Mar 31, 2013
Ab) AS - 28 Impairment of assets
The carrying amounts of assets are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment. If any
indications exist, the recoverable amount is estimated. An impairment
loss is recognized wherever the carrying amount of an asset exceeds its
recoverable amount.
ac) AS - 29 Provisions, contingent liabilities and contingent assets
i) Provision are recognized for liabilities that can be measured only
by using a substantial degree of Estimation if
a) The company has a present obligation as a result of past event,
b) A probable outflow of resources is expected to settle the obligation
and
c) The amount of obligation can be reliably estimated.
Reimbursements expected in respect of expenditure required to settle a
provision is recognized only when it is virtually certain that the
reimbursement will be received.
ii) Contingent Liability is disclosed in the case of
(a) A present obligation arising from the past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) A possible obligation, of which the probability of outflow of
resources is remote. Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date Contingent Assets are
neither recognized nor disclosed.
iii) Contingent Liabilities are detailed in note no. 11 to notes on
accounts.
1. 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. Although these estimates are bases upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
2. Acquisition/Subscription
3. Sundry Debtors
Service Tax receivable from sundry debtors has been reduced from total
sundry debtors in proportion to the periodical outstanding.
4. Short term loan accounts & advances, Short term creditors have been
classified in view of management opinion that these assets and
liabilities will be realised /paid with in the period of one year from
the date of balance sheet though in some cases old litigations are
pending but expected to be completely closed with in twelve months.
5. Income received in advance has been properly considered while
preparing financial statements.
Disclosure on the basis of information available with the company,
under Micro, small and Medium Enterprises Development Act, 2006 :
There are no micro, small and medium enterprises, as defined in the
micro, small, medium enterprises development act, 2006, to whom the
company owes dues.
This information has been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors
6. Contingent liability not provided for:
Particulars Year Ended on Year Ended on
31 March 2013 31 March 2012
On counter guarantee given to banks 24,20,000.00 24,20,000.00
On letter of credits NIL 1,40,00,000.00
On bills discounted and purchased NIL NIL
On capital commitments towards capital expenditure NIL NIL
7. The previous year figures have been regrouped/restated wherever
necessary to make them comparable with current year''s figures.
Signature to notes 01 to 23 referred to above which form part of
Balance Sheet, Profit and Loss account and Cash Flow Statement.
Mar 31, 2012
(i) Trade mark
i. Esteemed useful life 10 Year
ii. Amortization rates used 10% each year as depreciation
aa) AS - 1 Capital commitments of reporting entity in joint venture
Not applicable
ab) AS - 2 Impairment of assets
The carrying amounts of assets are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment. If any
indications exist, the recoverable amount is estimated. An impairment
loss is recognized wherever the carrying amount of an asset exceeds its
recoverable amount.
ac) AS - 3 Provisions, contingent liabilities and contingent assets
i) Provision are recognized for liabilities that can be measured only
by using a substantial degree of estimation, if
a) The company has a present obligation as a result of past event,
b) A probable outflow of resources is expected to settle the obligation
and
c) The amount of obligation can be reliably estimated.
Reimbursements expected in respect of expenditure requited to settle a
provision is recognised only when it is virtually certain that the
reimbursement will be received.
ii) Contingent Liability is disclosed in the case of
a) A present obligation arising from the past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
b) A possible obligation, of which the probability of outflow of
resources is remote.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date. Contingent Assets are neither recognized
nor disclosed.
iii) Contingent Liabilities are detailed in note no. 11 to notes on
accounts
4. 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. Although these estimates are bases upon management's best
knowledge of current events and actions, actual results could differ
from these estimates
5. Acquisition/Subscription
a) During the year the company subscribed to 4500000 equity shares for
a total consideration of Rs. 450 lacs in its wholly owned subsidiary
Sea News Network limited.
(b) During the year the company subscribed to 4500000 equity shares for
a total consideration of Rs. 450 lacs in its wholly owned subsidiary
Jain Telemedia Service Limited.
6. Sundry Debtors
Service Tax receivable from sundry debtors has been reduced from total
sundry debtors in proportion to the periodical outstanding.
7. Sundry debtors: Short term loan accounts & advances, Short term
creditors have been classified in view of management opinion that these
assets and liabilities will be realized/paid within the period of one
year from the date of balance sheet though in some cases old
litigations are pending but expected to be completely closed within
twelve months.
8. Contingent liability not provided for:
Particulars Year Ended on Year Ended on
31st March, 2012 31st March, 2011
On counter guarantee given
to banks 24,20,000.00 24,20,200.00
On letter of credits 1,40,00,000.00 0.00
On bills discounted and
purchased NIL 0.00
On capital commitments towards
capital expenditure NIL NIL
9. The previous year figures have been regrouped/restated wherever
necessary to make them comparable with current year's figures.
Signature to notes 01 to 21 referred to above which form part of
Balance Sheet, Profit and Loss account and Cash Flow Statement.