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Sea TV Network Ltd.

BSE: 533268 Sector: Media
NSE: N.A. ISIN Code: INE351L01016
BSE LIVE 15:23 | 18 Aug 3.70 -0.16
(-4.15%)
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.70
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VOLUME 142
52-Week high 6.46
52-Week low 3.29
P/E
Mkt Cap.(Rs cr) 4
Buy Price 3.68
Buy Qty 50.00
Sell Price 3.70
Sell Qty 8.00
OPEN 3.70
CLOSE 3.86
VOLUME 142
52-Week high 6.46
52-Week low 3.29
P/E
Mkt Cap.(Rs cr) 4
Buy Price 3.68
Buy Qty 50.00
Sell Price 3.70
Sell Qty 8.00

Sea TV Network Ltd. (SEATVNETWORK) - Director Report

Company director report

To

The Members

Sea TV Network Limited

Directors are pleased to present herewith the 12th Director’s Reporttogether with the Annual Audited Accounts of the Company for the year ended March 312016.

FINANCIAL PERFORMANCE

The financial performance of the company for the year ended on 31st Mar 2016is summarized as under;

Particulars For the year ended 31/03/2016 31/03/2015
(Rs. in Lakhs) (Rs. in Lakhs)
Total Income 1610.71 1888.99
Profit/ (Loss) before depreciation and taxes (250.06) (32.47)
Less: Depreciation 612.87 636.78
Less: Current Taxes/ Deferred Taxes 5.90 26.32
Profit/ (Loss) After Tax (869.33) (695.57)

RESULT OF OPERATIONS

During the financial year 2015–16 Company on a consolidated basis has generatedover Rs.1777.33 Lakhs of revenues and loss after tax of Rs.943.84 Lakhs. Correspondingfigures for the financial year 2014-15 were revenue of Rs 2102.48 Lakhs and loss after taxof Rs 810.99Lakhs.

CONSOLIDATED FINANCIAL STATEMENT

Pursuant to Accounting Standard AS-21 on Consolidated Financial Statements read withAccounting Standard AS – 25 – Interim Financial Reporting issued by TheInstitute of Chartered Accountants of India the Audited Consolidated Financial Statementsare provided in this Annual Report.

SHARES

(a) CHANGES IN CAPITAL STRUCTURE

Company’s Capital structure contain Equity Shares only and during the year Companyhas not issued any Sweat Equity Shares Bonus Shares shares with differential rights normade the buyback of its securities issued and thus paid-up capital of the company has notbeen changed it remained the same as the previous year i.e. Rs.120200000/- (RupeesTwelve Crores & Two Lakhs only).

(b) EMPLOYEES STOCK OPTION PLAN

During the year under review Company has not granted any Stock Options. Further therewere no Stock Options outstanding as at the close of March 31 2016. Hence there are nodisclosures provided as required under Clause 12 (Disclosure in the Directors’Report) of the Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999.

DIVIDEND

In view of losses the Directors recommend no dividend for the year under report.

TRANSFER TO RESERVE

The Company has not transferred any funds to the General Reserve during the financialyear 2015-16.

EXTRACT OF ANNUAL RETURN

As provided under Section 92(3) of the Act the details forming part of the extract ofthe Annual Return in Form MGT- 9 is annexed herewith as Annexure-1.

PUBLIC DEPOSITS

During the year under review Company has not accepted any deposits from the publicunder Section 2(31) of the Companies Act 2013 and there are no deposits with the companywhich are not in compliance with the requirements of the Chapter V of the Companies Act2013.

CHANGE IN NATURE OF BUSINESS IF ANY

There is no Change in the nature of the business of the Company during the financialyear 2015-16.

DETAIL OF SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATION IN FUTURE

There is no significant and material order passed by the regulators or courts ortribunals which would impact the going concern status of Company and its future operation.

MATERIAL SUBSIDIARIES

Company has constituted a policy for determining ‘material subsidiaries’ asapproved and further reviewed by the Board as per Listing Regulation 2015 is putted overthe website of the company (URL http://www.seatvnetwork.com/Invester_Relationship.aspx)

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENT

Details of internal financial control and its adequacy are included in the ManagementDiscussion and Analysis Report which forms part of this Report.

