Home  »  Company  »  Esha Media Research  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Esha Media Research Ltd. Company

Mar 31, 2023

Summary of significant accounting policies

2.1 Current and noncurrent classification

The Company presents assets and liabilities in the balance sheet based on current/ non-
current classification.

All the assets and liabilities have been classified as current or noncurrent as per the Company’s
normal operating cycle and other criteria set out in the Schedule III to the Companies Act,

2013 and Ind AS 1, presentation of financial statements.

An asset is classified as current when it satisfies any of the following criteria:

a) It is expected to be realized in, or is intended for sale or consumption in, the Company’s
normal operatingcycle;

b) It is held primarily for the purpose of being traded;

c) It is expected to be realized within twelve months after the reporting date; or

d) It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a
liability forat least twelve months after the reporting date.

All other assets are classified as non-current.

A liability is classified as current when it satisfies any of the following criteria:

a) It is expected to be settled in the Company’s normal operating cycle;

b) It is held primarily for the purpose of being traded;

c) It is due to be settled within twelve months after the reporting date; or

d) The Company does not have an unconditional right to defer settlement of the liability for at
least twelve months after the reporting date. Terms of a liability that could, at the option
of the counterparty, result in its settlement by the issue of equity instruments do not affect
its classification

The Company classifies all other liabilities as noncurrent.

Current assets/ liabilities include the current portion of noncurrent assets/ liabilities respectively.
Deferred tax assets and liabilities are always disclosed as non- current.

The operating cycle is the time between the acquisition of assets for processing and their
realisation in cash and cash equivalents. The Company has identified twelve months as its
operating cycle.

2.2 Functional and presentation currency

These financial statements are presented in Indian rupees, which is also the functional currency
of the Company. All the financial information presented in Indian rupees has been rounded to
the nearest lakhs.

2.3 Fair value measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance
sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer
the liability takes place either:

• in the principal market for the asset or liability, or

• in the absence of a principal market, in the most advantageous market for the asset or
liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market participants act
in their economic best interest.

A fair value measurement of a non-fmancial asset takes into account a market participant’s
ability to generate economic benefits by using the asset in its highest and best use or by selling
it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Ind AS financial
statements are categorised within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or
liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable

For assets and liabilities that are recognised in the Ind AS financial statements on a recurring
basis, the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.

The Company’s management determines the policies and procedures for both recurring fair
value measurement, such as derivative instruments and unquoted financial assets measured at
fair value, and for non-recurring measurement, such as assets held for sale in discontinued
operations.

External valuers are involved, wherever considered necessary. For the purpose of fair value
disclosures, the Company has determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy,
as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are
given in the relevant notes.

2.4 Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded by the Company at their respective
functional currency spot rates at the date, the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot rates of exchange at the reporting date. Exchange differences arising
on settlement or translation of monetary items are recognized in the statement of profit and
loss.

Non-monetary items that are measured based on historical cost in a foreign currency are
translated at the exchange rate at the date of the initial transaction.

Non-monetary items that are measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value was measured.

The gain or loss arising on translation of non-monetary items measured at fair value is treated
in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or loss is recognised in other
comprehensive income (“00”) or profit or loss are also recognised in OCI or profit or loss,
respectively).

2.5 Property plant and equipment:

The cost of an item of property, plant and equipment are recognised as an asset if, and only if it
is probable that future economic benefits associated with the item will flow to the Company
and the cost of the item can be measured reliably.

Freehold land is carried at historical cost less any accumulated impairment losses.

Items of property, plant and equipment (including capital-work-in progress) are stated at cost of
acquisition or construction less accumulated depreciation and impairment loss, if any.

Cost includes expenditures that are directly attributable to the acquisition of the asset i.e.,
freight, non-refundable duties and taxes applicable, and other expenses related to acquisition
and installation.

The cost of self-constructed assets includes the cost of materials and other costs directly
attributable to bringing the asset to a working condition for its intended use.

