Mar 31, 2014
(i) Basis of Preparation of financial statements:
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises of
mandatory accounting standards as prescribed by the Companies
(Accounting Standards) Rules, 2006, the provisions of the Companies
Act, 1956. Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or are
vision to an existing accounting standard requires a change in the
accounting policy hitherto in use.
(ii) Use Of Estimates:-
The presentation of financial statements in conformity with the
generally accepted accounting principal requires estimates and
assumptions to be made that affects the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognized in
the period in which the results are known/ materialized.
(iii) Fixed Assets:-
A. Tangible Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties (net of tax credits as applicable) levies
and any directly attributable cost of bringing the assets to their
working condition for their intended use.
B. Intangible Assets:
Intangible Assets are amortized over their respective individual
estimated useful life as decided by the management, on a straight line
basis commencing from the year the asset is available to the Company
for its commercial use.
(iv) Depreciation:-
Depreciation is provided as per the written down value method at the
rate prescribed in Companies Act, 1956. Fixed assets are capitalized
at cost inclusive of expenses and interest wherever applicable.
(v) Investments:-
Long term investments are stated at cost. Provision for diminution in
value of Long term investment is made only if such decline is other
than temporary in the opinion of management. Investments other than
long term investments being current investments are valued at cost or
fair value whichever is lower.
(vi) Inventories:-
Stocks of Finished goods are valued at lesser of Cost and Net
Realisable Value.
(vii) Provision:-
A provision is recognized when an enterprise has a present obligation
as a result of past events and it is probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provision are determined based
on management estimate require to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted
to reflect the current management estimates.
(viii) Treatment Of Contingent Liabilities:-
Contingent liabilities are disclosed by way of note on the balance
sheet. Provision is made in the accounts for those liabilities which
are likely to Materialize after the year end till the finalization of
accounts and having effect on the position stated in the balance sheet
as at the year end.
(ix) Taxation:-
Provision for taxation has been made in accordance with the rates of
Income Tax Act, 1961 prevailing for the relevant assessment year.
(x) Deferred Taxation:-
Deferred Tax resulting from timing differences between book and tax
profit is accounted for under the liability method, at the current rate
of tax, to the extent that the timing difference are expected to
crystallize as deferred tax charge/benefit in the Profit & Loss
Accounts and deferred tax assets/liabilities in the balance sheet.
(xi) Retirement and other Employee Benefit:-
(a) There is no defined contribution scheme prevailing in the company.
(b) Provision in respect of leave encashment is recognized as an
expense in Profit & Loss Account for the period in which the employee
has rendered services.
(c) Expenses in respect of other short term benefit are recognized on
the basis of the amount paid or payable for the year for which the
services are rendered by the employee.
(xii) Revenue Recognition:-
(a) Broadcasting revenue - Advertisement revenue (net of agency
commission), sale of time slot is recognized when the related
advertisement or commercial appears before the public i.e. on telecast.
Subscription revenue is recognized on completion of service.
(b) Sales (includes licensing of Programs, Films/Movie Rights) are
recognized, when the delivery is completed.
(c) Dividend income is recognized when the Company''s right to receive
dividend is established.
(d) Interest income is recognized on a time proportion basis taking
into account outstanding and the applicable interest rate.
(e) Revenue from other services are recognised as and when such
services are completed / performed.
Mar 31, 2013
(i) Basis of Preparation of financial statements:
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises of
mandatory accounting standards as prescribed by the Companies
(Accounting Standards) Rules, 2006, the provisions of the Companies
Act, 1956. Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or are
vision to an existing accounting standard requires a change in the
accounting policy hitherto in use.
(ii) Use Of Estimates:- The presentation of financial statements in
conformity with the generally accepted accounting principal requires
estimates and assumptions to be made that affects the reported amount
of assets and liabilities on the date of the financial statements and
the reported amount of revenues and expenses during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known/materialized.
(iii) Fixed Assets:- Tangible Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties (net of tax credits as applicable) levies
and any directly attributable cost of bringing the assets to their
working condition for their intended use.
The company has incurred expenses towards shooting content , such
expenses are capitalized and shown under the head capital WIP. The
company will frame policy of amortizing the same based on the
concurrence of economic benefit.
Intangible Assets:
Intangible Assets are amortized over their respective individual
estimated useful life as decided by the management, on a straight line
basis commencing from the year the asset is available to the Company
for its commercial use.
