Mar 31, 2018
1.1 SIGNIFICANT ACCOUNTING POLICIES
(a) Property, Plant and Equipment
Property, plant and equipment are stated at original cost net of tax / duly credit availed, less accumulated depreciation and accumulated impairment losses, if any. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company derecognises the replaced part, and recognises the new part with its own associated useful life and it is depreciated accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognisation criteria is satisfied. All other repair and maintenance costs are recognised in the statement of profit and loss as incurred. The present value of the expected cost for the decommissioning of the asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met.
Capital work-in-progress includes cost of property, plant and equipment under installation / development as at the balance sheet date.
Property, plant and equipment are eliminated from financial statement, either on disposal or when retired from financial statement, either on disposal or retired from active use. Losses arising in the case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognised in the statement of profit and loss in the year of occurrence.
The assets'' residual values, useful lives and methods of depreciation are reviewed at each financial year and adjusted prospectively, if appropriate. Depreciation on written down method on the property, plant and equipment is provided over the useful life of assets as specified in Schedule II to the Companies Act, 2013. Property, plant and equipment which are added/disposed off during the year, depreciation is provided on pro-rata basis with reference to the month of addition/deletion.
(b) Impairment
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the assetâs recoverable amount. An assetâs recoverable amount is the higher of an assetâs or cash-generating unitâs (CGU) net selling price and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used.
An assessment is made at each reporting date whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased.
(c) Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made.
Income from Services: Revenue from advertising, public relations and allied services are recognized when the services are rendered and the same becomes chargeable. GST and other statutory dues are collected on behalf of the government and are excluded from revenue.
Interest and Dividend Income: Interest income is recognised using the effective interest method. Dividend income is recognised when the right to receive payment is established.
(d) Financial instruments:
Financial Assets
Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument.On initial recognition, a financial asset is recognised at fair value, in case of Financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction costs are recognised in the statement of profit and loss. In other cases, the transaction costs are attributed to the acquisition value of the financial asset.
Financial assets are subsequently classified as measured at
- amortised cost
- fair value through profit and loss (FVTPL)
- fair value through other comprehensive income (FVOCI). Financial assets are not reclassified subsequent to their recognition, except if and in the period the Company changes its business model for managing financial assets.
Trade Receivables:
Trade receivables are initially recognised at fair value. Subsequently, these assets are held at amortised cost, using the effective interest rate(EIR) method net of any expected credit losses. The EIR is the rate that discounts estimated future cash income through the expected life offinancial instrument.
Debt instruments:
Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (âFVOCIâ) or fair value through profitor loss (âFVTPL) till derecognition on the basis of (i) the entityâs business model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.
Measured at amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate (âEIRâ) method less impairment, if any.The amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of Profit and Loss.
Measured at fair value through other comprehensive income: Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain orloss previously recognised in OCI is reclassified from the equity to âother incomeâ in the Statement of Profit and Loss.
Measured at fair value through profit or loss: A financial asset not classified as either amortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including interest income and dividend income if any, recognised as âother incomeâ in the Statement of Profit and Loss.
Equity Instruments:
All investments in equity instruments classified under financial assets are initially measured at fair value, the Company may, on initial recognition,irrevocably elect to measure the same either at FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised as other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are recognised in OCI. Amounts recognised in OCI are not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognised as âother incomeâ in the Statement of Profit and Loss.
Derecognition:
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset.
Impairment of Financial Asset:
Expected credit losses are recognized for all financial assets subsequent to initial recognition other than financials assets in FVTPL category. For financial assets other than trade receivables, as per Ind AS 109, the Company recognises 12 month expected credit losses for all originated or acquired financial assets if at the reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit losses are measured as life time expected credit losses if the credit risk on financial asset increases significantly since its initial recognition. The Company''s trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to life time expected losses i.e. expected cash shortfall. The impairment losses and reversals are recognised in Statement of Profit and Loss.
Financial Liabilities:
Initial recognition and measurement
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are classified as fair value through profit and loss. In case of trade payables, they are initially recognised at fair value and subsequently, these liabilities are held at amortised cost, using the effective interest method.
Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in the Statement of Profit and Loss.
Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
(e) Retirement and Other Employee Benefits
(I) Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation, other than the contribution payable to the provident fund. The company recognizes contribution payable to the provident fund scheme as expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to a reduction in future payment or a cash refund.
