Mar 31, 2018
1. Corporate information
Iris Mediaworks Limited (âthe Companyâ) was incorporated under the provisions of the Companies Act applicable in India.
These financial statements were authorized for issue in accordance with a resolution of the directors on May 29, 2018.
2. Basis of preparation and Significant accounting policies:
2.1. Basis of preparation:
In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (âInd ASâ) notified under The Companies (Indian Accounting Standards) Rules, 2015 and The Companies (Indian Accounting Standards) amendment Rules 2016, as amended with effect from April 1, 2017. The financial statements of the Company have been prepared and presented in accordance with Ind AS. Previous year numbers in the financial statements have been restated to Ind AS. In accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards, the Company has presented a reconciliation from the presentation of financial statements under Accounting Standards notified under The Companies (Accounting Standards) Rules, 2006 (âPrevious GAAPâ) to Ind AS of Shareholdersâ equity as at March 31, 2017 and April 1, 2016 and of the comprehensive net income for the year ended March 31, 2017. (refer note 37 for reconciliations and effects of transition).
These financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value at the end of each reporting period, as explained further in the accounting policies below.
- Certain financial assets like investment in equity shares are measured at fair value,
The standalone financial statements are presented in INR (â^â) and all the values are rounded off to the nearest lakhs (INR100,000) except when otherwise indicated.
2.2. Summary of significant accounting policies
a) Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:
- Expected to be realized in normal operating cycle or within twelve months after the reporting period
- Held primarily for the purpose of trading, or
- Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle or due to be settled within twelve months after the reporting period or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified period of twelve months as its operating cycle.
b) Significant accounting, judgments, estimates and assumptions
The preparation of the Companyâs Financial Statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the accompanying disclosures, and the disclosure of contingent assets and contingent liabilities on the date of the standalone financial statements and the reported amounts of revenues and expenses for the year reported. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and future periods are affected.
Key source of estimation of uncertainty as at the date of financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of the following:
Investment in equity shares:
The Company is exposed to equity price risk from investments in equity securities measured at fair value through profit and loss. The Management monitors the proportion of equity securities in its investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the Board of Directors..
Taxes
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of assessments by the tax authorities. The amount of such provisions is based on various factors, such as experience of previous tax assessments and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the Companyâs domicile.
Minimum Alternative Tax (âMATâ) credit is recognized as deferred tax asset based on evidence that the Company will pay normal income tax during the specified period. Significant judgments are involved in determining the future taxable income and future book profits, including amount of MAT credit available for set-off.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit (âCGUâ) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at armâ s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (âDCFâ) model. The cash flows are derived from the budget for future years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the assetâs performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
Impairment of financial assets
The Company assesses impairment of financial assets (âFinancial instrumentsâ) and recognizes expected credit losses in accordance with Ind AS 109. The Company provides for impairment of trade receivables and unbilled revenue outstanding for more than 1 year from the date they are due for payment and billing respectively. The Company also assesses for impairment of financial assets on specific identification basis at each period end. Also, refer note 2(---).
The Company provides for impairment of investment in subsidiaries. Impairment exists when there is a diminution in value of the investment and the recoverable value of such investment is lower than the carrying value of such investment.
c) Fair value measurement
The company measures financial instrument such as investments 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.
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 minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities
- Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
- Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
Currently company carries those instruments in level 1 inputs of the above mentioned fair value hierarchy.
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.
d) 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.
i. Financial assets Initial recognition and measurement
All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit and loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three broad categories:
- Debt instruments assets at amortized cost
- Equity instruments measured at fair value through profit or loss (FVTPL)
When assets are measured at fair value, gains and losses are either recognized entirely in the statement of profit and loss (i.e. fair value through profit and loss), or recognized in other comprehensive income (i.e. fair value through other comprehensive income).
Debt instruments at amortized cost
A debt instrument is measured at amortized cost (net of any write down for impairment) if both the following conditions are met:
- the asset is held to collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to realize its fair value changes), and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (âSPPIâ) on the principal amount outstanding.
Such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. 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 amortization is included in finance income in the profit and loss. The losses arising from impairment are recognized statement of profit and loss. This category generally applies to trade and other receivables
Financial assets at fair value through OCI (FVTOCI)
A financial asset that meets the following two conditions is measured at fair value through OCI unless the asset is designated at fair value through profit and loss under fair value option.
