Notes to Accounts of Bharatiya Global Infomedia Ltd.

Mar 31, 2024

1.1.16 Provisions and Contingent Liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the
existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or a present obligation that arises from past
events where it is either not probable that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount cannot be made.

1.1.17 Financial Instruments
A). Financial Assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the
instrument. On initial recognition, a financial asset is recognised at fair value, in case of financial assets
which are recognised at fair value through profit and loss (FVTPL), its transaction cost are recognised in
the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value
of the financial asset. Financial assets are subsequently classified and measured at

• amortised cost

• Fair value through profit and loss (FVTPL).

Investments in subsidiaries

The Company has accounted for its investments in subsidiaries at cost.

Other equity investments

All other equity investments are measured at fair value, with value changes recognised in Statement of
Profit and Loss, except for those equity investments for which the Company has elected to present the
value changes in ''Other Comprehensive Income''.

Impairment of financial assets

In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating
impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).

The Company measures the expected credit loss associated with its assets based on historical trend,
industry practices and the business environment in which the entity operates or any other appropriate
basis. The impairment methodology applied depends on whether there has been a significant increase in
credit risk.

B). Financial Liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition,
they are classified as fair value through profit and loss.

Financial liabilities are subsequently measured at amortised cost using the Effective Interest Rate (EIR)
method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all
changes in fair value recognised in the Statement of Profit and Loss.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled
or expires.

1.1.18 Derivative financial instruments

Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to
hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is
entered into and are subsequently re-measured at their fair value with changes in fair value recognised in
the Statement of Profit and Loss in the period when they arise.

31. Contingent Liabilities not provided for:

a. Guarantees given to BSE in compliance of IPO

by the company Rs. 55.10 Lacs (Pr. Year 55.10 Lacs)

b. SEBI has imposed the penalty

Against the company Rs. 600 Lacs (Pr. Year 600 Lacs)

Not acknowledge as debts (Matter is prejudice)

c. Non provision of late fee imposed Rs. 6.68 Lacs (Pr. Year 6.68 Lacs)

U/s 234E of Income Tax Act 1961

• Income tax department has raised the demand of Rs. 238.26 Lakhs for the A.Y 2012-13, Rs. 193.68
Lakhs for A.Y. 2017-18. Appeals have been filed against the demand with supporting documents
and company is fully confident to get the order in favour of company as department concern is
only one-sided decision without considering the company submission.

• Further Income Tax department has issued the notice u/s 148 for the A.Y. 2019-20 in relates to
some transaction. Company has submitted the required information with submission of grounds
to issue the notice u/s 148 is not valid. However order is pending to receive.

• GST Mumbai has issued the show cause notice for incorrect ITC claim of Rs. 268.32 Lakhs.
Company has submitted the required document up to satisfaction of concern authorities.
However company has not received any order till date.

32. In the absence of Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits and the
parties to whom the advances are given are subject to reconciliation and such are as per books of
accounts only. Adjustment thereto having an impact of revenue nature, if any, will be made during
the period in which the same are fully reconciled.

33. In the opinion of the Board, the value of Current assets, Loans & Advances if realised in the
ordinary course of the business shall not be less than the amount at which those are stated in the
Balance Sheet.

The Adjudicating officer of SEBI has passed its final order No. EAD-2/DSR/RG/99-102/2014 dated
17^th April 2014 and imposed a total penalty of Rs. 6 Crores (Rs. 5 Crores u/s 15HA and Rs. 1 Crore
u/s 15 HB of the SEBI Act) on the company. The Company has appealed before the Hon''ble
Securities Appellate Tribunal against these Orders. The review application has been filed in the
supreme court of India pursuance to judgment and order dated 22.03.2021 passed by the
Securities Appellate Tribunal, Mumbai in misc. application no. 674/2019 and review application
no. 32 of 2019 in the appeal no. 481 of 2016. The board also discussed the imposition of penalties
on its CMD, Ex-Director and one of the Ex- KMP and have decided subject to the approval of the
shareholders of the company to be borne by the company in case the aforesaid penalties continue
in future too.

35. The Company has initiated legal proceedings for the recovery of inter-corporate deposits
amounting to Rs. 5.40 crores and interest of Rs 11.10 Lacs and are hopeful of recovery of same.
However, no provision has been made in the books of account.