(ii) Gratuity liability is a defined benefit obligation and Is provided for on the basis of an actuarial valuation under projected unit credit method made at the end of each financial year.
(iii) Short term compensated absences are provided for based on management estimates.
(iv) Actuarial gains / losses are immediately taken to Statement of Profit and Loss and are not deferred.
(f) Income Tax
(i) Current Income Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rate and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
(ii) Deferred Tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
(iii) Minimum Alternate Tax (MAT)
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the concerned Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward.
In the year In which the Company recognizes MAT credit as an asset, It Is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The Company reviews the âMAT credit entitlementâ asset at each reporting date and writes down the asset to the extent that It Is no longer probable that It will pay normal tax during the specified period.
(g) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
(h) Provisions
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
(i) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.
(j) Contingent assets
Contingent assets are not recognised in financial statements since this may result in recognition of income that may never be realised. Howerer, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised.
(k) Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
(I) Critical accounting estimates and judgments
In the application of the Company''s accounting policies, the management of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
The areas involving critical estimates or judgments are:
- Estimation of useful lives of Property, Plant and Equipment
- Estimation of employee benefit obligations
Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances.
Mar 31, 2016
1.1 BASIS OF PREPARATION OF ACCOUNTING STATEMENTS
"The financial statements of the company have been prepared in accordance with the generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards specified under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules ,2014. The financial statements have been prepared on an accrual basis and under the historical cost convention, except in case of assets for which revaluation is carried out. The accounting policies applied by the Company are consistent with those used in the previous year."
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between actual results and estimates are recognized in the period in which the results are known/materialized.
1.3 REVENUE RECOGNITION
Revenue from advertising, public relations and allied services are recognized when the services are rendered and the same becomes chargeable and is net of service tax and other statutory dues collected on behalf of the government. Performance incentives are credited on confirmation.
1.4 EMPLOYEE BENEFITS
(a) Contribution towards pension scheme for eligible employees and provident fund for all employees are provided in the books of accounts and payments are made to the funds administered by Regional Provident Fund Commissioner and independent Board of Trustees respectively.
(b) The company has taken a group Gratuity Policy from Life Insurance Corporation of India for future payment of retirement gratuity to its employees and pays annual premium on the basis of actuarial valuation.
(c) Contribution towards Employees State Insurance for eligible employees are provided in the books of accounts as per scheme.
(d) Leave is being given to employees as per rules of the company every year.
1.5 FIXED ASSETS
(a) Gross Block (Tangible Assets)
Fixed Assets are stated at cost less accumulated depreciation/amortization. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.
(b) Depreciation and Amortization
Depreciation has been provided using the written down value method as per the useful life of the assets prescribed under Schedule II of the Companies Act, 2013.
(c) Impairment of Assets
An impairment loss is recognized wherever the carrying amount of an asset is in excess of its recoverable amount. Impairment is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior period is reversed if there is a change in the estimate of the recoverable amount.
1.6 INVESTMENTS
Investments that are readily realizable and intended to be held for not more than one year from the date on which such investments are made are classified as current investments. All other investments are classified as long term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long term investments are carried at cost. However, provision for diminution is made to recognize a decline (other than temporary) in the value of investments.
1.7 BORROWING COST
Borrowing Costs incurred in relation to the acquisition, construction of qualifying assets up to the date such assets are ready for intended use are capitalized as part of the cost of such assets. Other borrowing costs are charged as expenses in the year in which they are incurred.
1.8 FOREIGN CURRENCY TRANSACTIONS
(a) Foreign Currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency on the date of the transaction.
(b) Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. Non monetary items, which are measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange rate at the date when such value was determined.
(c) Exchange differences arising on the settlement of monetary items or on reporting monetary items of company at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or as expense in the year in which they arise.
1.9 TAXATION
Provision for tax for the year comprises current tax liability and deferred tax which recognizes (subject to the consideration of prudence in case of deferred tax assets) timing differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or have substantive effect of actual enactment at the Balance Sheet date.
1.10 PROVISIONS:
Provisions are 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. Provisions are not discounted to present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.
1.11 CONTINGENT LIABILITIES & CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but disclosed its existence in the financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.
1.12 EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net result for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2015
1.1 BASIS OF PREPARATION OF ACCOUNTING STATEMENTS
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India.
