63,030,000 28,650,000 SCHEDULE - 2 RESERVES & SURPLUS Balance as at March 31,2005 Additions during the year Deductions/ Adjustments during the year Balance as at March 31, 2006 Particulars * Securities Premium Account 146,950,000-37,109, ,841,000 Surplus as per Profit & Loss Account 1,891,280 74,738,696-76,629, ,841,280 74,738,696 37,109, ,470,976 Previous year 145,379,220 3,462, ,841,280 * Includes Rs.3,43,80,000 (previous year Rs. Nil) utilised for issue Bonus Shares and Rs.27,29,000 (previous year Rs. Nil) Written off against Share issue expenses SCHEDULE - 3 SECURED LOANS Loan From Banks 62,214,476 20,412,834 Other Loan 34,300,000 - (Refer note no.b.2 of schedule 18) 96,514,476 20,412,834 Due for re-payment in next year 41,109,000 4,304,400 SCHEDULE - 4 UN SECURED LOANS Inter Corporate Deposits (Repayable within 1 year) 23,500,000 -

77 Shree Ashtavinayak Cine Vision Limited Schedules:5 - FIXED ASSETS NAME OF ASSET TANGIBLE ASSETS: SCHEDULES FORMING PART OF BALANCE SHEET (Amount in Rs.) Gross Block DEPRECIATION NET BLOCK Vehicles 3,244,919 6,419,566 1,700,956 7,963, , , , ,850 7,142,679 2,904,877 Air conditioners & Coolers 7, , , ,600-43, ,079 6,419 Computers 316, ,666-1,159,466 72, , , , ,103 Office Premises 939,700 25,834, ,700 25,834,661 29, ,335 35, ,953 25,429, ,283 Furniture & Fixures - 6,017,894-6,017, , ,698 5,728,196 - Office Equipments 125, , ,255 9,091 31,649-40, , ,487 Electrical Installation - 1,899,406-1,899,406-85,599-85,599 1,813,807 - Electrical Equipment - 911, ,729-27,087-27, ,642 - INTANGIBLE ASSTES: DEDUCTIONS AS ON / AS ON ADDITIONS ADJUSTMENTS UPTO FOR THE YEAR ON DEDUCTION/ ADJUSTMENTS TOTAL AS AT AS AT AS AT Films Production Rights 175,500, ,500, ,500, ,500, Distribution Rights 152,055, ,055, ,055, ,055, TOTAL... 4,634, ,157,859 2,640, ,151, , ,302, , ,510,038 43,641,237 4,182,168 Previous Year 4,048, ,350-4,634, , , ,904 4,182,168

78 Shree Ashtavinayak Cine Vision Limited SCHEDULES FORMING PART OF BALANCE SHEET As at As at (Amount in Rs.) (Amount in Rs.) SCHEDULE - 6 INVESTMENTS Face Value Number Long Term Investments (Rs. ) (Quoted, Non-Trade and Fully paid up) Equity Shares : Mega Corp.Limited 1 40,000 1,679,452 - Less: Provision for Diminution in value of investment 1,657,051 22,401 Aggregate Book value of quoted investment 22,401 - Aggregate Market value of quoted investment 22,401 - No. of shares purchase & sold during the year - Kanishk Steel Limited 16, Megha Corp.Limited 40,000 CURRENT ASSETS, LOANS & ADVANCES Current Assets SCHEDULE -7 INVENTORIES Inventories (Refer note B.1 of Schedule 18) T.V.Serial under Production - 3,263,055 Films Produced & Released - 47,614,419 Films under Production - 120,683,377 Distribution rights - 40,658,950 Distribution rights Partially released - 22,627,014 Securities 8,287,917-8,287, ,846,815 SCHEDULE - 8 SUNDRY DEBTORS Sundry Debtors (Unsecured, considered good except otherwise stated) Due for period exceeding six months 3,799,017 - Others 56,490,649 12,062,284 60,289,665 12,062,284 SCHEDULE -9 CASH & BANK BALANCES Cash & Bank Balances Cash in hand 52,226 1,613,508 In Current Accounts with Scheduled Bank 63,990,831 65,798 64,043,058 1,679,306

