1. CORPORATE INFORMATION

The Company is engaged in advertising, selling of space for advertisement in print media and public relations business. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on three recognized stock exchanges in India. The registered office of the company is located at Pressman House, 10A, Lee Road, Kolkata, West Bengal 700020.

2. BASIS OF PREPARATION

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time).

For all periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under the section 133 of the Companies Act 2013, read together with relavent rules thereunder. These financial statements for the year ended 31 March 2018 are for the first time prepared in accordance with Ind AS. (Refer to note 34(c) for information on how the Company adopted Ind AS).

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, unless otherwise stated. All assets and liabilities are classified into current and non-current generally based on the criteria of realisation/settlement within a twelve month period from the balance sheet date.

(b) Terms / rights attached to equity shares

The Company has issued equity shares having par value of Rs. 2 per share. Each holder of an equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the Company, after distribution of all preferential amounts, the remaining assets of the company will be distributed to equity shareholders in proportion to their shareholding.

3) DIVIDEND

Board of directors have recommended dividend @ 70% (Rs. 1.40 per share) amounting to 7 396.33 lakh including dividend distribution tax thereon subject to approval of shareholders in the ensuing Annual General Meeting and the amount of dividend including tax has not been recognised as a liability as at 31st March, 2018.

4) GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans.

5) As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act, 2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

6) SEGMENT INFORMATION

The Company’s business activity falls within a single business segment i.e. advertising, selling of space for advertisement in print media and public relations and hence no additional disclosure other than those already made in the financial statements are required under Ind AS 108 “Operating Segments”. The Company at present operates in India only and therefore the analysis of geographical segment is not applicable.

7) CSR EXPENDITURE

The company required to spend under section 135 of the Companies Act, 2013 for the year ended 31 st March, 2018 a sum of Rs. 14.50 lakh (previous year Rs. 11.83 lakh). The Company has acutally spend Rs. 14.56 lakh (previous year Rs. 34.33 lakh) towards corporate social responsibility expenditure.

b) Fair value hierarchy:

The fair value hierarchy Is based on Inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

- Level 1 — Inputs are prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2 — Inputs are other than prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair value is determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

c) Valuation techniques and key inputs:

Level 1: The value of mutual funds are based on market price (NAV).

Level 2: At present the Company has no such financial assets or financial liabilities which are required to measure by this level of hierarchy.

Level 3: Investments in equity instruments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.

8) FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES

The Company’s principal financial liabilities comprise trade and other payables only. The main purpose of these financial liabilities is to finance the Company’s operations. The Company's principal financial assets include investments at fair value, trade and other receivables and cash and cash equivalents.

The Company is exposed to market risk and credit risk. The Company’s senior management monitors these risks and is supported by professional managers who advise on financial risks and assist in preparing the appropriate financial risk governance framework. It provides assurance to the senior management that the financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and approves policies for managing each of these risks which are summarized below:

(a) Market risk

Market risk is the risk when the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Financial instruments affected by market risk include FVTPL Investments only. Market risk comprises only the fluctuations in the net asset value of the respective funds. Reports on the investment portfolio are submitted to the Company’s senior management on a regular basis. The Board of Directors reviews and approves all investment decisions.

(b) Commodity risk

As the Company is the service provider only, price volatility of commodities do not directly affect the company.

(c) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions. The Company only deals with parties which has sound worthiness based on internal assessment.

9) CAPITAL MANAGEMENT

The Company’s objective for capital management is to maximize shareholder value, safeguard business continuity and support the growth. The Company determines the capital requirement based on annual operating plans and long-term and other strategic investment plans. The Company is not subject to any externally imposed capital requirements.

10) Disclosure as per Ind AS 101 on first time adoption Exemptions and exceptions availed

These financial statements, for the year ended 31st March, 2018, are the first, the company has prepared in accordance with Ind AS. For the periods up to and including the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read with relevient rules thereunder.

