Download latest annual report - HT Media

More documents

Recommendations

Info

Annual Report 2011-12 104 Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale. l) Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Specifically, the following basis is adopted: Advertisements Revenue is recognized as and when advertisement is published /displayed and is disclosed net of discounts. Sale of News & Publications, Waste Paper and Scrap Revenue is recognized when the significant risks and rewards of ownership have passed on to the buyer and is disclosed net of sales return and discounts. Income from Services Revenues from service contracts are recognised prorata over the period of the contract as and when services are rendered. Printing Job Work Revenue from printing job work is recognized on the completion of job work as per terms of the agreement. Airtime Revenue Revenue from radio broadcasting is recognized on an accrual basis on the airing of client’s commercials. Revenue from online advertising Revenue from www.shine.com and www.desimartini.com by display of internet advertisements are typically contracted for a period of one month to twelve months. Revenue in this respect is recognized over the period of the contract, in accordance with the established principles of accrual accounting. Unearned revenues are reported on the balance sheet as deferred revenue Revenue from subscription of packages of placement of job postings on www.shine.com is recognized at the time the job postings are displayed on www.shine.com based upon customer usage patterns, or upon expiry of the subscription package whichever is earlier. Revenue from sale of leads Revenue from sale of leads on www.htcampus.com is recognized at the time of delivery of the leads to the customer. Revenue from job fairs Revenue is recognized after the completion of the job fairs. Revenue from resume services Revenue is recognized after the resume has been completed. Revenue from SMS pushes Revenue is recognized after the delivery of SMS pushes. Revenue from tuition services Revenue from rendering tuition services is recognized over the period of the completion of the course offered Interest Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Income on investment made in the units of fixed maturity plans of mutual funds is recognized based on the yield earned and to the extent of its reasonable certainty. Dividend Revenue is recognized if the right to receive payment is established by the balance sheet date. Commission Income Commission Income from sourcing of advertisement orders on behalf of other entities’ publications is accrued on printing of the advertisement in the publications. m) Foreign currency transactions 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 prevailing at the date of the transaction. 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 and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined. Exchange differences Exchange differences, in respect of accounting years commencing on or after 7th December, 2006, arising on reporting of long-term foreign currency monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, in so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset, and in other cases, are accumulated in a “Foreign Currency Monetary Item Translation Difference Account” in the enterprise’s financial statements and amortized over the balance year of such long-term asset/liability but not beyond accounting year ending on or before 31st March, 2020. Exchange differences arising on the settlement of monetary items not covered above, or on reporting such 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. Forward Exchange Contracts not intended for trading or speculation purposes The premium or discount arising at the inception of forward exchange contracts is amortized as expense or income over the life of the contract. Exchange
differences on such contracts are recognized in the statement of profit and loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognized as income or as expense for the year. Translation of Integral and Non-integral foreign operation The financial statements of an integral foreign operation are translated as if the transactions of the foreign operation have been those of the company itself. In translating the financial statements of a nonintegral foreign operation for incorporation in financial statements, the assets and liabilities, both monetary and non-monetary, of the non-integral foreign operation are translated at the closing rate; income and expense items of the non-integral foreign operation are translated at exchange rates at the dates of the transactions; and all resulting exchange differences are accumulated in a foreign currency translation reserve until the disposal of the net investment. On the disposal of a non-integral foreign operation, the cumulative amount of the exchange differences which have been deferred and which relate to that operation are recognised as income or as expenses in the same period in which the gain or loss on disposal is recognised. When there is a change in the classification of a foreign operation, the translation procedures applicable to the revised classification are applied from the date of the change in the classification. n) Retirement and other employee benefits i. Retirement benefits in the form of Provident Fund and Pension Schemes are defined contribution schemes and the contributions are charged to the Profit and Loss account of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective funds. ii. Gratuity of employees of Parent Company is a defined benefit plan and provision in respect of it is made as per actuarial valuation carried out as per Projected Unit Credit method by an independent actuary as at year end and is contributed to Gratuity Fund created by the holding company