- The financial asset is held both to collect contractual cash flows and to sell.
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
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 & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.
Financial assets at fair value through profit and loss
FVTPL is a residual category for companyâs investment instruments. Any instruments which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
All investments included within the FVTPL category are measured at fair value with all changes recognized in the Profit and Loss
In addition, the company may elect to designate an instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as âaccounting mismatchâ).
Equity investments
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company has not made any such election. This classification is made on initial recognition and is irrevocable.
If the Company decides to classify an equity instrument as at FVOCI, 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 P&L, even on sale of investment, However, the Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.
Equity investment in subsidiary are measured at cost.
Derecognition
When 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 âpass throughâ arrangement; it evaluates if and to what extent it has retained the risks and rewards of ownership.
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognized when:
- The rights to receive cash flows from the asset have expired, or
- Based on above evaluation, 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 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 Companyâ s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a bases that reflect the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 (âFinancial instrumentsâ) requires expected credit losses to be measured through a loss allowance. The Company recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
ii. Financial liabilities Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit and loss or at amortized cost, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.
The Companyâ s financial liabilities include trade payables, lease obligations, and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at amortized cost
After initial recognition, interest-bearing loans and borrowings and other payables are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit and loss when the liabilities are derecognized 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 amortization is included as finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. 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 derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit and loss.
iii. 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 recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
iv. Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Companyâ s senior management determines change in the business model as a result of external or internal changes which are significant to the Companyâs operations. Such changes are evident to external parties. 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 reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Company does not restate any previously recognized gains, losses (including impairment gains or losses) or interest.
e) Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant if the recognition criteria are met.
Capital work in progress is stated at cost. Capital work-in-progress comprises of expenditure incurred for construction of building.
Property, plant and equipment are eliminated from financial statements, either on disposal or when retired from active use. Losses arising in case of retirement of Property, Plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognized in statement of profit and loss in the year of occurrence.
The assetsâ residual values, useful lives and methods of depreciation are reviewed at each financial year and adjusted prospectively, if appropriate. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Useful lives used by the Company are different from rates prescribed under Schedule II of the Companies Act 2013. These rates are based on evaluation of useful life estimated by the management supported by internal technical evaluation. The range of useful lives of the property, plant and equipment are as follows:
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its Property, plant and equipment recognized as at 1 April 2016, measured as per the previous GAAP, and use that carrying value as the deemed cost of such Property, plant and equipment.
f) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.
Intangible assets are amortized on a straight-line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an intangible asset will not exceed ten years from the date when the asset is available for use. If the persuasive evidence exists to the affect that useful life of an intangible asset exceeds ten years, the Company amortizes the intangible asset over the best estimate of its useful life. Such intangible assets and intangible assets not yet available for use are tested for impairment annually, either individually or at the cash-generating unit level. All other intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
The amortization period and the amortization method are reviewed at least at each financial year end. If the expected useful life of the asset is significantly different from previous estimates, the amortization period is changed accordingly. If there has been a significant change in the expected pattern of economic benefits from the asset, the amortization method is changed to reflect the changed pattern and are treated as changes in accounting estimates.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its intangible assets recognized as at 1 April 2016, measured as per the previous GAAP, and use that carrying value as the deemed cost of such intangible assets.
g) Impairment of non-financial assets
Non-financial assets including Property, plant and equipment and intangible assets with finite life are evaluated for recoverability whenever there is any indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized in the standalone statement of profit and loss.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the assetâs or CGUâs recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the assetâs recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the standalone statement of profit and loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.
h) Lease
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
Where the Company as a lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease. An operating lease is a lease other than a finance lease.
Operating lease:
Operating lease payments are recognized as an expense in the statement of profit and loss on a straight line basis.
i) 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, regardless of when the payment is made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment. The following specific recognition criteria must also be met before revenue is recognized:
Revenue from sale of products is stated net off discounts and any applicable duties and taxes on dispatch of goods in accordance with terms of sales.
Further, revenue from treasury investment activities like investment in quoted and un-quoted equity shares are measured at fair value through profit or loss at each reporting date.
