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Media Research Users Council, 128, TV Industrial Estate, SK Ahire Marg, Worli, Mumbai - 400030
23rd
Annual Report 2016-17
CONTENTS
Board of Governors…………………………………………………………………………………… 2
Committees……………………………………………………………………………………………. 6
MRUC Secretariat…………………………………………………………………………………….. 7
Notice…………………………………………………………………………………………………… 8
Report of Board of Governors……………………………………………………………………….. 19
Auditors’ Report……………………………………………………………………………………….. 38
Balance Sheet…………………………………………………………………………………………. 44
Income & Expenditure Account……………………………………………………………………… 45
Notes……………………………………………………………………………………………… 46
Auditors Lalit Khanna & Co. 4th Floor, Commissariat Bldg. 231, Dr. Dadabhai Naoroji Road, Mumbai 400 001.
MRUC Secretariat & Registered Office 128, T. V. Industrial Estate, 1
st Floor,
S. K. Ahire Marg, Worli, Mumbai 400 030. Tel.: 2498 3416 Fax: 2491 0413 Website: http://www.mruc.net
1
BOARD OF GOVERNORS (As on 31
st March 2017)
Chairman – MRUC Vice Chairman – MRUC
Venkat Idupuganty Sanjay Tripathy Eenadu TV HDFC Standard Life Insurance Co. Ltd.
Category A : Advertisers
Deepak Morada Inderjeet Singh Larsen & Toubro Ltd. Procter & Gamble Hygiene and Health Ltd.
* Resigned / Retired during the year:
Gaurav Jeet Singh, Hindustan Unilever Ltd. Sandip Girish Tarkas, Future Group V.L. Rajesh, ITC Ltd.
2
BOARD OF GOVERNORS (As on 31
st March 2017)
Category B : Publishers
Benoy Roychowdhury Hormusji N Cama HT Media Ltd. The Bombay Samachar Pvt. Ltd.
Ravindra Kumar Pratap Pawar The Statesman Ltd. Sakal Papers Pvt. Ltd.
S.S. Kataria Siddharth Kothari Hari Bhoomi Communications (P) Ltd. Rajasthan Patrika Pvt. Ltd.
* Retired during the year:
Riyad Mathew, The Malayala Manorama Co. Ltd.
3
BOARD OF GOVERNORS (As on 31
st March 2017)
Category C : Advertising Agencies
Anita Nayyar Divya Karani Havas Media Group Dentsu Aegis Network
Kartik Sharma NP Sathyamurthy GroupM Media India Pvt. Ltd. DDB Mudra Group
Shashidhar Sinha Anupriya Acharya IPG Mediabrands Publicis Media (Div. of TLG India Pvt. Ltd.) * Resigned during the year:
Mallikarjunadas Radhakrishnan Coimbatore, Starcom MediaVest Group
4
BOARD OF GOVERNORS (As on 31
st March 2017)
Category D : Broadcast & Other Media
Avinash Kaul Rohit Gupta TV 18 Broadcast Ltd. Sony Pictures Network India Pvt. Ltd.
Shailesh Gupta Music Broadcast Ltd.
* Resigned during the year
Jawhar Sircar, Prasar Bharati
Punit Goenka, Zee Entertainment Enterprises Ltd.
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MRUC Committees
CSR Committee
Hormusji N. Cama, The Bombay Samachar
NP Sathyamurthy, DDB Mudra
Inderjeet Singh, P & G
Marketing Committee
Chairman : Nikhil Rangnekar, Lodestar
Ajit Nair, Lokmat
Membership Committee
Divya Karani, Dentsu
Legal Committee
Ravindra Kumar, The Statesman
Administration & Finance Committee
Sanjay Tripathy, HDFC Life
Technical Committee (RSCI)
Chairman : NP Sathyamurthy, DDB Mudra
Akila Urankar, Business Standard
Anant Nath, Delhi Press
Ashwani Kukreja, Tata Sky
Basant Rathore, Jagran Prakashan
Bhausaheb Patil, Sakal
Dhruba Mukherjee, ABP
Himanka Das, Carat Media
Hormuzd Masani, ABC
Inderjeet Singh, P & G
Janardhan Pandey, Nett Value Media
Kaacon Sethi, DB Corp
Rajiv Lochan, Hindu
S.S. Kataria, Hari Bhoomi
Sandip Tarkas, Future Group
Tomson Thundathil, Malayala Manorama
Umashankar K, Prabhat Khabar
Vanita Keswani, Madison
6
MRUC Secretariat
Radhesh Uchil
Chief Executive Officer
Atul Panjikar
Junior Accountant
Candida Godinho
Office Manager
Divya P
Senior Executive, Research
Kabita Talukdar
Associate Director – Research
Mahesh Hande
Senior Executive, Accounts
Rahul Ranjan
Senior Manager – Field Operations
Rishi Vora
Senior Manager – Marketing / Client Servicing
Robin Thomas
Manager – Marketing / Client Servicing
Shashi Panniker
Senior Manager – Accounts & Administration
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media research users council
Registered office: 128, TV Industrial Estate, S.K. Ahire Marg, Worli, Mumbai - 400 030 www.mruc.net
CIN: U99999MH1994NPL076530 [email protected]; +91 22 2498 3416 / 2491 3359
NOTICE
Notice is hereby given that the Twenty Third Annual General Meeting of Media Research Users Council
will be held on Wednesday, 13th September, 2017 at 12.00 noon at the Mayfair Banquets (South), 254 –
C, Dr. Annie Besant Road, Worli, Mumbai 400 030 to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the financial statement of the Company as on 31st March 2017
including the Audited Balance Sheet and the Statement of Income and Expenditure for the year
ended on that date together with Report(s) of the Board of Governors’ and Auditors’ thereon.
2. To ratify the appointment of Statutory Auditors and fix their remuneration and in this regard to
consider and if thought fit, to pass, with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 139, 142 and other applicable provisions,
if any, of the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014 (including
any statutory modification(s) or re-enactment thereof for the time being in force) and the resolution
passed by the Members of the Company at the Annual General Meeting (AGM) held on September
18, 2014, the appointment of M/s. Lalit Khanna & Co., Chartered Accountants (Firm Registration
No: 105564W) Statutory Auditors of the Company for a period of 5 years i.e. up to the conclusion of
sixth Annual General Meeting to be held thereafter, be and is hereby ratified from the conclusion of
this AGM to the conclusion of next AGM at such remuneration as the Board of Directors (including
Committee thereof) be and is hereby authorized to fix as it may deem fit, for the financial year
ending 31st March, 2018 and as may be agreed between the Statutory Auditors and the Board of
Directors.”
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3. To appoint Members of the Board of Governors in various categories in place of the following who
retire by rotation:-
I. Category B : Publishers of Newspapers and Periodicals:
(i) Mr. Hormusji Nusserwanji Cama (DIN: 00109337) who retires by rotation and is not eligible
for re-election as he has completed two consecutive terms;
(ii) Mr. Benoy Roychowdhury (DIN: 00816822) who retires by rotation and is not eligible for re-
election as he has completed two consecutive terms;
(iii) Mr. Ravindra Kumar (DIN: 00149093) who retires by rotation and being eligible offers
himself for re-election.
(iv) Mr. Siddharth Kothari (DIN: 00101528) who retires by rotation and being eligible offers
himself for re-election.
II. Category C : Advertising Agencies and Allied Communication Concerns:
(i) Mr. Sathyamurthy Parthasaradhy Namakkal (DIN: 03488306) who retires by rotation and is
not eligible for re-election as he has completed two consecutive terms;
(ii) Mr. Shashidhar Narain Sinha (DIN: 00953796) who retires by rotation and is not eligible for
re-election as he has completed two consecutive terms;
(iii) Ms. Divya Rupchand Karani (DIN: 01829747) who retires by rotation and is not eligible for
re-election as she has completed two consecutive terms;
(iv) Mr. Kartik Natraj Sharma (DIN: 01315227) who retires by rotation and being eligible offers
himself for re-election.
(v) Ms. Anita Nayyar (DIN: 03317861) who retires by rotation, and has preferred not to get re-
appointed.
III. Category D : Broadcast and Other Media
(i) Mr. Avinash Kaul (DIN: 01852966) who retires by rotation and is not eligible for re-election
as he has completed two consecutive terms;
(ii) Mr. Rohit Mastram Gupta (DIN: 06955667) who retires by rotation and being eligible offers
himself for re-election.
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SPECIAL BUSINESS:
Category A: Advertisers
4. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Inderjeet Singh (DIN: 07616848), who was appointed as an Additional
Director of the Company by the Board of Directors in their Meeting held on 3rd
February, 2017
under Article 38 (a) of the Articles of Association of the Company and under Section 161 of the
Companies Act, 2013 and who holds office upto the date of this Annual General Meeting and in
respect of whom the Company has received a Notice in writing, along with requisite deposit,
proposing his candidature for the office of Director, under Section 160 of the Companies Act, 2013
and who is eligible for appointment to the office of Director, be and is hereby appointed as Director
of the Company.”
5. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Sameer Satpathy (DIN: 07631405), in respect of whom the Company has
received a Notice in writing, along with requisite deposit, proposing his candidature for the office of
Director, under Section 160 of the Companies Act, 2013 and who is eligible for appointment to the
office of Director, be and is hereby appointed as Director of the Company in accordance with the
Articles of Association of the Company.”
Category B: Publishers of Newspapers and Periodicals
6. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Raj Kumar Jain (DIN: 01741527), in respect of whom the Company has
received a Notice in writing, along with requisite deposit, proposing his candidature for the office of
Director, under Section 160 of the Companies Act, 2013 and who is eligible for appointment to the
office of Director, be and is hereby appointed as Director of the Company in accordance with the
Articles of Association of the Company.”
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7. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Rajiv Verma (DIN: 0017110), in respect of whom the Company has
received a Notice in writing, along with requisite deposit, proposing his candidature for the office of
Director, under Section 160 of the Companies Act, 2013 and who is eligible for appointment to the
office of Director, be and is hereby appointed as Director of the Company in accordance with the
Articles of Association of the Company.”
Category C: Advertising Agencies and Allied Communication Concerns
8. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Ashish Bhasin (DIN: 00005493), in respect of whom the Company has
received a Notice in writing, along with requisite deposit, proposing his candidature for the office of
Director, under Section 160 of the Companies Act, 2013 and who is eligible for appointment to the
office of Director, be and is hereby appointed as Director of the Company in accordance with the
Articles of Association of the Company.”
Category D: Broadcast and Other Media
9. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Punit Misra (DIN: 07152322), who was appointed as an Additional Director
of the Company by the Board of Directors in their meeting held on 5th July, 2017 under Article 38
(a) of the Articles of Association of the Company and under Section 161 of the Companies Act,
2013 and who holds office upto the date of this Annual General Meeting and in respect of whom the
Company has received a Notice in writing, along with requisite deposit, proposing his candidature
for the office of Director, under Section 160 of the Companies Act, 2013 and who is eligible for
appointment to the office of Director, be and is hereby appointed as Director of the Company.”
10. To consider and if thought fit, to pass with or without modification(s), the following resolution as an
Ordinary Resolution:
“RESOLVED THAT Mr. Girish Agarwal (DIN: 00051375), in respect of whom the Company has
received a Notice in writing, along with requisite deposit, proposing his candidature for the office of
Director, under Section 160 of the Companies Act, 2013 and who is eligible for appointment to the
office of Director, be and is hereby appointed as Director of the Company in accordance with the
Articles of Association of the Company.”
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"RESOLVED FURTHER THAT all the Directors of the Company be and are hereby severally
authorized to do all such acts, deeds and things and to sign all such documents, papers and
writings as may be necessary to give effect to the resolution.”
By order of the Board of Governors
Venkat Idupuganty Chairman
DIN: 00089679
Place: Mumbai
Date: 21st August 2017
Registered Office: 128, T. V. Industrial Estate S. K. Ahire Marg, Worli Mumbai 400 030
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Notes:
1. An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 relating to the
Special Businesses to be transacted at the Annual General Meeting (AGM) is annexed hereto.
2. AN INDIVIDUALMEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL
MEETING IS ENTITLED TO APPOINT A PROXY(S) TO ATTEND AND VOTE INSTEAD OF
HIMSELF/HERSELF AND THE PROXY NEED TO BE A MEMBER OF THE COMPANY. The
instrument appointing a proxy in order to be valid / effective must be duly filled in all respects and
should be lodged with Company at its registered office at least 48 hours before the
commencement of the meeting.
3. Only such members are eligible to vote at the meeting who have paid all monies due from them
upto the current financial year not later than 5.00 p.m. on 2nd
August, 2017.
4. It is clarified that:
i. Each member shall be entitled to one vote.
ii. To exercise their vote, member firms or companies can vote only through their nominated
representative who must be present in person.
iii. Although it is open to a member firm or company to change its representative, such change
in nomination under Articles 6(b) of the Articles of Association shall become effective on its
being received at the registered office of the Council.
iv. Under Article 30 of the Articles of Association, a corporate member (a non-individual
member) of the Council entitled to attend and vote at a meeting is, in the absence of its
usual nominee or representative appointed pursuant to Article 6, entitled to appoint any
other individual from within its organisation as its representative by a proper written
instrument.
v. Such representative as aforesaid shall be entitled to all the rights and powers on behalf of
the body corporate, pursuant to the provisions of Section 113 of the Companies Act, 2013.
Further, the authorised representative of the body corporate shall have the right to appoint
any person as its proxy.
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EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE
COMPANIES ACT, 2013 IN RESPECT OF THE SPECIAL BUSINESS MENTIONED IN
THE NOTICE OF THE ANNUAL GENERAL MEETING OF THE COMPANY
ITEM NO. 4:
Mr. Inderjeet Singh (DIN: 07616848) was appointed as an Additional Director of the Company by the
Board of Directors in their Board Meeting held on 3rd
February, 2017 pursuant to the provisions of the
Section 161 of the Companies Act, 2013 and Article 38(a) of Articles of Association of the Company.
Mr. Inderjeet Singh holds office upto ensuing Annual General Meeting of the Company. A notice has been
received proposing his candidature as Director of the Company pursuant to Section 160 of Companies
Act, 2013 has been received.
The Board recommends the appointment of Mr. Inderjeet Singh as a Director of the Company and to pass
resolution set out in Item No 4 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Inderjeet Singh for his appointment is concerned or interested, financially or otherwise in the
resolution.
ITEM NO. 5:
Mr. Sameer Satpathy (DIN: 07631405), is proposed to be appointed as a Director of the Company and in
respect of whom a notice has been received proposing his candidature as a Director of the company
along with the requisite deposit pursuant to Section 160 of Companies Act, 2013.
The Board recommends the appointment of Mr. Sameer Satpathy as a Director of the Company and to
pass resolution set out in Item No. 5 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Sameer Satpathy for his appointment is concerned or interested, financially or otherwise in the
resolution.
ITEM NO. 6:
Mr. Raj Kumar Jain (DIN: 01741527), is proposed to be appointed as a Director of the Company and in
respect of whom a notice has been received proposing his candidature as a Director of the company
along with the requisite deposit pursuant to Section 160 of Companies Act, 2013.
The Board recommends the appointment of Mr. Raj Kumar Jain as a Director of the Company and to
pass resolution set out in Item No. 6 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Raj Kumar Jain for his appointment is concerned or interested, financially or otherwise in the
resolution.
14
ITEM NO.7:
Mr. Rajiv Verma (DIN: 0017110), is proposed to be appointed as a Director of the Company and in
respect of whom a notice has been received proposing his candidature as a Director of the company
along with the requisite deposit pursuant to Section 160 of Companies Act, 2013.
The Board recommends the appointment of Mr. Rajiv Verma as a Director of the Company and to pass
resolution set out in Item No. 7 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Rajiv Verma for his appointment is concerned or interested, financially or otherwise in the resolution.
ITEM NO. 8:
Mr. Ashish Bhasin (DIN: 00005493), is proposed to be appointed as a Director of the Company and in
respect of whom a notice has been received proposing his candidature as a Director of the company
along with the requisite deposit pursuant to Section 160 of Companies Act, 2013.
The Board recommends the appointment of Mr. Ashish Bhasin as a Director of the Company and to pass
resolution set out in Item No. 8 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Ashish Bhasin for his appointment is concerned or interested, financially or otherwise in the
resolution.
ITEM NO. 9:
Mr. Punit Misra (DIN: 07152322) was appointed as an Additional Director of the Company by the Board of
Directors in their Board Meeting held on 5th July, 2017 pursuant to the provisions of the Section 161 of the
Companies Act, 2013 and Article 38(a) of Articles of Association of the Company. Mr. Punit Misra holds
office upto ensuing Annual General Meeting of the Company. A notice has been received proposing his
candidature as Director of the Company pursuant to Section 160 of Companies Act, 2013 has been
received.
The Board recommends the appointment of Mr. Punit Misra as a Director of the Company and to pass
resolution set out in Item No.9 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except Mr. Punit
Misra for his appointment is concerned or interested, financially or otherwise, financially or otherwise in
the resolution.
15
ITEM NO. 10:
Mr. Girish Agarwal (DIN: 00051375), is proposed to be appointed as a Director of the Company and in
respect of whom a notice has been received proposing his candidature as a Director of the company
along with the requisite deposit pursuant to Section 160 of Companies Act, 2013.
The Board recommends the appointment of Mr. Girish Agarwal as a Director of the Company and to pass
resolution set out in Item No. 10 as an Ordinary Resolution.
