Vidya Mandir Classes Limited Balance Sheet as at - Amazon Web ...
Vidya Mandir Classes Limited Balance Sheet as at Note No.
As at 30th June 2015
As at 30th June 2014
(All amounts in Rupees) As at 31st March 2014
EQUITY AND LIABITIES Shareholders' funds Share capital Reserves and surplus
2.1 2.2
Non-current liabilities Long-term borrowings Deferred tax liabilities (Net) Other Long term liabilities Long-term provisions
2.5
Current liabilities Short-term borrowings Trade payables Other current liabilities Short-term provisions
2.6 2.7 2.8
2.3 2.4
7,28,000 26,25,68,099
7,28,000 20,35,27,246
-
-
7,28,000 24,79,10,035
-
87,43,243 51,94,40,297 21,26,498
42,71,92,966 91,30,930
16,13,280 43,83,60,061 -
79,36,06,137
64,05,79,142
68,86,11,376
1,72,95,429
1,68,87,211
1,50,24,495 -
ASSETS Non-current assets Fixed assets - Tangible assets - Intangible assets - Capital work-in-progress - Intangible assets under development Non-current investments Long-term loans and advances Other non-current assets Deferred tax Asset (Net) Current assets Current investments Inventories Trade receivables Cash and cash equivalents Short-term loans and advances Other current assets
2.9
-
2.10 2.11 2.4
2.12 2.13 2.14
-
12,67,34,000 1,13,73,927 5,18,914
14,61,24,000 1,37,29,248 45,777
12,13,34,000 1,31,80,469 5,18,914
33,82,99,843 29,93,84,024 -
4,68,142 19,99,41,898 26,33,82,866 -
32,94,008 20,66,44,441 32,86,15,049 -
79,36,06,137 0
64,05,79,142 (0)
68,86,11,376 -
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
Vidya Mandir Classes Limited Profit and Loss Statement for the period ended
(All amounts in Rupees)
Note Revenue Income from Educational services Other income
Expenses Employee benefits expenses Finance cost Depreciation/Amortization expenses Other expenses Expenses Incurred on CSR Activity
2.15 2.16
2.17 2.18 2.9 2.19 2.29
Profit before tax and exceptional items Tax expense: - Current tax - Earlier Year Tax - Deferred Tax Provisions Provision for Doubtful Debts
Year ended 30th June 2015 22,96,41,140 7,76,747
Year ended 30th June 2014 17,45,74,008 8,56,641
Year ended 31st March 2015 71,09,22,437 1,15,63,872
23,04,17,887
17,54,30,649
72,24,86,309
2,90,35,755 13,43,930 17,83,40,231 -
1,50,19,359 14,27,324 13,05,68,220 -
7,99,15,848 41,42,983 54,18,94,676 10,51,000
20,87,19,916
14,70,14,903
62,70,04,507
2,16,97,971
2,84,15,746
9,54,81,802
70,39,907 -
92,19,489 -
-
-
3,19,36,911 (4,73,137)
-
Profit after tax and Exceptional Item, carried to balance sheet
1,46,58,064
1,91,96,257
6,40,18,028
EBITDA
2,30,41,901
2,98,43,070
9,96,24,785
EPS
201.35
263.68
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
879.37
VIDYA MANDIR CLASSES LIMITED 2.9 Fixed Assets GROSS BLOCK As at April 1, 2015
Description
Additions /Deletion
Deletions/ Adjustments
As at June 2015
As at April 1, 2015
DEPRECIATION/AMORTIZATION Tfr to General For the Reserve (on Deletions/ Period a/c of Adjustments Companies Act
(All amounts in Rupees) NET BLOCK As at June 2015
As at June 2015
As at April 1, 2015
Tangible Assets Computers
42,27,323
2,29,950
-
44,57,273
38,52,902
75,630
-
39,28,532
5,28,741
3,74,421
Office Equipments
56,46,575
22,31,843
-
78,78,418
34,48,682
3,72,502
-
40,57,234
21,97,893
Furniture & Fixtures
37,58,922
4,23,875
-
41,82,797
30,46,597
2,80,674
-
8,55,526
7,12,325
Vehicles
39,02,906
7,39,651
44,28,556
31,53,995
1,04,661
-
13,73,446
7,48,911
1,93,35,728
83,44,783
5,10,463
-
38,21,184 33,27,271 30,55,110 88,55,246
1,04,80,482
1,09,90,945
4,02,82,772
2,18,46,959
13,43,930
-
30,32,900
30,32,900
30,32,900 4,33,15,672 4,02,22,917
30,32,900 2,48,79,859 2,03,73,716
Leasehold Improvements
