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(c) The components of the deferred tax balances as on March 31 are as under: 2004 (Rs. / Thousand) 2003 (i) Deferred Tax Assets Arising on account of timing difference in Retirement Benefit 14,214 16,174 Provision for doubtful debts 63,371 36,261 Accruals allowable on payment basis 117,659 105,405 Unutilized tax losses 126,603 106,728 Other Provisions 8,470 1,927 Total 330,317 266,495 (ii) Deferred Tax Liabilities Depreciation 321,984 288,996 Other Provisions 18,990 46,509 Total 340,974 335,504 Total (Net) 10,657 69,009 (d) ZTL’s claim for fiscal incentives under Section 80HHC of The Income Tax Act, 1961 has been disallowed for assessment years 1993-1994 to 1999-2000, while the claim under certain other provisions has been allowed by the authorities. However, ZTL has provided for all taxes considering the demands as per these appeal orders. These cases are being contested by ZTL as well as the Income Tax department in cross appeals. In view of the judgement of the High Court at Mumbai in a similar case, there may not be additional tax demand on ZTL. 23. Leases (a) inance Lease : Long-term leases, which in economic terms constitute investments financed on a long-term basis (finance lease) are recognized as assets and recorded under tangible fixed assets at their cash purchase value. The related liabilities are included in secured loans. Additional Information on assets taken on lease: (Rs. / Thousand) 2004 2003 i) In respect of assets taken on finance lease prior to April 1, 2001 : (Assets not capitalized) uture Lease rental obligation 2,116 10,101 ii) In respect of assets taken on finance lease after April 1, 2001 : (Assets capitalized) Reconciliation of minimum lease payments and its present value Minimum Lease Payments as at Not Later than one year 9,487 5,005 Later than one year and not later than five year 10,183 2,875 Total 19,670 7,880 Less : Amount representing Interest 1,713 1,053 Present value of Minimum Lease payment 17,957 6,827 Less : Amount due not later than one year 8,662 3,127 Amount due later than one year and not later than five years 9,295 3,700 (b) Operating Leases : Lease of assets under which the lessor effectively retains all the risk and rewards of ownership are classified as operating leases. Lease payments under operating leases are recognized, as expenses on accrual basis in accordance with the respective lease agreements. The Company has taken on lease certain offices, residential premises, and other facilities under cancelable/ non-cancelable lease, which are renewable on a periodic basis at the option of both the lessor and the lessee. The initial tenure of the lease generally is for 11 to 180 months. ZEE TELEILMS LIMITED
The minimum rental payables under other operating leases that have initially or remaining non-cancelable lease are as follows: (Rs. / Thousand) 2004 2003 Lease rental charges for the year uture Lease rental obligation payable (Under non-cancellable lease) 379,081 294,813 Not later than one year 161,042 64,284 Later than one year but not later than five year 282,319 173,155 Later than five year In respect of assets given under operating lease. 5,785 3,075 (i) Zee has given assets included under the head of Plant and Machinery under cancelable operating lease agreements. The initial term of the lease is for 12 months. (ii) The lease rental revenue for the year is Rs./Thousand 89,928 (34,839) (iii) Rs/Thousand 2,916 (1,579) being loss on impairment has been debited to the profit and loss account. 24. Contingent Liabilities 2004 (Rs. / Thousand) 2003 a) Corporate Guarantees for Subsidiaries to the extent of loans availed 1,255,000 2,447,750 b) Corporate guarantees for related parties 1,430,627 827,500 c) Bank / Counter guarantees outstanding 10,119 32,218 d) Letter of Credit 59,764 40,977 e) Import Duty benefit for capital goods against export obligations 6,161 6,161 f) Claims not acknowledged as debts 147,065 137,922 g) Legal suits and claims filed pending Not Not Ascertainable Ascertainable h) Disputed Direct Taxes (since appeals decided and major part of demand cancelled) 1,450,487 773,743 i) Disputed Service Tax (Refer Note 19) 295,180 – 25. Estimated amount of contracts remaining to be executed on capital account (Net of Advances) Rs./Thousand 73,915 (35,356). 26. Deployment of funds Zee has been deploying its surplus fund as short-term demand loans from time to time and calling for repayment as and when it requires. The parties are regular in repayments of principal and interest hence, these loans are considered good. 27. Related Party Disclosure (a) List of Parties where control exists The list of subsidiary companies is disclosed in Note no. 2 (c) (b) Other Related Parties with whom transactions have taken place during the year and balances outstanding as on the last day of the year. Associate Companies Karma Network Limited Aplab Limited (extent of holding 26.42%) Other Related Parties with whom transactions have taken place during the year Agrani Convergence Limited; Agrani Satellite Services Limited; Agrani Wireless Service Limited; Ambience Advertising Private Limited; Asia TV (USA) Ltd., ASC Enterprises Limited; Ashok Goel; Asian Satellite Broadcasting Private Limited; Briggs Trading Company Private Limited; Buddha ilms Limited; Capital lour Mills Private Limited; Churu Trading Company Private Limited; Continental Drug Company Private Limited; Credensys Software Technologies Private Limited, Cyquator Technologies Limited; Delgrada Limited; Essel 99
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Directors’ Report Your Directors
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proper explanation relating to mate
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Name of the The financial Holding E
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Board members have complete and unf
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Details of last three Annual Genera
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AShareholders’ Information 1. Dat
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15. Change of Address Members holdi
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24. Distribution of Shareholding as
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● Zee broadcasts Zee TV and Alpha
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transparency and implementation of
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There is also a significant target
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in 2004, which were partially offse
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year as against Rs. 3,199.3 million
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Prior Period Adjustments (Net) Prio
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numbers. It is also possible that u
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The Company primarily competes agai
Page 50 and 51: suspended the implementation of CAS
Page 52 and 53: committee with representatives from
Page 54 and 55: Annexure to Auditors’ Report Anne
Page 56 and 57: Balance Sheet as at March 31, Sched
Page 58 and 59: Schedules to the Balance Sheet as a
Page 60 and 61: Schedule 5 : ixed Assets (at cost)
Page 62 and 63: ZEE TELEILMS LIMITED (Rs. in ’000
Page 64 and 65: Schedules to the Profit and Loss Ac
Page 66 and 67: Schedule 18 : Significant Accountin
Page 68 and 69: 12. Leases a) Operating Lease Lease
Page 70 and 71: 7. Disclosures a) Share application
Page 72 and 73: ) Provision for taxation for the ye
Page 74 and 75: (iv) Transactions with Related Part
Page 76 and 77: i) Details of Remuneration to direc
Page 78 and 79: e) Other Information Particulars Ea
Page 80 and 81: Cash low Statement for the year end
Page 82 and 83: Last ive Years’ inancial Highligh
Page 84 and 85: Auditors’ Report To the Board of
Page 86 and 87: C Consolidated Balance Sheet as at
Page 88 and 89: Schedules to Consolidated Balance S
Page 90 and 91: Schedules to Consolidated Balance S
Page 92 and 93: Schedulse to Consolidated Profit an
Page 94 and 95: Schedule 18 - Significant Accountin
Page 96 and 97: (b) Tangible fixed assets (i) Tangi
Page 98 and 99: on actuarial valuation are charged
Page 102 and 103: Propack Limited; Essel Agro Limited
Page 104 and 105: Business Segment (inancial Year 200
Page 106: BConsolidated Cash low Statement as
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