The company has prepared these financial statements to comply in all
material respects with the accounting standards specified under Section
133 of the Companies Act, 2013 read with rule 7 of the Companies
(Accounts) Rules, 2014. The financial statements have been prepared on
an accrual basis and under the historical cost convention, except in
case of assets for which revaluation is carried out. The accounting
policies applied by the Company are consistent with those used in the
previous year.
1.2 USEOFESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles inIndia requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of
the financial statements and the results of operations during the
reporting period end. Although these estimates are based upon
management's best knowledge of current events and actions, actual
results could differ from these estimates. Differences between actual
results and estimates are recognised in the period in which the results
are known/materialised.
1.3 REVENUERECOGNITION
Revenue from advertising, public relations and allied services are
recognised when the services are rendered and the same becomes
chargeable and is net of service tax and other statutory dues collected
on behalf of the government.
1.4 EMPLOYEEBENEFITS
(a) Contribution towards pension scheme for eligible employees and
provident fund for all employees are provided in the books of accounts
and payments are made to the funds administered by Regional Provident
Fund Commissionerand independent Board ofTrustees respectively.
(b) The company has taken a group Gratuity Policy from Life Insurance
Corporation of India for future payment of retirement gratuity to its
employees and pays annual premium on the basis of actuarial valuation.
(c) Contribution towards Employees State Insurance for eligible
employees are provided in the books of accounts as per scheme.
(d) Leave is being given to employees as per rules of the company.
1.5 FIXEDASSETS
(a) Gross Block (Tangible Assets)
Fixed Assets are stated at cost less accumulated
depreciation/amortization. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
(b) Depreciation and Amortisation
Depreciation has been provided using the written down value method as
per the useful life of the assets prescribed under Schedule II ofthe
Companies Act, 2013.
(c) Impairment of Assets
An impairment loss is recognised wherever the carrying amount of an
asset is in excess of its recoverable amount. Impairment is charged to
the Profit and Loss account in the year in which an asset is identified
as impaired. The impairment loss recognised in prior period is reversed
if there is a change in the estimate of the recoverable amount.
1.6 INVESTMENTS
Investments that are readily realisable and intended to be held for not
more than one year from the date on which such investments are made are
classified as current investments. All other investments are classified
as long term investments. Current investments are carried at lower of
cost and fair value determined on an individual investment basis. Long
term investments are carried at cost. However, provision for diminution
in value is made to recognize a decline (other than temporary) in the
value of investments.
1.7 BORROWINGCOST
Borrowing Costs incurred in relation to the acquisition, construction
of qualifying assets up to the date such assets are ready for intended
use are capitalised as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
1.8 FOREIGN CURRENCY TRANSACTIONS
(a) Foreign Currency transactions are recorded in the reporting
currency by applying to the foreign currency amount the exchange rate
between the reporting currency and the foreign currency on the date
ofthe transaction.
(b) Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Non monetary items, which are
measured in terms of historical cost denominated in a foreign currency,
are reported using the exchange rate at the date of the transaction.
Non monetary items, which are measured at fair value or other similar
valuation denominated in a foreign currency, are translated using the
exchange rate at the date when such value was determined.
(c) Exchange differences arising on the settlement of monetary items or
on reporting monetary items of company at rates different from those at
which they were initially recorded during the year, or reported in
previous financial statements, are recognised as income or as expense
in the year in which they arise.
1.9 TAXATION
Provision for tax for the year comprises current tax liability and
deferred tax which recognises (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the Balance Sheet date.
1.10PROVISIONS
Provisions are recognised 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. Provisions are not discounted to
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the current best
estimates.
1.11 CONTINGENT LIABILITIES & CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The company does not
recognise a contingent liability but discloses its existence in the
financial statements.
1.12 EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
result for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2014
1 This statement has been prepared under indirect method as prescribed
by AS-3.
2 Cash and cash equivalents consists of Cash, Cheques in hand and
Balances with Scheduled Banks in Current accounts.
3 Previous year figures have been regrouped/rearranged wherever
necessary.
1.1 BASIS OF PREPARATION OF ACCOUNTING STATEMENTS
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India.
The company has prepared these financial statements to comply in all
material respects with the accounting standards notified under the
Companies (Accounting Standard) Rules, 2006 (as amended), and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention, except in case of assets for which
revaluation is carried out. The accounting policies applied by the
Company are consistent with those used in the previous year.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles in India requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of
the financial statements and the results of operations during the
reporting period end. Although these estimates are based upon
management''s best knowledge of current events and actions, actual
results could differ from these estimates. Differences between actual
results and estimates are recognised in the period in which the results
are known/materialised.