When significant parts of plant and equipment are required to be replaced at intervals, the
Company depreciates them separately based on their specific useful lives.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in
profit or loss.

Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits
associated with the expenditure will flow to the Group and the cost of the item can be
measured reliably.

Depreciation

Depreciation on items of PPE is provided on written down value basis, computed on the basis
of useful lives as mentioned in Schedule IT to the Companies Act, 2013. Depreciation on
additions / disposals is provided on a pro-rata basis i.e. from / up to the date on which asset is
ready for use / disposed-off.

The residual values, useful lives and method of depreciation are reviewed at each financial year
end and adjusted prospectively, if appropriate.

The cost of replacing part of an item of property, plant and equipment is recognized in the
carrying amount of the item if it is probable that the future economic benefits embodied
within the part will flow to the Company and its cost can be measured reliably. The carrying
amount of the replaced part will be derecognized. The costs of repairs and maintenance are
recognized in the statement of profit and loss as incurred.

Items of stores and spares that meet the definition of Property, plant and equipment are
capitalized at cost, otherwise, such items are classified as inventories.

Advances paid towards the acquisition of property, plant and equipment outstanding at each
reporting date is disclosed as capital advances under other assets. The cost of property, plant
and equipment not ready to use before such date are disclosed under capital work-in-progress.

2.6 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

• Debt instruments at amortised cost

• Debt instruments at fair value through other comprehensive income (FVTOCI)

• Debt instruments, derivatives and equity instruments at fair value through profit or loss
(FVTPL);

• Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Debt instruments at amortised cost

A ‘debt instrument’ is measured at the amortised cost, if both of the following conditions are
met: (i) The asset is held within a business model whose objective is to hold assets for
collecting contractual cash flows; and (ii) Contractual terms of the asset give rise on specified
dates to cash flows that are solely payments of principal and interest (SPPI) on the principal
amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part of the
EIR. The EIR amortisation is included in finance income in the statement of profit and loss.
The losses arising from impairment are recognised in the statement of profit and loss. This
category generally applies to trade and other receivables.

Debt instrument at FVTOCI

A ‘debt instrument’ is classified as FVTOCI, if both of the following criteria are met: (i) The
objective of the business model is achieved both by collecting contractual cash flows and
selling the financial assets; and (ii) The asset’s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at
each reporting date at fair value. Fair value movements are recognized in OCI. However, the
Company recognizes interest income, impairment losses and foreign exchange gain or loss in
the statement of profit and loss. On de-recognition of the asset, cumulative gain or loss
previously recognised in OCI is reclassified from the equity to statement of profit and loss.
Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the
EIR method.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet
the criteria for categorization as at amortized cost or as FVTOCI, is classified as FVTPL. Debt
instruments included within the FVTPL category are measured at fair value with all changes
recognized in the statement of profit and loss.

Equity Instruments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments
which are held for trading are classified as FVTPL. If the Company decides to classify an
equity instrument as FVTOCI, then all fair value changes on the instrument, excluding

dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to
statement of profit and loss. Equity instruments included within the FVTPL category are
measured at fair value with all changes recognized in the statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognized (i.e., removed from the Company’s balance sheet)
when:

a) The rights to receive cash flows from the asset have expired, or

b) The Company has transferred its rights to receive cash flows from the asset or has assumed an

obligation to pay the received cash flows in full without material delay to a third party
under a ‘pass-through’ arrangement; and either (a) the Company has transferred
substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and
rewards of ownership. When it has neither transferred nor retained substantially all of the risks
and rewards of the asset, nor transferred control of the asset, the Company continues to
recognize the transferred asset to the extent of the Company’s continuing involvement. In that
case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.

Impairment of Financial Assets

The company assesses at each balance sheet date whether a financial asset or a group of
financial assets is unpaired.

In accordance with Ind AS 109, the company uses “Expected Credit Loss” (ECL) model, for
evaluating impairment of Financial Assets other than those measured at Fair Value Through
Profit and Loss (FVTPL).

