THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED

( A GOVERNMENT OF ORISSA UNDERTAKING )

CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
BALANCE SHEET AS AT 31ST MARCH, 2002
SCHEDULE 31ST MARCH, 2002 31ST MARCH, 2001
I. SOURCES OF FUNDS (Rupees) (Rupees)
1 SHARE HOLDER'S FUNDS :
a) Share Capital 1 54,005,000 54,005,000
b) Reserve and Surplus 2 2,665,679 3,614,920
2 CAPITAL RESERVE :
Surcharge 3 13,322,171 13,322,171
3 LOAN FUNDS 4 11,477,000 11,477,000
TOTAL 81,469,850 82,419,091
II. APPLICATION OF FUNDS :
1 FIXED ASSETS : 5
a) Gross Block 9,572,386 9,572,386
b) Less : Depreciation 5,580,725 5,580,725
c) Net Block 3,991,661 3,991,661
d) Advance against Capital Contracts (OSIC) 10,000 10,000
TOTAL 4,001,661 4,001,661
2 INVESTMENT 6 - 23,349,600
TOTAL 4,001,661 27,351,261
3 CURRENT ASSETS, LOANS AND PROVISIONS :
a) Cash and Bank Balance 7 - 16,494,448
b) Other Current Assets 8 - 7,375,301
c) Loans and Advances 9 - 34,923,236
TOTAL - 58,792,985
4 CURRENT LIABILITIES AND PROVISIONS :
a) Current Liabilities 10 - 3,725,155
b) Provisions - -

5 NET CURRENT ASSETS : - 55,067,830

6 NOTES ON ACCOUNTS AND CONTINGENT LIABILITIES : 15

TOTAL 4,001,661 82,419,091
NOTESchedule 1 to 10 referred to above and accompanying notes
form an integral part of the Balance Sheet.
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 31ST MARCH, 2002

SCHEDULE 31ST MARCH, 2002 31ST MARCH, 2001

I N C O M E: (Rupees) (Rupees)

Interest 11 - 2,266,787
Other Income 12 - 1,957,971
TOTAL - 4,224,758

EXPENDITURE :

Payment to and Provision for Employees 13 - 2,115,356

Other Expenses 14 - 1,160,161
Depreciation 5 543,880 543,880
543,880 3,819,397

PROFIT/(LOSS) FOR THE YEAR : - 543,880 405,361

Less : Prior Period Expenditure 17,011 17,011

Add : Prior Period Income 17,958 17,958

PROFIT/(LOSS) TRANSFERRED TO BALANCE SHEET - 542,933 406,308

NOTESchedule 11 to 15 and Schedule 5 referred to above and

accompanying notes form an integral part of the
Profit and Loss Account.
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001

31ST MARCH, 2002 31ST MARCH, 2001

(Rupees) (Rupees)
SCHEDULE : "1" SHARE CAPITAL :

AUTHORISED SHARE CAPITAL :

6,50.000 Equity shares of Rs.100/- each

(Previous year 6,50,000 Equity Shares) 65,000,000 65,000,000

Issued, Subscribed and Paid up :

5.40.050 Equity Shares (Previous year 5,40,050

Equity Shares ) of Rs.100/- each fully paid up by
Govt. of Orissa towards Share Capital 54,005,000 54,005,000

TOTAL 54,005,000 54,005,000

SCHEDULE : "2" RESERVES AND SURPLUS :

Profit and Loss Account

As per Last Account 3,208,612 3,208,612
Add : Transferred from Profit and Loss Account - 542,933 406,308

TOTAL 2,665,679 3,614,920

SCHEDULE : "3" CAPITAL RESERVE :

Surcharge from Government 13,322,171 13,322,171

TOTAL 13,322,171 13,322,171

SCHEDULE : "4" LOAN FUNDS :