1.3 REVENUE RECOGNITION
Revenue from advertising, public relations and allied services are
recognised when the services are rendered and the same becomes
chargeable and is net of service tax and other statutory dues collected
on behalf of the government.
1.4 EMPLOYEE BENEFITS
(a) Contribution towards pension scheme for eligible employees and
provident fund for all employees are provided in the books of accounts
and payments are made to the funds administered by Regional Provident
Fund Commissioner and independent Board of Trustees respectively.
(b) The company has taken a group Gratuity Policy from Life Insurance
Corporation of India for future payment of retirement gratuity to its
employees and pays annual premium on the basis of actuarial
valuation/notice received from LICI.
(c) Leave is being given to employees as per rules of the company every
year.
1.5 FIXED ASSETS
(a) Gross Block (Tangible Assets)
Fixed Assets are stated at cost less accumulated
depreciation/amortization. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
(b) Depreciation and Amortisation
Depreciation has been provided using the written down value method as
per rates prescribed under Schedule XIV of the Companies Act 1956.
(c) Impairment of Assets
An impairment loss is recognised whereever the carrying amount of an
asset is in excess of its recoverable amount. Impairment is charged to
the Profit and Loss account in the year in which an asset is identified
as impaired. The impairment loss recognised in prior period is reversed
if there is a change in the estimate of the recoverable amount.
1.6 INVESTMENTS
Investments that are readily realisable and intended to be held for not
more than one year from the date on which such investments are made are
classified as current investments. All other investments are classified
as long term investments. Current investments are carried at lower of
cost and fair value determined on an individual investment basis. Long
term investments are carried at cost. However, provision for diminution
in value is made to recognize a decline (other than temporary) in the
value of investments.
1.7 BORROWING COST
Borrowing Costs incurred in relation to the acquisition, construction
of qualifying assets up to the date such assets are ready for intended
use are capitalised as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
1.8 FOREIGN CURRENCY TRANSACTIONS
(a) Foreign Currency transactions are recorded in the reporting
currency by applying to the foreign currency amount the exchange rate
between the reporting currency and the foreign currency on the date of
the transaction.
(b) Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Non monetary items, which are
measured in terms of historical cost denominated in a foreign currency,
are reported using the exchange rate at the date of the transaction.
Non monetary items, which are measured at fair value or other similar
valuation denominated in a foreign currency, are translated using the
exchange rate at the date when such value was determined.
(c) Exchange differences arising on the settlement of monetary items or
on reporting monetary items of company at rates different from those at
which they were initially recorded during the year, or reported in
previous financial statements, are recognised as income or as expense
in the year in which they arise.
1.9 TAXATION
Provision for tax for the year comprises current tax liability and
deferred tax which recognises (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the Balance Sheet date.
1.10 PROVISIONS:
Provisions are recognised 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. Provisions are not discounted to
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the current best
estimates.
1.11 CONTINGENT LIABILITIES & CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The company does not
recognise a contingent liability but discloses its existence in the
financial statements.
1.12 EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the
purpose of calculating diluted earnings per share, the net result for
the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
a) Rights, Preferences & Restrictions attached to shares
The company has issued equity shares having par value of Rs 2 per share.
Each holder of ordinary shares is entitled to one vote per share and
equal right for dividend. The dividend proposed by the Board of
Directors is subject to the approval of shareholders in the ensuing
Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after payment of all preferential amounts, in proportion to
their shareholding.
c) Details of shareholders holding more than 5% shares in the company:
d) Nil (P.Y. 10,352,113) equity shares of Rs 2 each fully paid up have
been issued pursuant to scheme of amalgamation for consideration other
than cash.
a) The company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006. Consequently, the amount paid/payable to these parties
during the period is Rs Nil (P.Y. Rs Nil).
a) The Company had not recognised Deferred Tax Assets amounting to Rs
23,049,628 in the previous year in absence of virtual certainty. During
the year end, the company has asseseed the status of Deferred Tax
Assets (Net) and recognised a sum of Rs 5,763,853 based on future
profitability projections. The management is confident of realising the
Deferred Tax Asset.
Mar 31, 2013
1.1 BASIS OF PREPARATION OF ACCOUNTING STATEMENTS
The financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India.
