1.  Basis of Preparation of Financial Statements
 
 The accounts have been prepared on the basis of historical cost
 convention on the accrual basis of accounting in accordance with
 generally accepted accounting principle in India and are in compliance
 with the accounting standards issued by the Institute of Chartered
 Accountants of India and the provisions of the Companies Act, 1956.
 
 2.  Revenue Recognition
 
 Company follows mercantile system of accounting and recognizes
 significant items of income on accrual basis.
 
 i) Sales of publications are recognized at the time of dispatch and
 stated net of trade discount.
 
 ii) Advertisement revenue is recognized on the basis of publication and
 stated net of trade discount.
 
 iii) Share of combined advertisement revenue received from and given to
 other publications of associate companies are accounted on the basis of
 predetermined basis.
 
 iv) Sales of outdoor properties are recognized at the time of display.
 
 v) Interest income is recognized on the time proportion basis taking
 into account the amount outstanding and the applicable rate of
 interest.
 
 vi) Dividend income is recognized when the right to receive the
 dividend is established.
 
 3.  Use of Estimates
 
 The preparation of financial statements requires estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reporting period. Difference
 between the actual results and estimates are recognized in the period
 in which the results are known / materialized.
 
 4.  Retirement Benefits
 
 Employee Benefits:-
 
 Expenses and liabilities in respect of employee benefits are recorded
 in accordance with Accounting Standard 15 Employee Benefits (Revised
 2005) Revised AS 15.
 
 Contribution to provident fund and Pension fund scheme are paid in
 accordance with applicable statutes and deposited with the Regional
 Provident Fund Commissioner.
 
 The company has defined benefit plans namely Gratuity for all the
 employees, the liability for which is determined on the basis of an
 actuarial valuation at the year end by an independent actuary,
 liability, if any, is provided for in the books.
 
 Actuarial Gains and Losses comprise of experience adjustments and the
 effects of changes in actuarial assumptions and are recognized
 immediately in the Profit and Loss Account as income or expense.
 
 5.  Inventories
 
 i) Raw Materials & Stores and spares are valued at cost on FIFO basis.
 Newsprint & Printing Materials (including Ink and Plates) are valued at
 cost on FIFO basis.
 
 ii) Stores and spares issued to consuming departments during the year
 are treated as consumed.
 
 iii) Newsprint in the process of utilization and/or remaining with
 department at the year-end is included in the inventory at the close of
 accounting year.
 
 iv) Fished Goods are valued at Cost or Net Realizable Value whichever
 is lower.
 
 v) Stock of Waste Paper is accounted at realisable value.
 
 6.  Sundry Debtors and Loans and Advances
 
 Sundry debtors and Loans and Advances are stated after making adequate
 provisions for doubtful balances.  Some of the balances of Sundry
 Debtors, Sundry Creditors, Loans & Advances are subject to
 confirmation.
 
 7.  Fixed Assets
 
 Fixed Assets are stated at cost of acquisition/construction less
 accumulated depreciation and impairment loss, if any. Cost includes
 taxes, duties, freight and other incidental expenses related to
 acquisition/ construction. Interest on borrowings, to finance
 acquisition of fixed assets during construction period is capitalized.
 Renewals and replacements are either capitalized or charged to revenue
 as appropriate, depending upon the nature of long-term utility of such
 renewals and/or replacement
 
 The development and erection expenses incurred in preparation of
 gantries, hoarding, kiosks, bus shelters etc. for outdoor advertisement
 purpose on the space/are licensed for use for specific periods are
 capitalized under the heading Hoarding/ Gantries/ Bus Shelters, etc.
 
 8.  Depreciation and Amortization
 
 Depreciation is provided on straight-line basis u/s 205 (2) (b) of the
 Companies Act, 1956, at the rates prescribed in the Schedule XIV of the
 said Act in respect of Fixed Assets lying and situated at Head Office
 and Mumbai units of the Company.
 
 In respect of assets of Aider Publication Pvt. Ltd. Merged Company,
 Depreciation is provided on written down value basis u/s 205 (2) (a) of
 the Companies Act, 1956 at the rates prescribed in schedule XIV of the
 said Act.
 