The Company collects goods and service tax, service tax, sales tax and other taxes as applicable in the respective tax jurisdictions where the Company operates, on behalf of the government and therefore it is not an economic benefit flowing to the Company. Hence, it is excluded from revenue.
ii. Other income
Dividend income is recognized when the Companyâ s right to receive dividend is established by the reporting date. The right to receive dividend is generally established when shareholders approve the dividend.
Interest income is recognized as it accrues in the standalone statement of profit and loss using effective interest rate method.
j) Foreign currency translation i. Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
ii. Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Non-monetary items, which are measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange rate at the date when such value was determined.
iii. Exchange differences
Exchange differences arising on the settlement of monetary items or on reporting monetary items of Company at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or as expenses in the year in which they arise except those arising from investments in non-integral operations.
k) Taxes
Tax expense comprises of current and deferred tax.
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognized outside profit and loss is recognized outside profit and loss (either in other comprehensive income or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Tax liability under Minimum Alternate Tax (âMATâ) is considered as current tax. MAT entitlement is considered as deferred tax.
Minimum Alternative Tax (âMATâ) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
- When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
- In respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future
Deferred tax assets are recognized for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses can be utilized, except:
- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss
- In respect of deductible temporary differences associated with investments in subsidiaries deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit and loss is recognized outside profit and loss (either in OCI or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
l) Provisions, Contingent liabilities, Contingent assets and Commitments:
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company; or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot be measured with sufficient reliability.
A contingent asset is disclosed, where an inflow of economic benefits is probable.
m) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
n) Segment reporting
The Company has only one segment of activity of dealing in IT products during the period; hence segment wise reporting as defined in Indian Accounting Standard-108 is not applicable.
o) Inventory
Inventories are valued at cost or net realizable value whichever is lower, computed on a FIFO basis, after providing for cost of obsolescence and other anticipate losses, wherever considered necessary. Finished goods include costs of conversion and other costs incurred in bringing the inventories to their present location and condition as certified by the management.
p) Retirement and other employee benefits
Employee benefits include provident fund and compensated absences.
Defined contribution plans
Contributions payable to recognized provident funds, which are defined contribution schemes, are charged to the standalone statement of profit and loss.
Short-term employee benefits
Short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized during the year when the employees render the service. Compensated absences, which are expected to be utilized within the next 12 months, are treated as short-term employee benefits. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.
q) Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value are unrestricted for withdrawal and usage
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Companyâ s cash management.
r) Recent accounting pronouncements
Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On March 28, 2018, the Ministry of Corporate Affairs (âthe MCAâ) notified the Companies (Indian Accounting Standards) Amendment Rule, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, which an entity has received or paid advance consideration in foreign currency.
The amendment will come into force from April 1, 2018, The Company has evaluated the effect of this on the financial statements and the same is not applicable to the Company.
Ind AS 115, Revenue from Contract with Customers: On March 28, 2018, the MCA notified the Ind
AS 115. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entityâs contracts with customers.
The standard permits two possible methods of transaction:
- Retrospective approach: Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8, Accounting, Policies, Changes in Accounting Estimates and Errors.
- Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (cumulative catch-up approach)
The effective date for adoption of Ind AS 115 is financial period beginning on or after April, 1, 2018. The company will adopt the standard on April 1, 2018 by using the cumulative catch-up transaction method and accordingly, comparatives for the year ending March 31, 2018 will not be retrospectively adjusted. The effect on adoption of Ind AS 115 is expected to be very insignificant.
Mar 31, 2016
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :-
(a) The Financial Statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the companies Act, 2013, subject to what is stated herein below, as adopted consistently by the company.
(b) Method of Accounting employed by the firm is on accrual basis both as to expenditure and income by following the concept of materiality.
(c) Accounts have been prepared on Historical cost and accrual basis except for government dues which are accounted for in the year of receipt of the relevant order.
2. FIXED ASSETS:-
(a) Intangible Assets:-Intangible assets comprise of Cost of Television serials produced and film rights purchased.
(b) Tangible Fixed Assets: Fixed Assets are stated at Cost less Depreciation. The Company capitalizes all cost relating to acquisition and installation of fixed assets.