1,93,35,728
Total
3,68,71,454
36,25,319
2,14,001 2,14,001
2,03,546
2,03,546
2,29,87,343
1,72,95,429
1,50,24,495
Intangible Assets Softwares
30,32,900 Total
Grand Total Previous year
30,32,900 3,99,04,354 4,31,71,300
36,25,319 7,35,367
2,14,001 36,83,750
13,43,930 31,59,018
36,53,502
30,32,900 2,03,546 -
30,32,900 2,60,20,243 1,98,79,232
1,72,95,429 2,03,43,685
1,50,24,495 2,27,97,584
VIDYA MANDIR CLASSES LIMITED 2. Notes on account for the period ended As at 30th June 2015
(All amounts in Rupees) As at 31st March 2015
As at 30th June 2014
Number
Number
Number
2.1 Share capital Authorised Equity shares of Rs.10 each
1,00,000
10,00,000
1,00,000
10,00,000
1,00,000
10,00,000
Issued Equity shares of Rs. 10 each
72,800
7,28,000
72,800
7,28,000
72,800
7,28,000
72,800 72,800
7,28,000 7,28,000
72,800 72,800
7,28,000 7,28,000
72,800 72,800
7,28,000 7,28,000
Subscribed & fully Paid up Equity shares of Rs. 10 each, fully paid up
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. The reconciliation of the number of shares outstanding and the amount of share capital as at 31st March, is set out below: Equity Shares As at 30th June 2014
Equity Shares As at 30th June 2015
Particulars
Shares outstanding at the beginning of the year Add:- Shares Issued during the year Shares outstanding at the end of the year
Particulars Eduity Shares Educomp Solutions Limited (48776 Equity Shares of Rs. 10/-)
Number of shares 72,800 72,800
7,28,000 7,28,000
As at 30th June 2015
Number of shares 72,800 72,800
7,28,000 7,28,000
As at 30th June 2014
4,87,760
As at 31st March 2015 Number of shares 72,800 7,28,000 72,800 7,28,000
As at 31st March 2015
4,87,760
4,87,760
Shareholdings As at 30th June 2015
Name of Shareholder
Educomp Solutions Limited Brij Mohan Shyam Mohan Gupta Man Mohan Gupta Sandeep Mehta
As at 30th June 2014
As at 31st March 2015
Number of Shares held
% of Holding
Number of Shares held
% of Holding
Number of Shares held
% of Holding
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceeding the reporting date Year (Aggregate No. of Shares) Particulars 30th June 2015 31st March 2015 31st March 2014 Equity shares Fully paid up pursuant to contract(s) without payment being received in cash Shares bought back
-
-
As at 30th June 2015 2.2 Reserves and surplus General Reserve Opening balance Add:- Current Year Transfer
Surplus Opening balance
(+) Net Profit for the Current Year (-) Old Depreciation under Companies Act 2013 (+) Provision WrittenBack
(-) Interim Dividends (-) Dividend Tax (-) Transfer to Genral Reserves
-
As at 30th June 2014
31st March 2013
(All amounts in Rupees) As at 31st March 2015
2,07,15,237 2,07,15,237
2,07,15,237 2,07,15,237
2,07,15,237 2,07,15,237
22,71,94,798 1,46,58,064 -
16,36,15,753 1,91,96,257 -
16,36,15,752 6,40,18,028 (4,38,982) -
24,18,52,862 26,25,68,099
18,28,12,009 20,35,27,246
22,71,94,798 24,79,10,035
(All amounts in Rupees) As at 30th June 2015 2.3 Long-term borrowings Unsecured Loans and advances from related parties (refer to note 2.23)
As at 30th June 2014
-
(All amounts in Rupees) As at 31st March 2015
-
-
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
(5,18,914) (5,18,914) (5,18,914)
(45,777)
(45,777) (4,73,137) (5,18,914) (5,18,914)
2.4 Deferred taxes
(a) Deffered Tax Liability - Depreciation net of difference in composition of actual - Expenses disallowed under section 43 (b) Deferred Tax Assets Deferred Tax Liability (net) Deferred tax liabilities/(assets) (net)
(45,777) (45,777)
Deferred tax assets and liabilities have been offset wherever the Company has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.