44. Interest accrued on Bank Cash Credit Account as at the end of the year was debited by Bank and
was credited to the said account as on 31^st March 2024. Thus, the balance in secured Loans is shown
inclusive of interest Accrued thereon.

46. All known liabilities have been accounted for in books of account.

47. Previous year figures have been regrouped/ rearranged wherever considered necessary to make
them comparable with the current year figures.

48. Information in respect of appointment of CFO has not been submitted to the Registrar of
Companies, New Delhi.

As per our report of even date

For Singh Ray Mishra & Co. for And on Behalf of the Board of Directors of

Chartered Accountants Bharatiya Global Infomedia Ltd.

(Firm No. 318121E)

Sd/- Sd/- Sd/-

CA Vinay Kumar Rakesh Bhatia San jay Kapoor

Partner Chairman cum Mg Director Director

Membership No. 402996 DIN: 00046983 DIN: 00047651

Sd/-

Place: New Delhi Kumar Pushkar

Date: 30.05.2024 Company Secretary

Membership No.: A25246

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Mar 31, 2023

Earnings per share (EPS) -

The Earning per share has been calculated as specified in IND AS 33 on "Earning per Share" Issued by the Institute of Chartered Accountants of India, the related disclosures are as below:

42. There is provision in respect of retirement benefits such as gratuity as per IND AS 19 notified by Ministry of Corporate Affairs has been made as per Actuarial valuation.

43. Lease Terms Operating Lease:

As Lessee: Operating Lease Rentals Charged as Revenue Expenditure for right to use following assets are

2022-23 2021-22

Office/Guest House/ Residential Premises 1.74 Lakhs 1.74 Lakhs

44. Interest accrued on Bank Cash Credit Account as at the end of the year was debited by Bank and was credited to the said account as on 31^st March 2023. Thus the balance in secured Loans is shown inclusive of interest Accrued thereon.

45. All known liabilities have been accounted for in books of account.

46. Previous year figures have been regrouped/ rearranged wherever considered necessary to make them comparable with the current year figures.

47. Information in respect of appointment of CFO has not been submitted to the Registrar of Companies, New Delhi.

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Mar 31, 2016

1. Contingent Liabilities not provided for :

2. Guarantees given by the company Rs. 60.55 Lacs (Pr. Year 60.28Lacs)

3. Claims against the company not acknowledge as debts Rs 600 lacs (Pr. 600 Lacs)

4. In the absence of Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits and the parties to whom the advances are given are subject to reconciliation and such are as per books of accounts only. Adjustment thereto having an impact of revenue nature, if any, will be made during the period in which the same are fully reconciled.

5. In the opinion of the Board, the value of Current assets, Loans & Advances if realized in the ordinary course of the business shall not be less than the amount at which those are stated in the Balance Sheet.

6. Disclosure as required by Accounting Standard (AS-18) “Related Party Disclosures” issued by the Institute of Chartered Accountants of India is as follows:

7. Name of Related Parties & description of relationship:

8. Related Parties where control exists: M/s BGIL Films & Technologies Ltd.

M/s Merit Exports Pvt. Ltd - subsidiary company

9. Key Management Personnel: Rakesh Bhhatia - Chairman

Gaurav Bhatia- S/o Mr. Rakesh Bhatia Sanjeev Mittal - Director Kumar Pushkar-Company Secretary Bhaarti Partha Saha - CFO

SEBI INVESTIGATION

The Adjudicating officer of SEBI has passed its final order No. EAD-2/DSR/RG/99-102/2014 dated 17th April 2014 and imposed a total penalty of Rs. 6 Crores (Rs. 5 Crores u/s 15HA and Rs. 1 Crore u/s 15 HB of the SEBI Act) on the company. The Company has appealed before the Hon’ble Securities Appellate Tribunal against these Orders.

10. The Company has initiated legal proceedings for the recovery of inter-corporate deposits amounting to Rs. 5.40 crores along with interest and are hopeful of recovery of same. However, no provision has been made in the books of account.

11. As per the Income Tax Website, there are Income Tax demands pending against the company but as per the company’s records the same are not payable and the company is making efforts to reconcile the same with the Income Tax records.

12. Earnings per share (EPS) -

The Earning per share has been calculated as specified in Accounting Standard 20 on “Earning per Share” issued by the Institute of Chartered Accountants of India, the related disclosures are as below:

13. No provision has been made for diminution in the value of investment as in the opinion of management, the diminution in the value of quoted investments amounting to Rs. 98686.70 is temporary in nature.