79 Shree Ashtavinayak Cine Vision Limited SCHEDULES FORMING PART OF BALANCE SHEET SCHEDULE -10 LOANS & ADVANCES As at As at (Amount in Rs.) (Amount in Rs.) Loans & Advances (Unsecured, considered good except otherwise stated) Advances recoverable in cash or kind or for value to be received 222,960,314 19,833,365 Deposit 531,230 1,710,258 other current assets 115,500 12, ,607,044 21,556,058 SCHEDULE -11 CURRENT LIABILITIES AND PROVISIONS Current Liabilities Sundry Creditors 36,429,127 9,116,561 Advances from Customers / Co-Producers 168,580,998 98,500,000 Other Liabilities 1,864, ,861 Mark to market of Derivative Commodity 28,010 - Interest Accrued but not Due 610, ,512, ,009,422 Provisions Provision for Income Tax(Net of Advance Payment) 7,031,525 6,963 Provision for Wealth Tax 50,570 - Provision for Gratuity 25,953-7,108,048 6,963 SCHEDULE - 12 MISCELLANEOUS EXPENSES (To the extent not written-off or Adjusted) Preliminary Expenses 674, ,100 Less: Written off during the year 8, , , ,324 Less: Administrative & other expenses debited to profit & loss account 648,000-17, ,324

80 Shree Ashtavinayak Cine Vision Limited SCHEDULES FORMING PART OF PROFIT & LOSS ACCOUNT (Amount in Rs.) (Amount in Rs.) SCHEDULE - 13 INCOME FROM OPERATIONS Sale: Sale/Distribution/Exhibition of Films & other Rights 596,898, ,483,712 Sale from TV Serials 6,500, ,398, ,483,712 SCHEDULE - 14 OTHER INCOME Interest (Tax Deducted at Source Rs.12,58,000 - Previous Year Rs. NIL ) 7,094, ,493 Dividend on long term investment 5,767 - Others 6,000-7,106, ,493 SCHEDULE - 15 COST OF SALES Cost of Film Production 47,614,419 - Cost of Distribution rights 6,000, ,387,168 Cost of Prints 44,444,394 37,932,973 Publicity & Other Expenses 31,100,628 18,289, ,159, ,609,579 SCHEDULE (PROFIT)/ LOSS IN SECURITIES TRADING Opening Stock - - Add:-Purchased during the year 100,819,663 - Less:- Sales during the year 82,971,735 - Less:- Closing Stock 8,287,951-9,559,977 - Loss on Other Dealing in Securities 199,417-9,759,394 - SCHEDULE - 17 ADMINISTRATIVE AND OTHER EXPENSES Director's Remuneration 7,604, ,000 Salaries, wages & Bonus 805, ,997 Staff Welfare Expenses 69,825 - Sitting fees to directors 95,000 - Rates and taxes 36,893 - Insurance 195,749 18,000 Preliminiary expenses written off 656, ,000 Rent 197, ,000 Repairs & maintaince - - Plant & Machinery 18, others 40,000 96,000 Other administrative expenses 6,789,187 4,539,817 Foreign Exchange Difference 49,925 - Loss on sale of Long Term Investments 85,748 - Provision for diminution in value of Long Term Investment 1,657,451 - Loss in Commodity Derivative Trading 213,347 - Loss on sale of Fixed Assets (Net) 365,977 - Payment to Auditors - Audit fees 200,000 6,000 Tax Audit 100,000 - Service Tax 36, ,720 6,000 19,217,505 5,704,814 SCHEDULE - 18 INTEREST & OTHER FINANCIAL EXPENSES Interest On Fixed Loans 2,914, ,643 Others 433, ,191 Other Financial Charges 294, ,300-3,642, ,134