Unsecured
Loan from Government of Orissa 11,477,000 11,477,000

TOTAL 11,477,000 11,477,000

 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
31ST MARCH, 2003 31ST MARCH, 2002
(Rupees) (Rupees)
SCHEDULE : "10" CURRENT LIABILITIES AND PROVISIONS :
* Acceptance 1,321,317
** Sundry Creditors for Goods, Services and Expenses 2,403,838
TOTAL - 3,725,155
* Advance house rent Rs.93,240/- (Previous year Rs.63,240/- Security Deposit of Rs.252500/-
from Entrepreneurs (Previous year Rs.251500/-)
State investment Subsidy of Rs.1.53,366.20 (Previous year Rs.1,53,366.20),
Special Grant of Rs.79778.4 (Previous year Rs.1,18,278.40)
Special Grant for Samrat Kharavel of Rs.3,05,261.71 (Previous year Rs.3,05,261.71),
Royalty of Rs.437170.85 (Previous year Rs.434985.85)
** Comprised of :
Liabilities for Expenses 82,974
G.P.F. Contribution 1,746
L.I.C. 2,839
Draught Relief Fund 1,321
Professional Tax of Staff 770
Income Tax Deposit of Staff -
Interest payable on Govt. Loan 1,492,934
Excess Amount received from Certificate Cases 661,825
Excess Amount recovery from staff 4,594
G.S.L.I. Deposit of Staff 2,571
P.R.S.Deposit 41,380
Payable to P. K. Film Lab. 72,812
Durga Films ,Orissa(Sub Titling Loan) -
Payable to Kalinga Studio for TV Serial 36,114
Payable to Sri Bidhan Chanda Mishra (Ex-Chairman) 1,958

TOTAL - 2,403,838
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
31ST MARCH, 2003 31ST MARCH, 2002
SCHEDULE : "6" INVESTMENTS : (Rupees) (Rupees)
( Investments (At Cost-unquoted)

1,74,496 (Previous year 1,29,496) Equity Shares of Rs.100/- each fully

paid up in Kalinga Studios Limited, Bhubaneswar ( A Subsidiary Company)
Another 2 Nos. of Equity Shares for which no payment is required to be
made to the transfers. 17,449,600

5,90,000 Equity Shares of Rs.10/- each fully paid up in Prasad Kalinga Film
Lab. Limited, Bhubaneswar (A Joint Venture Company) 5,900,000
TOTAL - 23,349,600
SCHEDULE : "7" CASH AND BANK BALANCES :
* Cash in hand (As certified by the Management) 9,179
Bank Balances :
a) With Schedule Banks on :
I) Current Accounts 1,042,155
ii) Fixed Deposit Account 14,942,900
b) In Fixed Deposit Account with Urban Co-op. Bank Ltd. 500,000
c) Balance with Post Office Savings Bank 215
TOTAL - 16,494,448
* Includes Stamp of Rs.365/- (Previous year Rs.164/-)

SCHEDULE : "8" : OTHER CURRENT ASSETS :

Unsecured (Considered good)
Interest Accrued on Loans and Deposits 2,584,787
Guarantee Commission Receivable 2,355,434
Other Receivables 190,059
G.P.F. Deposit of K. Mohan Rao 234
Difference in Opeing Balance 3
Receivable from Govt. -
Film Raghu Arakhita 2,023,052
Subsidy Receivable 221,731
Receivable from Govt. (Managerial Grant) -

TOTAL - 7,375,301
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
31ST MARCH, 2003 31ST MARCH, 2002
SCHEDULE : "9" LOANS AND ADVANCES " (Rupees) (Rupees)
( Unsecured, considered good except otherwise stated )

Loan to Staff 313,182

Advance to Staff 114,081
Advance to Others 93,145
GIS receivable from Staff 4,800
Loan for Production of Films :
(Against Distribution Rights)
Soft Loan 1,599,764
Term Loan 5,468,253

Loans for Cinema Halls :

Seed Capital Loan 111,694
Loan for Construction of Cinema Houses 2,012,656
Generator Loan 49,697

( Secured against Land, Building structures, Machinery, Windows, Sitting

Chairs, Screen's Cinema Lens, Frans, Coolers, Air Conditioners, Barbed
Fence, Culverts, Roads, Typewriters, Vehicles and other movable and
immovable properties as per the agreement )

Loan to Kalinga Studios Limited 1,920,912

Loans for Construction of Cinema Halls and production of films(Certificate Dues) 13,003,177
Advance against Equity Shares (Kalinga Studios Ltd.) 7,940,256
Advance for Film Archive 43,498
* Security Deposits 44,772
Prepaid Expenses 6,998
** Advance towards Income Tax 2,190,851
Film and Television 500
Grant-in-aid to Art Vision 5,000
TOTAL - 34,923,236
* Includes Rs.22,660/- with Telephone Department (Previous year : Rs.22,660/- )
and with Electricity Department of Rs.22,112/- (Previous year : Rs.22,112/-)
** Including TDS on House Rent Rs.1,46,199/-, TDS on Interest Rs.3,608/- ,
TDS on Royalty of Rs.13,200/-

THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED

( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
31ST MARCH, 2003 31ST MARCH, 2002
SCHEDULE : "11" : INTEREST (Rupees) (Rupees)

Loans and Deposits 2,217,578

Loan to Staff 49,209
- 2,266,787
SCHEDULE : "12" : OTHER INCOME
Application Fees. 3,800
Processing Fees. 9,000
Service Charges 28,200
Guarantee Commission 128,836
Managerial Subsidy / Grant 1,000,000
House Rent 740,626
Preview Theatre Charges 750
Bank charges 12,159
Shooting charges` 34,600
Film Production Charges -

TOTAL - 1,957,971
SCHEDULE : "13" PAYMENT TO AND PROVISION FOR EMPLOYEE :

SALARY AND WAGES :

Others (Including surrender leave salary) 1,728,178

House rent -
Wages 175
Contribution to Provident Fund : MD -
contribution to Provident Fund : Others 234,959
Group Gratuity 79,137
Leave salary 65,557
GIS Deposit of Staff 7,350

TOTAL - 2,115,356
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
31ST MARCH, 2003 31ST MARCH, 2002
SCHEDULE : "14" : OTHER EXPENSES (Rupees) (Rupees)

Travelling and Conveyance : Director 3,111

Others 71,483
Printing and Stationery 8,758
Rates and Taxes 41,013
Audit Fees : Audit Fees 6,612
Internal Audit Fees 10,200
Audit Expenses 4,644
Electricity Charges 62,786
Fuel and Lubricant 52,652
Advertisement and Publicity 2,000
Telephone Charges 65,522
Repair and Maintenance : Vehicles 23,357
Others 36,094
Bad Debts 162,354
Bank Charges -
Retainers Fees and Clerkage Expenses 16,531
Film Festival Expenses -
Miscellaneous Expenses 97,230
Insurance (Vehicle) 12,492
Interest on House Building Loan 2,977
Interest on Government Loan 480,347

TOTAL - 1,160,161
 THE ORISSA FILM DEVELOPMENT CORPORATION LIMITED
( A GOVERNMENT OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK - 753 001
SCHEDULE : "15" NOTES ON ACCOUNT AND CONTINGENT LIABILITIES :

NOTES ON ACCOUNT :
A SIGNIFICANT ACCOUNTING POLICIES.
1. Fixed Assets : Fixed Assets are stated at their original cost including freight, duties ,taxes and other incidental expenses related to acquisition and installation.

2. Depreciation: Deprecation has been calculated on the written down , method at the rates specified in Income Tax Act, 1961, Leasehold Land is
amortised over the lease period.
3. Investment: Investment made by the Company, in shares are meant to be held over long term period and are stated at cost.

4. Revenue Recognition; As per requirement of the Companies ( Amendment) Act,1988 all expenses and income
are accounted for on accrual basis except the following, which are accounted for on cash basis.
a) Contribution to Provident Fund.
b) Bonus.
c) Insurance
d) Leave salary and pension contribution.
e) Interest on certificate cases.
f) Interest on Fixed Deposits

5, The company has determined the liability on account of gratuity and cumulative liability to date for future payment
of gratuity to employees which has been covered under Group Gratuity Schemes of LIC of India.

B CONTINGENT LIABILITIES:
1.a) On account of guarantee given by the corporation to the banks for the loans sanctioned to the theatres for
construction of cinema halls and to the producers for production of films amounting to Rs.2,05,62,590.00 (Previous year Rs.2,05,62,590/-).
as per the tripartite agreement executed for the purpose.

b) On account of guarantee given by the corporation to NFDC Ltd., for loans sanctioned by them for
construction of cinema halls and production of films amounting to Rs.18,57,000/- (Previous year Rs.18,57,000/-).

c) Total Income Tax demand of Rs.19,48,780/- has been considered as contingent liability pending finalisation of appeals.
and the advance tax of Rs.1199400/- paid against that is reflected under loans and advances.

C OTHER NOTES
1 Advance against capital contracts represents advance to O.S.I.C.

