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Union Budget 2017-18
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Accounting Policies of Sandesh Ltd. Company

Mar 31, 2015

1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"] , including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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.

3 RECOGNITION OF INCOME :

(a) Advertisement revenue is recognised as and when advertisement is published/displayed/aired and is disclosed net of trade discounts and service tax.

(b) Sale of newspaper, magazine, waste paper and scrap is recognised when the significant risk and rewards of ownership have passed on to the buyers and is disclosed net of sales return and discounts.

(c) Sale of real estate is recognised when the significant risks and rewards of ownership have passed on to the customer.

(d) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

(e) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS & DEPRECIATION:

(a) Land and Buildings acquired up to 31-03-1994 are stated at revalued amount less accumulated depreciation.

(b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

(c) Cost includes all expenditure incurred to bring the assets to its present location and condition.

(d) Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

(e) Depreciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(f) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(g) Value of Tenancy rights is assessed at each balance sheet date for any impairment loss.

(h) Assets which are not ready for their intended use are disclosed under Capital Work-in -Progress.

5 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

6 INVENTORIES :

Inventories are valued after providing for obsolescence, as under:- (a) Raw Materials, Stores, Gift articles and Finished goods. : At lower of cost or net realisable value. However, material and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.

(b) Work in progress

1) Publication : At lower of cost or net realisable value.

2) Construction : At lower of cost or net realisable value.

(c) Trading Goods

1) Shares/Units : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value.

7 INVESTMENTS :

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investment.

Long term investments are stated at cost. Provision is made for diminution in value, other than of temporary nature, of such investment.

Current investments are stated at lower of cost and fair value determined on an individual investment basis.

8 FOREIGN CURRENCY TRANSACTIONS :

Transactions of foreign currency are recorded at the exchange rate as applicable at the date of transactions. Monetary Assets / Liabilities outstanding at the close of the financial year are stated at the contracted and / or appropriate exchange rate at the close of the year and the gain / loss is credited / charged to Statement of Profit & Loss Account.

9 EMPLOYEE BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the Statement of profit and loss account.

The Company makes contributions to a trust to fund the gratuity liability. Under this scheme, the obligation to pay gratuity remains with the Company.

10 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company, In addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocable to any segment.

11 INCOME TAXES :

(a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

(b) Current tax is provided at current tax rates based on assessable income.

(c) Deferred tax asset/liability are recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deferred tax effects are reviewed at each Balance Sheet Dates.

12 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

13 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

14 LEASES

Leases are classified as operating leases where the lessor effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are expensed with reference to lease terms and other considerations.

15 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.


Mar 31, 2014

1 Basis of Preparation of Financial Statements :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"] , as well as in compliance with the Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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.

3 RECOGNITION OF INCOME :

(a) Advertisement revenue is recognised as and when advertisement is published/displayed/aired and is disclosed net of trade discounts and service tax.

(b) Sale of newspaper, magazine, waste Paper and scrap is recognised when the significant risk and rewards of ownership have passed on to the buyers and is disclosed net of sales return and discounts.

(c) Sale of real estate is recognised when the significant risks and rewards of ownership have passed on to the customer.

(d) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

(e) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS & DEPRECIATION:

(a) Land and Buildings acquired upto 31-03-1994 are stated at revalued amount less accumulated depreciation.

(b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

(c) Cost includes all expenditure incurred to bring the assets to its present location and condition.

(d) Depreciation has been calculated in accordance with and at the rates specified in Schedule XIV to the Companies Act, 1956.

(e) Depreciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(f) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(g) Value of Tenancy rights is assessed at each balance sheet date for any impairment loss.

(h) Fixed Assets upto a value of Rs. 5000 are fully depreciated in the year of its acquisition.

5 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairement loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

6 INVENTORIES :

Inventories are valued after providing for obsolescence, as under:-

(a) Raw Materials, Stores, Gift articles and Finished goods. :

At lower of cost or net realisable value. However, material and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.

(b) Work in progress

1) Publication : At about cost

2) Construction : At cost

(c) Trading Goods

1) Shares/Units : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value.

7 INVESTMENTS :

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investment.

Long term investments are stated at cost. Provision is made for diminution in value, other than of temporary nature, of such investment.

Current investments are stated at lower of cost and fair value determined on an individual investment basis.

8 FOREIGN CURRENCY TRANSACTIONS :

Transactions of foreign currency are recorded at the exchange rate as applicable at the date of transactions. Monetary Assets / Liabilities outstanding at the close of the financial year are stated at the contracted and / or appropriate exchange rate at the close of the year and the gain / loss is credited / charged to Statement of Profit & Loss Account.

9 EMPLOYEE BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the Statement of profit and loss account.

The Company makes contributions to a trust to fund the gratuity liability. Under this scheme, the obligation to pay gratuity remains with the Company.

10 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company, in addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocable to any segment.

11 INCOME TAXES:

(a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

(b) Current tax is provided at current tax rates based on assessable income.

(c) Deferred tax asset/liability are recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deffered tax effects are reviewed at each Balance Sheet Dates.