81 SHREE ASHTAVINAYAK CINE VISION LIMITED SCHEDULE: 19 SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS A SIGNIFICANT ACCOUNTING POLICIES A.1 Accounting Convention The financial statements are prepared under historical cost convention, on an accrual basis and in accordance with the applicable accounting standards A.2 Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Cost comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use A.3 Depreciation and Amortisation Depreciation on Fixed Assets, other than Film Productions & Film Distribution Rights is provided on Straight Line Method at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956 Depreciation on Fixed Assets added/ disposed off/ discarded during the year has been provided on pro rata basis with reference to the date of addition/ disposal/ discarding Fixed assets having value lower than Rs.5, 000 are depreciated fully in the year of purchase Depreciation of Intangible Assets Films produced & Film Distribution rights acquired are amortized as under: If the film is released in the last three months of the financial year, the exhibition proceeds received, to the extent of cost of production/ cost of distribution rights, is provided as depreciation and the balance cost of production/ cost of distribution rights are depreciated in the succeeding year If the film is released three months prior to the end of the financial year, the entire cost of production/ cost of distribution rights is provided as depreciation during the year If the film is not released within 12 months from the date of completion of production, the cost of production is fully depreciated upon expiry of the said 12 months Page 1 of 10

82 A.4 Inventories Inventories of stock-in-trade of securities are valued at lower of cost or market price A.5 Impairment of Assets The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss if any is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreases A.6 Translation of Foreign Currency Items Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction. Foreign currency monetary items are reported using closing rate of exchange at the year end. Other items, like fixed assets, inventories, investments in equity shares are carried in terms of historical cost using the exchange rate at the date of transaction. Premium/discount in respect of forward foreign exchange contract is recognized over the life of the contracts. Exchange difference attributable to the acquisition of fixed assets outside India are adjusted to the cost of the respective assets A.7 Investments Long term Investments are stated at cost after deducting provision, if any, made for decline, other than temporary, in its value Current Investments are stated at lower of cost and market/ fair value A.8 Taxation Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961 Deferred tax for timing difference between the book and tax profit for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the balance sheet date Deferred tax assets arising from timing differences are recognized to the extent there is a certainty that these would be realized in the future Deferred tax assets are recognized on unabsorbed losses only if there is virtual certainty that such deferred tax asset can be realized against future taxable profits A.9 Borrowing Cost Borrowing cost attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset upto the date when such assets is ready for its intended use Page 2 of 10

83 A.10 Revenue Recognition A.10.1 Revenue is recognized to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured A.10.2 In case of distribution rights of Film/s produced or Rights acquired, revenue is recognized on accrual basis on receipt of Business Statements from Theatres/sub distributors etc In case of Sale of distribution rights of Film/s, revenue is recognized on the date of sale of such rights. A.10.3 In respect of films produced by the Company and distributed by others Overflow of excess collection over Minimum Guarantee, net of eligible expenses is recognized on intimation by distributor A.10.4 Revenue from other rights of Film/s such as satellite rights, music rights, video rights, Ring Tone Rights etc. are recognized from effective date of exploitation of such rights A.10.5 Sale of film/s is accounted upon receipt of theatrical release certificate respect of the concerned Film/s in A.11 Miscellaneous Expenditure Preliminary expenses are written off over a period of five years Share issue expenditure are adjusted against securities premium account A.12 Retirement and Other Staff Benefits Provision for gratuity to employees are made as per the method prescribed by payment of Gratuity Act, 1972 on the assumption that such benefits are payable to all employees at the end of the year A.13 Contingent Liabilities Contingent Liabilities if any are disclosed by way of notes B NOTES ON ACCOUNTS B.1 The Company till the previous year, treated film production and film distribution rights as inventory and the excess of production cost over sales was carried forward to the next financial year as part of inventory, pending sale of rights attached to the film With effect from April 1, 2005, the company has changed its accounting policy to account film production and film distribution right as intangible assets under Fixed Assets and Depreciation is provided thereon as mentioned in A.3 above Due to the aforesaid change in policy, depreciation is higher by Rs. 32,75,55,000 and cost of Production / distribution is lower by Rs.32,75,55,000 during the period and Gross Fixed Assets is higher by Rs.32,75,55,000. However, there is no impact on profit of the year as a result of such change Page 3 of 10