14. There is provision in respect of retirement benefits such as gratuity as per Accounting Standard 15 issued by ICAI has been made as per assumptions of management.

15. Interest accrued on Bank Cash Credit Account as at the end of the year was debited by Bank and was credited to the said account as on 31st March 2016. Thus the balance in secured Loans is shown inclusive of interest Accrued thereon.

16. All known liabilities have been accounted for in books of account.

17. Previous year figures have been regrouped/ rearranged wherever considered necessary to make them comparable with the current year figures

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Mar 31, 2015

1 : Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Estimated amount of contract remaining to be executed on capital account and not provided for NIL (Previous Year Rs NIL/-)

3. Contingent Liabilities not provided for :

a. Guarantees given by the company Rs. 60.28 Lacs (Pr. Year 59.88 Lacs)

b. Claims against the company not acknowledge as debts Rs 600 lacs (Pr.Year 600 Lacs)

4. In the absence of Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits and the parties to whom the advances are given are subject to reconciliation and such are as per books of accounts only. Adjustment thereto having an impact of revenue nature, if any, will be made during the period in which the same are fully reconciled.

5. In the opinion of the Board, the value of Current assets, Loans & Advances if realised in the ordinary course of the business shall not be less than the amount at which those are stated in the Balance Sheet.

6. Business segment-wise Report (as per the reporting requirements of AS-17) (Rs. In Lacs)

7. Disclosure as required by Accounting Standard (AS-18) "Related Party Disclosures" issued by the Institute of Chartered Accountants of India is as follows:

a) Name of Related Parties & description of relationship:

(i) Related Parties where control exists: M/s BGIL Films & Technologies Ltd. M/s Merit Exports Pvt. Ltd - subsidiary company

(ii) Key Management Personnel: Rakesh Bhhatia - Chairman Arti Bhatia- w/o Mr. Rakesh Bhatia Gaurav Bhatia- S/o Mr. Rakesh Bhatia Sanjeev Mittal - Director Kumar Pushkar-Company Secretary Bharti Partha Saha - CFO Sanjay Kapoor - Director Arti Jain - Director

8. The Company has paid Rs. 19,68,000/- to the Directors [P.Y. Rs. 21,93,000/-] as Directors Remuneration.

9. Initial Public Offer (IPO)

The utilization schedule of proceeds from IPO till 31.03.2015 is as under: (Rs. In Lacs)

SEBI INVESTIGATION

The Adjudicating officer of SEBI has passed its final order No. EAD-2/DSR/RG/99-102/2014 dated 17th April 2014 and imposed a total penalty of Rs. 6 Crores (Rs. 5 Crores u/s 15HA and Rs. 1 Crore u/s 15 HB of the SEBI Act) on the company. The Company has appealed before the Hon'ble Securities Appellate Tribunal against these Orders.

10. The Company has initiated legal proceedings for the recovery of inter-corporate deposits amounting to Rs. 5.50 crores along with interest and are hopeful of recovery of same. However, no provision has been made in the books of account.

11. As per the Income Tax Website, there are Income Tax demands pending against the company but as per the company's records the same are not payable and the company is making efforts to reconcile the same with the Income Tax records.

12. Earnings per share (EPS) -

The Earning per share has been calculated as specified in Accounting Standard 20 on "Earning per Share" issued by the Institute of Chartered Accountants of India, the related disclosures are as below:

13. No provision for interest on loan taken from LIC against Keyman Insurance Policy has been made till date and the same will be adjusted with the final maturity value.

14. No provision has been made for diminution in the value of investment as in the opinion of management, the diminution in the value of quoted investments amounting to Rs. 0.62 lacs is temporary in nature.

15. Lease Terms

16. Interest accrued on Bank Cash Credit Account as at the end of the year was debited by Bank and was credited to the said account as on 31st March 2015. Thus the balance in secured Loans is shown inclusive of interest Accrued thereon.

17. Rs. 1,56,75,384 has been considered as retained earning effect impact of change in depreciation on the basis of useful life of the assets as per schedule II of companies Act 2013.