RISK MANAGEMENT

The Company has voluntarily constituted a Risk Management Committee (RMC) which hasbeen entrusted with responsibility to assist the Board in (a) Overseeing theCompany’s risk management process and controls risk tolerance and capital liquidityand funding

(b) Setting strategic plans and objectives for risk management and review of riskassessment of the Company

(c) Review the Company’s risk appetite and strategy relating to key risksincluding credit risk liquidity and funding risk market risk product risk andreputational risk as well as the guidelines policies and processes for monitoring andmitigating such risks.

The Company has adopted the same Risk Management Policy as per the provisions of theCompanies Act 2013 (hereinafter referred to as the Act) which has been further reviewedby the Board as per Listing Regulations 2015 and uploaded on the website of the company(URL: http://www.seatvnetwork.com/Invester_Relationship.aspx) . It establishes variouslevels of accountability and overview within the Company while vesting identifiedmanagers with responsibility for each significant risk. The Board takes responsibility forthe overall process of risk management in the organization.

AUDITORS AND AUDITOR’S REPORT

M/s Surendra G & Co. Chartered Accountants( Firm registration no. 001757C) Agrahold office as Auditors of the Company until the conclusion of ensuing Annual GeneralMeeting and Board recommends their re-appointment till the conclusion of 13thAnnualGeneral Meeting subject to ratification by shareholders at every annual general meeting.The Company has received a consent & eligibility certificate from Auditors underSection 139 of the Companies Act 2013 to the effect that their reappointment if madewould be within the prescribed limits under Section 141 of the Act. Members are requestedto consider their re-appointment as Auditors of the Company for the term mentioned aboveat a remuneration to be decided by the Board of Directors.

The Board has duly examined the Report issued by the Statutory Auditor’s of theCompany on the Accounts for the financial year ended March 31 2016. The notes onAccounts as presented in this Annual Report are self-explanatory in this regard andhence do not call for any further clarification. Further the report of the StatutoryAuditors along with notes to Schedule is enclosed to this report.

The Auditor’s Report does not contain any qualification reservation or adverseremark.

SECRETARIAL AUDIT

M/s Amit Gupta & Associates a firm of Company Secretaries in practice wasappointed to conduct the secretarial audit of the company for the fiscal 2016 as requiredunder Section 204 of the Act and The Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014. The secretarial audit report for the fiscal 2016 forms part of theAnnual Report as Annexure -2 to the Board’s Report. The Secretarial Auditor’sReport contain the observation on which comments given as follows :

(a) In terms of the provisions of Section 149(1) of the Companies Act 2013 read withrule 3 of the Companies (Appointment and Qualification of Directors) Rules 2014 theCompany was required to appoint a women Director on the Board of the Company latest byMarch 31 2015 the Company appointed women director w.e.f. 11th March 2016 afternecessary approval from Ministry of Information and Broadcasting (MIB) Government ofIndia.

(b) The position of the CFO is vacated w.e.f 22/03/2016 company is in search ofeligible candidate and the due vacancy shall be filled as earliest as possible and withinthe due course of time.

(c) Company is in process of strengthening its secretarial filling department and duecare will be taken in future for filling the form within the stipulated time period.

The Board has further appointed M/s Amit Gupta & Associates Practicing CompanySecretaries as secretarial auditor of the Company for the financial year 2016-17.

INTERNAL AUDIT

M/s Dinesh K. Agarwal & Company Chartered Accountants (Firm registrationno.001166C) was appointed to conduct the internal audit of the functioning and activitiesof the company for the financial year 2015-16 as required under section 138 of CompaniesAct 2013 and the rules made there under. Internal Auditors attended each quarterly AuditCommittee Meeting wherein the Internal Audit report were reviewed & considered by theAudit Committee

COST AUDIT

At present the Cost Auditing provisions are not applicable on our company as ourcompany is outside the threshold limit of Cost Auditing as define by Companies Act 2013and the rules made there under.