Expected credit losses are measured through a loss allowance at an amount equal to:

• The 12 months expected credit losses (expected credit losses that result from those
default events on the financial instrument that are possible within 12 months after the
reporting date);

• Full lifetime expected credit losses (expected credit losses that result from all
possible default events over the life of the financial instrument)

For other assets, the company uses 12-month ECL to provide for impairment loss where there
is no significant increase in credit risk. If there is significant increase in credit risk full lifetime
ECL is used.

b. Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value i.e.,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and,
in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts, financial guarantee contracts.

Subsequent measurement

The measurement of financial liabilities depends on their classification.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Company that are not designated as hedging instruments in hedge
relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as
held for trading, unless they are designated as effective hedging instruments. Gains or losses on
liabilities held for trading are recognised in the statement of profit and loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are
satisfied. For liabilities designated as FVTPL, fair value gains/losses attributable to changes in
own credit risk are recognized in OCI. These gains/ loss are not subsequently transferred to the
statement of profit and loss.

However, the Company may transfer the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised in the statement of profit and loss.

Loans and borrowings

Borrowings is the category most relevant to the Company. After initial recognition, interest-
bearing borrowings are subsequently measured at amortised cost using the EIR method. Gains
and losses are recognised in the statement of profit and loss when the liabilities are
derecognised as well as through the EIR amortization process. Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the statement of
profit and loss.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expired. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the de-recognition of the original
liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit and loss.

Reclassification of financial assets and liabilities

The Company determines classification of financial assets and liabilities on initial recognition.
After initial recognition, no re-classification is made for financial assets which are equity
instruments and financial liabilities. For financial assets which are debt instruments, a re¬
classification is made only if there is a change in the business model for managing those assets.
A change in the business model occurs when the Company either begins or ceases to perform
an activity that is significant to its operations. If the Company reclassifies financial assets, it
applies the re-classification prospectively from the re-classification date, wdiich is the first day
of the immediately next reporting period following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains
or losses) or interest.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance
sheet, if there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

2.7 Cash & Cash Equivalents

Cash and bank balances comprise of cash balance in hand, in current accounts with banks, and
other short-term deposits. For this purpose, "short-term" means investments having maturity of
three months or less from the date of investment, and which are subject to an insignificant risk
of change in value. Bank overdrafts that are repayable on demand and form an integral part of
our cash management are included as a component of cash and cash equivalents for the purpose
of the statement of cash flow''s.

2.8 Impairment of non-financial assets

The carrying amounts of the Company’s non-financial assets, other than inventories and
deferred tax assets are reviewed at each reporting date to determine whether there is any
indication of impairment.

If any such indication exists, then the asset’s recoverable amount is estimated.

For goodwill and intangible assets that have indefinite lives or that are not yet available for use,
an impairment test is performed each year at March 31.

The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of
its value in use and its fair value less costs to sell.

For the purpose of impairment testing, assets are grouped together into the smallest group of
assets that generates cash inflows from continuing use that are largely independent of the cash
inflow of other assets or groups of assets (the “cash-generating unit”).

The Company bases its impairment calculation on detailed budgets and forecast calculations,
which are prepared separately for each of the Company’s CGUs to which the individual assets
are allocated. These budgets and forecast calculations generally cover a period of five years.
For longer periods, a long-term growth rate is calculated and applied to project future cash
flows after the fifth year. To estimate cash flow projections beyond periods covered by the
most recent budgets/forecasts, the Company extrapolates cash flow projections in the budget
using a steady or declining growth rate for subsequent years, unless an increasing rate can be
justified. In any case, this growth rate does not exceed the long-term average growth rate for
the products, industries, or country in which the entity operates, or for the market in which the
asset is used.

An impairment loss is recognized in the statement of profit and loss if the estimated
recoverable amount of an asset or its cash-generating unit is lower than its carrying amount.
Impairment losses recognized in respect of cash-generating units are allocated first to reduce
the carrying amount of any goodwill allocated to the units and then to reduce the carrying
amount of the other assets in the unit on a pro-rata basis.