12 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

13 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

14 LEASES

Leases are classified as operating leases where the lessor effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are expensed with reference to lease terms and other considerations.

15 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.


Mar 31, 2013

1 Basis of Preparation of Financial Statements :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"] , as well as in compliance with the Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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.

3 RECOGNITION OF INCOME :

(a) Advertisement revenue is recognised as and when advertisement is published/displayed/aired and is disclosed net of trade discounts and service tax.

(b) Sale of newspaper, magazine, waste Paper and scrap is recognised when the significant risk and rewards of ownership have passed on to the buyers and is disclosed net of sales return and discounts.

(c) Sale of real estate is recognised when the significant risks and rewards of ownership have passed on to the customer.

(d) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

(e) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS & DEPRECIATION:

(a) Land and Buildings acquired upto 31-03-1994 are stated at revalued amount less accumulated depreciation.

(b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

(c) Cost includes all expenditure incurred to bring the assets to its present location and condition.

(d) Depreciation has been calculated in accordance with and at the rates specified in Schedule XIV to the Companies Act, 1956.

(e) Depreciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(f) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(g) Value of Tenancy rights is assessed at each balance sheet date for any impairment loss.

(h) Fixed Assets upto a value of Rs.5000 are fully depreciated in the year of its acquisition.

5 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairement loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

6 INVENTORIES :

Inventories are valued after providing for obsolescence, as under:-

(a) Raw Materials, Stores, Gift articles and Finished goods. : At lower of cost or net realisable value. However, material and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.

(b) Work in progress

1) Publication : At about cost

2) Construction : At cost

(c) Trading Goods

1) Shares/Units : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value.

7 INVESTMENTS :

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investment.

Long term investments are stated at cost. Provision is made for diminution in value, other than of temporary nature, of such investment.

Current investments are stated at lower of cost and fair value determined on an individual investment basis.

8 FOREIGN CURRENCY TRANSACTIONS :

Transactions of foreign currency are recorded at the exchange rate as applicable at the date of transactions. Monetary Assets / Liabilities outstanding at the close of the financial year are stated at the contracted and / or appropriate exchange rate at the close of the year and the gain / loss is credited / charged to Statement of Profit & Loss Account.

9 EMPLOYEE BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the Statement of profit and loss account.

The Company makes contributions to a trust to fund the gratuity liability. Under this scheme, the obligation to pay gratuity remains with the Company.

10 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company, In addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocable to any segment.

11 INCOME TAXES :

(a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

(b) Current tax is provided at current tax rates based on assessable income.

(c) Deferred tax asset/liability are recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deffered tax effects are reviewed at each Balance Sheet Dates.

12 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

13 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

14 LEASES

Leases are classified as operating leases where the lessor effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are expensed with reference to lease terms and other considerations.

15 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.


Mar 31, 2012

1 Basis of Preparation of Financial Statements :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"] , as well as in compliance with the Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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.

3 RECOGNITION OF INCOME AND EXPENDITURE :

a) Income & expenditure are recognised on accrual basis. However, certain escalation & other claims as well as certain income where there is any uncertainity of its realisation or which are not ascertainable / acknowledged by customers, are recognised as income on its realisation.

b) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS :

a) Land and Buildings acquired upto 31-03-1994 are stated at revalued figures less accumulated depreciation.

b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

c) Cost includes all expenditure incurred to bring the assets to its present location and condition.

5 DEPRECIATION :

(a) Depreciation has been calculated in accordance with and at the rates specified in Schedule XIV to the Companies Act, 1956.

(b) Depriciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(c) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(d) Fixed Assets upto a value of Rs.5000 are fully depreciated in the year of its acquisition.

6 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairement loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

7 INVENTORIES :

Inventories are valued after providing for obsolescence, as under:-

(a) Raw Materials, Stores, Gift articles and Finished goods. : At lower of cost or net realisable value.

(b) Work in progress

1) Publication : At about cost

2) Construction : At cost

(c) Waste : At net realisable value.

(d) Trading

1) Shares : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value.

Cost for this purpose is ascertained on First In First Out (FIFO) basis.

8 INVESTMENTS :

Long term investments are stated at cost. Provision is made for diminution in value, other than of temporary nature, of such investment.

Current investments are stated at lower of cost and fair value.

9 FOREIGN CURRENCY TRANSACTIONS :

Transactions of foreign currency are recorded at the exchange rate as applicable at the date of transactions. Monetary Assets / Liabilities outstanding at the close of the financial year are stated at the contracted and / or appropriate exchange rate at the close of the year and the gain / loss is credited / charged to Profit & Loss Account.

10 RETIREMENT BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the profit and loss account.

11 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company, In addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocable to any segment.

12 INCOME TAXES:

a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

b) Current tax is provided at current tax rates based on assessable income.

c) Deferred tax asset/liability is recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deffered tax effects are reviewed at each Balance Sheet Date.

13 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

14 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

15 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.


Mar 31, 2011

1 Basis of Preparation of Financial Statements :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"] , as well as in compliance with the Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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 managements best knowledge of current events and actions, actual results could differ from these estimates.