 Depreciation on assets added / disposed-off during the year has been
 provided on pro-rata basis with reference to the month of
 addition/disposal. Amortizing revalued amount over the residual life
 considered by the valuer provides the depreciation on revalued assets.
 
 Depreciation on hoardings and gantries owned by the company on SLM
 basis at the rate applicable to Building as provided under Schedule XIV
 of the Companies Act, 1956. Depreciation on such assets is provided on
 SLM basis at the rate as applicable to Plant & Machinery provided under
 Schedule XIV of the Companies Act on single shift basis
 
 Patent Rights are amortized over a period of 12 years.
 
 Assets such as Hoarding, Gantries and Kiosks whose life is determined
 by contractual periods i.e. the license period, are written off over
 such period.
 
 The Company is amortizing 1/5th of total expenses incurred in Financial
 Year 2005-06 on launch / promotion of ''Sambhaav Metro'', an afternoon
 daily.
 
 9.  Impairment of Assets
 
 At each balance sheet date, the Company reviews the carrying amounts of
 its fixed assets to determine whether there is any indication that
 those assets suffered impairment loss. If any such indication exists,
 the Company estimates the recoverable amount of the asset. If such
 recoverable amount of the asset or the recoverable amount of the
 cash-generating unit to which the asset belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. The reduction is treated as an impairment loss and is
 recognized in the profit and loss account. If at the balance sheet date
 there is an indication that if a previously assessed impairment loss no
 longer exists, the recoverable amount is reassessed and the asset is
 reflected at the recoverable amount subject to a maximum of depreciated
 historical cost.
 
 10.  Investments
 
 Investments intended to be held for more than a year are classified as
 long term investment and all other investments are classified as
 current investments. Long term investments are stated at cost or market
 value whichever is less. The cost of Investment/Stock of Trade
 Securities includes brokerage and other expenses, if any.
 
 Current investments are stated at lower of cost and fair value on an
 individual investment basis.
 
 A provision for diminution is made to recognize a decline, other than
 temporary, in the value of investments.
 
 11.  Foreign Currency Transactions
 
 Foreign currency transactions during the period are recorded at the
 exchange rate prevailing on the date of transaction. Balances in form
 of current assets and current liabilities in foreign currency if any,
 outstanding at the close of the year, are converted in Indian currency
 at rates prevailing on the date of balance sheet
 
 Foreign currency assets and liabilities covered by forward
 contracts/derivatives are stated at the contracted rate, while those
 not covered by the contracts are restated at rates prevailing at the
 balance sheet date.
 
 All exchange differences are dealt with in the profit and loss account.
 
 12.  Taxes on Income
 
 Provision for tax is made for current taxes. Current tax is provided on
 the taxable income using the applicable tax rates and tax laws.
 
 Deferred tax resulting from timing differences between accounting and
 taxable profit for the period is accounted for using the tax rates and
 laws that have been enacted or substantively enacted as at the balance
 sheet date.
 
 Deferred tax assets is recognized and carried forward only to the
 extent that there is a reasonable certainty that sufficient future
 taxable income will be available against which such assets can be
 realized.
 
 13.  Deferred Revenue Expenditure
 
 The Company has policy of writing off all deferred revenue expenditure
 during the tenure of the project subject to maximum 10 years.
 
 14.  Provisions, Contingent Liabilities and Contingent Assets
 
 Provision is recognized when an enterprise has a present obligation as
 a result of past events and it is probable that an outflow of resources
 will be required to settle the obligation and in respect of which a
 reliable estimate can be made. Provisions are determined based on
 management estimates required to settle the obligation at the balance
 sheet date. These are reviewed at each balance sheet date and adjusted
 to reflect the current management estimate.
 
 A disclosure for a contingent liability is made when there is a
 possible obligation or a present obligation that may, but probably will
 not, requires an outflow of resources. Where there is a possible
 obligation or a present obligation in respect of which the likelihood
 of outflow of resources is remote, no provision or disclosure is made.
 
 Contingent assets are neither recognized nor disclosed.
 
 Provisions, Contingent Liabilities and Contingent Assets are reviewed
 at each balance sheet date.
 
 15.  Prior Period Adjustments
 
 All items of income/expenditures pertaining to prior period (except
 those not exceeding Rs. 5000/- in each case which are accounted through
 respective revenue accounts) are accounted through Prior Period
 Adjustment Account.