Mar 31, 2015
A) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention and are in accordance with the applicable accounting
standards and accordingly accrual basis of accounting is followed for
recognition of income and expenses except where otherwise stated and
where the exact quantum is not ascertainable. Expenditure on issue of
share capital, if any, is accounted when actually incurred.
b) 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. The following specific recognition criteria are met
before revenue is recognized:
(i) Revenue will be recongnised on completion of the project / telecast
of advertisement / prints of ads in news papers/ magines etc.
(ii) Interest income is recognized on a time proportion basis taking in
to account the amount outstanding and the applicable interest rate
(iii) Dividend income is recognized when the company's right to receive
dividend is established on the reporting date.
c) Fixed Assets
Fixed assets are stated at total capitalized costs relating and
attributable directly or indirectly to acquisition and installation
thereof as reduced by the accumulated depreciation thereon.
d) Depreciation/Amortization
Depreciation is provided on pro-rata basis on Straight Line Method at
the rate prescribed under schedule II to the Companies Act, 2013 with
the exeption of the following:
(i) Assets costing Rs.5000 or less are fully depreciated in the year of
purchased.
e) Inventories
Inventories are valued as follows:
(i) Raw Materials, Stores and Spares: at cost
(ii) Work in Progress: at lower of estimated cost or net realizable
value
(iii) Waste Materials, Damaged goods, Scrap: if any at net estimated
realizable value
(iv) Finished Goods: at lower of cost or market value.
f) Investments
Investments that are intended to be held for more than a year, from the
date of acquisition are classified as long term investment are carried
at cost less any provision for permanent diminution in value.
Investments other than long term investments are being current
investments are valued at cost or fair market value whichever is lower.
g) Assets & Liabilities
The Assets and Liabilities are taken at the book value certified by the
Management.
Foreign Currency Transactions
Foreign Currency Transactions are normally recorded at the exchange
rate, prevailing on the date of transaction or conversion, as the case
may be.
i) Taxes on Income
(i) Current Tax: Provision for Income Tax is determined in accordance
with the provisions of Income Tax Act, 1961.
(ii) Deferred Tax Provision: Deferred Tax is recognized on timing
differences between the accounting income and the taxable income for
the year, and quantified using the tax rates and laws enacted or
substantively enacted on the Balance Sheet date.
Deferred Tax Assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such Deferred Tax Assets can
realized.
j) Miscellaneous Expenditure
Preliminary expenses / shares and deferred revenue expenses etc. are
not amortise during the year.
Mar 31, 2014
A) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention and are in accordance with the applicable accounting
standards and accordingly accrual basis of accounting is followed for
recognition of income and expenses except where otherwise stated and
where the exact quantum is not ascertainable. Expenditure on issue of
share capital, if any, is accounted when actually incurred.
b) Revenue Recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. The following specific recognition criteria are met
before revenue is recognized:
(i) Revenue will be recognised on completion of the project / telecast
of advertisement / prints of ads in news papers/ magazines etc
(ii) Interest income is recognised on a time proportion basis taking in
to account the amount outstanding and the applicable interest rate
(iii) Dividend income is recognised when the company,s right to receive
dividend is established on the reporting date.
c) Fixed Assets
Fixed assets are stated at total capitalized costs relating and
attributable directly or indirectly to acquisition and installation
thereof as reduced by the accumulated depreciation thereon.
d) Depreciation/Amortization
Depreciation/Amortization on Fixed Assets is provided on Straight Line
Method, at the rates specified in Schedule XIV to the Companies Act,
1956 (as amended).
e) Inventories
Inventories are valued as follows:
(i) Raw Materials, Stores and Spares: at cost
(ii) Work in Progress: at lower of estimated cost or net realizable
value
(iii) Waste Materials, Damaged goods, Scrap: if any at net estimated
realizable value
(iv) Finished Goods: at lower of cost or market value.
f) Investments
Investments that are intended to be held for more than a year , from
the date of acquisition are classified as long term investment are
carried at cost less any provision for permanent diminution in value .