84 B.2 Secured Loans B.2.1 Loan from Banks include: (a) (b) (i) (ii) Bank Overdraft which is secured against collateral security of commercial premises of a company wherein certain directors of the company are interested as directors and personal guarantee of Managing Director Term Loan from Banks which are secured against hypothecation of assets/ equipment purchased there against, equitable mortgage of office premises of the Company and personal guarantee of Managing Director Charge of movable properties of the Company both present and future, including all physical properties of every kind or nature of or relating to the Film Golmaal Fun Unlimited and all versions thereof, including without limitation, all physical properties relating to the development, production, completion, delivery exhibition, distribution or other exploitation of the aforesaid film, and all versions thereof or any part thereof, including without limitation, the property of exposed film, developed film, positives, negatives, prints, answer prints, special effects, pre print materials, sound tracks, recordings, audio and video tapes and discs of all types and gadgets, etc (Amount in Rs.) Current Year Previous (Rs.) Year (Rs.) 15,794 36,93,420 2,08,45,000 1,57,69,000 3,72,53,525 - All receivables, insurance claims and other rights to receive the payment of money under present or future contracts or agreements including rent, revenue income, compensation, proceeds and profits from sale, distribution, sub distribution, lease, sub lease, hire purchase, marketing, licensing, or any other use of disposition or the film All agreements entered into by the company concerning distribution/ exhibition/ music rights/ copy rights/ patents/ trademarks/ trade names/ general intangibles pertaining to the aforesaid film and letter of credit, guarantees or performance bonds given by third party in favor of the Company All cash, cash equivalent and other funds including deposits in all bank accounts of the company (c) Car Loan secured against asset purchased thereagainst B.2.2 Other loans are secured against the Securities purchased there against and the balance recoverable by the Company from the Broker 41,00,157 9,50,460 3,43,00,000 - Page 4 of 10

85 B.3 The Company is engaged in production of films which requires various tapes, qualities and quantities of raw materials and inputs in different denominations. Due to multiplicity and complexity of the items, it is not practicable to maintain quantitative records of stock registers as the process of making films is not amenable to it. Hence, quantitative details are not maintained B.4 In the opinion of the management Current assets and Loans & advances are of the value stated in the financial statements and realizable in the ordinary course of the business. The provision for all known liabilities are adequate and are not in excess of the amounts considered reasonably necessary B.5 Sundry Debtors and Creditors balances are subject to confirmation and reconciliation B.6 There are no dues payable to Small Scale Industrial Undertaking (SSI) in excess of Rs.1 lac and outstanding for more than 30 days B.7 Related Party Disclosure List of Related Parties other than where control exists with whom the Company has entered into transactions during the year Associates Key Management Personnel Dahlia Traders Private Limited D.P. Trade & Merchant Private Limited Dhillin H Mehta Chairman Cum Managing Director Harshad K Mehta Joint Managing Director Rupen Amlani Whole time Director Hiren Gandhi Whole time Director Dhaval Jatania Whole time Director During the year following transactions were carried out with the related parties in the ordinary course of business: (Amount in Rs) Transaction/ Nature of Relationship Loan obtained Dahlia Traders Private Limited D.P.Trade & Merchant Private Limited Subsidiaries Associates Enterprise having Common Key Management Personnel 1,50,00,000 14,53,00,000 Key Management Personnel Directors Remuneration 81,04,145 Professional Fees 3,38,000 Balances outstanding as on March 31, 2006 Loan obtained Dahlia Traders Private Limited D.P.Trade & Merchant Private Limited 1,50,00,000 85,00,000 Page 5 of 10