SUBSIDIARY COMPANIES

We along with our subsidiaries provide satellite channels Cable TV Network in all orany languages. Our Company has two subsidiaries i.e. Sea News Network Limited and JainTelemedia Services Limited. During the year the Board of Directors reviewed the affairsof the subsidiaries. In The accordance with the Section 129(3) of the Companies Act 2013our Company has prepared the consolidated financial statement of the Company and of itssubsidiaries which form a part of the annual Report. Further a statement containing thesalient feature of the financial statement of our subsidiaries in the prescribed formatAOC-1 is appended as Annexure-3 to the Board’s Report. The statement also providesthe details of performance financial position of each of the Subsidiary.

In accordance with the Section 136 of the Companies Act 2013 the audited financialstatements including the consolidated financial statements and related information of theCompany and audited account of each of the subsidiary are available on the website ofstock exchange and also over the website of our company https://www.seatvnetwork.com Thesedocuments will also be available for inspection during business hours at the RegisteredOffice of the Company. The Company will also make available these documents upon requestby any Member of the Company interested in obtaining the same.

BOARD MEETINGS

During the year under review Fourteen Board Meetings were convened and held. Detailsof the composition of the Board and its Committees and of the Meetings held attendance ofthe Directors at such Meetings and other relevant details are provided in the CorporateGovernance Report forming part of annual report is annexed separately.

BOARD EVALUATION

Pursuant to the provisions of the Act and the corporate governance requirements asprescribed by SEBI under Listing Regulations the Board of Directors ("Board")has carried out an annual evaluation of its own performance and that of its Committeesand individual Directors. The performance of the Board and individual Directors wasevaluated by the Board seeking inputs from all the Directors. The performance of theCommittees was evaluated by the Board seeking inputs from the Committee Members. TheNomination and Remuneration Committee ("NRC") reviewed the performance of theindividual Directors. A separate meeting of Independent Directors was also held to reviewthe performance of Non-Independent Directors; performance of the Board as a whole andperformance of the Chairperson of the Company taking into account the views of ExecutiveDirectors and Non-Executive Directors. This was followed by a Board meeting that discussedthe performance of the Board its Committees and individual Directors.

The criteria for performance evaluation of the Board included aspects like Boardcomposition and structure; effectiveness of Board processes information and functioningetc. The criteria for performance evaluation of Committees of the Board included aspectslike composition of Committees effectiveness of Committee meetings etc. The criteria forperformance evaluation of the individual Directors included aspects on contribution to theBoard and Committee meetings like preparedness on the issues to be discussed meaningfuland constructive contribution and inputs in meetings etc. In addition the Chairperson wasalso evaluated on the key aspects of his role.

AUDIT COMMITTEE & VIGIL MECHANISM

Pursuant to requirement of section 177(1) of Companies Act 2013 read with Rule 6 ofthe Companies (Meeting of Board and its Powers) Rules 2014 and as per Regulation 18 ofthe Listing Regulations 2015 Company has reviewed the formation and responsibilities ofthe Audit Committee composition of which is covered under Corporate Governance reportsection of this Annual Report.

The Company has adopted a Whistle Blower Policy establishing vigil mechanism which hasbeen further reviewed by the Board as per Listing Regulations 2015 to provide a formalmechanism to the Directors and employees to report their concerns about unethicalbehavior actual or suspected fraud or violation of the Company’s Code of Conduct orethics policy. The Policy provides for adequate safeguards against victimization ofemployees who avail of the mechanism and also provides for direct access to the Chairmanof the Audit Committee. The policy of vigil mechanism as approved by the Board isavailable on the Company’s website (URL:http://www.seatvnetwork.com/Invester_Relationship.aspx).

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details of the programme for familiarization of the Independent Directors with theCompany in respect of their roles rights responsibilities in the Company nature of theindustry in which Company operates business model of the Company and related matters areput up on the website of the company (URL:http://www.seatvnetwork.com/Invester_Relationship.aspx). The same has been reviewed by theboard as per Listing Regulations 2015.

