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Annual Report 2011-12 72 Payment to auditor (refer details below) 72.94 71.35 Directors’ sitting fees 7.80 6.60 Foreign exchange difference (net) 1,368.42 - Provision for doubtful debts & advances 1,072.66 614.80 Loss on disposal of fixed assets (net) 177.81 127.24 Provision for diminution of long term investments / advances against properties (net) 1,522.66 687.00 Programming cost 379.31 401.61 Licence fees 314.64 329.34 Donations 5.00 2.20 Miscellaneous expenses 4,201.44 3,956.17 TOTAL As Auditor: 43,191.95 36,299.93 - Audit fee 27.00 27.00 - Limited Review 25.50 26.00 - Tax audit fee 5.00 4.50 - Service tax 6.81 6.66 Reimbursement of expenses 8.63 7.19 TOTAL 72.94 71.35 28. DEPRECIATION & AMORTISATION Particulars For the year ended (` in lacs) For the year ended 31 March, 2012 31 March, 2011 Depreciation on tangible assets 5,185.99 4,797.07 Amortization of Intangible assets 1,611.03 1,597.20 6,797.02 6,394.27 Less: License fee amortised through securities premium (Refer note 33) 767.52 765.44 TOTAL 6,029.50 5,628.83 29. FINANCE COST Particulars For the year ended (` in lacs) For the year ended Interest 31 March, 2012 31 March, 2011 - on term loans 428.84 459.65 - on banks and others 1,534.81 1,251.72 Bank charges 167.78 161.61 Net loss on Foreign Currency Borrowing to the extent considered as an adjustment to the Interest Cost 726.73 93.67 TOTAL 2,858.16 1,966.65 30. EARNINGS PER SHARE The following reflects the profit and share data used in the basic and diluted EPS computations: Computation of basic earnings per share Profit after tax 15,982.40 17,759.06 Weighted average number of equity shares in calculating basic EPS (Number of shares in lacs) 2,350.21 2,350.21 Basic earnings per share, face value of `2 (In Rupees) 6.80 7.56 Computation of diluted earning per share Profit after tax 15,982.40 17,759.06 Weighted average number of equity shares in calculating diluted EPS (Number of shares in lacs) 2,350.21 2,350.21 Diluted earnings per share, face value of `2 (In Rupees) 6.80 7.56
31. Contingent Liabilities a. During the year ended March 31, 2005, the Company acquired the printing undertaking at New Delhi from its holding company namely The Hindustan Times Limited (HTL). The writ petition filed by the ex – workmen of HTL challenging the transfer of business was quashed by the Hon’ble Delhi High Court on May 9, 2006. Thereafter, the ex-workmen of HTL raised the industrial dispute before Delhi Government, who referred the dispute to Industrial Tribunal-I, Karkardooma Courts, New Delhi (Tribunal). During the course of the proceedings before Tribunal, the ex-workmen moved application for interim relief. The Tribunal vide its order dated March 8, 2007, granted interim relief to the ex-workmen of HTL to the extent of 50% of last drawn wages from the date of such order till the disposal of the matter However, HTL challenged the said order before Hon’ble Delhi High Court in a Writ Petition, wherein the Hon’ble Court modified the order of the Tribunal to the extent that the amount equivalent to 50% so received by ex-workmen will be set off against their retrenchment compensation (not encashed by the above ex-workmen till date), in the event of HTL succeeding in the writ petition. The Hon’ble Court further clarified that payment will be made only from date of the High Court order (i.e. March 23, 2007) till the disposal of writ petition and it further stayed the order and proceedings pending before the Tribunal. The said writ stands disposed of by Delhi High Court vide order dated 16.01.2009 by holding that it was agreed between the parties to make the payment to ex-workmen till the amount of their Retrenchment Compensation is exhausted. The stay on the proceedings before the Industrial Tribunal was also vacated by Hon’ble Delhi High Court and accordingly proceedings before the Industrial Tribunal has restarted. The matter after final arguments stands disposed by the Industrial Tribunal. The Tribunal has granted reinstatement to all the workers with continuity of services w.e.f. 03.10.2004 in The Hindustan Times Limited subject to workers refunding the Retrenchment Compensation received by them. No relief has been granted against the Company by the Tribunal. HT Media Limited In the meanwhile the workmen in question in the said Writ Petition has filed contempt petition against The Hindustan Times Limited and its Directors and same stands dismissed by Hon’able High Court on 16th March 2012. b. Guarantee issued by the Company to Bank against line of credit sanctioned to HT Burda Media Limited, a subsidiary, `3,500 lacs (Previous year `3,500 lacs) c. Guarantee issued by Company’s bankers on behalf of HT Burda Media Limited, a subsidiary, to third parties `18.00 lacs (Previous year `51.01 lacs) d. Income tax department has raised a demand of `2.36 lacs (Previous year `2.36 lacs) for the Assessment Year 2004-05 in respect of penalty levied in the assessment proceedings by Assessing Officer. The Company has filed an appeal against the order of the Assessing Officer to Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) has upheld the levy of penalty. The Company has filed an appeal against the order of the Commissioner of Income Tax (Appeals) to Income Tax Appellate Tribunal. The Company has based on legal advice obtained is confident of winning the above case and is of view that no provision is required 32. Segment Information Identification of Segments Primary Segment Business Segment The Company is presently engaged in the business of Printing and Publication of Newspapers & Periodicals and in the business of radio broadcast and all other related activities through its Radio channels operating under brand name ‘Fever 104’ in India. Accordingly the Company has organised its operations into two major businesses: “Printing and Publishing of Newspapers and Periodicals” and “Radio Broadcast & Entertainment”. Secondary Segment Geographical Segments The Company’s operations are mostly within India and do not have operations in economic environments with different risks and returns. Hence, it is considered operating in single geographical segment. 73
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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
Page 24 and 25: The highlights of consolidated fina
Page 26: During the year, the Company carrie
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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: 25. (INCREASE) / DECREASE IN INVENT
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 91 and 92: 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 and 108: differences on such contracts are r
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
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Particulars As at 31 March, 2012 HT
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19. INVENTORIES (valued at lower of
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23. OTHER CURRENT ASSETS Particular
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27. (INCREASE) / DECREASE IN INVENT
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30. DEPRECIATION & AMORTISATION Par
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HT Media Limited 34. Segment Inform
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HT Media Limited 35. During the yea
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HT Media Limited The details of act
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A. Details of Options granted as on
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HT Media Limited The estimated fair
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42. Names of Related Parties Holdin
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Transactions during the year ended
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HT Media Limited The above Goodwill
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As per our report of even date For
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STATEMENT PURSUANT TO SECTION 212 O
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HT Media Limited Hindustan Times Ho
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