3 RECOGNITION OF INCOME AND EXPENDITURE :

a) Income & expenditure are recognised on accrual basis. However, certain escalation & other claims as well as certain income where there is any uncertainity of its realisation or which are not ascertainable / acknowledged by customers, are recognised as income on its realisation.

b) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS :

a) Land, Buildings and Machineries acquired upto 31-03-1994 are stated at revalued figures less accumulated depreciation.

b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

c) Cost includes all expenditure of incurred to bring the assets to its present location and condition.

5 DEPRECIATION :

(a) Depreciation has been calculated in accordance with and at the rates specified in Schedule XIV to the Companies Act, 1956.

(b) Depriciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(c) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(d) Fixed Assets upto a value of Rs.5000 are fully depreciated in the year of its acquisition.

6 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairement loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

7 INVENTORIES :

Inventories are valued after providing for obsolescence, as under:- (a) Raw Materials, Stores, Gift articles and Finished goods. : At lower of cost or net realisable value.

(b) Work in progress

1) Publication :At about cost

2) Construction/Real Estate : At cost

(c) Waste :At net realisable value.

(d) Trading

1) Shares/Units : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value. Cost for this purpose is ascertained on First In First Out (FIFO) basis.

8 INVESTMENTS :

Long term investments are stated at cost. Provision is made for diminition in value, other than of temporary nature, of such investment.

Current investments are stated at lower of cost and fair value.

9 FOREIGN CURRENCY TRANSACTIONS :

Transactions of foreign currency are recorded at the exchange rate as applicable at the date of transactions. Monetary Assets / Liabilities outstanding at the close of the financial year are stated at the contracted and / or appropriate exchange rate at the close of the year and the gain / loss is credited / charged to Profit & Loss Account.

10 RETIREMENT BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the profit and loss account.

11 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company, in addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocable to any segment.

12 INCOME TAXES :

a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

b) Current tax is provided at current tax rates based on assessable income.

c) Deferred tax asset/liability are recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deffered tax effects are reviewed at each Balance Sheet Dates.

13 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

14 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

15 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.


Mar 31, 2010

1 Basis of Preparation of Financial Statements :

The Company maintains its accounts on accrual basis following the historical cost convention except for the revaluation of certain fixed assets and in accordance with generally accepted accounting principles ["GAAP"], as well as in compliance with the Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

2 USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles 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 managements best knowledge of current events and actions, actual results could differ from these estimates.

3 RECOGNITION OF INCOME AND EXPENDITURE :

a) Income & expenditure are recognised on accrual basis. However, certain escalation & other claims as well as certain income where there is any uncertainly of its realisation or which are not ascertainable / acknowledged by customers, are recognised as income on its realisation.

b) Dividend income is recognised when the right to receive the dividend is established.

4 FIXED ASSETS :

a) Land, Buildings and Machineries acquired upto 31-03-1994 are stated at revalued figures less accumulated depreciation.

b) All Other Fixed Assets are stated at historical cost less accumulated depreciation.

c) Cost includes all expenditure incurred to bring the assets to its present location and condition.

5 DEPRECIATION :

(a) Depreciation has been calculated in accordance with and at the rates specified in Schedule XIV to the Companies Act, 1956.

(b) Depriciation in respect of additions to Machineries from 01-04-1992 is provided on straight line method and in respect of all other fixed assets on written down method.

(c) Depreciation in respect of addition and deletion of assets during the year is provided based on the actual number of days for which assets remained in use.

(d) Fixed Assets upto a value of Rs.5000 are fuLly depreciated in the year of its acquisition.

6 IMPAIRMENT OF ASSETS :

As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(a) the provision for impairment loss required, if any, or

(b) the reversal required in respect of impairment loss recognised in previous periods, if any Impairement loss is recognised when the carrying amount of an asset exceeds its recoverable amount.

7 INVENTORIES:

Inventories are valued after providing for obsolescence, as under:-

(a) Raw MateriaLs, Stores, Gift articles and Finished goods. : At lower of cost or net realisable value.

(b) Work in progress

1) Publication : At about cost

2) Construction : At cost

(c) Waste : At net realisable value.

(d) Trading

1) Shares/Units : At cost or fair value, which ever is lower.

2) Other : At lower of cost or net realisable value. Cost for this purpose is ascertained on First In First Out (FIFO) basis.

8 INVESTMENTS:

Long term investments are stated at cost. Provision is made for diminution in value, other than of temporary nature, of such investment.

Current investments are stated at Lower of cost and fair value.

9 RETIREMENT BENEFITS :

(a) Short term employee benefits are charged off in the year in which the related services are rendered.

(b) Defined Contribution Plan :

Contribution to Provident Fund and Pension Fund Scheme are paid in accordance with applicable statutes and deposited with the Regional Provident Fund Commissioner.

(c) Defined Benefit Plan :

Liabilities in respect of post employment benefit (gratuity) have been determined at present value of the amount payable towards contribution based on actuarial valuation made by an independent actuary as at the balance sheet date. The actuarial gains or losses are recognised immediately in the profit and loss account.

 
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