2.5 Long-term provisions Provision for employee benefits Gratuity Leave Encashment (refer to note 2.22)
As at 30th June 2015
As at 30th June 2014
-
-
(All amounts in Rupees) As at 30th June 2015 2.6 Trade payable Trade Payable-Outside Contract Related Party Trade Payable-Outside Contract Trade payable
(All amounts in Rupees) As at 30th June 2014
25,24,270 54,19,568 7,99,405 87,43,243
(All amounts in Rupees) As at 30th June 2014
50,86,08,429 9,56,393 49,74,580 49,00,895
98,75,475 51,94,40,297
(All amounts in Rupees) As at 31st March 2015
-
(All amounts in Rupees) As at 30th June 2015 2.7 Other Current liabilities Income (coaching fee) received in advance Deposit from Franchise Payable to Employees Expenses Payables including Statutory dues - Statutory Liability - Non-Statutory Liability
(All amounts in Rupees) As at 31st March 2015
16,13,280 16,13,280
(All amounts in Rupees) As at 31st March 2015
42,15,91,727 14,82,647 31,04,727 10,13,865
41,18,592 42,71,92,966
(All amounts in Rupees)
(All amounts in Rupees)
As at 30th June 2015
As at 30th June 2014
43,17,11,189 10,00,000 11,28,073 28,58,831 16,61,968
45,20,799 43,83,60,061
(All amounts in Rupees) As at 31st March 2015
2.8 Short-term provisions Income Tax Gratuity Leave Encashment (refer to note 2.22)
21,26,498 21,26,498
(All amounts in Rupees) As at 30th June 2015 2.10 Long-term loans and advances Unsecured, considered good Security deposits to Related Parties Security deposits to Related Party ELH Security deposits to others
91,30,930 91,30,930
(All amounts in Rupees) As at 30th June 2014
-
(All amounts in Rupees) As at 31st March 2015
1,20,00,000 11,26,00,000 21,34,000
1,20,00,000 13,25,00,000 16,24,000
1,20,00,000 10,75,00,000 18,34,000
12,67,34,000
14,61,24,000
12,13,34,000
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
2.11 Other Non-current assets Others Unsecured, considered good
Income Tax Refundable Advances (CENVAT CREDIT)
1,13,73,927 -
1,09,11,469 28,17,779
1,09,11,469 22,69,000
1,13,73,927
1,37,29,248
1,31,80,469
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
2.12 Trade receivables Trade receivables outstanding for a period less than six months from the date they are due for payment Unsecured, considered good Unsecured, considered doubtful Less: Provision for doubtful debts Trade receivables outstanding for a period exceeding six months from the date they are due for payment Unsecured, considered good Unsecured, considered doubtful Less: Provision for doubtful debts
-
4,68,142
32,94,008
-
4,68,142
32,94,008
-
(All amounts in Rupees) As at 30th June 2015 2.13 Cash and cash equivalents Balance with banks -in current account -in deposit account Cheques in hand Cash on hand
5,58,51,641 27,95,25,179 22,03,144 7,19,879 33,82,99,843 (All amounts in Rupees) As at 30th June 2015
2.14 Short-term loans and advances Others Unsecured, considered good Advance to creditors Loans & Advances to related party Interest Earned and due - Related party Prepaid Expenses - Related Party Prepaid Expenses Advances Recoverable Recoverable from Related Party Advance Tax Less Provision Advances to employees (refer to note 2.23 of Notes to Account)
4,68,142
(All amounts in Rupees) As at 30th June 2014
3,22,44,961 16,56,67,646 10,44,640 9,84,651 19,99,41,898 (All amounts in Rupees) As at 30th June 2014
32,94,008
(All amounts in Rupees) As at 31st March 2015
2,93,48,491 16,26,50,179 1,42,05,428 4,40,343 20,66,44,441 (All amounts in Rupees) As at 31st March 2015
76,10,176 1,47,96,739 19,01,23,381 6,01,76,107 1,52,12,891 1,08,29,782 6,34,948
1,27,18,287 2,06,64,230 16,85,62,564 4,30,99,463 1,70,56,321 12,82,000
76,10,176 1,45,31,113 22,01,52,023 6,45,89,185 91,34,039 1,18,33,195 1,74,958 5,90,360
29,93,84,024
26,33,82,866
32,86,15,049
(All amounts in Rupees) Year ended 30th June 2015 2.15 Income from services Registration and Coaching Fee Other Revenue
-
22,53,66,140 42,75,000 22,96,41,140
(All amounts in Rupees) Year ended 30th June 2014 17,45,74,008 17,45,74,008
(All amounts in Rupees) Year ended 31st March 2015 71,09,22,437 71,09,22,437