None of the Directors or Key Managerial Personnel of the Company and their relatives except
Mr. Girish Agarwal for his appointment is concerned or interested, financially or otherwise in the
resolution.
By order of the Board of Governors
Venkat Idupuganty Chairman
DIN: 00089679
Place: Mumbai,
Date: 21st August 2017
Registered Office: 128, T. V. Industrial Estate S. K. Ahire Marg, Worli Mumbai 400 030
16
The Members are informed that, in response to the Election Notice dated 5th July 2017, the following valid
nominations in various categories have been received:
1) Category A : Advertisers (Six Vacancies)
Two valid nominations have been received as under:
1) Mr. Inderjeet Singh - Procter & Gamble Hygiene and Healthcare Ltd.
2) Mr. Sameer Satpathy - ITC Ltd.
2) Category B : Publishers of Newspapers and Periodicals (Four Vacancies)
Four valid nominations have been received as under:
1) Mr. Raj Kumar Jain - Bennett, Coleman & Co. Ltd.
2) Mr. Rajiv Verma - HT Media Ltd.
3) Mr. Siddharth Kothari - Rajasthan Patrika Ltd,
4) Mr. Ravindra Kumar - The Statesman Ltd.
3) Category C: Advertising Agencies and Allied Communication Concerns (Five Vacancies)
Two valid nominations have been received as under:
1) Mr. Ashish Bhasin - Carat Media Services India Pvt. Ltd.
2) Mr. Kartik Sharma - Group Media India Pvt. Ltd.
4) Category D : Broadcast and Other Media (Four Vacancies)
Three valid nominations have been received as under:
1) Mr. Rohit Gupta - Sony Pictures Network India Pvt. Ltd.
2) Mr. Punit Misra - Zee Entertainment Enterprises Ltd.
3) Mr. Girish Agarwal - DB Corp Ltd. (Radio Division)
In Category A,B, C & D, the number of persons eligible for and contesting the election is equal to or less
than the number of vacancies and hence there will be no election and the persons listed above will be
deemed to have been elected uncontested in terms of Article 37 (a) of the Articles of Association of the
Council.
17
Except the Members of the Board who are to be appointed / re-appointed, no other member of the Board
of Governors is concerned or interested, financially or otherwise in the business referred to above.
By order of the Board of Governors
Venkat Idupuganty Chairman
DIN: 00089679
Place: Mumbai
Date: 21st August 2017
Registered Office: 128, T. V. Industrial Estate S. K. Ahire Marg, Worli Mumbai 400 030
18
media research users council
Registered office: 128, TV Industrial Estate, S.K. Ahire Marg, Worli, Mumbai - 400 030
www.mruc.net CIN: U99999MH1994NPL076530
[email protected]; +91 22 2498 3416 / 2491 3359
REPORT OF THE BOARD OF GOVERNORS
Dear Members,
Your Board of Governors present to you the Twenty Third Annual Report on the working of the Media
Research Users Council for the financial year ended 31st March, 2017 along with the Audited Statement
of Accounts and Auditors’ Report thereon.
HIGHLIGHTS OF THE COMPANY’S AFFAIRS DURING THE YEAR
IRS 2016-17:
As you are aware, Media Research Users Council (MRUC), under the aegis of the RSCI, had announced
the launch of Indian Readership Survey (IRS) for 2016-17 on 23rd
March 2016.
The IRS is the world’s largest continuous study, and one of the most comprehensive surveys for media
consumption, Product categories’ penetration and ownership for a robust consumer & market
understanding. IRS is the only survey that covers the length & breadth of Urban & Rural India.
India is one of those unique markets where the print medium is growing consistently even though we are
on the brink of a digital revolution. Since the last IRS data was published in Q1 2014, there has been a
huge vacuum for around four years in the trading currency space, for Print planning and buying. While
Advertisers and Media Agency planners and buyers have used circulation figures as a surrogate during
this period, the lack of readership data has been a serious handicap to Publishers making a determined
effort to maximize their share of the advertising pie.
19
Our biggest priority with the IRS 2016-17 survey - our flagship offering, is to provide a reliable
measurement standard that is accepted by the industry, not only among publishing houses across the
country, but also with the brands and advertisers who look at various media as a part of their advertising
media mix. In order to ensure a gold standard in syndicated media research, we have made significant
improvements to the process of data collection, enhanced safety measures, data validation as well 3rd
party checks.
Due to the tighter monitoring and prompt corrective actions wherever we have noticed non-compliance on
the set processes, we were forced to take a break in the fieldwork, which has resulted in a delay in
reporting of the findings. This has had a negative impact on the overall finances of the Council in the
current fiscal. However, we are confident that we will be able to deliver a robust and accurate study, by
the end of this year.
We have been communicating with all members / subscribers / key industry stakeholders to keep them
updated on the various developments along the way, and are grateful for the whole-hearted support
extended to us in this endeavor by all concerned. During the course of the year, we have had rounds of
presentations to industry bodies such as the INS and the ISA where we have shared the details of the
efforts put into delivering a robust study, and sought support from their respective members to ensure the
IRS is more widely accepted as the industry currency.
However, there still remain a few areas of concern still, which we would like to place before the members,
as below:
1. The collection of revenues for IRS 2016-17 continues to be a significant area of concern. The
Board is working actively along with the Marketing committee and the Secretariat to overcome
this deficit and to ensure we cover all associated costs on the IRS. However, we need to come up
with a more efficient and effective subscription model which will ensure that the funding for the
study will continue unhindered, and the scope / methodology employed is constantly upgraded in
keeping with the needs of the subscribers. One of the suggestions has been to try and implement
pricing models being employed by other industry councils, which are based upon contributions on
the basis of a fixed percentage of the Advertising Revenues of each subscriber. This, we believe,
may be the best way forward for the IRS study too.
2. The other key area of concern has been that of addressing the issue of interested parties exerting
influences during ongoing fieldwork, to try and skew the measurement positively towards
themselves. While the Technical Committee, in conjunction with the Boards of MRUC as well as
RSCI, has been actively monitoring and taking relevant action on any such matter that is brought
to its notice, the seriousness of the matter needs a bit of introspection by the players involved.
The purpose of the IRS study is to provide an unbiased industry trading currency, which is
accepted and used by the planners and buyers, as well as owners of media. The sanctity of the
same should be upheld by each and every entity to whom this study is relevant and useful. We
can only request for this to be adhered to by the entities involved, and avoid the need for the level
of policing that is involved at the moment.
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Other Research Initiatives
As we had briefed the members previously, two fresh Research projects have been initiated by the Board
– the Media Personality Fit Study(MPF), and a new Radio Audience measurement study in
association with the AROI (Association of Radio Operators for India). Following are the status updates on
both of these studies as on date.
Media Personality Fit (MPF)
Hansa Research has been appointed to handle this project, with technical consultation being provided by
Magic9 Media. The rollout of fieldwork will be initiated shortly, with a round of group discussions planned
with key members of the Advertiser / Agency / Media constituencies. On the basis of these group
discussions, the basic framework of the study will be finalised and pilot tested in two select markets.
Results of these pilot tests will be studied and the subsequent rollout of the study into the balance
markets will be planned.
Radio Audience Measurement Media Research Users Council (MRUC) and Association of Radio Operators for India (AROI) have jointly
invited proposals from Research Agencies, to conduct Audience Measurement research for Radio. The
study is expected to be used as the industry currency for buying and selling time on Radio. The corollary
to which is that it will enable all relevant constituencies to evaluate the medium offerings, devise content
strategies, and plan campaigns based on the data provided.
The first round of submissions were held in Mumbai on the 10th of August, wherein seven Agencies
presented their proposals to a Technical Committee comprising of Radio Owner representatives as well
as MRUC representatives. On the basis of the evaluation of these presentations by the TechComm
members, a shortlist of preferred Agency partners will be drawn up, and a second more detailed round of
presentations will be called for. Subsequently, the selected Agency will be appointed to conduct the
study.
Ongoing discussions with BARC
Given the fact that the IRS provides detailed media consumption habits for all media, it has been the
standard industry currency for baseline estimates over the years. However, over the past few years, due
to the non-availability of IRS data, and the emergence of BARC as the default provider of TV audience
measurement, there is a new Baseline study – Broadcast India, which is also available at the moment.
The first round of BI was conducted in 2015-16, and the second round is scheduled for fieldwork in Q4
2017. Considering that the IRS data will be available at the same time, there were concerns raised by the
industry on the need for two such Baseline studies and the potential conflict in information provided by
each.
21
After various rounds of discussions between the BARC and MRUC / RSCI teams authorized by the
respective Boards, there has been a consensus among the Boards to work together on a common study
which will serve as a common Baseline across all media. This will ensure no wastage of precious
resources on duplication of work, while at the same time, provide a single industry currency for media
consumption which will be acceptable to all.