86 Related party relationship have been identified by the management and relied upon by the auditors. This being the first year of applicability of AS 18 on Related Party Transactions, previous year figures are not given No amount in respect of related parties have been written off/ back/ are provided for during the year B.8 Additional information as required by paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 B.8.1 (Amount in Rs.) Current Year Previous Year a) The Company is in the business of producing Films, Films Distribution and other allied entertainment business which is not subject to any license; hence licensed capacity is not given. Further, in this type of business the installed capacity, Consumption of raw materials, components, spare parts and other inputs are not quantifiable b) Expenditure in Foreign Currency (on actual payment basis) Foreign Traveling Interest Production cost in overseas locations Nil Nil 3,95,000 c) Earnings in Foreign Currency Nil Nil d) The following expenses are included under film productions, film distribution rights & Publicity & other expenses Commission 7,34,572 Nil Professional Fees 13,32,000 13,32,000 e) The following expenses are included under Capital work in progress Insurance 19,05,979 Nil Hire Charges 37,76,987 Nil Interest 9,94,980 Nil Commission 27,49,372 Nil Professional Fees to Artists/Directors etc. 10,79,62,535 1,75,48,209 B Quantative details in respect of commodity Derivative trading Nil Nil Nil Details of opening Stock, Purchases and Sales during the year and Open position as on March 31, 2006 Particulars Unit Oorid MT 50 Opening Stock Purchase Sales Closing Stock Qty Rs. Qty Rs. Qty Rs. Qty Rs. 8,06,100 1,490 3,25,52,070 1,540 3,34,55,246 - (120) (19,09,500) (70) (11,63,300) (50) - (8,06,100) Toor MT ,55, ,30, Gold Kgs ,27, ,14, Silver Kgs ,140 4,42,42,823 4,110 4,33,95, ,05,609 Guwar Seed MT -40-5,85, ,09,22, (40) 93,11,240 (5,85,800) 60 (-40) 11,66,760 (-5,85,478) Page 6 of 10

87 Particulars Soya Refined Oil Unit MT - Opening Stock Purchase Sales Closing Stock Qty Rs. Qty Rs. Qty Rs. Qty Rs ,27,46, ,31,24, (170) (66,11,500) (170) (66,44,250) Chana MT ,07, ,28, ,13,246 Jeera MT (3) - (2,26,560) - (3) - (2,27,580) - - TOTAL 10 2,20,622 7,260 (293) 11,31,54,270 (87,47,560) 7,180 (283) 11,16,59,193 (86,20,930) 90 (10) 15,02,700 (2,20,622) Note: Previous year s figures are given in bracket B Details in respect of Film Production / Turnover, Trading etc. Particulars Purchases Production Turnover Qty (Nos.) Amount (Rs.) Qty (Nos.) Qty (Nos.) Amount (Rs.) Film Productions-Realisation (2) 2 (2) 31,53,98,337 (63,15,954) Film Distribution-Collection (9) 26,42,58,844 (26,01,47,860) TV Serials ,00,000 Film & other Rights Traded 4 60,00, ,00,000 Exhibition Collection ,41,650 (20,186) Others ,00,000 Note: Cost of Film Production/Film Distribution Rights during the year are shown as addition to fixed assets during the year Previous year s figures are given in bracket B Details in respect of Trading of Securities Particulars SECURITIES - Opening Purchase Sales Closing Stock Stock Qty Rs. Qty Rs. Qty Rs. Qty Rs. - 9,85,258 10,08,19,629 Note: Previous year s figures are given in bracket 9,57,039 8,29,71,735 28,219 82,87,917 Page 7 of 10

88 B Closing Stock of Securities Sr. No. Name of the Company No. of Shares Closing stock Trade Securities Equity Shares 1. Prithvi Info Limited 20,892 77,23, Todays Writing Products Limited 7,327 5,64,179 B During the year the Company has purchased & Sold the following Investments Sr. No. Name of the Company Qty. (No. of Shares) Purchase Cost (Rs.) Securities Traded Equity Shares 1. Aksh Optifiber Limited 2,90,466 2,26,46, Hindalco Industries Limited 5,000 7,94, IFSL Limited 1,48,000 37,72, K.Sera Sera Limited 1,35,945 1,01,22, Matrix Laboratories Limited 8,000 20,65, NIIT Tech Limited 3,000 5,39, Patni Computer Limited 3,000 14,26, Prajay Engineering Syndicate Limited 17,321 21,79, Prithvi Info Limited 53,597 2,14,84, Todays Writing Products Limited 2,89,310 2,54,57, Tulip IT Service Limited 3,000 7,44, Voltas Limted 400 3,36,908 Investments purchased and sold during the year 1. Kanishk Steel Limited 8,238 3,07,382 B Capital Work-in-Progress includes Advances against Capital Expenditure Rs.6,34,94,714 (Previous Year Rs.3,12,73,804) Page 8 of 10