(All amounts in Rupees) Year ended 30th June 2015 2.16 Other income Interest Income Other non operating Income (net of expenses)
(All amounts in Rupees) Year ended 30th June 2014
7,32,202 44,545 7,76,747
8,56,641 8,56,641
(All amounts in Rupees) Year ended 30th June 2015 2.17 Employee benefits expenses Salaries allowances and exgratia Contribution to provident & other funds Grauity Premium paid to LIC Staff welfare expenses
(All amounts in Rupees) Year ended 30th June 2014
2,80,38,557 2,55,794 5,16,889 2,24,515 2,90,35,755
1,41,93,242 1,18,691 5,16,889 1,90,537 1,50,19,359
(All amounts in Rupees) Year ended 30th June 2015 2.18 Finance cost Interest expense
2.19 Other expenses Auditors Remuneration -Statutory Audit fee Director's Remuneration Bank Charges Communication expenses Electricity & Power Expenses Repair & Maintainance:- Building - Others Legal & professional fees Rent Rates and taxes Advertisement, Publicity and Business Promotion Travelling & Conveyance Printing and stationary Outside Contract Services Test Expenses Software Support Insurance Loss on Sale of Fixed Asstes Miscellaneous Expenses
(All amounts in Rupees) Year ended 30th June 2014
-
-
Year ended 30th June 2015
Year ended 30th June 2014
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
(All amounts in Rupees) Year ended 31st March 2015 7,77,30,454 7,42,187 5,16,889 9,26,318 7,99,15,848 (All amounts in Rupees) Year ended 31st March 2015 Year ended 31st March 2015
11,47,125 77,028 6,32,663 6,73,219
6,00,000 48,76,000 2,82,403 22,43,823 22,63,865
3,45,388 27,35,113 68,250 73,62,000 7,600 2,56,32,907 5,70,625 52,04,523 13,08,46,502 19,03,820 11,64,003 27,492 26,228 17,83,40,231
3,32,594 5,89,636 4,07,900 67,02,000 1,74,19,406 8,31,755 35,25,720 9,44,84,574 23,40,845 13,36,492 15,284 24,310 27,670 13,05,68,220
13,30,371 31,45,256 5,64,400 2,70,45,095 1,78,300 6,41,53,365 32,38,609 1,14,31,224 40,79,99,773 77,80,806 45,84,512 31,796 24,310 1,20,769 54,18,94,676
Firm Registration No.003952N SD/-
1,14,63,443 1,00,429 1,15,63,872
11,47,125 27,901 6,30,395 6,40,358
For Kailash Sushil & Associates Chartered Accountants
Sandeep Mehta
(All amounts in Rupees) Year ended 31st March 2015
SD/Sunil Malhotra Director DIN:07143576
ANNEXURE
2.23 Related party transactions
List of related parties with whom transactions have taken place and relationships: Relationship Name of related party
As at
As at
30th June 2015
31st March 2015
As per Accounting Standard 18, the disclosures of transactions with related parties as defined in Accounting Standard are given as below: (i) List of related parties & relationships: Name of Related Party
Relationship
Relationship
Educomp solution Limited
Holding Company
Holding Company
Educomp Learning Hour Pvt Ltd
Fellow Subsidiary
Fellow Subsidiary
Educomp Online Supplemental Service Limited
Fellow Subsidiary
Fellow Subsidiary
Authorgen Technologies Limited
Fellow Subsidiary
Fellow Subsidiary
Gyan Learning Private Limited
Associate Company
-
Educomp Foundation Sandeep Mehta
Associate
Ashish Gupta
-
Director till 30.03.14
Soumya Kanti Pukayastha
Director
Director
Harpreet Singh
Director
Director
Anuj Bhargarva
Nominee Director
Whole time Director
Whole time Director
Shyam Mohan Gupta
Key Person
Key Person
Brij Mohan Gupta
Key Person
Key Person
Man Mohan Gupta
Key Person
Key Person
Ekta Gupta
Relatives to Key Person
Relatives to Key Person
Sonu Gupta
Relatives to Key Person
Relatives to Key Person
Ambika Mehta
Wife of Director
Wife of Director
Vinodita Gupta
Relatives to Key Person
Relatives to Key Person
The details of related party transactions entered into by the Company for the period ended 31st March 2016 and 31st March 2015 are as follows:
(All amounts in Rupees)
Particulars
Transaction Value during the period
Year Ended 30th June 2015 Balance
Transaction Value of during the year
Year Ended 31st March 2015 Balance
Capital Transactions Loan / Advances Given (Principal Only) Educomp Online Supplemental Service Limited
0
7610176
0
Educomp Learning Hour Private Limited
0
0
0
