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विजन कॉर्पोरेशन

बीएसई: 531668  |  NSE: N.A  |  ISIN: INE661D01015  |  Media & Entertainment

खोजें विजन कॉर्पोरेशन कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
Accounting Convention:
 The financial statements are prepared under the Historical Cost
 Convention on a Going Concern basis.
 The Company generally follows the Mercantile System of Accounting and
 recognizes Income and Expenditure on Accrual basis accepts those with
 significant uncertainties and is consistent with generally accepted
 accounting principles.
 The significant accounting policies followed by the Company are stated
 a) 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 reported period. Difference
 between the actual results and estimates are recognized in the period
 in which the results are known / materialized.
 b) Fixed Assets:
 1.  Fixed Assets are stated at cost net of MODVAT / CENVAT / Value
 Added Tax less accumulated depreciation and impairment loss, if any.
 For this purpose, cost includes cost of acquisition and all costs
 directly attributable to bringing the assets for its present use and
 2.  The advance payment of total Rs. 56.50 lac against purchase of Land
 has been made during 2011-12 & 2012-13 of Rs. 16.50 lac & Rs. 50.00
 respectively, however this was wrongly shown under the head
 Office-Building but no depreciation has been charged on said amount
 during the respective years. Presently it is shown as Advance against
 Purchase of Land. Now the Land was under dispute due to death of one of
 the co-owner but the land is under possession of company as per court
 of the law.
 c) Depreciation:
 Depreciation of Fixed Assets is charged on ''Written down Value Method''
 as per Schedule XIV to the Companies Act, 1956.
 Leasehold land is amortized over the period of lease.
 d) Impairment of Assets:
 An asset is treated as impaired when the carrying cost of assets
 exceeds its recoverable value. An impairment loss is charged to the
 Profit and Loss Account in the year in which an asset is identified as
 impaired. The impairment loss recognized in prior accounting period is
 reversed if there has been a change in the estimate of recoverable
 e) Investments:
 Current investments are carried at the lower of cost and quoted / fair
 value, computed category wise. Long-term investments are stated at
 cost. Provision for diminution in the value of long-term investments is
 made only if such a decline is other than temporary in the opinion of
 the management.
 f) Inventories:
 Inventories are valued at the lower of cost or estimated net realizable
 value. Cost of finished Goods includes cost of material; direct labor,
 direct expenses and production overheads except depreciation.
 g) Debtors :
 The company has written off an amount of Rs. 48,43,909/- in total vide
 there board resolution passed on 15th May 2014 at registered office of
 the company.
 Sr. No.       Particulars                              Amount
 1.        B B Corporation                         13,65,000/-
 2.        Durga Udyog                             12,60,000/-
 3         Jansampark Sanchalaye, Madhya Pradesh      98,000/-
 4.        Dr. Anjali Pathak                          78,000/-
 5.        Gayatri Media                              60,000/-
 6.        Hemraj Awasthi                           1,30,000/-
 7.        HS Gill                                  1,30,000/-
 8.        Indra Swarup Awasthi                     1,30,000/-
 9.        Jaipal                                   1,55,000/-
 10.       Ravi Mishra                              1,30,000/-
 11.       Sonali Dhantre                             70,000/-
 12.       Vinod Pathak                             1,30,000/-
 13.       Maxtell India Limited                   11,07,909/-
 As per explanation of the management the above mentioned companies have
 become insolvent.
 h) Preliminary and Share Issue Expenses:
 Preliminary and Share Issue Expenses are carried forward at cost.
 Preoperative expenses have been amortized over a period of 10 years.
 i) Employee Benefits and Gratuity Provisions:
 Retirements benefits and Gratuity provisions are not applicable to the
 Company as Company has less than 10 employees.
 We) Taxes on Income:
 Current taxes
 Provision for Income Tax is determined in accordance with the
 provisions of the Income Tax Act, 1961.
 Deferred taxes
 Deferred tax assets and liabilities arising on account of timing
 differences, being the difference between the taxable income and the
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods, are recognized using the
 tax rates and tax laws that have been enacted.
 It is observed that amount of TDS as per books of Account is of Rs
 24,92,004/- but as per Form no 26 AS it shows the credit balance of Rs
 29,54,527/- which is higher by an amount of Rs 4,62,523/-
 reconciliation for the same has to be made.
 j) Segment Reporting:
 The Company operates only in one segment viz. Media Business and hence
 there are no other reportable segments as per the Accounting Standard
 k) Borrowing Cost
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use. All other
 borrowing costs are charged to revenue.
 l) Financial Derivatives:
 Financial derivatives contracts are accounted on the date of their
 settlement and realized gain / loss, if any, in respect of settled
 contract are recognized in the profit and loss account, along with the
 underlying transactions.
 m) Foreign Currency Transactions:
 Transactions in foreign currencies, to the extent not covered by
 forward contracts, are accounted at exchange rates prevailing at the
 time of the transactions are affected and expressed at the year-end
 exchange rates. Any other exchange differences except relating to Fixed
 Assets are dealt with in the Profit and Loss Account. Non-monetary
 foreign currency items, if any, are carried at cost.
 n) Provisions, Contingent Liabilities and Contingent Assets:
 Provisions, involving substantial degree of estimation in measurement,
 are recognized when there is present obligation as result of past
 events and it is probable that will be an outflow of resources.
 Contingent Liabilities are not recognized and estimated amount of
 contracts remaining to be executed have not been ascertained.
 Contingent Assets are neither recognized nor disclosed in the financial
स्रोत: रेलीगरे टेचनोवा

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(August 06, 2018)

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