Investments other than long term investments are being current
investments are valued at cost or fair market value whichever is lower.
g) Assets & Liabilities
The Assets and Liabilities are taken at the book value certified by the
Management
h) Foreign Currency Transactions
Foreign Currency Transactions are normally recorded at the exchange
rate, prevailing on the date of transaction or conversion, as the case
may be.
i) Taxes on Income
(i) Current Tax: Provision for Income Tax is determined in accordance
with the provisions of Income Tax Act, 1961.
(ii) Deferred Tax Provision: Deferred Tax is recognized on timing
differences between the accounting income and the taxable income for
the year, and quantified using the tax rates and laws enacted or
substantively enacted on the Balance Sheet date.
Deferred Tax Assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such Deferred Tax Assets can
realized.
j) Miscellaneous Expenditure
Preliminary expenses/shares and deferred revenue expenses etc. are not
amortise during the year
k) Presentation and Disclosure of Financial Statement
During the year ended 31-03-2014, the revised Schedule VI notified
under the Companies Act 1956, has become applicable to the company for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. however,
it has significant impact on presentation and disclosures made in the
financial statements. The Company has also reclassified the previous
year figures in accordance with the requirement applicable in the
current year.
Mar 31, 2011
1. Accounting Convention
The company Maintain it accounts on accrual basis. The financial
statements are prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India
and materially comply with the mandatory accounting standards and
statements issued by The Institute of Chartered Accountants of India.
2. Inventory Valuation
Unutilised Commercial time is shown, as Closing Stock of banking in the
Balance sheet and the same is valued at contract price.
3. Fixed Assets
All Fixed Assets are stated at cost of acquisition. Cost includes all
other related expenses incurred.
4. Depreciation
- Tangible Assets: The Company provided depreciation on all fixed
assets on Straight Line Method at the rates and in the manner
prescribed in Schedule IV to the Companies Act, 1956.
- In Tangible Assets: The Company provides depreciation on all fixed
assets on Straight Line Method at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956.
5. Foreign Currency
Transactions in foreign currencies are recorded at the rate ruling on
date of the transaction. Exchange differences are recognized in the
Profit and Loss for the Period in which the difference arise.
6. Provision for Tax
Deferred Tax resulting is recognised, subject to the consideration of
prudence, on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capital of reversal in one or more subsequent periods. The deferred tax
assets are not recognized in unabsorbed depreciation and carried
forward of losses, unless there is virtual certainly that sufficient
future taxable income will be available against which such deferred tax
Assests can be realized.
Mar 31, 2010
1. Accounting Convention
The company Maintain it accounts on accrual basis. The financial
statements are prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India
and materially comply with the mandatory accounting standards and
statements issued by The Institute of Chartered Accountants of India.
2. Inventory Valuation
Unutilised Commercial time is shown, as Closing Stock of banking in the
Balance sheet and the same is valued at contract price.
3. Fixed Assets
All Fixed Assets are stated at cost of acquisition. Cost includes all
other related expenses incurred.
4. Depreciation
Tangible Assets: The Company provided depreciation on all fixed assets
on Straight Line Method at the rates and in the manner prescribed in
Schedule XIV to the Companies Act, 1956.
# In Tangible Assets: The Company provides depreciation on all fixed
assets on Straight Line Method at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956.
5. Foreign Currency
Transactions in foreign currencies are recorded at Che rate ruling on
data of the transaction. Exchange differences are recognized in the
Profit and Loss for the Period in which the difference arise.
6. Provision For Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax act, 1961.
Deferred Tax resulting is recognised.subject to the consideration of
prudence, on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capital of reversal in one or more subsequent periods. The deferred tax
assets are not recognized in unabsorbed depreciation and carried
forward of losses, unless there is virtual certainly that sufficient
future taxable income will be available against which such deferred tax
Assests can be realized.tainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.