To this end, it is proposed that a new Joint Venture entity be formed with equity participation by BARC as
well as MRUC, and that this JV conduct the common Baseline study. The details of the JV will be
discussed, deliberated, and approved by the respective Boards taking into account safeguarding of the
interests of all key stakeholders as well as compliance to all legal requirements.
Subsequently, the current format of the IRS study could be tweaked such that the Baseline components
will be separated, and the IRS will focus predominantly on Print Readership / FMCG consumption related
information.
FINANCIAL RESULTS The financial highlights of the Company for the year ended March 31, 2017 are as follows:
(In lakhs)
Particulars Year ended
31st
March 2017
Year ended
31st
March 2016
Gross Income 165.15 389.39
Total Expenditure 215.28 378.22
Surplus / (Deficit) for the year before tax (50.13) 11.17
Less : Current and Deferred tax -1.59 5.72
Surplus / (Deficit) for the year (48.54) 5.45
22
BOARD OF DIRECTORS AND ITS MEETINGS The composition of the Board as on March 31, 2017 was as follows:
Sr. No. Name of the Director Designation/ Status DIN No.
1. Ms. Anita Nayyar Director 03317861
2. Ms. Anupriya Acharya Director 00355782
3. Mr. Avinash Kaul Director 01852966
4. Mr. Benoy Roychowdhury Director 00816822
5. Mr. Deepak Krishan Dev Morada Director 00070844
6. Ms. Divya Rupchand Karani Director 01829747
7. Mr. Hormusji Nusserwanji Cama Director 00109337
8. Mr. Inderjeet Singh Additional Director 07616848
9. Mr. Kartik Natraj Sharma Director 01315227
10. Mr. Ravindra Kumar Director 00149093
11. Mr. Rohit Mastram Gupta Director 06955667
12. Mr. Sanjay Kumar Tripathy Director 06819614
13. Mr. Sathyamurthy Parthasaradhy Namakkal Director 03488306
14. Mr. Satvir Singh Kataria Director 07261904
15. Mr. Shailesh Gupta Director 00192466
16. Mr. Shashidhar Narain Sinha Director 00953796
17. Mr. Siddharth Kothari Director 00101528
18. Mr. Venkat Idupuganti Director 00089679
19. Mr. Pratap Pawar Director 00018985
The following appointments and resignations have taken place during the year 2016-17:
1. Appointment
Mr. Inderjeet Singh (DIN: 07616848) was appointed on 03.02.17 as an additional director on the Board of
the Company.
2. Resignation
The following directors expressed their inability to continue as Director and resigned from the Board:
Mr. Jawhar Sircar (DIN: 00558593) resigned on 04.11.2016
Mr. Mallikarjunadas Radhakrishnan Coimbatore (DIN: 06597115) resigned on 03.05.2016
Mr. Punit Goenka (DIN: 00031263) resigned on 27.07.2016
Mr. V.L. Rajesh (DIN: 07225237) resigned on 10.11.2016
23
The Board expresses its sincere appreciation for the valuable services provided by them during their
tenure as Directors of the Company.
3. Re-appointment
In accordance with the provisions of Clause 36(c) of the Articles of Association of the Company, the
following Director will retire by rotation at the AGM and being eligible offers himself for re-election:
1) Mr. Ravindra Kumar (DIN: 00149093)
2) Mr. Siddharth Kothari (DIN: 00101528)
3) Mr. Kartik Natraj Sharma (DIN: 01315227)
4) Mr. Rohit Mastram Gupta (DIN: 06955667)
Further, in accordance with the provision(s) of Clause 36(e) of the Articles the following Directors, will
retire by rotation at the AGM and having completed two consecutive terms are ineligible for re-election:
1) Mr. Hormusji Nusserwanji Cama (DIN: 00109337)
2) Mr. Benoy Roy Chowdhury (DIN: 00816822)
3) Mr. Sathyamurthy Parthasaradhy Namakkal (DIN: 03488306)
4) Mr. Shashidhar Narain Sinha (DIN: 00953796)
5) Ms. Divya Rupchand Karani (DIN: 01829747)
6) Mr. Avinash Kaul (DIN: 01852966)
4. Change in Designation
Following Directors were co-opted as Additional Directors on Board and their term expires at the ensuing
Annual General Meeting and being eligible, offer themselves for re-appointment. The Board recommends
their appointment as Directors of the Company –
1) Mr. Inderjeet Singh (DIN: 07616848)
2) Mr. Punit Misra (DIN: 07152322) (appointed on 05.07.2017)
Directors:
The vacancies on the Board of Governors are to be filled at the Annual General Meeting to be held on
13th September 2017 in accordance with full particulars as provided in the Notice of the Meeting and the
Explanatory Statement annexed thereto.
24
Meetings of the Board of Directors:
During the year, 8 (Eight) Board meetings were convened and held on the following days:
Sr.
No.
Date of the Board
Meeting Attendance of the Board of Directors
1. 20th April 2016 Mr. Venkat Idupuganti, Mr. Benoy Roychowdhury, Mr. Hormusji
Nusserwanji Cama, Mr. Kartik Natraj Sharma, Mr. Sathyamurthy
Parthasaradhy Namakkal, Mr. Sanjay Kumar Tripathy, Mr. Sandip Girish
Tarkas, Mr. Satvir Singh Kataria
2. 17th June 2016 Mr. Venkat Idupuganti, Mr. Benoy Roychowdhury, Mr. Hormusji
Nusserwanji Cama, Mr. Jawhar Sircar, Mr. Kartik Natraj Sharma,
Mr. Sathyamurthy Parthasaradhy Namakkal, Mr. Satvir Singh Kataria,
Mr. Sanjay Kumar Tripathy
3. 11th July 2016 Mr. Venkat Idupuganti, Ms. Anupriya Acharya, Mr. Benoy
Roychowdhury, Ms. Divya Rupchand Karani, Mr. Hormusji Nusserwanji
Cama, Mr. Kartik Natraj Sharma, Mr. Sathyamurthy Parthasaradhy
Namakkal, Mr. Ravindra Kumar, Mr. Satvir Singh Kataria, Mr. Sandip
Girish Tarkas, Mr. Sanjay Kumar Tripathy, Mr. Shailesh Gupta,
Mr. Shashidhar Narain Sinha, Mr. VL Rajesh
4. 5th August 2016 Mr. Venkat Idupuganti, Ms. Anupriya Acharya, Mr. Benoy
Roychowdhury, Ms. Divya Rupchand Karani, Mr. Hormusji Nusserwanji
Cama, Mr. Satvir Singh Kataria, Mr. Ravindra Kumar, Mr. Sandip Girish
Tarkas, Mr. Sanjay Kumar Tripathy, Mr. Shailesh Gupta,
Mr. Shashidhar Narain Sinha
5. 8th September 2016 Mr. Venkat Idupuganti, Mr. Benoy Roychowdhury, Mr. Kartik Natraj
Sharma, Mr. Sathyamurthy Parthasaradhy Namakkal, Mr. Sanjay Kumar
Tripathy, Mr. Sandip Girish Tarkas, Mr. Satvir Singh Kataria,
Mr. Shashidhar Narain Sinha, Mr. Shailesh Gupta, Mr. Siddharth
Kothari
6. 29th September 2016 Mr. Venkat Idupuganti, Mr. Avinash Kaul, Mr. Benoy Roychowdhury,
Ms. Divya Rupchand Karani, Mr. Hormusji Nusserwanji Cama,
Mr. Jawhar Sircar, Mr. Kartik Natraj Sharma, Mr. Sathyamurthy
Parthasaradhy Namakkal, Mr. Sanjay Kumar Tripathy, Mr. Shashidhar
Narain Sinha,
7. 24th November 2016 Mr. Venkat Idupuganti, Mr. Benoy Roychowdhury, Mr. Pratap Pawar,
Mr. Sanjay Kumar Tripathy, Mr. Satvir Singh Kataria
8. 3rd
February 2017 Mr. Venkat Idupuganti, Ms. Anupriya Acharya, Mr. Benoy
Roychowdhury, Mr. Hormusji Nusserwanji Cama, Mr. Pratap Pawar,
Mr. Shailesh Gupta, Mr. Kartik Natraj Sharma, Mr. Sathyamurthy
Parthasaradhy Namakkal, Mr. Rohit Mastram Gupta, Mr. Shashidhar
Narain Sinha, Mr. Satvir Singh Kataria,
The intervening gap between the meetings was within the period prescribed under the Companies Act.
The Company was not required to appoint Independent Directors under Section 149(4) and Rule4 of the
Companies (Appointment and Qualification of Directors) Rules, 2014.
25
MEMBERSHIP
The Council has, from the beginning, been a not-for-profit organisation representing the four different
stakeholders in Media Research covering media sellers and buyers.