2 Interest has not been calculated on the loans where certificate cases have been instituted.

3 A sum of Rs.2,210/- charged as depreciation represents amortisation of the lease hold land for the year.

4 Fixed Deposit of Rs.5,00,000/- has been adjusted by Urban Co-operative Bank, against a defaulted borrowal
account and the matter is subjudice. No interest has been provided for on the said fixed deposit.
5 The followings are taken under Prior Period Expenditure account. 31ST MARCH, 2003 31ST MARCH, 2002
a) House rent allowance to Sri Bidhan Chandra Mishra, Ex-Chairman 10,980
b) GIS deposit of staff 6,031
c) T.A. To Staff -
d) Audit Expenses -
e) Audit Fees -
f) Honorarium to Chairman -
g) Medical Allowance to Chairman -
h) Bank Charges -
TOTAL - 17,011
6 The Prior Period Income Represents the following :
i) Managerial Grant for 1999-200 -
ii) Excess salary recovered from D.D. Mohanty -
iii) House Rent received from Staff Selection Commission -
iv) Advances deducted for the months of Dec'99 and Feb'00 -
v) Interest on FD reinvested in SBI -
v) Orissa State Co-operative Bank 17,958
TOTAL - 17,958
7 Maximum amount due by the Directors or other officers of the Corporation at any time during the year
a) Sri Bidhan Mishra, Chairman 9,022
b) Sri P. S. Das 14,914
c) Sri P.K.Misra, Manager 2,958
d) Sri A,K,samal, Asst Manager 2,892
e) Sri P. C. Mohapatra, Jr. Manager (Accounts) 7,145
f) Sri N. Padhy, Jr. Manager 2,529
8 Miscellaneous Expenses comprised of:
Office Expenses 13,753
Postage and Telegram 4,015
Newspaper and Periodicals -
Directors Sitting Fees 3,600
Meeting Expenses 2,547
Filing Fees 2,500
Legal Expenses 12,708
Legal Fees 36,369
 Revenue and Non-judiciary stamp / papers 200
Hire Charges 11,898
Fees and Subscription 1,340
Scruting Fees 3,000
Preview Theater Exp. 5,300
TOTAL - - 97,230
9 Provisions of Paragraphs - 3, 4C and 4D of Part-II of Schedule VI of the Companies Act, 1956 are not applicable to this company for the year.
Figures have been rounded off to Rupees and the previous years figures have been rearranged and regrouped wherever necessary, to make them
complete to the classification of the Current Year.

10 As certificate cases have been instituted in respect of old advances amounting to Rs.1,30,03,177/-, no provision for bad and doubtful debt has been made
during the year (previous year Rs. 1,33,15,331/-) , Interest is not charged in case of Certificate Cases. Excess amount recovered from
Certificate Cases amounting to Rs.6,61,825/- (Previous Year Rs.5,96,501/-) are treated as Current Liabilities pending finalisation of court cases.

11 Bad Debts : As there is no chance for recovery of the following amounts from the govt. and govt. agencies, 31ST MARCH, 2003 31ST MARCH, 2002
the same are treated as bad debts. (Rupees) (Rupees)
I) Receivable from Govt. (Film Festival) 134,701
ii) Receivable from Home Department 22,504
iii) Receivable from OTDC 2,335
iv) Receivable from Staff Selection Commission 2,814
162,354
12 Production Expenses (Prahalad Natak) : The advances were paid to the following persons for production of a telefilm "Prahalad Natak". The work has been
completed and transferred to Kalinga Studio but the advances are lying as advance against their names (unadjusted). Hence, the same are booked to
Prodn. Expenses (Prahalad Natak) and transferred to the loan account of Kalinga Studios Ltd.
I) Advance to Bhim Shingh, Advocate 6,000
ii) Advance to Arun Mishra, Cameraman 2,750
iii) Advance to Nagen Ray 10,000
iv) Advance to Sitakanta Mishra 5,000
- 23,750

STATEMENT OF DUES FROM THE COMPANIES UNDER SAME MANAGEMENTS AS ON 31ST MARCH 2003
Loan Advance against Equity
Name of the Company Maximum amount 31st March 31st March Maximum amount 31st March 2003 31st March 2002
outstanding during 2003 2002 outstanding during
the year the year
M/s. Kalinga Studios Ltd.,
Bhubaneswar. 19,60,459.60 18,60173 18,60,173 79,40,256 79,40,256

STATEMENT UNDER SECTION - 212 OF THE COMPANIES ACT, 1956

1 The Orissa Film Development Corporation Limited has the following interest in its under noted subsidiary as at 31st March 2002.
Name of the subsidiary company
M/s. Kalinga Studios Ltd., Bhubaneswar Out of the total capital of Rs.17,450,400/-
the shares worth Rs.17,449,600/-
 were held by the corporation

2 The accounts of the Kalinga Studios Ltd. have not been audited till date. Hence, the profit and loss of the subsidiary has not be dealth with in the corporation's account.