NOMINATION AND REMUNERATION COMMITTEE

Pursuant to requirement of section 178 of Companies Act 2013 read with the rules madethereunder and as per Regulation 19 of the Listing Regulations 2015 Company has reviewedthe formation and responsibilities of the Nomination and Remuneration Committeecomposition of which is covered under Corporate Governance report section of thisAnnual Report.

The Nomination and Remuneration Committee is responsible for developing competencyrequirements for the Board based on the industry and strategy of the Company. The Boardcomposition analysis reflects in-depth understanding of the Company including itsstrategies environment operations financial condition and compliance requirements.

The Nomination and Remuneration Committee conducts a gap analysis to refresh the Boardon a periodic basis including each time a Director’s appointment or re-appointmentis required.

At the time of appointment specific requirements for the position including expertknowledge expected is communicated to the appointee.

POLICY ON DIRECTOR’S APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive non-executive andindependent directors to maintain the independence of the Board and separate itsfunctions of governance and management. On 31st March 2016 the board consistsof 6 members three of whom are Independent and two are KMP and one is non executivedirector.

The policy of the company on directors appointment and remuneration including thecriteria for determining qualifications positive attributes and independence of Directorsand other matter as required under Section 178 (3) which has been further reviewed by theBoard as per Listing Regulations 2015 is uploaded on the website of the company (URL:http://www.seatvnetwork.com/Invester_Relationship.aspx). There has been no change in thepolicy since last fiscal year. The remuneration paid to the directors is as per the termslaid out in the policy of the company.

LISTING AGREEMENT

On 2nd September 2015 The Securities and Exchange Board of India issuedSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 with aim toconsolidate and streamline the provisions of the Listing Agreement for different segments.The said regulation was mandatorily effective from 1st December 2015.According to which all listed entities were required to enter into the fresh ListingAgreement as per the aforesaid Listing Regulation. Accordingly the company has enteredinto fresh listing agreement with BSE during January 2016.

STATE OF THE COMPANY AFFAIR

The details of the state of the Company’s affair during the year are given below:

a. Production and Profitability: Company’s wholly owned subsidiary "JAINTELEMEDIA SERVICES LIMITED" has made reasonable profit during the year HoweverCompany itself not able to earn profit for the financial year 2015-16

b. Sales: The sales of company is Rs. 1611 Lakhs for the financial year 2015-16 ascompare to Rs. 1889 Lakhs for financial year 2014-15.

c. Marketing and Market environment: The television industry continued to have adynamic operating environment in 2015-16 .The television industry in India is estimated atINR 542 billion in 2015 and is expected to grow at CAGR of 15.1 percent to reach INR 1098billion in 2020

d. Future Prospects including constraints affecting due to Government policies:

The company will take each endeavour to achieve the fixed targets. In the achievementof the said target there will be always some constraints like change in govt. policies.Increase in the applicable tax rates in future can raise the problem of price escalationbefore the company.

REMUNERATION POLICY

The Company has in place a Remuneration Policy for the Directors Key ManagerialPersonnel and other employees pursuant to the provisions of the Act which is furtherreviewed by the board as per Listing Regulation 2015 is uploaded on the website of thecompany (URL: http://www.seatvnetwork.com/Invester_Relationship.aspx)

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board currently comprises of 6 Directors 3 of which are Independent Directors 2are Executive Director and 1 is Non-Executive Non-Independent Director

During the said financial year the due re-appointment has been made of Mr. Neeraj Jain-Chairman and Managing Director Mr Pankaj Jain- Whole Time Director and Mr. Akshay KumarJain- Whole Time Director for the further period of 5 Years w.e.f 15/01/2016 subject tothe consent of shareholders in the ensuing General Meeting. During the year under reportthe company received long awaited approval from MIB regarding the appointment of womendirector and accordingly Mrs. Sonal Jain was appointed as a woman director on the Board ofthe Company w.e.f. 11/03/2016. .Further Mr. Akshay Kumar Jain has been stepped down fromthe position of the CFO and WTD of the company w.e.f. 22/03/2016.

In accordance with the provisions of the Act and the Articles of Association of theCompany Mr. Pankaj Jain retires by rotation is eligible for re-appointment and pursuantto Sections 149 Schedule IV of the Companies Act 2013 read with Companies (Appointmentand Qualification of Directors) Rules 2014 Listing Regulations 2015 the independentDirectors are not liable to retire by rotation.

