Mar 31, 2015
A. Basis of preparation of financial statements
These financial statements are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) in India under historical cost
convention on the accrual basis. GAAP comprises accounting standards as
prescribed under section 133 of the Companies Act, 2013 ('Act') read
with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of
the Act (to the extent notified) and guidelines issued by the
Securities and Exchange Board of India (SEBI). Accounting policies have
been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hereto in use.
B. Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of the financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. Any revision to estimates is
recognised prospectively in current and future periods.
C. Fixed Assets
a) Fixed assets are stated at original cost of acquisition/installation
net of accumulated depreciation, amortization and impairment loss if
any. The cost of fixed assets includes taxes, duties, freight and other
incidental expenses related to the acquisition and installation of the
respective assets.
b) Capital Work-in-progress is stated at amount expended up to the date
of the Balance Sheet.
D. Depreciation/Amortization:
Depreciation on fixed assets is provided on Straight-Line Method over
the useful life of the assets as prescribed under Part C of Schedule II
of the Companies Act, 2013.
Depreciation on assets purchased/sold during the year is
proportionately charged. Individual assets costing '5000 or less are
depreciated within a year of acquisition.
E. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. All other borrowing costs are recognised as an expense
in the period in which they are incurred.
F. Impairment of Assets
Impairment of an asset is reviewed and recognized in the events of
changes and circumstances indicate that the carrying amount of an asset
is not recoverable. Difference between the carrying amount of an asset
and the recoverable value is recognized as impairment loss in the
statement of profit and loss in the year of impairment.
G. Employee Benefits:
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
H. Revenue Recognition:
a) Broadcasting Revenues:
Advertisement revenue (net of agency commission) is recognised when the
related advertisement or commercial appears before the public i.e. on
telecast. Subscription revenue is recognized on completion of service.
b) Sales (Program/Film Rights) are recognized when the risk and rewards
of ownership are passed onto the customers, which is generally on
dispatch of goods.
c) Income from services is recognized proportionately over the period
of service.
I. Taxes on Income:
Current Tax
Current tax is determined as the amount of tax payable in respect of
taxable income for the year under the Income Tax Act, 1961.
Deferred tax
Deferred income taxes (AS 22 on Accounting for taxes on income) are
recognized for the future tax consequences attributable to timing
differences between taxable income and accounting income for a period
that originate in one period and are capable of reversal in one or more
subsequent periods. The effect on deferred tax and liabilities of
change in tax rates will be recognized using the tax rates and tax laws
that have been enacted or substantively enacted by the balance sheet
date. Deferred tax assets are recognized and carried forward only to
the extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Minimum Alternate Tax (MAT) Credit entitlement
MAT credit entitlement represents the amounts paid in a year under
Section 115JA/ 115JB of the Income Tax Act 1961 ('IT Act') which is in
excess of the tax payable, computed on the basis of normal provisions
of the IT Act.
Such excess amount can be carried forward for set off in future periods
in accordance with the relevant provisions of the IT Act. Since such
credit represents a resource controlled by the Company as a result of
past events and there is evidence as at the reporting date that the
Company will pay normal income tax during the specified period, when
such credit would be adjusted, the same has been disclosed as "MAT
Credit entitlement", in the balance sheet with a corresponding credit
to the profit and loss account, as a separate line item.
Such assets are reviewed at each balance sheet date and written down to
reflect the amount that will not be available as a credit to be set off
in future, based on the applicable taxation law then in force.
J. Earnings Per Share (EPS)
In determining EPS, the Company considers the net profit / (loss) after
tax attributable to Equity Share holders. Basic earnings per share is
computed and disclosed using the weighted average number of equity
shares outstanding during the year.
Diluted earnings per share is computed and disclosed using the weighted
average number and dilutive equivalent equity shares outstanding during
the year, except when the results would be anti dilutive.
K. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is 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 to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2014
A. Basis of preparation of financial statements
These financial statements are prepared under the historical cost
convention, in accordance with Generally Accepted Accounting Principles
(GAAP) in India on accrual basis. GAAP comprises accounting standards
as specified in rule 3 of the Companies (Accounting Standards) Rules,
2006, and the relevant provisions of the Companies Act, 1956 to the
extent applicable. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting standard requires a change in the
accounting policy hereto in use.
B. Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of the financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. Any revision to estimates is
recognised prospectively in current and future periods.
C. Fixed Assets
a) Fixed assets are stated at original cost of acquisition/installation
net of accumulated depreciation, amortization and impairment loss if
any. The cost of fixed assets includes taxes, duties, freight and other
incidental expenses related to the acquisition and installation of the
respective assets.
b) Capital Work-in-progress is stated at amount expended up to the date
of the Balance Sheet.
D. Depreciation/Amortization:
Depreciation on fixed assets is provided on Straight-Line Method at the
rate specified in Schedule XIV of the Companies Act, 1956. Depreciation
on assets purchased/sold during the year is proportionately charged.
Individual assets costing Rs.5000 or less are depreciated within a year
of acquisition.
E. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. All other borrowing costs are recognised as an expense
in the period in which they are incurred.
F. Impairment of Assets
Impairment of an asset is reviewed and recognized in the events of
changes and circumstances indicate that the carrying amount of an asset
is not recoverable. Difference between the carrying amount of an asset
and the recoverable value is recognized as impairment loss in the
statement of profit and loss in the year of impairment.
G. Employee Benefits:
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
H. Revenue Recognition:
a) Broadcasting Revenues:
Advertisement revenue (net of agency commission) is recognised when the
related advertisement or commercial appears before the public i.e. on
telecast. Subscription revenue is recognized on completion of service.
b) Sales (Program/Film Rights) are recognized when the risk and rewards
of ownership are passed onto the customers, which is generally on
dispatch of goods.
b) Income from services is recognized proportionately over the period
of service.
I. Taxes on Income: Current Tax
Current tax is determined as the amount of tax payable in respect of
taxable income for the year under the Income Tax Act, 1961.
Deferred tax
Deferred income taxes (AS 22 on Accounting for taxes on income) are
recognized for the future tax consequences attributable to timing
differences between taxable income and accounting income for a period
that originate in one period and are capable of reversal in one or more
subsequent periods. The effect on deferred tax and liabilities of
change in tax rates will be recognized using the tax rates and tax laws
that have been enacted or substantively enacted by the balance sheet
date. Deferred tax assets are recognized and carried forward only to
the extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Minimum Alternate Tax (MAT) Credit entitlement
MAT credit entitlement represents the amounts paid in a year under
Section 115JA/ 115JB of the Income Tax Act 1961 (''IT Act'') which is in
excess of the tax payable, computed on the basis of normal provisions
of the IT Act.
Such excess amount can be carried forward for set off in future periods
in accordance with the relevant provisions of the IT Act. Since such
credit represents a resource controlled by the Company as a result of
past events and there is evidence as at the reporting date that the
Company will pay normal income tax during the specified period, when
such credit would be adjusted, the same has been disclosed as "MAT
Credit entitlement", in the balance sheet with a corresponding credit
to the profit and loss account, as a separate line item.
Such assets are reviewed at each balance sheet date and written down to
reflect the amount that will not be available as a credit to be set off
in future, based on the applicable taxation law then in force.
J. Earnings Per Share (EPS)
In determining EPS, the Company considers the net profit / (loss) after
tax attributable to Equity Share holders. Basic earnings per share is
computed and disclosed using the weighted average number of equity
shares outstanding during the year.
Diluted earnings per share is computed and disclosed using the weighted
average number and dilutive equivalent equity shares outstanding during
the year, except when the results would be anti dilutive.
K. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is 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 to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
(i) Section 205 of the Companies Act, 1956 mandates that companies
transfer dividend that has been unclaimed for a period of seven years
from unpaid dividend account to the Investor Education and Protection
Fund (IEPF). Accordingly, if dividend is unclaimed for a period of
seven years, it will be transferred to IEPF.
Note
Program/film rights etc. for broadcasting are intangible assets as
defined in AS Â 26 but considered and shown under current assets as are
used for broadcasting in the ordinary course of business.