(c) Capital Work in Progress: These represent under production TV Serials and other assets of similar nature.
3. DEPRECIATION:
a) Depreciation has been provided as per the rates provided in companyâs act, 2013.
4. INVESTMENT:
The Company has maintained proper records of transactions and contracts in respect of investments in shares, debentures and other securities and those timely entries have been made therein. The shares, debentures and other securities have been held by the Company in its own name except to the exemption granted under Companies Act, 2013.
5. FOREIGN CURRENCY TRANSACTION:
During the year no Foreign exchange transactions were recorded in the books of accounts.
6. EMPLOYEE BENEFITS:
In view of the number of employees being below the stipulated numbers, the Provident Fund, ESIC, Bonus and payment of Gratuity Act are not applicable to the company for the year.
7. REVENUE RECOGNITION:
I. Revenue from Trading of IT Products is recognized on accrual basis.
II. Revenue from sale of products is stated net off discounts and any applicable duties and taxes on dispatch of goods in accordance with terms of sales.
8. GRATUITY :
No Provision is made for gratuity in the accounts.
9. TAXES ON INCOME:
a) No provision for taxation has been made for the current period as the Company has brought forward Business losses and unabsorbed depreciation.
b) As per AS-22, the deferred tax asset and deferred tax is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is a virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax assets/liability is reviewed to reassure realization.
c) The Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.
10. IMPAIRMENT OF ASSETS:
None of the assets have been revalued during the period under audit.
11. PROVISION,CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provision involving substantial degree of estimation in measurement is 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 statement.
12. Earnings Per Share(EPS):
The earnings considered in ascertaining the Companyâs EPS are computed as per Accounting Standard 20 on âEarning per Shareâ, issue by the Institute of Chartered Accountants of India. The number of shares used in computing basic EPS is the weighted average number of shares during the period. The diluted EPS is the weighted average number of shares outstanding during the period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive equity shares is anti-dilutive.
13. Cash Flow Statement
Cash Flow Statement has been prepared in accordance with the Accounting standard Issued by Institute of Chartered Accounts of India on indirect method.
14. Accounting for CENVAT Credit:
CENVAT benefit is accounted for reducing the purchase cost of material/fixed assets and Services, where CENVAT credit is available.
Mar 31, 2013
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the companies Act,1956,subject to what
is stated herein below, as adopted consistently by the company.
b) Method of Accounting employed by the firm is on accrual basis both
as to expenditure and income by following the concept of materiality.
c) Accounts have been prepared on Historical cost and accrual basis
except for government dues which are accounted for in the year of
receipt of the relevant order.
2. FIXED ASSETS:-
a) Intangible Assets:-Intangible assets comprise of Cost of Television
serials produced and film rights purchased.
b) Tangible Fixed Assets: Fixed Assets are stated at Cost less
Depreciation. The Company capitalizes all cost relating to acquisition
and installation of fixed assets.
c) Capital Work in Progress: These represent under production TV
Serials and other assets of similar nature.
3. DEPRECIATION:
a) Intangible Asset: Amortization has been made at 25% on written down
value of assets, being Television Serials, acquired/created in the
current period.
b) Tangible Fixed Asset: Depreciation is provided on written down value
method as per Schedule XIV of the Companies Act, 1956. For all assets
acquired during the period depreciation has been provide on pro-rate
basis other than on those assets whose actual Cost did not exceed
rupees, five thousand on which depreciation has been provided at the
rate of One Hundred percent. No depreciation has been provided on
assets sold or discarded during the period.
4. INVESTMENT:
The Company has maintained proper records of transactions and contracts
in respect of investments in shares, debentures and other securities
and those timely entries have been made therein. The shares, debentures
and other securities have been held by the Company in its own name
except to the exemption granted under Section 49(4) of the Companies
Act, 1956.
5. FOREIGN CURRENCY TRANSACTION:
Foreign exchange transactions are recorded at the rate of exchange
prevailing on the date of the Transaction. Gains or Losses due to
difference in the rate of exchange at the time of payment are
recognized in the Statement of Profit & Loss as Exchange rate
Fluctuation account Provision for gains/losses for yearend monetary
assets or liabilities in foreign exchange have not been recognized at
the rates prevailing as at the Balance Sheet Date.