DECLARATION BY AN INDEPENDENT DIRECTOR UNDER SECTION 149(6)

All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) & (7) of the Act and as per ListingRegulation 2015.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There is no material changes and commitment made that affect the financial position ofthe company.

DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to the provisions of the section 134(5) of the Companies Act 2013 directorsstate and confirm:-

1. The financial statement comprising of the Balance Sheet as at March 31 2016 and theStatement of Profit & Loss for the year ended on that date are prepared in accordancewith the accounting standard issued by the Institute of Chartered Accountant of India andthe requirement of the Companies Act2013 to the extent applicable to us.

2. They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of profit orloss of the Company for the year under review.

3. They have taken sufficient care to maintain adequate accounting records inaccordance with the provision of Companies Act2013 to safeguard the Assets of thecompany and to prevent and detect fraud and other irregularities and

4. They have prepared the accounts on a going concern basis.

5. They have laid down internal financial controls to be followed by the company andthat such internal financial controls are adequate and were operating effectively.

6. They have devised proper systems to ensure compliance with the provisions of allapplicable law and that such system were adequate and operating effectively.

(Please refer to the Section "Internal Control Systems and their Adequacy" inthe Management Discussion and Analysis report.)

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the Company during the financialyear with related parties were on an arm’s length basis in the ordinary course ofbusiness and were in compliance with the applicable provisions of the Act and of ListingRegulations 2015. There are Related Party Transactions made by the Company withSubsidiary companies Group Companies Promoters Directors Key Managerial Personnel orother designated persons which may have a potential conflict with the interest of theCompany at large. All Related Party Transactions are placed before the Audit Committeecomprising Mr. Rajeev Kumar Jain Mr. Narendra Kumar Jain & Mr. Akshay Kumar Jainbeing the members of the Committee for its approval. A statement of all Related PartyTransactions is placed before the Audit Committee for its review on a quarterly basisspecifying the nature value and terms and conditions of the transactions.

The Company has adopted a Related Party Transactions Policy. The Policy as approvedand further reviewed by the Board as per Listing Regulations 2015 is uploaded on theCompany’s website (URL: http://www.seatvnetwork.com/Invester_Relationship.aspx).

Details of contracts or arrangements or transactions not at arm’s length basis andDetails of material contracts or arrangement or transactions at arm’s length basispursuant to section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts)Rules 2014 in form AOC-2 is NIL which is annexed as Annexure-4.

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 AND OTHER DISCLOSURES ASPER RULE 5 OF COMPANIES (APPOINTMENT AND REMUNERATION) RULES 2014:

The ratio of remuneration of each director to the medium remuneration of the employeesof the company for the financial year under the review and the statement containing theparticulars of employees in accordance with the rule 5(2) of the Companies (Appointmentand Remuneration of managerial Personnel) Rules 2014 is given in Annexure-5.

CORPORATE GOVERNANCE & CORPORATE SOCIAL RESPONSIBILITY

Corporate Governance has two basic tenets they are Transparency and Accountability. Weat Sea TV Network Limited are committed to do things the right way which means takingbusiness decisions and acting in a way that is ethical and is in compliance with theapplicable legislation.

In terms of Schedule V of Listing Regulations a detailed report on CorporateGovernance along with Compliance Certificate issued by the Secretarial Auditors of theCompany is attached and forms an integral part of this Annual Report. ManagementDiscussion and Analysis Report and Business Responsibility Report as per ListingRegulations are presented in separate sections forming part of the Annual Report.

In compliance with the requirements of Companies Act 2013 and Listing RegulationsBoard has reviewed and approved various Policies including Code of Conduct for Directors& Senior Management Material Subsidiary Policy Insider Trading Code Whistle Blowerand Vigil Mechanism Policy Related Party Transaction Policy and Remuneration Policy. Allthese policies and codes have been uploaded on Company’s corporate websitewww.seatvnetwork.com. Additionally Directors Familiarization Programme and Terms andConditions for appointment of Independent Directors can be viewed on Company’scorporate website www.seatvnetwork.com

We believe that any meaningful policy on corporate governance must provide empowermentto the executive management of the company and simultaneously create a mechanism ofchecks and balances which ensures that the decision making powers vested in the executivemanagement is not misused but is used with care and responsibility to meet stakeholderaspirations and societal expectation.

