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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.
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.
Interest/Income from Investments
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 mutual funds is recognized based on the yield
earned and to the extent of its reasonable certainty.
Dividend
Dividend Income is recognized when the Company’s
right to receive the dividend is established by the
reporting date.
Commission income
Commission income from sourcing of advertisement
orders on behalf of other entities’ publications is
recognised on printing of the advertisement in those
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 exchange rate prevailing at the reporting date.
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 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
i. 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. For this purpose, the Company
treats a foreign monetary item as “long-term
foreign currency monetary items”, if it has a term
of 12 months or more at the date of origination.
Exchange differences in other long term foreign
currency monetary items, are accumulated in a
“Foreign Currency Monetary Item Translation
Difference Account” in the Company’s financial
HT Media Limited
statements and amortized over the remaining life
of such monetary item.
ii. 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. Any gain/
loss arising on forward contracts which are longterm
foreign currency monetary items is recognized
in accordance with para i) above
iii. 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.
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
statement of Profit and Loss for 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 is a defined benefit plan. The cost of
providing benefits under the plan is determined
on the basis of actuarial valuation at each yearend
using the projected unit credit method
and is contributed to Gratuity Fund created by
the Company. Actuarial gains and losses are
recognized in full in the period in which they occur
in the statement of Profit and Loss.
iii. Accumulated leave, which is expected to be utilized
within the next 12 months, is treated as short-term
employee benefit. 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.
The Company treats accumulated leave expected to
be carried forward beyond twelve months, as longterm
employee benefit for measurement purposes.
Such long-term compensated absences are 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.
o) Provisions
A provision is recognized when the Company has a
present obligation as a result of past event and it is
probable that an outflow of resources will be required
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