18. All known liabilities have been accounted for in books of account.

19. Previous year figures have been regrouped/ rearranged wherever considered necessary to make them comparable with the current year figures

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Mar 31, 2014

1 Estimated amount of contract remaining to be executed on capital account and not provided for NIL (Previous Year Rs. 1,93,99000/-)

2 Contingent Liabilities not provided for :

a. Guarantees given by the company Rs.59.88lacs(Pr. Year 66.03 Lacs)

b. Claims against the company not acknowledge as debts Rs.600 lacs (Pr.Year Nil)

3 In the absence of Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits and the parties to whom the advances are given are subject to reconciliation and such are as per books of accounts only. Adjustment thereto having an impact of revenue nature, if any, will be made during the period in which the same are fully reconciled.

4 In the opinion of the Board, the value of Current assets, Loans & Advances if realised in the ordinary course of the business shall not be less than the amount at which those are stated in the Balance Sheet.

SEBI INVESTIGATION

The Adjudicating officer of SEBI has passed its final order No. EAD-2/DSR/RG/ 99-102 /2014 dated 17th April 2014 and imposed a total penalty of Rs.6 Crores ( Rs.5 Crores u/s 15HA and Rs.1 Crore u/s 15 HBof the SEBI Act ) on the company. The Company plans to approach the Hon''ble Securities Appellate Tribunal against the said order. Provision for this penalty will be made only after the case is decided by the higher authorities.

5 The Company has initiated legal proceedings for the recovery of inter-corporate deposits amounting to Rs.5.60 crores along with interest and are hopeful of recovery of same. However, no provision has been made in the books of account.

6 As per the Income Tax Website, there are Income Tax demands pending against the company but as per the company''s records the same are not payable and the company is making efforts to reconcile the same with the Income Tax records.

7 In accordance with the requirements of section 217 (2A) of the Companies Act, 1956, the number of employees who were :

(a) Employed throughout the period at remuneration which in aggregate was not less than Rs.60,00,000/- per annum (including Directors) - Nil.

(b) Employed for part of period at remuneration which in aggregate was not less than Rs.5,00,000/- per month (including Directors) - Nil

8 No provision for interest on loan taken from LIC against Keyman Insurance Policy has been madetill date and the same will be adjusted with the final maturity value.

9 No provision has been made for diminution in value of Investments as in the opinion of management, the diminution in the value of quoted investments amounting to Rs.0.39 lacs is temporary in nature.

10 SEBI has debarred the company from trading in capital market through its demat account or otherwise vide its order no. WTM/PS/IVD/47/12/2011 dated 28th December 2011. During the year, Hawk Fincap (P) Ltd has sold 460719 equity shares of BGIL Films & Technologies Limited which were in their custody pursuant to order of Hon''ble High Court dated 25th October 2010. The company has prudently accounted for the sale of those shares in its books.

11 Interest accrued on Bank Cash Credit Account as at the end of the year was debited by the Bank and was credited to the said account as on 31st March 2014. Thus the balance in Secured Loans is shown inclusive of Interest Accrued thereon.

12 All known liabilities have been accounted for in books of account.

13 Previous year figures have been regrouped/ rearranged wherever considered necessary to make them comparable with the current year figures.

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Jun 30, 2013

1 The Company has initiated legal proceedings for the recovery of inter-corporate deposits amounting to Rs. 6 crores along with interest and are hopeful of recovery of same. However, no provision has been made in the books of account.

2 As per the Income Tax Website, there are Income Tax demands pending against the company but as per the company''s records the same are not payable and the company is making efforts to reconcile the same with the Income Tax records.

3 The basic earnings per share is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year. The net profit attributable to the equity shareholders is Rs. 1,01,67,763/- and weighted average number of equity shares is 15843111 (previous year 15843111) for the purpose of basic EPS.

4 In accordance with the requirements of section 217 (2A) of the Companies Act, 1956, the number of employees who were :

(a) Employed through out the period at remuneration which in aggregate was not less than Rs. 60,00,000/- per annum (including Directors) - Nil

(b) Employed for part of period at remuneration which in aggregate was not less than Rs. 5,00,000/- per month (including Directors) - Nil

5 Previous year figures have been regrouped/ rearranged wherever considered necessary to make them comparable with the current year figures.