6. EMPLOYEE BENEFITS:
In view of the number of employees being below the stipulated numbers,
the Provident Fund, ESIC, Bonus and payment of Gratuity Act are not
applicable to the company for the year.
7. REVENUE RECOGNITION:
I. Revenue from production and sale of rights (films, programme, TV
serials etc.) and Advertisement revenue is recognized on accrual basis.
II. Revenue from sale of products is stated net off discounts and any
applicable duties and taxes on dispatch of goods in accordance with
terms of sales.
8. GRATUITY :
No Provision is made for gratuity in the accounts.
9. TAXES ON INCOME:
a) No provision for taxation has been made for the current period as
the Company has brought forward Business losses and unabsorbed
depreciation.
b) As per AS-22, the deferred tax asset and deferred tax is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized, only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax assets on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax assets/liability is reviewed to reassure realization.
c) The Deferred Tax resulting from timing differences between book and
tax profit is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize.
10. IMPAIRMENT OF ASSETS:
None of the assets have been revalued during the period under audit.
11. PROVISION,CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provision involving substantial degree of estimation in measurement is
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 statement.
12. PRELIMINERY EXPENSES:
During the year, Rs. 26,850/- had been written off as Preliminary
expenses.
13. Earnings Per Share(EPS):
The earnings considered in ascertaining the Company''s EPS are
computed as per Accounting Standard 20 on "Earning per Share",
issue by the Institute of Chartered Accountants of India. The number of
shares used in computing basic EPS is the weighted average number of
shares during the period. The diluted EPS is the weighted average
number of shares outstanding during the period. The diluted EPS is
calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive equity shares is anti-dilutive.
14. Cash Flow Statement
Cash Flow Statement has been prepared in accordance with the Accounting
standard Issued by Institute of Chartered Accounts of India on indirect
method.
15. Accounting for CENVAT Credit:
CENVAT benefit is accounted for reducing the purchase cost of
material/fixed assets and Services, where CENVAT credit is available.
Mar 31, 2012
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :-
a) The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the companies Act,1956,subject to what
is stated herein below, as adopted consistently by the company.
b) Method of Accounting employed by the firm is on accrual basis both
as to expenditure and income by following the concept of materiality.
c) Accounts have been prepared on Historical cost and accrual basis
except for government dues which are accounted for in the year of
receipt of the relevant order.
2. FIXED ASSETS:-
a) Intangible Assets:-Intangible assets comprise of Cost of Television
serials produced and film rights purchased.
b) Tangible Fixed Assets: Fixed Assets are stated at Cost less
Depreciation. The Company capitalizes all cost relating to acquisition
and installation of fixed assets.
c) Capital Work in Progress: These represent under production TV
Serials and other assets of similar nature.
3. DEPRECIATION:
a) Intangible Asset: Amortization has been made at 25% on written down
value of assets, being Television Serials, acquired/created in the
current period.
b) Tangible Fixed Asset: Depreciation is provided on written down value
method as per Schedule XIV of the Companies Act, 1956. For all assets
acquired during the period depreciation has been provide on pro-rate
basis other than on those assets whose actual Cost did not exceed
rupees, five thousand on which depreciation has been provided at the
rate of One Hundred percent. No depreciation has been provided on
assets sold or discarded during the period.
4. INVESTMENT:
The Company has maintained proper records of transactions and contracts
in respect of investments in shares, debentures and other securities
and those timely entries have been made therein. The shares, debentures
and other securities have been held by the Company in its own name
except to the exemption granted under Section 49(4) of the Companies
Act, 1956.
5. FOREIGN CURRENCY TRANSACTION:
Foreign exchange transactions are recorded at the rate of exchange
prevailing on the date of the Transaction. Gains or Losses due to
difference in the rate of exchange at the time of payment are
recognized in the Statement of Profit & Loss as Exchange rate
Fluctuation account Provision for gains/losses for yearend monetary
assets or liabilities in foreign exchange have not been recognized at
the rates prevailing as at the Balance Sheet Date.