Reversal of Impairment ofAssets

An impairment loss in respect of goodwill is not reversed. In respect of other assets,
impairment losses recognized in prior periods are assessed at each reporting date for any
indications that the loss has decreased or no longer exists. An impairment loss is reversed if
there has been a change in the estimates used to detennine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not
exceed the carrying amount that would have been determined, net of depreciation or
amortization, if no impairment loss had been recognized.

2.9 Employee benefits
Short term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is
recognized for the amount expected to be paid if the Company has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee
and the obligation can be estimated reliably.

Defined contribution plans

The Company’s contributions to defined contribution plans are charged to the statement of
profit and loss as and when the services are received from the employees.

Defined benefit plans

The liability in respect of defined benefit plans and other post-employment benefits is
calculated using the projected unit credit method consistent with the advice of qualified
actuaries. The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be paid, and that have terms to maturity
approximating to the terms of the related defined benefit obligation. In countries where there is
no deep market in such bonds, the market interest rates on government bonds are used. The
current service cost of the defined benefit plan, recognized in the statement of profit and loss in
employee benefit expense, reflects the increase in the defined benefit obligation resulting from
employee service in the current year, benefit changes, curtailments and settlements. Past
service costs are recognized immediately in the statement of profit and loss.

The net interest cost is calculated by applying the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. This cost is included in employee benefit
expense in the statement of profit and loss. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions for defined benefit obligation and plan assets
are recognized in OCI in the period in which they arise. When the benefits under a plan are
changed or when a plan is curtailed, the resulting change in benefit that relates to past service
or the gain or loss on curtailment is recognized immediately in the statement of profit and loss.
The Company recognizes gains or losses on the settlement of a defined benefit plan obligation
when the settlement occurs.

Termination benefits

Tennination benefits are recognized as an expense in the statement of profit and loss when the
Company is demonstrably committed, without realistic possibility of withdrawal, to a formal
detailed plan to either terminate employment before the nonnal retirement date, or to provide
termination benefits as a result of an offer made to encourage voluntary redundancy.
Termination benefits for voluntary redundancies are recognized as an expense in the statement
of profit and loss if the Company has made an offer encouraging voluntary redundancy, it is
probable that the offer will be accepted, and the number of acceptances can be estimated
reliably.

Other long-term employee benefits

The Company’s net obligation in respect of other long-term employee benefits is the amount of
future benefit that employees have earned in return for their service in the current and previous
periods. That benefit is discounted to determine its present value. Re-measurements are
recognised in the statement of profit and loss in the period in which they arise.

Compensated absences

The Company’s current policies permit certain categories of its employees to accumulate and
carry forward a portion of their unutilised compensated absences and utilise them in future
periods or receive cash in lieu thereof in accordance with the terms of such policies. The

Company measures the expected cost of accumulating compensated absences as the additional
amount that the Company incurs as a result of the unused entitlement that has accumulated at
the reporting date. Such measurement is based on actuarial valuation as at the reporting date
carried out by a qualified actuary.


Mar 31, 2015

I) System of Accounting :

The financial statement are prepared as per going concern under historical cost convention on actual basis except these with significant uncertainty & in accordance with the relevant Accounting Standards issued by ICAI & in Compliance with the provisions of the Companies Act, 1956 & Companies Act, 2013. Accounting policies not stated explicitly otherwise are consisted with generally accepted accounting principles.

II) Revenue Recognition:

Revenue is recognized when the services is provided and passed on to the customers.

III) Fixed Assets:

Fixed Assets are recorded at cost of acquisition inclusive of all relevant levies & incidental expenses. They are stated at cost less accumulated depreciation.

IV) Depreciation:

Depreciation has been provided on written down value method under section 205(2)(b) of the CompaniesAct, 1956.

i) At the rates specified in schedule II of the Companies Act, 2013.

ii) On a pro - rata basis with reference to the month of additional/disposal in respect of assets added/disposed of during the year.