On 31st March 2017, MRUC had members as follows:
Category No.
Advertisers 20
Publishers 88
Advertising Agencies 38
Broadcast and Other media 13
Associate Members 4
TOTAL 163
POLICIES AND PROCEDURES
Apart from the pre-auditing of all financial transactions that have been mandatorily practiced over the past
few years, from this year onwards, the Board has also initiated some additional ongoing checks to ensure
total compliance with all statutory requirements.
a) Internal Audit report every quarter – ensures a stricter control on the financials and no lapses
in any mandatory compliance. Course corrections, if any, are also addressed in a timely manner.
b) Statement of Cash flows versus budget – a detailed statement is shared with the Board at
every Board meeting, which helps track income and expenses versus the Annual budgets.
c) Active involvement by the Company Secretary team – physical presence of Mehta & Mehta,
Company Secretaries at every Board Meeting, as well as a detailed scrutiny of the Minutes of all
Board meetings ensures that all key points are noted and covered in accordance with relevant
Company laws.
DETAILS OF POLICY DEVELOPED AND IMPLEMETED BY THE COMPANY ON ITS CORPORATE
SOCIAL RESPONSIBILITY INITIATIVES:
The Corporate Social Responsibility Committee of the Council has been entrusted with the responsibility
of formulating and recommending to the Board of Governors, a Corporate Social Responsibility Policy
(the “CSR Policy”) indicating the activities to be undertaken by the Company, monitoring the
implementation of the framework of the CSR Policy and recommending the amount to be spent on CSR
activities.
26
The Composition of Corporate Social Responsibility Committee is as follows:
1. Mr. Hormusji Nusserwanji Cama (DIN: 00109337)
2. Mr. Sathyamurthy Parthasaradhy Namakkal (DIN: 03488306)
3. Mr. Inderjeet Singh (DIN: 07616848)
The Company’s understanding and interpretation of the provisions of Section 135 of the Companies Act,
2013 (the “Act”) and the Companies (Corporate Social Responsibility) Rules, 2014 (the “Rules”) was that
the same was not applicable to a Company registered under provisions of Section 25 of the erstwhile
Companies Act, 1956 (corresponding to Section 8 of the Companies Act, 2013). Arising therefrom, the
Company had not undertaken any Corporate Social Responsibility initiative(s) and necessary
compliance(s) thereto, for the financial year 2015-16. Further, the Company has made an application to
the Registrar of Companies, Mumbai and the National Company Law Tribunal, Mumbai bench to
compound the aforementioned offence(s) relating to Corporate Social Responsibility as prescribed under
Section 135 of the Act and Rules prescribed thereunder.
For the financial year 2016-17, the Company is in the process of exploring and finalizing the key area(s)
where it can undertake expenditure/contribution towards Corporate Social Responsibility and hence the
Company was unable to spend the requisite amount towards the Corporate Social Responsibility
activities during the financial year 2016-17. The Company is however committed to the objectives as laid
down in the CSR Policy.
The Annual Report on CSR activities, in accordance with section 135 of the Act and the Rules prescribed
thereunder is annexed herewith as Annexure I.
Risk Management Policy
The Board is of the opinion that, there are no elements of risk which may threaten the existence of the
Company hence it was not required to implement a risk management policy.
Adequacy of internal financial controls with reference to the Financial Statements
Based on the framework of internal financial controls and compliance systems established and
maintained by the Company, work performed by the internal and statutory auditors including audit of
internal financial controls over financial reporting by the statutory auditors, and the reviews performed by
management, the board is of the opinion that the Company’s internal financial controls were adequate
and effective during FY 2016-17.
27
OTHER STATUTORY DISCLOSURES
Particulars of contracts or arrangements with related parties
The Company, during the year under review has not entered into transactions with related parties
pursuant to section 188(1) of the Companies Act, 2013 and rules prescribed thereunder. Accordingly, the
disclosure of Related Party Transactions as required under Section 134(3) (h) of the Companies Act,
2013 in Form AOC 2 is not applicable.
Particulars of Loan, Guarantee and Investments under Section 186 of the Act
During the Financial Year 2016-17, the Company has not made any loans or given Guarantee/Security or
made any investments under the provisions of Section 186 of the Act.
Conservation of Energy, Technology Absorption and Foreign Exchange Transactions
a) Energy Conservation and Technology Absorption:
Even though operations of the Company are not energy intensive, the management has been highly
conscious of the importance of conservation of energy and technology absorption at all operational
levels and efforts are made in this direction on a continuous basis. The requirements of disclosure of
particulars with respect to conservation of energy and technology absorption are not applicable to the
Company and hence not been provided.
b) Foreign exchange transactions:
The Council earned fees from subscribers in Foreign exchange totaling 77,500/- (Previous Year
NIL)
There is an outflow of Foreign Exchange in respect of membership fees totaling NIL (Previous
Year 27,382/-)
Extract of Annual Return
Pursuant to the provisions of Section 92(3) of the Act and Rule 12 (1) of the Companies (Management
and Administration) Rules, 2014, the extract of Annual Return in form MGT 9 is annexed as Annexure -
II.
28
AUDITORS
Statutory Auditors
Pursuant to the provisions of Section 139 of the Act and the Rules framed thereunder, M/s. Lalit Khanna
& Co, Chartered Accountants (Firm Registration No: 105564W) were appointed as the Statutory Auditors
of the Company from the conclusion of the 20th Annual General Meeting held on September 18, 2014 till
the conclusion of the 25th Annual General Meeting of the Company to be held in the year 2019, subject to
ratification of their appointment at every Annual General Meeting. At the ensuing Annual General
Meeting, their appointment is proposed to be ratified by the shareholders.
Internal Auditors
As per Companies Act, 2013 and Rules prescribed thereunder, the provisions relating to the appointment
of Internal Auditor is not applicable to your Company, however for the purpose of internal requirement,
the Board has appointed M/s. Lathi & Co., Chartered Accountants as the Internal Auditors of the
Company for the financial year 2016-17.
AUDITORS’ OBSERVATIONS AND DIRECTORS’ COMMENTS
The notes to the financial statement referred to in the Auditors report are self explanatory and do not call
for any further comments. Further, the Auditors report does not contain any qualification, reservation or
adverse remark or disclaimer.
Directors’ Responsibility Statement
Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, your Directors, to the best of
their knowledge and belief and according to information and explanation obtained by them, confirm that:
1. In the preparation of the annual accounts, the applicable accounting standards have been followed
and there are no material departures;
2. They have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March 2017 and of the deficit of the Company for the year ended on that
date;
3. They have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
29
4. They have prepared the annual accounts on a going concern basis;
5. They have laid down internal financial controls to be followed by the Company and such internal
financial controls are adequate and operating effectively;
6. They have devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENTS
Key decisions with respect to the Council’s offerings are taken keeping in mind the recommendations
made by senior professionals of the industry. These senior professionals contribute their valuable time
and effort on pro bono on the basis of, purely in the interest of the industry. The Board wishes to record
its appreciation and sincere gratitude to each one of them.
Given the unforeseen delay in release of the IRS 2016-17 data, significant efforts were required to get the
industry’s support for the actions taken by the TechComm and the Board to ensure the sanctity of the IRS
is protected.
The Board would like to make special mention of the following individuals who have been invaluable to
this entire process. Mr. CVL Srinivas - Chairman RSCI, Mr. Shashi Sinha, and Mr. Sathyamurthy NP -
Chairman RSCI TechComm have extended unstinted support to the cause of the IRS and have worked
tirelessly to brief the various stakeholders to give the IRS, the industry support it deserves. We thank
them sincerely for their efforts.
The Board also takes this opportunity to sincerely thank the Chairpersons and Members of all the
Committees such as the Technical Committee, Marketing Committee, Legal Committee, Memberships
Committee and Finance Committee, without whose efforts we would not be able to deliver on our
promised levels of service to the industry. Mr. Kartik Sharma (Media Personality Fit) and Ms. Divya
Karani (Radio Research) have been invaluable as heads of the TechComm for the respective new
research initiatives and we applaud their efforts into pushing MRUC into newer research areas.
The Board would like to express its gratitude for the support extended by other Industry bodies such as
the ABC, AAAI, INS, ISA, and BARC by sharing newsletters from MRUC with their respected members,
as well as providing opportunities to interact with their respective Board members. We also appreciate the
support of the AROI team while discussing the Radio Research initiatives. Special thanks to the DDB
Mudra Group, who continue to host many of our meetings during the year.
30
The Council Secretariat team has had a challenging year managing the on-going fieldwork of the IRS, as
well as preparing for the new research projects. In the midst of all this, they also braved the rigours of
repair work, which was undertaken at the Secretariat office, all the while ensuring no single man-day was
lost. Every effort has been made by the team to ensure timely compliance to all mandatory reporting /
filing requirements.