6 All known liabilities have been accounted for in books of account.

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Mar 31, 2012

Note 1.1 : Terms / rights attached to equity shares

The company has only one class of equity shares having a par value of Rs 10 per share. In the event of liquidation of the company, the holders of equity shares will be entitled to received remaining assets of the company. after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Estimated amount of contract remaining to be executed on capital account and not provided (or Rs 5.29.18.750/- (Previous Year Rs Nil)

3. Contingent Liabilities not provided for:

a. Guarantees given by the company Rs Nil (Pr. Year Nil)

b. Claims against the company not acknowledge as debts Rs Nil (Pr.Year Nil)

4. In the absence of Balance confirmations. Sundry Debtors. Sundry Creditors. Deposits and the parties to whom the advances are given are subject to reconciliation and such ate as per books of accounts only Adjustment thereto having an impact of revenue nature, if any. will be made during the period in which the same arc fully reconciled

5. In the opinion of the Board, the value of Current assets. Loans & Advances if realized In the ordinary course of the business shall not be less than the amount at which those are stated in the Balance Sheet

6. The Company has paid Rs. 26.70.000/- to the Directions (P Y. 23.40.000/-)as Directors Remuneration

7. The basic earnings per share is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year. The net profit attributable to the equity shareholders is Rs. 1.16.80.553'- and weighted average number of equity shares is 15843111 (previous year 9123111) for the purpose of basic EPS

8. Initial Public Offer (IPO)

The company has raised a sum of Rs. 5510 40 lacs (inducing share premium of Rs 4838.40 lacs) by way of public issues during the year. The proceed from the Initial Public Offer (IPO) of equity shares have been utilized as follows after taking note of the deviation in utilization of IPO proceeds which were approved by the Shareholders of the company in the Extra Ordinary General Meeting through Postal Ballot for vary and of revise the terms and conditions of the documents/contracts and also the utilization of the IPO in the Prospectus

The funds in Inter Corporate Deposits have been temporarily deployed as an interim measure to earn interest pending deployment towards object of the issue. The Balance in the Escrow account is as per directions of SEBI order dated 28th of December 2011.

SEBI INVESTIGATION:

The Company is under process of investigation as per Securable Exchange Board of India (SEBI) ad interim exported order WTM/PS/IVD/47/12/2011 dated 28th December. 2011. Detailed submissions have been made by the company and have also appeared in personal hearing in front of Whole Time Members.

9. In accordance with the requirements of section 217 (2A) of the Companies Act. 1956. the number of employees who were :

(a) Employed through out the period at remunerator which in aggregate was not less than Rs. 60.00.000/- per annum (inducing Directors) - Nil.

(b) Employed for part of period at remuneration which in aggregate was not less than Rs. 5,00,000/- per month (inducing Directors) - Nil

10. The company had obtained business loans From Banks/ Financial institutions, the repayment of some of which are not regular. An amount of Rs. 7.92 lacs is overdue as on 31.03.2012.

11. The Service Tax which was payable as on 31.03.2012 along with interest has since been paid in full on 31.07.2012.

12. Previous year figures have been regrouped/rearranged wherever considered necessary to make them comparable with the current year figures as per Revised Schedule VI of the Companies Act. 1956.

13. All known liabilities have been accounted for in books of account.

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Mar 31, 2011

1. Estimated amount of contract remaining to be executed on capital account and not provided for Rs Nil (Previous Year Rs Nil)

2. Contingent Liabilities not provided for:

a. Guarantees given by the company : Rs. Nil (Pr. Year Nil)

b. Claims against the company not acknowledge as debts: Rs. Nil/-(Pr. Year262500)

3. Deferred Tax as on 31.03.2011 comprises of Deferred Tax Liability amounting Rs. 34273091/- (P.Y. 25811971/-) which has been calculated on account of accumulated losses and difference in Tax depreciation.

4. There was no person employed by the company who was in receipt of remuneration, which in aggregate was not less than Rs. 24 lac per annum, if employed through-out the year or Rs. 2 lac p. m. if employed for a part of the year.

5. The company had obtained business/vehicle loans from Banks/ Financial Institutions, the repayment of some of which is not regular. An amount of Rs. 11.94 lacs is overdue as on 31.03.2011.

6. The Complete Service Tax which was payable as on 31.03.2011 along with interest has since been paid in full on 25.05.2011.

7. The Tax Deducted at Source (TDS), which was payable as on 31.03.2011 has since been paid in full on 24.05.2011.

8. Previous year figures have been regrouped/rearranged wherever considered necessary.

9. All known liabilities have been accounted for in books of account.