V) Provision for Income Tax:

The Provision for Income Tax has been made on the basis of the assessable income under the Income Tax Act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act, 1961.

VI) Provision for Deferred Tax:

Deferred Tax is recognized on timing difference; being the differences between the taxable income & accounting income that originate in one period & are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized & set off against accumulated Deferred Tax Liabilities & balance if any is carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the yearend based on the tax rates & laws enacted or substantially enacted on the balance sheet date.

VII) Remuneration to Directors:

i) Remuneration to Director : Rs. 37,20,000/-

VIII) In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the values stated in Balance Sheet if realized in the ordinary course of business.

IX) The balances of Sundry Debtors, Sundry Creditors, Advances & Lenders are subject to confirmation / reconciliation and adjustments if any.

X) Physical Verification of cash was done by the Management on which the auditor has kept reliance.

XI) Advances to Companies under the same Management for goods & services:

Balance as on 31/03/15

a) RGE Digital Imaging Solutions Pvt. Ltd. - Rs. 11,74,377/-

b) Jyoti Printing Inks Private Limited - Rs. 1,84,111/-

XII) Related Party Transactions

a) Names Of Related Companies APBC Printing Inks Private

Limited, Jyoti Printing Inks Private Limited, RGE Digital Imaging Solutions Private Limited, Esha Broadcast Monitoring Private Limited, Stonerigde Advisors Private Limited.

b) Names Of Other Related Parties : Reliance Graphic Enterprises And PRR Family Trust.

c) Names Of Key Management : Mr. P.Ragahava Raju, Personnel Mr. R S Iyer,

Ms. Jyoti Babar. Ms. SakshiPawar Ms. ShilpaParab

XIII) Recasting of Balances:

Wherever possible & found necessary regrouping & recasting of ledger balances have been made.


Mar 31, 2014

I) System of Accounting :

The financial statement are prepared as per going concern under historical cost convention on actual basis except these with significant uncertainty and in accordance with the relevant Accounting Standards issued by ICAI & in compliance with the provisions of the Companies Act, 1956. Accounting policies not stated explicitly, otherwise are consisted with generally accepted accounting principles.

II) Revenue Recognition

Revenue is recognized when the services is provided and passed on to the customers.

III) Fixed Assets:

Fixed assets arc recorded at cost of acquisition inclusive of all relevant levies and incidental expenses. They are stated at cost less accumulated depreciation.

IV) Depreciation :

Depreciation has been provided on written down value method Method under section 205 (2)(b) of the companies Act, 1956.

i) At the rates specified in schedule XIV of the Companies Act, 1956, except in case of office equipments where we differ from the views of management.

ii) On A pro-rata basis with reference to the month of addition / disposal in respect of assets added / disposed of during the year.

V) Provision for Income Tax:

The Provision for Income Tax has been made on the basis of the assessable income under the income tax act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income tax act, 1961.

VI) Provision for Deferred Tax:

Deferred tax is recognized on timing differences; being the differences between the taxable income & accounting income that originate in one period & are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and set off against accumulated Deferred Tax Liabilities and balance if any is carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the yearend based on the tax rates and laws enacted or substantially enacted on the balance sheet date.


Mar 31, 2013

I) System of Accounting :

The financial statement are prepared as per going concern under historical cost convention on actual basis except these with significant uncertainty and in accordance with the relevant Accounting Standards issued by ICAI & in compliance with the provisions of the Companies Act, 1956. Accounting policies not stated explicitly, otherwise are consisted with generally accepted accounting principles.

II) Revenue Recognition

Revenue is recognized when the services is provided and passed on to the customers.

III) Fixed Assets:

Fixed assets are recorded at cost of acquisition inclusive of all relevant levies and incidental expenses. They are stated at cost less accumulated depreciation.