6. EMPLOYEE BENEFITS:
In view of the number of employees being below the stipulated numbers,
the Provident Fund, ESIC, Bonus and payment of Gratuity Act are not
applicable to the company for the year.
7. REVENUE RECOGNITION:
I. Revenue from production and sale of rights (films, programme, TV
serials etc.) and Advertisement revenue is recognized on accrual basis.
II. Revenue from sale of products is stated net off discounts and any
applicable duties and taxes on dispatch of goods in accordance with
terms of sales.
8. GRATUITY :
No Provision is made for gratuity in the accounts.
9. TAXES ON INCOME:
a) No provision for taxation has been made for the current period as
the Company has brought forward Business losses and unabsorbed
depreciation.
b) As per AS-22, the deferred tax asset and deferred tax is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized, only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax assets on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax assets/liability is reviewed to reassure realization.
c) The Deferred Tax resulting from timing differences between book and
tax profit is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize.
10. IMPAIRMENT OF ASSETS:
None of the assets have been revalued during the period under audit.
11. PROVISION,CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provision involving substantial degree of estimation in measurement is
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 statement.
12. PRELIMINERY EXPENSES:
During the year, Rs. 35,900/- had been written off Preliminary
expenses.
13. Earnings Per Share(EPS):
The earnings considered in ascertaining the Company''s EPS are
computed as per Accounting Standard 20 on "Earning per Share",
issue by the Institute of Chartered
Accountants of India. The number of shares used in computing basic EPS
is the weighted average number of shares during the period. The diluted
EPS is the weighted average number of shares outstanding during the
period. The diluted EPS is calculated on the same basis as basic EPS,
after adjusting for the effects of potential dilutive equity shares
unless the effect of the potential dilutive equity shares is
anti-dilutive.
14. Cash Flow Statement
Cash Flow Statement has been prepared in accordance with the Accounting
standard Issued by Institute of Chartered Accounts of India on indirect
method.
15. Accounting for CENVAT Credit:
CENVAT benefit is accounted for reducing the purchase cost of
material/fixed assets and Services, where CENVAT credit is available.
Mar 31, 2011
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
(a) The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principals and the provisions of the companies Act, 1956, subject to
what is stated herein below, as adopted consistently by the Company.
(b) Method of Accounting employed by the firm is on accrual basis both
as to expenditure and income by following the concept of materiality.
(c) Accounts have been prepared on Historical cost and accrual basis
except for government dues which are accounted for in the year of
receipt of the relevant order
(d) The financial statements have been prepared for the period of 9
months i.e. from 1st July, 2010 to 31st March, 2011.
2. FIXED ASSETS :
(a) Intangible Assets Intangible assets comprise of Cost of Television
serials produced and film rights purchased.
(b) Tangible Fixed Assets : Fixed Assets are stated at Cost less
Depreciation. The Company capitalizes all cost relating to acquisition
and installation of fixed assets.
(c) Capital Work in Progress : These represent under production TV
Serials and other assets of similar nature.
3. DEPRECIATION :
a) Intangible Asset : Amortisation has been made at 25% on written down
value of assets, being Television Serais, acquired/created in the
current period.
b) Tangible Fixed Asset : Depreciaiotn is provided on written down
value method as per Schedule XIV of the Companies Act, 1956. For all
assets acquired during the period depreciation has been provided on
pro-rata basis other than on those assets whose actual Cost did not
exceed rupees, five thousand on which depreciation has been provided at
the rate of One Hundred percent. No depreciation has been provided on
assets sold or discarded during the period.
3. Investment :
Long Term unquoted investments are valued at cost price.
4. FOREIGN CURRENCY TRANSACTION :
Foreign exchange transactions are recorded at the rate of exchange
prevailing on the date of the Transaction. Gains or Losses due to
difference in the rate of exchange at the time of payment are recognised
in the Profit & loss account as Exchange rate Fluctuation account
Provisions for gains/losses for year end monetary assets or liabilities
in foreign exchange have not been recognised at the rates prevailing as
at the Balance Sheet Date.
5. EMPLOYEE BENEFITS :
During the year under review, the Liability in respect of employee
benefits as required under AS-15 is not provided.
6. REVENUE RECOGNITION :
Revenue from production and sale of rights (films, programme, TV
serials etc.) and Advertisement revenue is recognised on accrual basis.