Your Directors would also like to express their sincere gratitude to all the members of the Council for their
active interactions and continuous inputs that help the Council strive for greater heights, and for reposing
their confidence and faith in the Council.
Last, but by no means least – the Board thanks all the IRS users for their patience. It is with their
continued support and enduring commitment to the cause of quality research that the Council is able to
focus on constant improvements and adaptations in a complex and ever changing marketing landscape.
For and on behalf of the Board of Directors
Venkat Idupuganty Place: Mumbai Date: 21
st August 2017
Registered Office: 128, T. V. Industrial Estate, S. K. Ahire Marg, Mumbai - 400030.
Chairman DIN: 00089679
31
ANNEXURE(S) TO THE BOARD’S REPORT
ANNEXURE - I
ANNUAL REPORT ON THE CSR ACTIVITIES OF MEDIA RESEARCH USERS COUNCIL FOR THE
FINANCIAL YEAR 2016-17
1. A brief outline of the
Company’s CSR
Policy, including
overview of projects
/ programmes
proposed to be
undertaken and a
reference to the web-
link to the CSR
Policy and projects /
programmes :-
The Corporate Social Responsibility Policy (the “CSR Policy”) of Media
Research Users Council (the “Council”) is in conformity with the provisions
of Section 135 of the Companies, Act 2013 (the “Act”) read with Schedule
VII to the Act and the Companies (Corporate Social Responsibility Policy)
Rules, 2014.
The CSR Policy lays down the guiding principles that shall be applicable to
the CSR projects / programme / activities of the Council.
The Board of Governors of the Company approved the CSR Policy, on the
basis of the recommendations of the Corporate Social Responsibility
Committee (the “Committee”).
The CSR Policy is available on the website of the Company at:
http://www.mruc.net/sites/default/files/MRUC%20CSR%20POLICY.pdf
2. The composition of
the CSR Committee:-
1. Mr. Hormusji Nusserwanji Cama (DIN: 00109337)
2. Mr. Sathyamurthy Parthasaradhy Namakkal (DIN: 03488306)
3. Mr. Inderjeet Singh (DIN: 07616848)
3. Average net profit of
the Company for last
three financial
years1:-
Rs. 66,44,753/-
1 Financial Year(s): 2013-14, 2014-15 and 2015-16
4. Prescribed CSR
Expenditure (two
percent of the
amount as in item
no. 3 above):-
Rs. 1,32,895/-
32
5. In case the Company
has failed to spend
the two per cent of
the average net profit
of the last three
financial years or
any part thereof, the
Company shall
provide the reasons
for not spending the
amount in its
Director’s Report :-
As the Company is in the process of exploring and finalizing the key
area(s) where it can undertake expenditure/contribution towards Corporate
Social Responsibility the Company was unable to spend the requisite
amount towards Corporate Social Responsibility activities during the
financial year 2016-17. The Council is however committed to the
objectives as laid down in the CSR Policy.
The CSR Committee hereby confirms that implementation and monitoring of the CSR Policy are in
compliance with CSR objectives and policy of the Company.
Venkat Idupuganty Chairman
DIN:00089679
Hormusji N. Cama Member
CSR Committee DIN: 00109337
NP Sathyamurthy Member
CSR Committee DIN: 03488306
Inderjeet Singh Member
CSR Committee DIN: 07616848
33
ANNEXURE - II
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended on March 31, 2016
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management
and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
(i) CIN :- U99999MH1994NPL076530
(ii) Registration Date : - 10/02/1994
(iii) Name of the Company : - MEDIA RESEARCH USERS COUNCIL
(iv) Category/Sub-Category of the Company
: - COMPANY LIMITED BY GUARANTEE/ COMPANY LICENSED UNDER SECTION 25 OF THE COMPANIES ACT, 1956.
(v) Address of the Registered office and contact details
: - 128, TV INDUSTRIAL ESTATE, S.K. AHIRE MARG MUMBAI 400025
(vi) Whether listed company : - N.A.
(vii) Name, Address and Contact details of Registrar and Transfer Agent, if any
:- N.A.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sr. No.
Name and Description of main products / services
NIC Code of the Product/ service
% to total turnover of the company
1. Market Research and Public Opinion Polling Indian Readership Survey
7320
32.50%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. No.
Name and address of the Company
CIN/ GLN
Holding/ Subsidiary/ Associate
% of shares
held
Applicable Section
NIL
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
As the Company is formed without share capital under Section 25 of the Companies Act, 1956, the above mentioned provisions are not applicable to the Company.
34
V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans excluding deposits
Unsecured Loans
Deposits
Total Indebtedness
Indebtedness at the beginning of the financial year (i) Principal Amount (ii) Interest due but not paid (iii) Interest accrued but not due
NIL
Total (i+ii+iii)
Change in Indebtedness during the financial year
Addition
Reduction
Net Change
Indebtedness at the end of the financial year
(i) Principal Amount
(ii) Interest due but not paid
(iii) Interest accrued but not due
Total (i+ii+iii)
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr. No. Particulars of Remuneration Name of MD/WTD/ Manager
Total Amount
1. Gross salary a. Salary as per provisions contained in section
17(1) of the Income-tax Act, 1961 b. Value of perquisites u/s 17(2) Income-tax
Act, 1961 c. Profits in lieu of salary under section 17(3)
Income-tax Act, 1961
N.A. 2. Stock Option
3. Sweat Equity
4.
Commission a. As % of profit b. Others, specify…
5. Others, please specify
Total (A)
Ceiling as per the Act
35
B. Remuneration to other directors:
Sr. No. Particulars of Remuneration Name of Directors Total Amount
1.
Independent Directors a. Fee for attending board / committee meetings
The Company was not required to appoint Independent Directors under Section 149(4) and Rule4 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
b. Commission
c. Others, please specify
Total (1)
2. Other Non-Executive Directors a. Fee for attending board / committee meetings
N.A.
a. Commission
b. Others, please specify
Total (2)
Total (B)=(1+2)
Total Managerial Remuneration
Overall Ceiling as per the Act
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
The Company was not required to appoint Key Managerial Personnel in pursuant to section 203 of the
Companies Act, 2013 and Rule 8 of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014.
Sr. No. Particulars of Remuneration Key Managerial Personnel
(Radhesh Uchil – CEO)
Total Amount
1.
Gross salary a. Salary as per provisions contained in section 17(1) of the Income-
tax Act, 1961 39,78,767
b. Value of perquisites u/s 17(2) Income-tax Act, 1961 NIL
c. Profits in lieu of salary under section 17(3) Income-tax Act, 1961 NIL
2. Stock Option NIL
3. Sweat Equity NIL
4. Commission a. As % of profit b. Others, specify
NIL
5. Others, please specify NIL
Total (C) 39,78,767
36
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the
Companies Act
Brief Description
Details of Penalty /
Punishment/ Compounding fees imposed
Authority [RD / NCLT / COURT]
Appeal made, if any (give
Details)
A. COMPANY
Penalty
NIL Punishment
Compounding
B. DIRECTORS
Penalty
NIL Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
NIL Punishment
Compounding
37
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF MEDIA RESEARCH USERS COUNCIL
Report on the Financial Statements
We have audited the accompanying financial statements of Media Research Users Council (‘the
Company’), which comprise the Balance Sheet as at March 31, 2017, the Statement of Income and
Expenditure for the year then ended, and a summary of the significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Governors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (‘the Act’) with respect to the preparation of these financial statements that give a
true and fair view of the financial position and financial performance of the Company in accordance with
the accounting principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, as applicable. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of these financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of
the Act. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
38
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures
in the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal financial control relevant to the
Company’s preparation of the financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting estimates
made by the Company’s Board of Governors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2017, and its deficit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. The Company is licensed to operate under Section 25 of the Companies Act, 1956
(corresponding to Section 8 of the Companies Act 2013), and accordingly the requirements of the
Companies (Auditor’s Report) Order, 2016 are not applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law relating to preparation of the
financial statements have been kept by the Company so far as it appears from our
examination of those books.
(c) The Balance Sheet and the Statement of Income and Expenditure dealt with by this
Report are in agreement with the books of account maintained for the purpose of
preparation of these financial statements.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, as applicable.
(e) On the basis of the written representations received from the directors as on March 31,
2017, taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2017 from being appointed as a Director in terms of Section 164 (2) of the
Act.
39
(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate
Report in ‘Annexure A’. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal financial controls over financial
reporting.
(g) With respect to the other matters to be included in the Independent Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according to the explanations given to us:
i) The Company does not have any pending litigations which would impact its
financial position.
ii) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv) The Company has provided requisite disclosures in the financial statements as
regards its holding and dealings in Specified Bank Notes as defined in the
Notification S.O. 3407(E) dated the 8thNovember, 2016 of the Ministry of
Finance, during the period from 8thNovember 2016 to 30
thDecember 2016. Based
on audit procedures performed and the representations provided to us by the
management, we report that the disclosures are in accordance with the books of
account maintained by the Company and as produced to us by the Management.
