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Trilogic Digital Media

BSE: 531712|ISIN: INE532D01018|SECTOR: Media & Entertainment
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Mar 14
Accounting Policy Year : Mar '15
1.1 Basis for preparation of financial statement:
 
 These financial statements have been prepared in accordance with the
 Generally Accepted Accounting Principle in India on Accrual basis under
 the historical cost convention .These financial statements have been
 prepared in accordance with the Accounting Standards specified under
 Section 133 of the Companies Act,2013, read with Rule 7 of the
 companies (Accounts ) Rules ,2014 and the relevant provisions of the
 Companies Act(the 2013 Act/ Companies Act, 1956(the 1956 act). The
 accounting policies adopted in the preparation of accounting policies
 adopted in the preparation of the financial statements are consistent
 with those followed in the previous year.
 
 1.2 Use of Estimates:
 
 The preparation of financial statements requires the management of the
 company to make estimates and assumptions to be made that affect the
 reported amounts of assets and liabilities on the date of financial
 statements, disclosure of contingent liabilities as at the date of the
 financial statements, and the reported amounts of income and expenses
 during the reported period. Changes in estimates are reflected in the
 financial statements in the period in which changes are made and, if
 material, their effects are disclosed in the financial statements.
 
 1.3 Tangible fixed Assets
 
 Tangible fixed Assets are stated at actual cost less accumulated
 depreciation. The actual cost capitalised includes material cost ,
 freight ,installation cost , duties and taxes , eligible borrowing
 costs and other incidental expense incurred during the construction
 /installation stage
 
 1.4 Depreciation/amortization of fixed Assets
 
 Depreciable amount for assets is the cost of an asset, or other amount
 substituted for cost, less its estimated residual value. Depreciation
 is provided based on useful life of the assets prescribed in schedule
 II to the companies Act, 2013. Assets costing upto Rs. 5000 are fully
 depreciated in the year of purchase.
 
 1.5 Inventories:
 
 Inventories related to films under production cost plus relevant
 overhead cost.
 
 
 1.6 Investment
 
 Long-term investments are carried at cost less provision for diminution
 other than temporary, if any in the value of such investments. Current
 investments are carried at lower of cost and fair value.
 
 1.7 REVENUE RECOGNITION
 
 Revenue is recognised when there is a reasonable certainty of its
 ultimate realization / collection. Sales (including Programs, Film
 rights) is recognised when the significant risks and rewards have been
 transferred to the customers. Advertisement revenue generated from
 broadcasting rights(net of discount and volume rebates) is recognised
 when the related advertisement or commercial appears before the public
 i.e. on telecast.
 
 1.8 ACCOUNTING FOR TAXES ON INCOME
 
 Provision for current tax is made after taking into consideration
 benefits admissible under the provisions of the Income Tax
 Acy,1961.Deferred tax resulting from timing Differences between book
 and taxable profit is accounted for using the tax rates and laws that
 have been enacted or substantively enacted as on the balance sheet
 date. Deferred tax asset is recognised and carried forward only to the
 extent that there is a reasonable certainty that the assets will be
 realised in future. However, in respect of unabsorbed depreciation or
 carry forward loss, the deferred tax asset is recognised and carried
 forward only to the extent that there is a virtual certainty that the
 assets will be realised in future .
 
 1.9 FOREIGN EXCHANGE TRANSACT ION
 
 Transaction in foreign currencies are accounted at exchange rates
 prevalent on the date of the transaction. Foreign currency monetary
 assets and liabilities at the period end are translated using the
 exchange rates prevailing at the end of the period. All exchange
 differences are recognized in the statement of Profit and Loss. Non
 monetary items denominated in foreign currency are stated at the rate
 prevailing on the date of the transaction.
 
 1.10 IMPAIRMENT OF ASSETS
 
 The company assesses at each balance sheet date whether there is any
 indication that an asset may be impaired. If any such indication
 exists, the company estimates the recoverable amount of the assets. If
 the carrying amount of fixed assets/cash generating unit exceeds the
 recoverable amount on the reporting date, the carrying amount is
 reduced to the recoverable amount .The recoverable amount is measured
 as the higher of the net selling price and the value in use determined
 by the present value of estimated future cash flows.
 
 1.11 PROVISION AND CONTINGENT LIABILITIES AND CONTINGENT ASSETS
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognised but are disclosed in the
 notes to accounts .Contingent assets are neither recognised nor
 disclosed in the financial statements.
 
 1.12 EARNING PER SHARE
 
 Basic earning per share is computed and disclosed using the weighted
 average number of common share outstanding during the year .Dilutive
 earnings per share is computed and disclosed using the weighted average
 number of common and dilutive common equivalent shares outstanding
 during the period except when the results would be anti-dilutive.
 Dilutive earning per share includes the dilutive effect of potential
 equity shares under stock options.
 
 1.13 EVENTS OCCURING AFTER THE BALANCE SHEET DATE
 
 Events occurring after the balance sheet date have been considered in
 the preparation of financial statements.
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