Accordingly, the company has prepared its financial statements to comply with Ind AS for the year ending 31st March, 2018, together with comparative date as at end for the year ended 31st March, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the company's opening balance sheet was prepared as at 1st April, 2016, the company's date of transition to Ind AS.

In preparing these Ind AS financial statements, the Company has availed certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in retained earnings.

A Optional Exemptions from retrospective application

Optional Exemptions from retrospective application Ind AS 101 permits first-time adopters certain exemptions from retrospective application of certain requirements under Ind AS. The Company has elected to apply the following optional exemptions from retrospective application:

1) Deemed cost for property, plant and equipment

The Company has elected to measure all its property, plant and equipment at the Previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS.

B Mandatory Exceptions from retrospective application

The following mandatory exceptions have been applied in accordance with Ind AS 101 in preparing the financial statements.

(a) Estimates

The estimates as at 1 st April, 2016 and 31 st March, 2017 are consistent with those made for the same dates in accordance with Indian GAAP(after adjustments to reflect any differences if any, in accounting policies). The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions as at the transition date and as of 31st March, 2017.

(b) Derecognition of financial assets and financial liabilities

The company has elected to apply the derecognition requirements for financial assets and financial liabilites in Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS.

(c) Classification and measurement of financial assets

The company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.

C Notes to the reconciliation of equity as at 1st April, 2016 and 31st March, 2017 and total comprehensive income for the year ended 31st March, 2017.

1 Investments

Under Previous GAAP, the mutual funds were measured at cost or market value, whichever Is lower. Under Ind AS, the Company has designated these Investments at fair value through profit or loss (FVTPL). Accordingly, these Investments are required to be measured at fair value. At the date of transition to Ind AS, difference between the fair value of the instruments and the carrying value under Previous GAAP has been recognised in retained earnings. Fair value changes are recognised in the Statement of Profit and Loss for the year ended 31st March, 2017

2 Employee Benefit expenses and Acturial loss or gain

Both under Indian GAAP and Ind AS, the Company recognised costs related to its post employment defined benefit plan on acturial basis. Under Indian GAAP the entire cost including acturial gains and losses are charged to profit or loss. Under Ind AS acturial gains and losses are recognised in balance sheet through other comprehensive income. Related deferred tax asset has also been adjusted.

3 Other Equity

i. Adjustments to retained earnings and other comprehensive income has been made in accordance with Ind AS when ever required for the above mentioned line items.

ii. In addition as per Ind AS 19, acturial gains and losses are recognised in other comprehensive income as compared to being recognised in the statement of profit and loss under Indian GAAP

4 There were no significant reconciliation items between cash flows prepared under Indian GAAP and those prepared Ind AS.

11) STANDARDS ISSUED BUT NOT YET EFFECTIVE

On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 - Revenue from Contract with Customers and certain amendment to existing Ind AS. These amendments shall be applicable to the Company from April 01,2018.

(a) Issue of Ind AS 115 - Revenue from Contracts with Customers

Ind AS 115 will supersede the current revenue recognition guidance including Ind AS 18 Revenue, Ind AS 11 Construction Contracts and the related interpretations. Ind AS 115 provides a single model of accounting for revenue arising from contracts with customers based on the identification and satisfaction of performance obligations.

(b) Amendment to Existing issued Ind AS

The MCA has also carried out amendments of the following accounting standards:

i. Ind AS 21 - The Effects of Changes in Foreign Exchange Rates

ii. Ind AS 40 - Investment Property

iii. Ind AS 12 - Income Taxes

iv. Ind AS 28 - Investments in Associates and Joint Ventures and

v. Ind AS 112 - Disclosure of Interests in Other Entities

Application of above standards are not expected to have any significant impact on the Company’s Financial Statements.

12) PREVIOUS YEAR FIGURES

Previous year figures have been regrouped / reclassified, where necessary to conform to this year’s classification.