Corporate Governance is also related to innovation and strategy as theorganization’s idea of innovation and strategies are to enhance stakeholders’satisfaction.

Constitution of Audit Committee Nomination & Remuneration Committee and thereTerms of References in accordance with the provisions of Section 177 and 178 of CompaniesAct 2013 as per 18 &19 Listing Regulations2015 have been provided in the CorporateGovernance Report mentioned in other parts of the report.

The Board of Directors are also responsible for and committed to sound principals ofcorporate governance in the company. The Board play a crucial role in overseeing how themanagement serves the short and long term interest of the shareholders and stakeholders.This believes is reflected in our governance practices under which we strive to maintainan effective informed and independent Board. We keep our governance practice undercontinues review and benchmark ourselves to the best practices.

At present Corporate Social Responsibility provision is not applicable on our companyas our company is outside the threshold limit of CSR as define by Companies Act 2013.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS BY THE COMPANY

Particulars of loans guarantees and investments made by the Company required undersection 186 (4) of the Companies Act 2013 form part of the notes to the financialstatements provided in this Annual Report.

PARTICULARS OF EMPLOYEES

The disclosure as required under the provisions of Section 197 (12) of the CompaniesAct 2013 read with Rule 5(2) of The Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 in respect of the names of the top ten employees interms of remuneration drawn given as follows:-

Name of Employee Amount (In Rs.)
1. Neeraj Jain 3000000.00
2. Akshay Kumar Jain 1170967.00
3. Pankaj Jain 900000.00
4. Chhaya Jain 600000.00
5. Sonal Jain 540000.00
6. Satpal Singh Batra 315000.00
7. Virendra Kumar Goswami 271055.00
8. Manish Jain 270684.00
9. Arun Sharma 240000.00
10. Jitendra Kumar Sharma 224494.00

STATEMENT UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION ANDREDRESSAL) ACT 2013:

Directors further state that during the year under review there were no cases filedpursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013

LISTING

The Company has paid the Rs.229000/- as listing fees for the financial year 2016-17.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

Company is into the business of Broadcasting of Television Channels. Since thisbusiness does not involve any manufacturing activity most of the Information required tobe provided under Section 134(3)(m)) of the Companies Act 2013 read with the Companies(Accounts) Rules 2014 are Nil / Not applicable.

However the information as applicable is given hereunder:

Conservation of Energy:

i. The step taken or impact on conversation of energy Company being a service providerrequires minimal energy

ii. The step taken by the Company for consumption and every Endeavour is made to ensureutilizing alternate Source of energy optimal use of energy avoid wastages and converseenergy as far as possible.

iii. The capital investment on energy conservation equipments

Technology Absorption:

(i) the efforts made towards technology absorption
(ii) the benefits derived like product improvement cost reduction product development or import substitution
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- Company uses latest technology and equipment’s into its Broadcasting business.
(a) the details of technology imported However since the Company is not engaged in any manufacturing the information in connection with technology absorption is Nil.
(b) the year of import;
(c) whether the technology been fully absorbed
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof
(iv) the expenditure incurred on Research and Development

Foreign Exchange Earnings and Outgo:

Sl Particulars Amount in USD ($)
No.
1. Purchase of Fixed Assets 87500
2. Advance against Purchase of Fixed Assets 8750
Total 96250

ACKNOWLEGEMENT

Your Directors take this opportunity to thank the banks SEBI the Stock Exchangesvarious Government authorities Financial Institutions and all shareholders for theirconsistent support and encouragement to the Company. I am sure you will join our Directorsin conveying our sincere appreciation to all.

For and on behalf of Board of Directors
Place: Agra Neeraj Jain Pankaj Jain
Date: September 03 2016 Chairman & Managing Director Whole Time Director
(DIN- 00576497) (DIN-00509839)