7. NO PROVISION IS MADE FOR GRATUITY IN THE ACCOUNTS.
8. TAXES ON INCOME :
a) No provision for taxation has been made for the current period as
the Company has brought forward Business losses and unabsorbed
depreciation.
b) As per AS-22, the deferred tax asset and deferred tax liability is
calculated by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized, only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax assets on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax assets/liability are reviewed to reassure realization.
c) The Deferred Tax resulting from timing differences between book and
tax profit is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallise.
During the period, the deferred tax liability of Rs. 10,91,771/- has
been recognised in the Profit & Loss Account.
9. IMPAIRMENT OF ASSETS
None of the assets have been revalued during the period under audit.
10. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provision involving substantial degree of estimation in measurement is
recognised 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 statement.
11. PRELIMINERY EXPENSES :
During the year, Rs. 26,550/- had been written off as Preliminary
expenses.
Jun 30, 2010
A) Basis of Preparation of Financial Statements
a) The financial statements have been prepared under the historical
cost convention in accordance with accounting principles generally
accepted in India and are in line with the provisions of the Companies
Act, 1956 as well as the applicable Accounting Standards and guidelines
issued by the Institute of Chartered Accountants of India from time to
time.
b) Method of accounting employed by the firm is on accrual basis both
as to expenditure and income by following the concept of materiality.
c) The financial statements have been prepared for the period of 15
months i.e. from 1-4- 2009 to 30-6-2010.
B) Fixed Assets
a) Intangible Assets: Intangible assets comprise of cost of television
serials produced and film rights purchased.
b) Tangible Fixed Assets: Fixed assets are stated at historical cost
less accumulated depreciation. Cost means cost of acquisition inclusive
of expenses.
c) Capital Work in Progress: These represent under production TV
serials and other assets of like nature.
C) Depreciation and Amortisation
a) Intangible Assets: Amortisation has been made at 25 % on written
down value of the assets, being television serials, acquired/created in
the current period. For opening intangible assets, being film rights,
the same has been written off at 100% of the opening written down value
as the useful life of the assets are over.
b) Tangible Fixed Assets: Depreciation is provided on written down
value method as per Schedule XIV of the Companies Act, 1956. For all
assets acquired during the period, depreciation has been provided on
pro-rata basis other than on those assets whose actual cost did not
exceed rupees five thousand on which depreciation has been provided at
the rate of hundred percent. No depreciation has been provided on
assets sold or discarded during the period.
D) Revenue Recognition
Revenue from production and sale of rights (films, programme, TV
serials, etc.) and advertisement revenue is recognised on accrual
basis.
E) Investments
Long Term unquoted investments are valued at cost.
F) Foreign Exchange Transactions
Foreign exchange transactions are recorded at the rate of exchange
prevailing on the date of the transactions. Gains or losses due to
difference in rate of exchange at the time of payments are recognised.
Provisions for gains/losses for year-end monetary assets or liabilities
in foreign exchange have not been recognised at the rates prevailing as
at the balance sheet date.
G) Employee Benefits
Liability in respect of employee benefits as required under AS-15 is
provided and charged to the profit and loss account as under:
(i) Gratuity: Liability in respect of gratuity to employees has been
provided on estimated basis with the assumption that all employees
retire at the end of the period and not actuarially determined in
accordance with AS Ã 15 issued by the Institute of Chartered
Accountants of India. This, however, has no material affect on the
results of the period.
(ii) Leave Encashment : Liability in respect of leave to the credit of
the employees and not availed or encashed by them upto 30 June 2010 has
not been provided due to the absence of any policy on leave matters and
is not determined in accordance with AS Ã 15 issued by the Institute of
Chartered Accountants of India. This, however, has no material affect
on the results of the period.
H) Taxation
(i) No provision for taxation has been made for current period . The
company has brought forward business losses and unabsorbed
depreciation.
(ii) Provision for deferred tax liability or asset as per AS22 has not
been made for the period under audit.
I) Impairment of Assets
None of the assets have been revalued during the period under audit.
J) 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.
K) General Accounting Policies
General Accounting Policies not specifically referred to are consistent
with generally accepted accounting practices.
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