(iv) Depreciation & Amortisation:- Depreciation is provided as per the
written down value method at the rate prescribed by Income Tax Act,
1961. Fixed assets are capitalized at cost inclusive of expenses and
interest wherever applicable.
(v) Investments:- Long term investments are stated at cost. Provision
for diminution in value of Long term investment is made only if such
decline is other than temporary in the opinion of management.
(vi) Inventories:- Stocks of Raw Materials & Finished goods are valued
at lesser of Cost and Net Realisable Value. Accordingly Inventories are
valued at cost.
(vii) Provision:- A provision is recognized when an enterprise has a
present obligation as a result of past events and it is probable that
an outflow of resources will be required to settle the obligation, in
respect of which a reliable estimate can be made. Provision are
determined based on management estimate require to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current management
estimates.
(viii) Treatment Of Contingent Liabilities-
Contingent liabilities are disclosed by way of note on the balance
sheet. Provision is made in the accounts for those liabilities which
are likely to Materialize after the year end till the finalization of
accounts and having effect on the position stated in the balance sheet
as at the year end
(ix) Taxation:-
Provision for taxation has been made in accordance with the rates of
Income Tax Act, 1961 prevailing for the relevant assessment year.
(x) Deferred Taxation:-
Deferred Tax resulting from timing differences between book and tax
profit is accounted for under the liability method, at the current rate
of tax, to the extent that the timing difference are expected to
crystallize as deferred tax charge/benefit in the Profit & Loss
Accounts and deferred tax assets/liabilities in the balance sheet.
Mar 31, 2012
(i) Basis of Preparation of financial statements:
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 and
guide lines issued by the Securities and Exchange Board of India
(SEBI). Accounting policies have been consistently applied except where
a newly issued accounting standard is initially adopted or are vision
to an existing accounting standard requires a change in the accounting
policy hitherto in use.
(ii) Revenue Recognition:
Expenses and Income considered payable and receivable respectively are
accounted for on accrual basis except when no significant uncertainty
as to determination or realization exists.
(iii) Fixed assets and depreciation:
Fixed Assets are stated at cost less depreciation. Depreciation is
claimed on the basis of rates specified in Companies Act, 1956.
(iv)Taxation
Income Tax expenses is accrued in accordance with AS22 ''Accounting for
Taxes on income'' which includes current taxes and deferred taxes.
Deferred income taxes reflects the impact of current year timing
difference between taxable income and accounting income for the year.
Deferred tax assets are recognized only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available.
(v) Contingent Liability:
Contingent Liabilities are not provided for and are disclosed
separately by way of notes.
Mar 31, 2011
1. Basis of preparation of financial statements:
The financial statements have been prepared under historical cost
convention on an accrual basis.
2. Fixed assets and depreciation:
Fixed Assets are stated at cost less depreciation. Depreciation is
claimed on the basis of rates specified in Companies Act, 1956.
3. Revenue Recognition:
Revenue is recognized on accrual basis.
4. Taxes on income:
a. Provision for current tax, if any is computed in accordance with
the relevant tax regulations.
b. Deferred tax is recognized for all timing differences between
accounting income and taxable income and is quantified using
enacted/substantially enacted tax rates as at the balance sheet date.
c. Deferred Tax Asset and Provision for MAT Credit is not recognized
as matter of prudence.
Mar 31, 2010
1. Basis of preparation of financial statements:
The financial statements have been prepared under historical cost
convention on an accrual basis.
2. Use of Estimates:
The presentation of financial statements is in conformity with Indian
GAAP, which requires estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
assets and liabilities as of the date of the financial statements, and
ihe reported amount ( of revenues and expenses during the reporting
period. Difference between the actual result and estimates are
recognised in the year in which the results are known/ materialized.
3. Fixed assets and depreciation:
There is no Fixed Assets in the company.
4. Revenue Recognition:
Revenue is recognized on accrual basis.
5. Taxes on income:
a. Provision for current tax, if any is computed in accordance with
the relevant tax regulations.
b. Deferred tax is recognized for all timing differences between
accounting income and taxable income and is quantified using
enacted/substantially enacted tax rates as at the balance sheet date.
c. Deferred Tax Asset and Provision for MAT Credit is not recognized
as matter of prudence.