7610176 0
Educomp Solutions Limited
0
0
(5108111)
0
14796739
956252
14531113
0
(7089369)
0
Loan / Advances Given (Iterest due & earned) Educomp Online Supplemental Service Limited Educomp Learning Hour Private Limited
265626 0
Advance Recoverable in cash or in kind Prepaid Educomp Learning Hour Private Limited Gyan Learning Private Limited
(25528642)
190123381
122579369
(7024270)
(2524270)
4500000
215652023 4500000
(1003413)
10829782
125994
11833195
Others Educomp Learning Hour Private Limited & its Franchie Educomp Solutions Limited (Advance for Purchase of Property)
0
0
0
0
Amount Due From Security Deposit Educomp Learning Hour Pvt Ltd
5100000
112600000
35000000
107500000
Brij Mohan
0
2088000
0
2088000
Shyam Mohan
0
2088000
0
2088000
Man Mohan
0
1740000
0
1740000
Sandeep Mehta
0
1044000
0
1044000
Ekta Gupta
0
1512000
0
1512000
Sonu Gupta
0
1512000
0
1512000
Vinodita Gupta
0
1260000
0
1260000
Ambika Mehta
0
756000
0
756000
Revenue Transactions Outside Contract Service Educomp Learning Hour Private Limited
69528642
271610000
0
0
Brij Mohan
2294250
9752000
Shyam Mohan
2294250
9752000
Sandeep Mehta
1147125
4876000
327300
1418300
Brij Mohan
1260600
5042400
Shyam Mohan
1260600
5042400
Man Mohan
1060500
4242000
Sandeep Mehta
600300
2401200
Ekta Gupta
756000
3024000
Sonu Gupta
756000
3024000
Vinodita Gupta
630000
2520000
Ambika Mehta
378000
1512000
Expenses on CSR Activity Educomp Foundation Salary paid
Sonu Gupta Rent Paid
Others
Man Mohan
2031678
8126712
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
VIDYA MANDIR CLASSES LIMITED SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
1. Significant accounting policies 1.1 Basis of prepration The Financial Statements are prepared under the historical cost convention under going concern principle and in accordance with applicable mandatory accounting standard and relevant presentational requirement of Companies Act, 2013 The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s best knowledge of current events and actions the company may undertake in future, actual results ultimately may differ from the estimates.
1.2 Fixed assets & depreciation (a) Tangible assets Fixed Assets have been stated at cost of acquisition less accumulated depreciation. Cost of acquisition is inclusive of all incidental expenses. Depreciation on fixed assets has been provided on written down value method based on management’s estimate of useful life of the assets or at the lives and in the manner prescribed in Schedule II to the Companies Act, 2013, whichever is lower. Depreciation on addition to fixed assets is provided on pro-rata basis from the date the assets are ready to use. Depreciation on sale / deduction from fixed assets is provided for upto the date of sale, deduction, discardment as the case may be. Leasehold Improvements are amortized on the straight line basis over the primary period of lease. Assets costing less then Rs. 5000/- are fully depreciated in the year of purchase.
(b) Intangible assets An intangible asset is recognized when it is probable that the future economic benefits attributable to the asset will flow to the enterprise. Amortization on intangible asset is provided on pro-rata basis on the straight–line method based upon management’s estimate of useful life, i.e 3 years for software, 8.67 years for IP domen and 10 years for goodwill.
1.3 Revenue recognition The Company recognizes revenue on accrual basis in accordance with Accounting Standard 9 of the Institute of Chartered Accountants of India. The Company derives its revenue from rendering of Educational Services. Revenue is accrued over the duration of Educational courses offered.
Interest on fixed deposits is recognized using the time proportion method, based on interest rates implicit in the transaction.
1.4 Inventory The Company does not carry inventory on its Balance Sheet date as the amount of expense charged to P & L as revenue expense. 1.5 Expenditure Expenses are accounted for on accrual basis and provision are made for all known losses and liabilities.