The company has prepared these financial statements to comply in all
material respects with the accounting standards notified under the
Companies (Accounting Standard) Rules, 2006 (as amended), and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention, except in case of assets for which
revaluation is carried out. The accounting policies applied by the
Company are consistent with those used in the previous year.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles in India requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of
the financial statements and the results of operations during the
reporting period end. Although these estimates are based upon
management''s best knowledge of current events and actions, actual
results could differ from these estimates. Differences between actual
results and estimates are recognised in the period in which the results
are known/materialised.
1.3 REVENUE RECOGNITION
Revenue from advertising, public relations and allied services are
recognised when the services are rendered and the same becomes
chargeable and is net of service tax and other statutory dues collected
on behalf of the government.
1.4 EMPLOYEE BENEFITS
(a) Contribution towards pension scheme for eligible employees and
provident fund for all employees are provided in the books of accounts
and payments are made to the funds administered by Regional Provident
Fund Commissioner and independent Board of Trustees respectively.
(b) The company has taken a group Gratuity Policy from Life Insurance
Corporation of India for future payment of retirement gratuity to its
employees and pays annual premium on the basis of actuarial
valuation/notice received from LIC
(c) Leave encashment is given to employees as per rules of the company
every year.
1.5 FIXED ASSETS
(a) Gross Block (Tangible Assets)
Fixed Assets are stated at cost less accumulated
depreciation/amortization. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
(b) Depreciation
Depreciation has been provided using the written down value method as
per rates prescribed under Schedule XIV of the Companies Act 1956.
(c) Impairment of Assets
An impairment loss is recognised wherever the carrying amount of an
asset is in excess of its recoverable amount. Impairment is charged to
the Profit and Loss account in the year in which an asset is identified
as impaired. The impairment loss recognised in prior period is reversed
if there is a change in the estimate of the recoverable amount.
1.6 INVESTMENTS
Investments that are readily realisable and intended to be held for not
more than one year from the date on which such investments are made are
classified as current investments. All other investments are classified
as long term investments. Current investments are carried at lower of
cost and fair value determined on an individual investment basis. Long
term investments are carried at cost. However, provision for diminution
in value is made to recognize a decline (other than temporary) in the
value of investments.
1.7 BORROWING COST
Borrowing costs incurred in relation to the acquisition, construction
of qualifying assets up to the date such assets are ready for intended
use are capitalised as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
1.8 FOREIGN CURRENCY TRANSACTIONS
(a) Foreign currency transactions are recorded in the reporting
currency by applying to the foreign currency amount the exchange rate
between the reporting currency and the foreign currency on the date of
the transaction.
(b) Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Non- monetary items, which are
measured in terms of historical cost denominated in a foreign currency,
are reported using the exchange rate at the date of the transaction.
Non monetary items, which are measured at fair value or other similar
valuation denominated in a foreign currency, are translated using the
exchange rate at the date when such value was determined.
(c) Exchange differences arising on the settlement of monetary items or
on reporting monetary items of company at rates different from those at
which they were initially recorded during the year, or reported in
previous financial statements, are recognised as income or as expense
in the year in which they arise.
1.9 TAXATION
Provision for tax for the year comprises current tax liability and
deferred tax which recognises (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the Balance Sheet date.
1.10 PROVISIONS
Provisions are recognised 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. Provisions are not discounted
to present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the current best
estimates.
1.11 CONTINGENT LIABILITIES & CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The company does not
recognise a contingent liability but discloses its existence in the
financial statements.
1.12 EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the
purpose of calculating diluted earnings per share, the net result for
the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
Mar 31, 2012
(a) Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention, except in case of assets for which
revaluation is carried out. The accounting policies applied by the
Company, are consistent with those used in the previous year, except
for the change in accounting policy explained below.
All Assets and Liabilities have been classified as current or
non-current as per the company's normal operating cycle and other
criteria set out in the Schedule VI to the Companies' Act, 1956. Based
on the nature of services provided and time between the rendering of
services and their realization in cash and cash equivalents, the
company has ascertained its operating cycle as 12 months for the
purpose of current and non-current classification of assets and
liabilities.
(b) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities at the date of
the financial statements and the results of operations during the
reporting period end. Although these estimates are based upon
management's best knowledge of current events and actions, actual
results could differ from these estimates.
(c) Investments
Investments that are readily realizable and intended to be held for not
more than one year from the date on which such investments are made are
classified as current investments. All other investments are classified
as long-term investments. Current investments are carried at lower of
cost and fair value determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for
diminution in value is made to recognize a decline other than temporary
in the value of the investments.
