board of directors - Sahara One Media And Entertainment Limited

noteS FoRMInG pARt oF BALAnCe SHeet AS At MARCH 31, 2009 AnD
pRoFIt AnD LoSS ACCount FoR tHe YeAR enDeD MARCH 31, 2009
Schedule 21 (contd.)
the lease agreement. there are no restrictions imposed by lease arrangements.
Particulars Minimum Future Lease Rentals
Due within Next
One year 2008-09
(2007-08)
Due later than
one year not later
than five year
2008-09 (2007-08)
sahara one media and entertainment limited AnnuAL RepoRt 2008-2009
Due after five
year 2008-09
(2007-08)
Amount
recognised during
the year 2008-09
(2007-08)
Office premises - - - 10,917,334
(9,690,997) (-) (-) (42,309,333)
the Company has sub-leased the premises to group companies and earned a sub-lease rental of Rs. 4,111,784
during the year ended march 31, 2009.
6. Capital Commitments
estimated amount of contracts remaining to be executed on capital account and not provided for are Rs. niL
(2008-09: Rs. niL)
7. Contingent Liabilities not provided for:
Particulars As at March 31, As at March 31,
2009
2008
Guarantees and Counter guarantees given by the Company
(Rs.)
(Rs.)
- against loan availed by Sahara hospitality Limited from a bank.
Loan availed as at 31-3-2009 Rs. 1,549,038,494 (31-3-2008:
Rs. 1,746,671,170).
3,000,000,000 3,000,000,000
- against cash credit availed by Sahara hospitality Limited from a
bank. Cash credit availed as at 31-3-2009 Rs. 49,197,509 (31-3-2008:
Rs. nil).
66,700,000 -
income tax of Rs. 88,085,274 in respect of assessment Years 2000-
01, 2002-03, 2004-05, 2005-06 and 2006-07 in respect of which the
company has gone on appeal. Based on judicial pronouncements, the
Company’s claim is likely to be accepted by appellate authorities
88,085,274 54,718,812
8. Gratuity and other post-employment benefit plans:
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service
gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. the scheme is
funded with an insurance company in the form of a qualifying insurance policy.
The Company has also agreed to provide certain additional post-employment healthcare benefits to senior employees.
These benefits are unfunded.
The following tables summarise the components of net benefit expense recognised in the profit and loss account and
the funded status and amounts recognised in the balance sheet for the respective plans.
Profit and Loss account
Net employee benefit expense (recognised in Employee Cost)
Gratuity
Rs.
Gratuity
2009 2008
Current service cost 442,776 349,118
Interest cost on benefit obligation 160,313 58,693
expected return on plan assets (174,086) (1,47,787)
net actuarial loss recognised in the year 250,977 731,450
Past service cost nil nil
Net benefit expense 679,980 (164,613)
actual return on plan assets 39,494 147,787
N O T E S F O R M I N G PA R T O F B A L A N C E S H E E T A N D P R O F I T A N D L O S S A C C O U N T
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