1.6 Provisions, contingent liabilities and contingent assets The company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made in the notes when there is a possible obligation or a present obligation that may, but probably will not, requires an outflow of resources. When there is possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. No provision for contingent assets is recognized in the books of accounts.
1.7 Impairment of assets All Assets other than inventories, investments and deferred tax assets are reviewed for impairments, wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is charged to profit & loss account in the year in which an asset is identified.
1.8 Investments Long term Investments are stated at cost, less provision for other than temporary diminution in value. Short term investments are carried at lower of cost and fair value, computed category-wise. 1.9 Cash flow statement Cash flows are reported using the indirect method, whereby net profits before tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities are segregated.
1.10 Foreign exchange transactions Foreign exchange transactions are recorded at the exchange rates prevailing at the date of transaction. Exchange differences arising on the settlement of monetary items or on restatement of the Company's monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, other than those relating to fixed assets are recognized as income or as expenses in the year in which they arise.
1.11 Employee retirement benefits and leave encashment Contribution to Provident fund and Employees State Insurance fund are deposited with the appropriate authorities and charged to the Profit and Loss Account. Provision for Gratuity and Leave encashment benefit are charged to Profit & Loss Account on the basis of LIC Policy for Gratuity / actuarial valuation as at year end, if any.
1.12 Segment Reporting The Company is mainly engaged in providing Preparatory Tools for IITJEE - AIEEE and other engineering entrance and other allied examinations. There is only one business segment and no separate reportable segments as per Accounting Standard (AS) 17. 1.13 Leases In respect of Operating Leases, lease rentals are charged to revenue as expenses with reference to the terms of lease agreements. 1.14 Provision for tax Tax expense for the year comprising current and deferred tax is included in determining the net profit for the year. Provision for current tax is based on the tax liabilities computed in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax expense or benefit is recognized on timing Difference between accounting and taxable income that originates in one year and are capable of reversal in one or more subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that are enacted or substantively enacted by the balance sheet date. The Deferred tax assets are recognized only to the extent there is reasonable certainty that sufficient future taxable income will be available against which these assets can be realized in future where as in cases of existence of carry forward of losses or unabsorbed depreciation, deferred tax assets are recognized only if there is virtual certainty of realization backed by convincing evidence. Deferred tax assets are reviewed at each Balance Sheet date and are writtendown or written-up to reflect the amount that is reasonably / virtually certain (as the case may be) to be realized.
1.15 Earning per share Basic Earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders after tax (and including post tax effect of any extra-ordinary item) by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period, are adjusted for events of bonus issue to existing shareholders. For the purpose of calculating diluted earning per share, the net profits or loss attributable to equity shareholders and the weighted average number of shares outstanding are adjusted for the effects of all dilutive potential equity shares, if any. 1.16 Material Events Material Events occuring after the Balance Sheet date are taken into cognizance. SD/Sandeep Mehta Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
As at 30th June 2015
As at 30th June 2014
(All amounts in Rupees) As at 31st March 2014