3 Since the accounts of the subsidiary company have not been audited, copies of the Accounts, Auditors' Report and Director's Report could not be
attached to the accounts of the corporation.
 THE ORISSA FILM DEVELOPMENT CORPORATION LTD.
( A GOVT. OF ORISSA UNDERTAKING )
CHALACHITRA BHAWAN, BUXI BAZAR, CUTTACK – 753 001.
*******
SCHEDULE "5" FIXED ASSETS
Particulars Original Addition Sold/Dis- Total DEPRECIATION W. D. V. W. D. V.
Cost During the carded Cost Upto Depn. For the Total upto as on as on
year during the 31.03.2001 Deduction year 31.03.2002 31.03.2002 31.03.2001
year
1 2 3 4 5 6 7 8 9 10 11 12

1 Land 224,360 224,360 47,558 1.25% 2,210 49,768 174,592 176802

2 Building 7,039,021 7,039,021 3,450,833 10% 358,819 3,809,652 3,229,369 3,588,188
3 Electrical Equipments 40,174 40,174 32,417 25% 1,939 34,356 5,818 7,757
4 EPABX system 24,173 24,173 16,621 25% 1,888 18,509 5,664 7,552
5 Ele. Fittings 15,888 15,888 10,927 25% 1,240 12,167 3,721 4,961
6 Furniture and Fixtures 265,916 265,916 194,447 10% 7,147 201,594 64,322 71,469
7 Books & Library 28,133 28,133 20,923 25% 1,803 22,726 5,407 7,210
8 Typewriter & appliances 42,923 42,923 40,789 25% 534 41,323 1,600 2,134
9 Motor Car 938,619 938,619 581,276 20% 71,469 652,745 285,874 357,343
10 Calculator 8,042 500 8,542 7,402 25% 285 7,687 855 640
11 Super Phones 13,087 13,087 12,324 25% 191 12,515 572 763
12 Addressor 1,896 1,896 1,831 25% 16 1,847 49 65
13 Office Eqpts. 54,835 54,835 44,016 25% 2,705 46,721 8,114 10,819
14 Projector 265,944 265,944 231,924 25% 8,505 240,429 25,515 34,020
15 Preview Theatre 432,708 432,708 240,297 25% 48,103 288,400 144,308 192,411
16 FAX 23,500 23,500 19,840 25% 915 20,755 2,745 3,660
17 Air Conditioner 42,585 42,585 30,539 25% 3,012 33,551 9,034 12,046
18 Video Projector 29,363 29,363 29,363 25% 0 29,363 0 0
19 Computer 76729 76,729 23019 60% 32,226 55,245 21,484 53710
20 Sign Board 3990 3,990 499 25% 873 1,372 2,618 3491

TOTAL 9,571,886 500 9,572,386 5,036,845 543,880 5,580,725 3,991,661 4,535,041

Previous Year 9490567 81319 9571886 4420477 616368 5036845 4535041 5070090
stallation.
tion's account.
 EXCESS AMOUNT RECEIVED FROM CERTIFICATE COURTS
2001-2002
For Income Tax assessment

1 Apsara Cinema 98,174.55

2 Bijaya Shree Talkies 10,949.12
3 Natraj Talkies 54,285.65
4 Padmalaya Pictures 36,677.20
5 Sree Durga Talkies 1,315.83
6 Tarini Cinema (A) 3,000.20
7 Chintamani Talkies 9,105.15
8 Gayatri Pictures 1,000.00
9 Jagruti Talkies 108,704.80
10 Jayadurga Talkies 13,637.85
11 Kum Kum Movies 47,501.85
12 Ranjan Talkies 78,925.00
13 Sai Talkies 25,669.85
14 Sree Laxmi Talkies 4,077.00
15 Sri Krishna Talkies 59,772.00
16 Trisakti Enterprises 15,423.25
17 Samaleswari Films 42,644.51
18 Madan Mohan Talkies 6,947.00

TOTAL = 617,810.81