Download latest annual report - HT Media

HT Media Limited
The above Goodwill aggregating to `359.29 lacs has been amortized in books till the financial year 2009-10.
Acquisition during the year
a) W.e.f. April 1, 2011 the HT Media Limited’s investments in Compulsory Convertible Debentures in a fellow subsidiary
namely HT Education Limited amounting to `205.00 lacs has been 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 Parent Company from that date. The Goodwill on this is arrived as below:
Subsidiary Year of Acquisition Purchase
Consideration paid
HT Education Limited
HTML’s share in the
net assets on the date
of purchase
(` in lacs)
Goodwill
1 April 2011 205.00 (29.82) 234.82
08 Sept 2011 5.00 1.58 3.42
b) During October 2011, HT Media Limited purchased remaining share capital of HT Music and Entertainment Company
Limited of face value of `25.00 lacs ( 25 lacs shares of Re 1 each) for a purchase price of `25.25 lacs from its holding
company The Hindustan Times Limited , this has made HT Music and Entertainment Company Limited , a wholly
owned subsidiary of HT Media Limited from that date.
The goodwill resulting due to this is calculated as below
(` in lacs)
Subsidiary Year of Acquisition Purchase
Consideration paid
HT Music and Entertainment
Company Limited
HTML’s share in the
net assets on the date
of purchase
Goodwill
October 2011 25.25 23.32 1.93
The Goodwill on acquisitions during the year has been tested for impairment using the cash flow projections that are
based on most recent financials budgets/ forecasts approved by management.
45. Leases
Rental expenses in respect of operating leases are recognised as an expense in the Profit and Loss Account, on a straight-line
basis over the lease term.
Operating Lease (for assets taken on Leases):
The HT Media Group has taken various residential, office and godown premises under operating lease agreements. These are
generally cancellable leases and are renewable by mutual consent on mutually agreed terms with or without rental escalations
Lease payments recognized for the year are `3,529.17 lacs (Previous year `3,350.00 lacs) and are disclosed as Rent under
schedule 29.
The future minimum lease payments under non-cancellable operating leases;
� �� ���������������������������`814.68 lacs (Previous year `690.22 lacs);
� �� �����������������������������������������������������`3,396.33 lacs (Previous year `1,880.94 lacs);
� �� �������������������������`439.96 lacs (Previous year `699.73 lacs)
46. a) Capital Commitment
As at March 31, 2012
(` in lacs)
As at March 31, 2011
Estimated amount of contracts remaining to be executed on capital
account and not provided for
1,148.94 1,758.85
b) Other Commitments
I. HT Burda Media Limited
As at March 31, 2012
(` in lacs)
As at March 31, 2011
Export Obligation against EPCG and Advance Licenses 2,382.64 565.97
147