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Annual Report 2011-12 106 unrecognized deferred tax assets. It recognizes unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realised. The carrying amount of deferred tax assets are reviewed at each balance sheet date. The Group writes-down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available. 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 tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws. Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Group recognises MAT credit available as an asset only to the extent there is convincing evidence that the Group will pay normal Income-tax during the specified period. In the year in which the Group recognises MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the income-tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as ‘MAT Credit Entitlement’. The Group reviews the ‘MAT Credit Entitlement’ asset at each reporting date and writes down the asset to the extent the Group does not have convincing evidence that it will pay normal tax during the specified period. q) Earnings Per Share Basic Earnings per Share are calculated by dividing the net profit or loss for the year attributable to Equity Shareholders (after deducting preference dividend and attributable taxes) by the weighted average number of equity shares outstanding during the year. The weighted average numbers of equity shares outstanding during the year are adjusted for events of bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating Diluted Earnings Per Share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. r) Employee Stock Compensation Cost Measurement and disclosure of the employee sharebased payment plans is done in accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note on Accounting for Employee Sharebased Payments, issued by the Institute of Chartered Accountants of India. The Company measures compensation cost relating to employee stock options using the intrinsic value method. Compensation cost is amortized over the vesting period of the option on a straight line basis. s) Cash and Cash equivalents Cash and Cash equivalents in the cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less. t) Segment Reporting Policies Identification of segments The Group’s operating businesses are organized and managed separately according to the nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the areas in which major operating divisions of the Group operate. Inter segment Transfers The Group generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices Allocation of Common Costs Common allocable costs are allocated to each segment on a rational basis based on nature of each such common cost. Unallocated Items Unallocated items include general corporate income and expense items which are not allocated to any business segment. Segment Policies The Group prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Group as a whole. u) Contingent liabilities A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the financial statements. v) Expenses incurred on Initial Public Offer (IPO) Expenses incurred in Initial Public Offer are adjusted against the securities premium account.
HT Media Limited w) Measurement of EBITDA As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act, 1956, the Group has elected to present earnings before interest, tax, depreciation and amortization (EBITDA) as a separate line item on the face of the statement of profit and loss. The Group measures EBITDA on the basis of profit/ (loss) from continuing operations. In its measurement, the Group does not include depreciation and amortization expense, finance costs and tax expense. 2.2. The Subsidiary Companies which are included in the consolidation and the Parent Company holding therein are as under: Name of Subsidiary Companies Country of Incorporation Percentage of Ownership as at 31 March, 2012 Percentage of Ownership as at 31 March, 2011 Hindustan Media Ventures Limited (HMVL) India 76.94 76.94 HT Music and Entertainment Company Limited (HTMECL) India 100.00 75.00 HT Digital Media Holdings Limited (HTDMHL) India 100.00 100.00 Firefly e-Ventures Limited (FEVL) (Refer Note (a) below) India 100.00 100.00 HT Burda Media Limited (HTBM) India 51.00 51.00 HT Mobile Solutions Limited (HTMS) (Refer Note (a) below) India 65.00 65.00 HT Overseas Pte. Ltd. (Refer Note (a) below) Singapore 100.00 100.00 HT Education Limited (HTEL) (Refer note (b) below) India 100.00 - HT Learning Centers Limited (HTLCL) (Refer Note (b) below) India 66.67 - HT Global Education , a Company licensed under section 25 of the Companies Act (w.e.f. October 25, 2011) India 100.00 - Ed World Private Limited (Formerly Peacock Education Services Private Limited) (w.e.f. October 27, 2011) India 100.00 - Footnotes: a) These Companies are subsidiary of HT Media Limited through its wholly owned subsidiary HT Digital Media Holdings Limited. b) HT Education Limited became subsidiary of HT Media Limited w.e.f. April 1, 2011 when it’s investments in Compulsory Convertible Debentures in HT Education Limited amounting to `205.00 lacs were converted into 20.5 lacs equity shares of `10/- each. This has resulted into HT Education Limited and it’s subsidiary HT Learning Centers Limited becoming subsidiaries of the HT Media Limited Company from that date. Joint Venture Company – In accordance with “Accounting Standard 27 – Financial Reporting of Interests in Joint Ventures”, as notified under the Companies (Accounting Standards) Rules, 2006 (as amended), the Parent Company has prepared the accompanying Consolidated Financial Statements by including the Parent Company’s proportionate interest in the Joint Venture’s assets, liabilities, income, expenses and other relevant information. Details of Joint Venture Company are as follows: Name of Subsidiary Companies Country of Incorporation Percentage of Ownership as at 31 March, 2012 India Education Services Private Limited (IESPL) (w.e.f. December 21, 2011) India 50 Metropolitan Media Company Private Limited * India - * During the year, the Company has sold it’s entire investment in the equity share capital of Joint Venture Company namely, Metropolitan Media Company Private Limited, to Joint Venture Partner for a lump sum consideration of `600 lacs. This consideration is included in ‘Other Income’ as the investment was fully provided for in the books in earlier years. 107
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HT Media Limited Annual Report 2011
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Contents Staying ahead. Consistentl
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18.4% Revenue CAGR FY 05 - FY 12 29
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14 Cities Hindustan Times 19Edition
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Shine.com India’s leading job por
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10 Shine.com is India’s leading j
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12 Times are tough, but, as always,
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14 On HT Media's performance in FY
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Management Discussion & Analysis OV
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literacy leading to increased reade
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tremendous growth in clients served
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The highlights of consolidated fina
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During the year, the Company carrie
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Financial Year 1st��
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AUDITORS’ REPORT To The Members o
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tax, customs duty, excise duty and
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STATEMENT OF PROFIT AND LOSS FOR TH
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HT Media Limited Particulars 31 Mar
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In respect of fixed assets (Plant &
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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 and 106: value of the leased property and pr
Page 107: differences on such contracts are r
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
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