EQUITY AND LIABITIES Shareholders' funds Share capital Reserves and surplus
2.1 2.2
Non-current liabilities Long-term borrowings Deferred tax liabilities (Net) Other Long term liabilities Long-term provisions
2.5
Current liabilities Short-term borrowings Trade payables Other current liabilities Short-term provisions
2.6 2.7 2.8
2.3 2.4
7,28,000 26,25,68,099
7,28,000 20,35,27,246
-
-
7,28,000 24,79,10,035
-
87,43,243 51,94,40,297 21,26,498
42,71,92,966 91,30,930
16,13,280 43,83,60,061 -
79,36,06,137
64,05,79,142
68,86,11,376
1,72,95,429
1,68,87,211
1,50,24,495 -
ASSETS Non-current assets Fixed assets - Tangible assets - Intangible assets - Capital work-in-progress - Intangible assets under development Non-current investments Long-term loans and advances Other non-current assets Deferred tax Asset (Net) Current assets Current investments Inventories Trade receivables Cash and cash equivalents Short-term loans and advances Other current assets
2.9
-
2.10 2.11 2.4
2.12 2.13 2.14
-
12,67,34,000 1,13,73,927 5,18,914
14,61,24,000 1,37,29,248 45,777
12,13,34,000 1,31,80,469 5,18,914
33,82,99,843 29,93,84,024 -
4,68,142 19,99,41,898 26,33,82,866 -
32,94,008 20,66,44,441 32,86,15,049 -
79,36,06,137 0
64,05,79,142 (0)
68,86,11,376 -
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
Vidya Mandir Classes Limited Profit and Loss Statement for the period ended
(All amounts in Rupees)
Note Revenue Income from Educational services Other income
Expenses Employee benefits expenses Finance cost Depreciation/Amortization expenses Other expenses Expenses Incurred on CSR Activity
2.15 2.16
2.17 2.18 2.9 2.19 2.29
Profit before tax and exceptional items Tax expense: - Current tax - Earlier Year Tax - Deferred Tax Provisions Provision for Doubtful Debts
Year ended 30th June 2015 22,96,41,140 7,76,747
Year ended 30th June 2014 17,45,74,008 8,56,641
Year ended 31st March 2015 71,09,22,437 1,15,63,872
23,04,17,887
17,54,30,649
72,24,86,309
2,90,35,755 13,43,930 17,83,40,231 -
1,50,19,359 14,27,324 13,05,68,220 -
7,99,15,848 41,42,983 54,18,94,676 10,51,000
20,87,19,916
14,70,14,903
62,70,04,507
2,16,97,971
2,84,15,746
9,54,81,802
70,39,907 -
92,19,489 -
-
-
3,19,36,911 (4,73,137)
-
Profit after tax and Exceptional Item, carried to balance sheet
1,46,58,064
1,91,96,257
6,40,18,028
EBITDA
2,30,41,901
2,98,43,070
9,96,24,785
EPS
201.35
263.68
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
879.37
VIDYA MANDIR CLASSES LIMITED 2.9 Fixed Assets GROSS BLOCK As at April 1, 2015
Description
Additions /Deletion
Deletions/ Adjustments
As at June 2015
As at April 1, 2015
DEPRECIATION/AMORTIZATION Tfr to General For the Reserve (on Deletions/ Period a/c of Adjustments Companies Act
(All amounts in Rupees) NET BLOCK As at June 2015
As at June 2015
As at April 1, 2015
Tangible Assets Computers
42,27,323
2,29,950
-
44,57,273
38,52,902
75,630
-
39,28,532
5,28,741
3,74,421
Office Equipments
56,46,575
22,31,843
-
78,78,418
34,48,682
3,72,502
-
40,57,234
21,97,893
Furniture & Fixtures
37,58,922
4,23,875
-
41,82,797
30,46,597
2,80,674
-
8,55,526
7,12,325
Vehicles
39,02,906
7,39,651
44,28,556
31,53,995
1,04,661
-
13,73,446
7,48,911
1,93,35,728
83,44,783
5,10,463
-
38,21,184 33,27,271 30,55,110 88,55,246
1,04,80,482
1,09,90,945
4,02,82,772
2,18,46,959
13,43,930
-
30,32,900
30,32,900
30,32,900 4,33,15,672 4,02,22,917
30,32,900 2,48,79,859 2,03,73,716
Leasehold Improvements
1,93,35,728
Total
3,68,71,454
36,25,319
2,14,001 2,14,001
2,03,546
2,03,546
2,29,87,343
1,72,95,429
1,50,24,495
Intangible Assets Softwares
30,32,900 Total
Grand Total Previous year
30,32,900 3,99,04,354 4,31,71,300
36,25,319 7,35,367
2,14,001 36,83,750
13,43,930 31,59,018
36,53,502
30,32,900 2,03,546 -
30,32,900 2,60,20,243 1,98,79,232
1,72,95,429 2,03,43,685
1,50,24,495 2,27,97,584
VIDYA MANDIR CLASSES LIMITED 2. Notes on account for the period ended As at 30th June 2015
(All amounts in Rupees) As at 31st March 2015
As at 30th June 2014
Number
Number
Number
2.1 Share capital Authorised Equity shares of Rs.10 each
1,00,000
10,00,000
1,00,000
10,00,000
1,00,000
10,00,000
Issued Equity shares of Rs. 10 each
72,800
7,28,000
72,800
7,28,000
72,800
7,28,000
72,800 72,800
7,28,000 7,28,000