For Lalit Khanna & Co.
Chartered Accountants
(Registration No. 105564W)
(Lalit Khanna)
Partner
Membership No. 5185
Mumbai, 21st August 2017
40
ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our
report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section
3 of Section 143 of the Companies Act, 2013 (‘the Act’)
We have audited the internal financial controls over financial reporting of Media Research Users Council
(‘the Company’) as of March 31, 2017 in conjunction with our audit of the financial statements of the
Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the
‘Guidance Note’). These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its activities, including adherence to Company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial
reporting based on our audit. We conducted our audit in accordance with the Standards on Auditing
prescribed under Section 143(10) of the Act and the Guidance Note, to the extent applicable to an audit
of internal financial controls. Those Standards and the Guidance Note require that we comply with the
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting were established and maintained and if such
controls operated effectively in all material respects.
41
1
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of internal financial controls
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal
financial control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to error
or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial
controls over financial reporting to future periods are subject to the risk that the internal financial controls
over financial reporting may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
42
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company
has, in all material respects, an adequate internal financial controls system over financial reporting and
such internal financial controls over financial reporting were operating effectively as at March 31, 2017,
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note.
For Lalit Khanna & Co.
Chartered Accountants
(Registration No. 105564W)
(Lalit Khanna)
Partner
Membership No. 5185
Mumbai, 21st August 2017
43
MEDIA RESEARCH USERS COUNCIL
Balance Sheet as at 31st March 2017
Note
As at 31st March 2017
As at 31
st March 2016
`
`
A EQUITY AND LIABILITIES i Corpus and Reserves
(a) Council's Corpus 2
18,99,186
18,84,186
(b) Reserves and Surplus 3
7,05,11,772
7,53,65,809
7,24,10,958
7,72,49,995
ii Non-Current Liabilities
(a) Deferred tax liabilities (Net) 4
3,10,912
4,69,965
(b) Long term Provisions 5
14,83,509
8,91,394
17,94,421
13,61,359
iii Current Liabilities
(a) Trade Payables 6
37,23,762
10,51,288
(b) Other Current Liabilities 7
13,03,66,390
7,80,96,254
13,40,90,152
7,91,47,542
Total
20,82,95,531
15,77,58,897
B ASSETS i Non-Current Assets
(a) Fixed Assets
Tangible Assets 8
54,14,674
38,10,001
(b) Long term Loans and Advances 9
1,29,66,369
72,88,396
ii Current Assets
(a) Trade Receivables 10
72,841
2,60,762
(b) Cash and Bank Balances 11
7,70,53,490
7,61,14,243
(c) Short term Loans and Advances 12
11,20,04,392
6,99,74,625
(d) Other Current Assets 13
7,83,765
3,10,872
Total
20,82,95,531
15,77,58,897
Notes forming part of the Financial Statements 1 to 21
As per our report of even date attached For and on behalf of the Board of Governors For Lalit Khanna & Co. Chartered Accountants (Registration No. 105564W) Venkat Idupuganty Chairman (Lalit Khanna) Members of the Board of Governors Partner Benoy Roychowdhury Ravindra Kumar (Membership No. 5185) Hormusji N. Cama Shashidhar Sinha N.P. Sathyamurthy Satvir S. Kataria Mumbai, 21
st August 2017
44
MEDIA RESEARCH USERS COUNCIL
Statement of Income and Expenditure for the year ended 31st March 2017
Note
Year ended 31st March 2017
Year ended 31st March 2016
`
`
I INCOME a Revenue from operations 14
53,68,750
2,95,67,438
b Other Income 15
1,11,46,569
93,71,911
Total Revenue
1,65,15,319
3,89,39,349
II EXPENDITURE
a Employee benefit expenses 16
1,19,04,551
1,15,23,023
b Operation and other expenses 17
93,69,285
2,61,12,259
c Depreciation and amortization expenses 8
2,54,575
1,86,647
Total Expenses
2,15,28,411
3,78,21,929
III Surplus / (Deficit) before Tax
(50,13,092)
11,17,420
IV TAX EXPENSES
a Current Tax 18
-
4,71,463
b Deferred tax
-1,59,054
1,00,893
-1,59,054
5,72,356
V Surplus / (Deficit) for the year
(48,54,038)
5,45,064
Notes forming part of the Financial Statements 1 to 21
As per our report of even date attached to the Balance Sheet For and on behalf of the Board of Governors For Lalit Khanna & Co. Chartered Accountants (Registration No. 105564W) Venkat Idupuganty Chairman (Lalit Khanna) Members of the Board of Governors Partner Benoy Roychowdhury Ravindra Kumar (Membership No. 5185) Hormusji N. Cama Shashidhar Sinha N.P. Sathyamurthy Satvir S. Kataria Mumbai, 21
st August 2017
45
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017
1 Significant Accounting Policies
(a) Basis of preparation:
These financial statements have been prepared in accordance with the Generally Accepted Accounting
Principles in India (‘Indian GAAP’) to comply with the Accounting Standards specified under Section 133 of
the Companies Act, 2013, as applicable. The financial statements have been prepared under the historical
cost convention on accrual basis.
(b) Use of estimates:
The preparation of financial statements requires the management of the Company to make estimates and
assumptions that affect the reported balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and reported amounts of income and expense
during the year. Future results could differ due to changes in these estimates and the difference between the
actual result and the estimates are recognised in the period in which the results are known / materialised.
(c) Fixed Assets:
Fixed assets are stated at cost, less accumulated depreciation / amortisation cost include all expenses
incurred to bring the asset to its present location and condition.
(d) Depreciation / Amortisation:
Depreciation is calculated on a straight line basis so as to write off the cost of the assets over the useful lives
of the assets prescribed under Schedule II of the Companies Act 2013.
(e) Employees' Retirement benefits:
The Council does not have any Provident Fund Scheme. Provision for Gratuity and Leave Encashment is
made on the assumption that the eligible employees would resign on the last day of the accounting year. The
Council has this year introduced a Group Annuity Scheme through the Life Insurance Corporation of India.
(f) Foreign Exchange transactions:
Income and Expenses in foreign currencies are converted at exchange rates prevailing on the date of the
transaction. The Council does not have any foreign currency monetary assets and liabilities.
(g) Provisions:
Provision is recognised in the accounts when there is 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 a reliable estimate can be
made. Provisions are not discounted to their present value and are determined based on the best estimate
required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date
and adjusted to reflect the current best estimates. Contingent liabilities (other than for income tax) are not
recognised in the financial statement. A contingent asset is neither recognised nor disclosed in the financial
statements.
46
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
As at 31st March 2017
As at 31st March 2016
`
`
2 COUNCIL'S CORPUS
Balance as at the beginning of the year
18,84,186
18,51,686
Add :
Entrance Fees received during the year
15,000
32,500
18,99,186
18,84,186
3 RESERVES & SURPLUS
a) Accumulation under Section 11(1)(a) of the
Income Tax Act.1961
As at the beginning of the year
1,30,92,289
1,25,47,224
Accumulated during the year
-
5,45,065
1,30,92,289
1,30,92,289
b) Surplus / Deficit in the statement of Income and Expenditure
i Opening Balance
6,22,73,520
6,22,73,521
ii Surplus / (Deficit) for the year
(48,54,038)
5,45,065
5,74,19,483
6,28,18,586
Less :
Amount transferred to Accumulation under section
11(1) (a) of the Income tax Act, 1961
-
5,45,065
5,74,19,483
6,22,73,520
7,05,11,772
7,53,65,810
4 DEFERRED TAX LIABILITIES (NET)
Deferred tax liabilities -
Depreciation and amortisation
7,69,315
7,45,406
Less : Deferred tax Assets
Employee benefits
4,58,403
2,75,441
3,10,912
4,69,965
47
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
As at 31st March 2017
As at 31st March 2016
`
`
5 LONG-TERM PROVISIONS
Long term provisions consist of the following:
Provision for employee benefits
i Provision for Gratuity
10,04,480
4,99,491
ii Provision for Leave Encashment
4,79,029
3,91,903
14,83,509
8,91,394
6 TRADE PAYABLES
37,23,762
10,51,288
6.1 The Company has not received information from suppliers of goods and services regarding their status under
the Micro, Small, and Medium Enterprises Development Act, 2006 and hence the disclosures relating to
amounts unpaid as at the year end under the said Act, have not been given.