(d) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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. Provisions except those disclosed
elsewhere in the notes to the financial statements, are not discounted
to its present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimate.
(e) Taxation
Provision for tax for the year comprises current tax liability and
deferred tax which recognizes (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the balance sheet date.
(f) Foreign Exchange Transaction
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transactions. Monetary foreign carrying
assets and liabilities outstanding at the year end are translated at
the exchange rate prevailing as on Balance sheet date or at the rates
at which forward cover has been obtained. Exchange rate differences
arising on account of conversion/transactions of such
assets/liabilities are recognized in Profit & Loss.
(g) Retirement Benefits
i. Leave encashment is paid as per rules of the company within every
year.
ii. The company has policy of not giving any retirement benefit to its
employees. Further, the payment of Gratuity Act, 1972 is not applicable
to the company.
(h) Borrowing Costs
Borrowing Costs incurred in relation to the acquisition, construction
of qualifying assets up to the date such assets are ready for intended
use are capitalized as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
(i) Contingent Liabilities
Contingent liabilities are generally not provided for in the accounts
and are separately shown in the schedule of Notes on Accounts, except
certainties which are likely to effect the future outcome, are provided
as specifically mentioned in the accounts.
Mar 31, 2011
1. Basis of preparation of Financial Statement
a) The financial statements have been prepared under the historical
cost convention and in accordance with the mandatory Accounting
Standard issued by the Institute of Chartered Accountants of India and
referred to in section 211 (3C) of the Companies Act, 1956.
b) Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in nature.
c) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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. Provisions except those disclosed
elsewhere in the notes to the financial statements, are not discounted
to its present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimate.
d) Taxation
Provision for tax for the year comprises current tax liability and
deferred tax which recognizes (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the balance sheet date.
e) Foreign Exchange Transaction
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transactions. Monetary foreign carrying
assets and liabilities outstanding at the year end are translated at
the exchange rate prevailing as on Balance sheet date or at the rates
at which forward cover has been obtained. Exchange rate difference
arising on account of conversion/transactions of such
assets/liabilities are recognized in Profit & Loss.
f) Retirement Benefits
i. Leave encashment is paid as per rules of the company within every
year.
ii. The company has policy of not giving any retirement benefit to its
employees. Further, the payment of Gratuity Act, 1972 is not applicable
to the company.
g) Borrowing Costs
Borrowing Costs incurred in relation to the acquisition, construction
of qualifying assets upto the date such assets are ready for intended
use are capitalized as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
h) Contingent Liabilities
Contingent liabilities are generally not provided for in the accounts
and are separately shown in the schedule of Notes on Accounts, except
certainties which are likely to effect the future outcome, are provided
as specifically mentioned in the accounts.
Mar 31, 2010
1. Basis of preparation of Financial Statement
a) The financial statements have been prepared under the historical
cost convention and in accordance with the mandatory Accounting
Standard issued by the Institute of Chartered Accountants of India and
referred to in section 211 (3C) of the Companies Act, 1956.
b) Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in nature.
c) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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. Provisions except those disclosed
elsewhere in the notes to the financial statements, are not discounted
to its present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimate.
d) Taxation
Provision for tax for the year comprises current tax liability and
deferred tax which recognizes (subject to the consideration of prudence
in case of deferred tax assets) timing differences between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets and liabilities are measured using the tax rates and the tax
laws that have been enacted or have substantive effect of actual
enactment at the balance sheet date.
e) Foreign Exchange Transaction
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transactions. Monetary foreign carrying
assets and liabilities outstanding at the year end are translated at
the exchange rate prevailing as on Balance sheet date or at the rates
at which forward cover has been obtained. Exchange rate difference
arising on account of conversion/transactions of such
assets/liabilities are recognized in Profit & Loss.
f) Retirement Benefits
i. Leave encashment is paid as per rules of the company within every
year.
ii. The company has policy of not giving any retirement benefit to its
employees. Further, the payment of Gratuity Act, 1972 is not applicable
to the company.
g) Borrowing Costs
Borrowing Costs incurred in relation to the acquisition, construction
of qualifying assets upto the date such assets are ready for intended
use are capitalized as part of the cost of such assets. Other borrowing
costs are charged as expenses in the year in which they are incurred.
h) Contingent Liabilities
Contingent liabilities are generally not provided for in the accounts
and are separately shown in the schedule of Notes on Accounts, except
certainties which are likely to effect the future outcome, are provided
as specifically mentioned in the accounts.