IV) Depreciation :

Depreciation has been provided on written down value method Method under section 205 ( 2) (b) of the companies Act ,1956.

i) At the rates specified in schedule XIV of the Companies Act, 1956,exceptincaseof office equipments where we differ from the views of management.

ii)On A pro-rata basis with reference to the month of addition/disposal in respect of assets added/ disposed of during the year.

V) Provision for Income Tax:

The Provision for Income Tax has been made on the basis of the assessable income under the income tax act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income tax act,1961.

VI) Provision for Deferred Tax:

Deferred tax is recognized on timing differences; being the differences between the taxable income & accounting income that originate in one period & are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and set off against accumulated Deferred Tax Liabilities and balance if any is carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available agaist which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the yearend based on the tax rates and laws enacted or substantially enacted on the balance sheet date.

VII) Remuneration to Directors

a) Salary & L.T.A. Rs. 37,40,247/-

b) Contribution to provident fund NIL

c) Other Benefits NIL


Mar 31, 2011

A. Basis of Preparation 1. The financial statements have been of prepared under the historical Financial Statements cost convention in accordance with generally accepted accounting principles and the provisions of the Companies Act, 1956 and applicable Accounting Standards prescribed under Companies (Accounting Standards) Rules, 2006 as adopted consistently by the company.

2. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles followed by the company.

b. Fixed Assets Fixed assets are valued at cost less depreciation.

c. Depreciation Depreciation is provided on written down value method at the rates prescribed in the Schedule XIV to the Companies Act 1956.

d. Inventories Closing stock of raw materials are valued at cost or net realisable value which ever is lower. Cost Formula used is on FIFO basis.

e. Revenue Recognition 1. Sale is recognised on despatch of products and is inclusive of VAT.

2. Dividend income is accounted on receipt bais.

f. Investments Long term investments are valued at cost.

g. Retirement Benefits 1. Gratuity to employees is covered under the Group Gratuity cum Life Assurance Scheme of the Life insurance Corporation of India and annual contribution is charged to Profit and Loss Account.

2. Contribution to Government Provident/Pension Funds are accounted on actual liability basis.

h. Impairment of Assets: The Management assesses using external and internal sources whether there is any indication that an asset may be impaired. Impairment of an asset occurs where the carrying value exceeds the present value of cash flow expected to arise from the continuing use of the asset and its eventual disposal. The provision for impairment loss is made when recoverable amount of the asset is lower than the carrying amount.

i. Provisions and Contingent Provisions in respect of present obligations arising out of past Liabilities and Contingent Assets : events are made in the accounts when reliable estimate can be made of the amount of obligations and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but if material, are disclosed in the notes to accounts. Contingent assets are not recognized or disclosed in the financial statements.

j. Foreign Exchange Transactions: a) All foreign currency transactions were initially recognised at the rate on the date of transaction.

b) Exchange differences arising on the settlement of monetary items were recognised as income/expense.

c) Monetary items as on the date of balance sheet are stated at the closing rate.

k. Borrowing Costs : Borrowing costs that are directly attributable to the acquisition of qualifying assets are capitalized as part of cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

l. Cash Flow Statement : The cash flow statement has been compiled from and is based on the Balance Sheet as at 31 st March, 2011 and the related Profit and Loss Account for the year ended on that date. The Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by ICAI.

m. Operating Lease : Operating Lease payments are recognized as an expense in the Profit and Loss Account of the year to which they relate


Mar 31, 2010

A. Basis of preparation of Financial Statements

1. The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles and the provisions of the Companies Act, 1956 and applicable Accounting Standards prescribed under Companies (Accounting Standards) Rules, 2006 as adopted consistently by the company.

2. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles followed by the company.

b. Fixed assets

-Fixed assets are valued at cost less depreciation.

c. Depreciation

-Depreciation is provided on written down value method at the rates prescribed in the Schedule XIV to the Companies Act 1956.

d. Inventories

-Closing stock of raw materials are valued at cost or net realisable value which ever is lower. Cost Formula used is on FIFO basis.

e. Revenue Recognition

1. Sale is recognised on despatch of products and is inclusive of VAT.

2. Dividend income is accounted on receipt bais.

f. Investments

-Long term investments are valued at cost.

g. Retirement Benefits

1. Gratuity to employees is covered under the Group Gratuity cum Life Assurance Scheme of the Life insurance Corporation of India and annual contribution is charged to Profit and Loss Account.