7 OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
(a) Advance Received for IRS and other Reports
and for Membership Subscription
12,91,59,269
7,65,11,439
(b) Other Payables
12,07,121
15,84,815
13,03,66,390
7,80,96,254
Other payables comprise :
i Statutory Liabilities
6,35,441
13,97,677
ii Others
5,71,680
1,87,138
12,07,121
15,84,815
48
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
8 FIXED ASSETS
Tangible Assets
Description of Assets
COST DEPRECIATION NET BOOK VALUE
As at the Beginning of the year
Additions during the
year
Deductions / Adjustments
As at the end of the
year
Upto the beginning of
the year
Deductions / Adjustments
For the year Upto the end of the year
As at 31st March
2017
As at 31st March
2016
` ` ` ` ` ` ` ` ` `
1. Office Premises 47,81,100 - - 47,81,100 13,44,168 - 79,685 14,23,853 33,57,247 34,36,931
2. Office Equipments 1,23,778 1,18,385
2,42,163 66,754 - 16,578 83,332 1,58,831 57,024
3. Computers 5,28,877 1,42,714 - 6,71,591 2,50,817 - 1,44,325 3,95,142 2,76,449 2,78,061
4. Furniture & Fixtures 1,65,126 15,98,149 - 17,63,275 1,27,141 - 13,987 1,41,128 16,22,147 37,985
Total Rupees 55,98,881 18,59,248 - 74,58,129 17,88,880 - 2,54,575 20,43,455 54,14,674 38,10,001
Previous year Total Rupees 54,66,406 1,32,475 - 55,98,881 16,02,233 - 1,86,647 17,88,880 38,10,001 38,64,175
49
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
As at 31st March 2017
As at 31st March 2016
`
`
9 LONG TERM LOANS AND ADVANCES
Long-term Loans and Advances (Unsecured Considered good) consist of the following:
(i) Security Deposits
83,000
58,000
(ii) Prepaid Taxes less Provision
1,28,83,369
72,30,396
1,29,66,369
72,88,396
10 TRADE RECEIVABLES
Trade receivables (Unsecured, Considered good) consist of the following:
(a) Over Six months from the date they were due for payment: 65,091
5,445
(b) Others
7,750
2,55,317
72,841
2,60,762
11 CASH AND BANK BALANCES
Cash and Bank Balances consist of the following:
(a) Cash and Cash equivalents (i) Cash in Hand
239
-
(ii) Balance with Banks
In Current Accounts
7,41,082
37,68,881
In Linked Term deposits
3,49,34,608
4,48,51,716
3,56,75,929
4,86,20,597
(b) Other Bank Balances
Short-term bank deposits ##### 4,13,77,562 ### 2,74,93,646
7,70,53,490
7,61,14,243
11.1 Linked term deposits are deposits which can be withdrawn by the Company at any given point of time without prior
notice or penalty on the principal.
50
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
As at 31st March 2017
As at 31st March 2016
`
`
11.2 In accordance with MCA notification G.S.R. 308 (E) dated March 30, 2017 details of Specified Bank Notes (SBN) and Other Denomination Notes (ODN) held and transacted during the period from November 8, 2016 to December 30, 2016 are as given below:
Particulars
SBNs ODNs Total
Closing cash in hand as on 8th
November 2016 Add: Permitted Receipts Less: Permitted Payments Less: Amount deposited in Banks
24,000
(24,000)
4,086 60,022
(40,888)
28,086 60,022
(40,888) (24,000)
Closing cash in hand as on 30th
December 2016 - 23,220 23,220
12 SHORT TERM LOANS AND ADVANCES
Short-term Loans and Advances (Unsecured considered good)
consist of the following:
(i) Prepaid Taxes less Provision
1,51,63,288
1,51,63,288
(ii) Advance for Research and Survey
9,60,00,000
5,40,00,000
(iii) Other amounts recoverable in cash or in kind or for
value to be received
8,41,104
8,11,336
11,20,04,392
6,99,74,624
13 OTHER CURRENT ASSETS
Other Current Assets consist of Interest
(i) Accrued on Bank Deposits
7,83,765
3,10,872
51
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
Year ended 31st March 2017
Year ended 31st March 2016
`
`
14 REVENUE FROM OPERATIONS
Revenue from operations consists of -
(i) Subscriptions for IRS Reports
53,68,750
2,95,67,438
15 OTHER INCOME
Other Income consists of the following:
(i) Interest income
59,44,350
40,27,687
(ii) Membership Subscription
50,93,462
47,75,369
(iii) Unclaimed credit balances and provisions no longer
required written back
60,358
5,50,210
(iv) Miscellaneous Income
48,399
18,645
1,11,46,569
93,71,911
Interest Income comprises:
(i) Interest on bank Deposits
59,44,350
39,82,785
(ii) Other Interest
-
44,902
59,44,350
40,27,687
16 EMPLOYEE BENEFIT EXPENSES
Employee Benefit Expenses consist of the following:
(i) Salaries, Allowances, Bonus and Incentives
1,02,56,956
1,06,82,672
(ii) Gratuity
5,04,989
6,56,242
(iii) Contribution towards Group Annuity Scheme
9,25,312
-
(iv) Staff Welfare Expenses
2,17,294
1,84,109
1,19,04,551
1,15,23,023
52
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
Year ended 31st March 2017
Year ended 31st March 2016
`
`
17 OPERATION AND OTHER EXPENSES
Operation and Other Expenses consist of the following :
i Research and Survey fees
40,58,051
2,16,37,070
ii Professional & Consultancy Charges (Refer Note (a) below)
15,57,500
15,09,000
iii Travelling & Conveyance
22,11,557
11,43,007
iv Telephone Charges
3,38,804
3,27,175
v Service Tax and Swachh Bharat Cess
2,88,532
2,79,479
vi Conference and Meetings Expenses
81,849
2,52,332
vii Repairs & Maintenance (Refer Note (b) below)
2,54,215
2,30,727
viii Electricity Charges 1,46,820 1,75,791
ix Computer Software 18,482 1,21,986
x Auditors' Remuneration (Refer Note (c) below) 1,00,000 1,00,000
xi Printing & Stationery 1,29,399 86,993
xii Subscription and fees 64,773 80,782
xiii Postage and Courier Charges 19,376 42,071
xiv Insurance 27,693 26,328
xv Website Expenses 24,233 13,509
xvi Other Expenses 48,001 86,008
93,69,285 2,61,12,259
53
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
Year ended 31st March 2017
Year ended 31st March 2016
`
`
Notes: a) Professional & Consultancy Charges include payment of Rs. 1,63,000/- (Previous year Rs. 2,05,000/-) for various
taxation services to M/s Lalit Khanna & Associates, a firm in which Mr. Lalit Khanna who is a Partner of Lalit Khanna & Company, the Auditors of Council, is Partner.
i Taxation Services (including appeals and revisions)
1,63,000
2,05,000
ii Other Services
-
1,63,000
2,05,000
b) Repairs and Maintenance comprise as under :-
(i) Repairs to Premises
1,37,026
1,59,533
(ii) Other Repairs
1,17,189
71,194
2,54,215
2,30,727
c) Auditors' Remuneration comprises as under :-
(i) Statutory Audit Fees
75,000
75,000
(ii) Tax Audit Fees
25,000
25,000
1,00,000
1,00,000
18 CURRENT TAX
(i) Provision for Tax for this Year
-
2,00,000
(iii) Short provision for earlier years (Net)
-
2,71,463
-
4,71,463
19 In the opinion of the Company, it is entitled to exemption from tax under Section 11 of the Income Tax Act, 1961.
However, the Income Tax Department has for certain assessment years denied exemption and the matter is
before the appellate authorities for the said assessment years. Hence, as a measure of abundant caution, a
provision of ` 2,00,000 was made in the previous year. This year there being a deficit of ` -50,13,092 the
question of any provision for tax does not arise. Similarly as a measure of abundant caution, adjustment has been
made for deferred tax liabilities (Net) ` -1,59,054 (Previous year ` 1,00,893)
54
MEDIA RESEARCH USERS COUNCIL
Notes forming part of the Financial Statements for the year ended 31st March 2017 (continued)
Year ended 31st March 2017
Year ended 31st March 2016
`
`
20 Expenditure and Earnings in Foreign Exchange
(i) Expenditure in respect of Membership fees
-
27,382
(ii) Earnings in respect of Income from subscription for IRS Reports
77,500
-
21 Previous year's figures have been recast / restated.
As per our report of even date attached For and on behalf of the Board of Governors For Lalit Khanna & Co. Chartered Accountants (Registration No. 105564W) Venkat Idupuganty Chairman (Lalit Khanna) Members of the Board of Governors Partner Benoy Roychowdhury Ravindra Kumar (Membership No. 5185) Hormusji N. Cama Shashidhar Sinha N.P. Sathyamurthy Satvir S. Kataria Mumbai, 21
st August 2017
55
Registered Office :
128, TV Industrial Estate, S. K. Ahire Marg, Worli,
Mumbai 400 030
Tel: 022 2498 3416 / 2491 3359 e-mail: [email protected]
web: www.mruc.net