of the Parent Company. The liability towards gratuity of certain employees of a Subsidiary Company is ascertained based on demand received from Life Insurance Corporation of India (LIC) with whom a Group Gratuity Policy has been taken and is paid to them. LIC has ascertained the gratuity liability on actuarial valuation basis at the year-end. The liability in respect of gratuity of employees of other Subsidiary Companies and Joint Venture Company is provided as per actuarial valuation as per projected unit credit method carried out by an independent actuary (ies) at the year end. iii. Accumulated leave, which is expected to be utilized within the next 12 months, is treated as shortterm employee benefit. The Group measures the expected cost of such absences as the additional HT Media Limited amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date. The Group treats accumulated leave expected to be carried forward beyond twelve months, as longterm employee benefit for measurement purposes. Such long-term compensated absences are o) provided for based on the actuarial valuation using the projected unit credit method at the year-end. Actuarial gains/losses are immediately taken to the statement of profit and loss and are not deferred. The Company presents the entire leave as current liability in the balance sheet, since it does not have as unconditional right to defer its settlement for 12 months after the reporting date. Provisions A provision is recognized when the Group has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on best estimate required to settle the obligation at each Balance Sheet date. These are reviewed at each Balance Sheet date and are adjusted to reflect the current best estimates. Provision for expenditure relating to voluntary retirement is made when the employee accepts the offer of early retirement and such provision amount is charged to statement of profit and loss in the year of provision. p) Income Taxes Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the Group operates. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred Income Tax reflects the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences 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. In situations where the Group has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. At each balance sheet date the Group re-assesses 105
Page 1 and 2:
HT Media Limited Annual Report 2011
Page 3 and 4:
Contents Staying ahead. Consistentl
Page 5 and 6:
18.4% Revenue CAGR FY 05 - FY 12 29
Page 7 and 8:
14 Cities Hindustan Times 19Edition
Page 9 and 10:
Shine.com India’s leading job por
Page 12 and 13:
10 Shine.com is India’s leading j
Page 14 and 15:
12 Times are tough, but, as always,
Page 16 and 17:
14 On HT Media's performance in FY
Page 18 and 19:
Management Discussion & Analysis OV
Page 20 and 21:
literacy leading to increased reade
Page 22 and 23:
tremendous growth in clients served
Page 24 and 25:
The highlights of consolidated fina
Page 26:
During the year, the Company carrie
Page 29 and 30:
��
Page 31 and 32:
��
Page 33 and 34:
��
Page 35 and 36:
��
Page 37 and 38:
��
Page 39 and 40:
��
Page 41 and 42:
Financial Year 1st��
Page 43 and 44:
��
Page 45 and 46:
AUDITORS’ REPORT To The Members o
Page 47 and 48:
tax, customs duty, excise duty and
Page 49 and 50:
STATEMENT OF PROFIT AND LOSS FOR TH
Page 51 and 52:
HT Media Limited Particulars 31 Mar
Page 53 and 54:
In respect of fixed assets (Plant &
Page 55 and 56: Sale of News & Publications, Waste
Page 57 and 58: t) Segment Reporting Policies Ident
Page 59 and 60: (e) Details of shareholders holding
Page 61 and 62: HT Media Limited 1. Overdraft facil
Page 63 and 64: 12A. INTANGIBLE ASSETS (` in lacs)
Page 65 and 66: Particulars As at 31 March, 2012 3.
Page 67 and 68: Particulars As at 31 March, 2012 HT
Page 71 and 72: 19. CASH AND BANK BALANCES HT Media
Page 73 and 74: 25. (INCREASE) / DECREASE IN INVENT
Page 75 and 76: 31. Contingent Liabilities a. Durin
Page 77 and 78: 33. In terms of the Scheme of Arran
Page 79 and 80: Plan B HT Media Limited Particulars
Page 81 and 82: HT Media Limited Weighted average f
Page 83 and 84: Amount recognized in the statement
Page 85 and 86: Proportion of Company’s interest
Page 87 and 88: Related Party Transactions during t
Page 89 and 90: Transactions during the year ended
Page 93 and 94: HT Media Limited 40. Details of loa
Page 95 and 96: HT Media Limited 43. Based on the i
Page 97 and 98: AUDITORS’ REPORT To The Board of
Page 99 and 100: HT Media Limited CONSOLIDATED STATE
Page 101 and 102: Particulars For the year ended 31 M
Page 103 and 104: ) Use of estimates The preparation
Page 105: value of the leased property and pr
Page 109 and 110: HT Media Limited w) Measurement of
Page 111 and 112: (e) Details of shareholders holding
Page 115 and 116: 10. SHORT-TERM BORROWINGS Particula
Page 117 and 118: 13. TANGIBLE ASSETS AND INTANGIBLE
Page 119 and 120: 14. NON CURRENT INVESTMENTS Particu
Page 123 and 124: 18. CURRENT INVESTMENTS Particulars
Page 127 and 128: 19. INVENTORIES (valued at lower of
Page 129 and 130: 23. OTHER CURRENT ASSETS Particular
Page 131 and 132: 27. (INCREASE) / DECREASE IN INVENT
Page 133 and 134: 30. DEPRECIATION & AMORTISATION Par
Page 135 and 136: HT Media Limited 34. Segment Inform
Page 137 and 138: HT Media Limited 35. During the yea
Page 139 and 140: HT Media Limited The details of act
Page 141 and 142: A. Details of Options granted as on
Page 143 and 144: HT Media Limited The estimated fair
Page 145 and 146: 42. Names of Related Parties Holdin
Page 149 and 150: HT Media Limited The above Goodwill
Page 151 and 152: As per our report of even date For
Page 153 and 154: STATEMENT PURSUANT TO SECTION 212 O
Page 156:
HT Media Limited Hindustan Times Ho
show all

Download latest annual report - HT Media

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?