2. Contribution to Government Provident/Pension Funds are accounted on actual liability basis.

h. Impairment of Assets:

-The Management assesses using external and internal sources whether there is any indication that an asset may be impaired. Impairment of an asset occurs where the carrying value exceeds the present value of cash flow expected to arise from the continuing use of the asset and its eventual disposal. The provision for impairment loss is made when recoverable amount of the asset is lower than the carrying amount.

i. Provisions and Contingent Liabilities and Contingent Assets:

-Provisions in respect of present obligations arising out of past events are made in the accounts when reliable estimate can be made of the amount of obligations and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but if material, are disclosed in the notes to accounts. Contingent assets are not recognized or disclosed in the financial statements.

j. Foreign Exchange Transactions:

a) All foreign currency transactions were initially recognised at the rate on the date of transaction.

b) Exchange differences arising on the settlement of monetary items wre recognised as income/expense.

c) Monetary items as on the date of balance sheet are stated at the closing rate.

k. Borrowing costs:

Borrowing costs that are directly attributable to the acquisition of qualifying assets are capitalized as part of cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.


Mar 31, 2009

1. Nature of Activity: - The Company is engaged in providing comprehensive processing services such as colour scanning, colour separation, image processing,etc., for printing and publishing industry.

Note: The nature of companys operations is such that there is no knownphysical measures or standard classification for its saleable products or services. Consequently the installed capacity is based on standard sets and actual production in terms of sets of various sizes have been certified by the management and accepted by the auditors.

a) Basis of preparation of

Financial Statements 1. The financial statements have been prepared under the historical cost convention in accordance with generally accepted accounting principles and the provisions of the Companies Act, 1956 and applicable Accounting Standards prescribed under Companies (Accounting Standards) Rules, 2006 as adopted consistently by the company.

2. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles followed by the company.

b) Fixed assets Fixed assets are valued at cost less depreciation.

c) Depreciation Depreciation is provided on written down value method at the rates prescribed in the Schedule XlV to the Companies Act 1956.

d) Inventories Closing stock of raw materials are valued at cost or net realisable value which ever is lower. Cost formula used is on FIFO basis.

e) Revenue Recognition 1. Sale is recognised on despatch of products and is inclusive of Value Added Tax.

2. Dividend income is accounted on receipt basis.

f) Investments Long term investments are valued at cost.

g) Retirement Benefits 1. Gratuity payable to employees is covered under the Group Gratuity cum Life Assurance Scheme of the Life insurance Corporation of India and annual contribution is charged to Profit and Loss Account.

2. Contribution to Government Provident /Pension Funds are accounted on actual liability basis.

h) Impairment of Assets: The Management assesses using external and internal sources whether there is any indication that an asset may be impaired. Impairment of an asset occurs where the carrying value exceeds the present value of cash flow expected to arise from the continuing use of the asset and its eventual disposal. The provision for impairment loss is made when recoverable amount of the asset is lower than the carrying amount.

i) Provisions and Contingent

Liabilities and Contingent Assets : Provisions in respect of present obligations arising out of past events are made in the accounts when reliable estimate can be made of the amount of obligations and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but if material,are decided in the notes to accounts.Contingent assets are not recognized or disclosed in the financial statements.

j) Foreign Exchange Transactions : a) Are foreign currency transactions were initially recognised at the case on the date of transaction.

b) Exchange difference arising on the settlement of monetary items we recognised as income/expense.

c) Monetary items as on the date of balance sheet are stated at the doing case.

Borrowing costs that are directly attributable to the acquisition of qualifying assets are capitalized as part of cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X