89 B.9 Directors Remuneration includes (Amount in Rs.) Particulars Current Year Previous Year Remuneration to Chairman Cum Managing Directors 10,00,000 3,02,500 Commission to Chairman Cum Managing Directors 54,38,800 - Remuneration to Joint Managing Director 1,66,000 - Remuneration to Whole Time Directors 9,99,345 1,27,500 B.10 Computation of Directors Remuneration in terms of section 198 of the Companies Act, 1956 (Amount in Rs.) Particulars Current Year Previous Year Profit as per Profit & Loss account 11,94,26,092 45,66,607 Add/(Less): Managerial Remuneration 76,04,145 4,30,000 Directors Setting Fees 95,000 - Provision for Diminution in value of long Term Investments 16,57,451 - Loss on sale of Fixed Assets 3,65,977 - Loss on sale of long term investment 85,784 - Profit on sale of Fixed Assets to the extent of sale price not exceeding cost 35,799 Profit available for directors commission 12,92,70,248 49,96,607 Maximum Managerial Remuneration payable to Managing 5% 64,63,512 - Managerial remuneration proposed by the board and provided for 64,38,800 - Remuneration to Directors (in %) 5.88% 8.61% B.11 Earnings per Share (EPS) is calculated as under: (Amount in Rs.) S. No. Particulars Current Year Previous Year A Numerator 7,47,38,696 34,62,347 Net Profit/ (Loss) as per Profit and Loss Account B Denominator Weighted average number 6,303,000 6,303,000 of Equity Shares during the year C Nominal Value of Shares (in Rs.) Page 9 of 10

90 B.12 Deferred Tax Liability/ (Asset) at the year end comprise timing difference on account of (Amount in Rs.) SR. No. Particulars Current Year Previous Year 1 Depreciation 14,17,997 3,54,000 3 Gratuity (8,736) - B.13 Share issue expenses include Auditor s Remuneration Rs. 2,52,540 (including service tax Rs. 27,540)[Previous year Rs. Nil] B.14 For segment Information- Refer Annexure I B.15 Figures of previous year have been regrouped/rearranged wherever necessary For and on behalf of KHIMJI KUNVERJI & CO. Chartered Accountants For and on Behalf of Shree Ashtavinayak Cine Vision Limited SHIVJI K. VIKAMSEY Partner Chairman cum Managing Director Place: Mumbai Dated: Joint Managing Director Whole time Directors Company Secretary Page 10 of 10

91 Corporate information BOARD OF DIRECTORS Mr. Dhilin H. Mehta, Chairman & Managing Director Mr. Harshad K. Mehta, Joint Managing Director Mr. Rupen N. Amlani, Whole time Director Mr. Dhaval V. Jatania, Whole time Director Mr. Hiren J. Gandhi, Whole time Director Mr. Ashok V. Ladhani, Non Executive Independent Director Mr. Chandrakant K. Sachde, Non Executive Independent Director Mr. Pravin S. Jani, Non Executive Independent Director Mr. Nishant A. Mahidhar, Non Executive Independent Director Mr. Hetal N. Thakore, Non Executive Independent Director Mr. Subhash P. Rathod, Non Executive Independent Director REGISTERED & CORPORATE OFFICE A-204/205, VIP Plaza, 2nd Floor, B/7, Veera Industrial Estate, Off Andheri Malad Link Road, Andheri [W], Mumbai , India. Website: AUDITORS Khimji Kunverji & Co. Chartered Accountants INTERNAL AUDITORS I. O. Dharia & Co. Chartered Accountants

92 COMPANY SECRETARY Ms. Archana Andhare SECRETARIAL AUDITORS Mr. Jagdish Patel & Co. Company Secretaries BANKERS TO THE COMPANY Canara Bank REGISTRAR AND SHARE TRANSFER AGENTS Intime Spectrum Registry Limited C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai, India