Mar 31, 2013
A. Basis of preparation of financial statements
These financial statements are prepared under the historical cost
convention, in accordance with Generally Accepted Accounting Principles
(GAAP) in India on accrual basis. GAAP comprises accounting standards
as specified in rule 3 of the Companies (Accounting Standards) Rules,
2006, and the relevant provisions of the Companies Act, 1956 to the
extent applicable. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting standard requires a change in the
accounting policy hereto in use.
B. Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of the financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. Any revision to estimates is
recognised prospectively in current and future periods.
C. Fixed Assets
a) Fixed assets are stated at original cost of acquisition/installation
net of accumulated depreciation, amortization and impairment loss if
any. The cost of fixed assets includes taxes, duties, freight and other
incidental expenses related to the acquisition and installation of the
respective assets.
b) Capital Work-in-progress is stated at amount expended up to the date
of the Balance Sheet.
D. Depreciation/Amortization:
Depreciation on fixed assets is provided on Straight-Line Method at the
rate specified in Schedule XIV of the Companies Act, 1956. Depreciation
on assets purchased/sold during the year is proportionately charged.
Individual assets costing ~5000 or less are depreciated within a year
of acquisition.
E. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. All other borrowing costs are recognised as an expense
in the period in which they are incurred.
F. Impairment of Assets
Impairment of an asset is viewed and recognized in the events of
changes and circumstances indicate that the carrying amount of an asset
is not recoverable. Difference between the carrying amount of an asset
and the recoverable value is recognized as impairment loss in the
statement of profit and loss in the year of impairment.
G. Employee Benefits:
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
H. Revenue Recognition:
a) Broadcasting Revenues:
Advertisement revenue (net of agency commission) is recognised when the
related advertisement or commercial appears before the public i.e. on
telecast. Subscription revenue is recognized on completion of service.
b) Sales (Program/Film Rights) are recognized when the risk and rewards
of ownership are passed onto the customers, which is generally on
dispatch of goods.
b) Income from services is recognized proportionately over the period
of service.
I. Taxes on Income:
Current Tax
Current tax is determined as the amount of tax payable in respect of
taxable income for the year under the Income Tax Act, 1961.
Deferred tax
Deferred income taxes (AS 22 on Accounting for taxes on income) are
recognized for the future tax consequences attributable to timing
differences between taxable income and accounting income for a period
that originate in one period and are capable of reversal in one or more
subsequent periods. The effect on deferred tax and liabilities of
change in tax rates will be recognized using the tax rates and tax laws
that have been enacted or substantively enacted by the balance sheet
date. Deferred tax assets are recognized and carried forward only to
the extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Minimum Alternate Tax (MAT) Credit entitlement
MAT credit entitlement represents the amounts paid in a year under
Section 115JA/ 115JB of the Income Tax Act 1961 (''IT Act'') which is in
excess of the tax payable, computed on the basis of normal provisions
of the IT Act.
Such excess amount can be carried forward for set off in future periods
in accordance with the relevant provisions of the IT Act. Since such
credit represents a resource controlled by the Company as a result of
past events and there is evidence as at the reporting date that the
Company will pay normal income tax during the specified period, when
such credit would be adjusted, the same has been disclosed as "MAT
Credit entitlement", in the balance sheet with a corresponding credit
to the profit and loss account, as a separate line item.
Such assets are reviewed at each balance sheet date and written down to
reflect the amount that will not be available as a credit to be set off
in future, based on the applicable taxation law then in force.
J. Earnings Per Share (EPS)
In determining EPS, the Company considers the net profit / (loss) after
tax attributable to Equity Share holders. Basic earnings per share is
computed and disclosed using the weighted average number of equity
shares outstanding during the year.
Diluted earnings per share is computed and disclosed using the weighted
average number and dilutive equivalent equity shares outstanding during
the year, except when the results would be anti dilutive.
K. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is 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 to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2012
1.1. Basis of preparation of financial statements
These financial statements are prepared under the historical cost
convention, in accordance with Generally Accepted Accounting Principles
(GAAP) in India on accrual basis. GAAP comprises accounting standards
as specified in rule 3 of the Companies (Accounting Standards) Rules,
2006, and the relevant provisions of the Companies Act, 1956 to the
extent applicable. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting standard requires a change in the
accounting policy hereto in use.
1.2. Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of the financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. Any revision to estimates is
recognised prospectively in current and future periods.
1.3. Fixed Assets
Fixed assets are stated at original cost of acquisition/installation
net of accumulated depreciation, amortization and impairment losses.
The cost of fixed assets includes taxes, duties, freight and other
incidental expenses related to the acquisition and installation of the
respective assets.
1.4. Depreciation/Amortization:
Depreciation on fixed assets is provided on Straight-Line Method at the
rate specified in Schedule XIV of the Companies Act, 1956. Depreciation
on assets purchased/sold during the period is proportionately charged.
Individual assets costingRs.5000 or less are depreciated within a year of
acquisition.
1.5. Employee Benefits:
a) Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
1.6. Revenue Recognition:
a) Broadcasting Revenues: Advertisement revenue (net of agency
commission) is recognised when the related advertisement or commercial
appears before the public i.e. on telecast. Subscription revenue is
recognized on completion of service.
b) Sales (Program/Film Rights) are recognized when the risk and rewards
of ownership are passed onto the customers, which is generally on
dispatch of goods.
c) Income from services is recognized proportionately overthe period of
service.
1.7. Taxes on Income:
Current tax is determined as the amount of tax payable in respect of
taxable income for the year underthe Income Tax Act, 1961.
Deferred tax is recognized, subject to consideration of prudence, on
timing difference, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods and measured using relevant
enacted tax rates.
1.8. Earnings PerShare
In determining earnings per share, the Company considers the net profit
after tax,. Basic earnings per share is computed and disclosed using
the weighted average number of common shares outstanding during the
year. Diluted earnings pershare is computed and disclosed using the
weighted average number of common and dilutive
common equivalent shares outstanding during the year, except when the
results would be anti dilutive.( as per A.S -20 Appendix-III adjusted
EPS to be calculated for the previous year.)
1.9. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will bean outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
The accumulated deferred tax Asset as on March 31,2012 has been
recognized with a corresponding charge to the Profit and Loss account.
The accumulated Deferred Tax liability on Written down value of assets
as of March 31,2012 is Rs. 40,70,961/-
Mar 31, 2011
1. Basis of Accounting:
The Financial Statements have been prepared under the Historical Cost
Convention and on accrual basis in accordance with the accounting
standards referred to in Section 211 (3C) of the Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of the financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. Any revision to estimates is
recognised prospectively in current and future periods.
3. Fixed Assets:
a) Fixed assets are stated at original cost of acquisition/installation
net of accumulated depreciation, amortization and impairment losses.
The cost of fixed assets includes taxes, duties, freight and other
incidental expenses related to the acquisition and installation of the
respective assets.
4. Depreciation/Amortization:
Depreciation on fixed assets is provided on Straight-Line Method at the
rate specified in Schedule XIV of the Companies Act, 1956.
5. Retirement Benefits:
a) Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
6. Revenue Recognition:
a) Broadcasting Revenues: Advertisement revenue (net of agency
commission) is recognised when the related advertisement or commercial
appears before the public i.e. on telecast. Subscription revenue is
recognized on completion of service.
b) Sales (Program/Film Rights) are recognized when the risk and rewards
of ownership are passed onto the customers, which is generally on
dispatch of goods.
c) Income from services is recognized proportionately over the period
of service.
7. Taxes on Income:
Current tax is determined as the amount of tax payable in respect of
taxable income for the year under the Income Tax Act, 1961.
Deferred tax is recognized, subject to consideration of prudence, on
timing difference, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods and measured using relevant
enacted tax rates.
8. Earnings Per Share:
Basic earnings per share is computed and disclosed using the weighted
average number of common shares outstanding during the year. Diluted
earnings per share is computed and disclosed using the weighted average
number of common and dilutive common equivalent shares outstanding
during the year, except when the results would be anti dilutive.
9. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is 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 to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
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