72,800 72,800
7,28,000 7,28,000
72,800 72,800
7,28,000 7,28,000
Subscribed & fully Paid up Equity shares of Rs. 10 each, fully paid up
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. The reconciliation of the number of shares outstanding and the amount of share capital as at 31st March, is set out below: Equity Shares As at 30th June 2014
Equity Shares As at 30th June 2015
Particulars
Shares outstanding at the beginning of the year Add:- Shares Issued during the year Shares outstanding at the end of the year
Particulars Eduity Shares Educomp Solutions Limited (48776 Equity Shares of Rs. 10/-)
Number of shares 72,800 72,800
7,28,000 7,28,000
As at 30th June 2015
Number of shares 72,800 72,800
7,28,000 7,28,000
As at 30th June 2014
4,87,760
As at 31st March 2015 Number of shares 72,800 7,28,000 72,800 7,28,000
As at 31st March 2015
4,87,760
4,87,760
Shareholdings As at 30th June 2015
Name of Shareholder
Educomp Solutions Limited Brij Mohan Shyam Mohan Gupta Man Mohan Gupta Sandeep Mehta
As at 30th June 2014
As at 31st March 2015
Number of Shares held
% of Holding
Number of Shares held
% of Holding
Number of Shares held
% of Holding
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
48,776 7207 7207 6006 3604
67% 10% 10% 8% 5%
Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceeding the reporting date Year (Aggregate No. of Shares) Particulars 30th June 2015 31st March 2015 31st March 2014 Equity shares Fully paid up pursuant to contract(s) without payment being received in cash Shares bought back
-
-
As at 30th June 2015 2.2 Reserves and surplus General Reserve Opening balance Add:- Current Year Transfer
Surplus Opening balance
(+) Net Profit for the Current Year (-) Old Depreciation under Companies Act 2013 (+) Provision WrittenBack
(-) Interim Dividends (-) Dividend Tax (-) Transfer to Genral Reserves
-
As at 30th June 2014
31st March 2013
(All amounts in Rupees) As at 31st March 2015
2,07,15,237 2,07,15,237
2,07,15,237 2,07,15,237
2,07,15,237 2,07,15,237
22,71,94,798 1,46,58,064 -
16,36,15,753 1,91,96,257 -
16,36,15,752 6,40,18,028 (4,38,982) -
24,18,52,862 26,25,68,099
18,28,12,009 20,35,27,246
22,71,94,798 24,79,10,035
(All amounts in Rupees) As at 30th June 2015 2.3 Long-term borrowings Unsecured Loans and advances from related parties (refer to note 2.23)
As at 30th June 2014
-
(All amounts in Rupees) As at 31st March 2015
-
-
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
(5,18,914) (5,18,914) (5,18,914)
(45,777)
(45,777) (4,73,137) (5,18,914) (5,18,914)
2.4 Deferred taxes
(a) Deffered Tax Liability - Depreciation net of difference in composition of actual - Expenses disallowed under section 43 (b) Deferred Tax Assets Deferred Tax Liability (net) Deferred tax liabilities/(assets) (net)
(45,777) (45,777)
Deferred tax assets and liabilities have been offset wherever the Company has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.
2.5 Long-term provisions Provision for employee benefits Gratuity Leave Encashment (refer to note 2.22)
As at 30th June 2015
As at 30th June 2014
-
-
(All amounts in Rupees) As at 30th June 2015 2.6 Trade payable Trade Payable-Outside Contract Related Party Trade Payable-Outside Contract Trade payable
(All amounts in Rupees) As at 30th June 2014
25,24,270 54,19,568 7,99,405 87,43,243
(All amounts in Rupees) As at 30th June 2014
50,86,08,429 9,56,393 49,74,580 49,00,895
98,75,475 51,94,40,297
(All amounts in Rupees) As at 31st March 2015
-
(All amounts in Rupees) As at 30th June 2015 2.7 Other Current liabilities Income (coaching fee) received in advance Deposit from Franchise Payable to Employees Expenses Payables including Statutory dues - Statutory Liability - Non-Statutory Liability
(All amounts in Rupees) As at 31st March 2015
16,13,280 16,13,280
(All amounts in Rupees) As at 31st March 2015
42,15,91,727 14,82,647 31,04,727 10,13,865
41,18,592 42,71,92,966
(All amounts in Rupees)
(All amounts in Rupees)
As at 30th June 2015
As at 30th June 2014
43,17,11,189 10,00,000 11,28,073 28,58,831 16,61,968
45,20,799 43,83,60,061
(All amounts in Rupees) As at 31st March 2015
2.8 Short-term provisions Income Tax Gratuity Leave Encashment (refer to note 2.22)
21,26,498 21,26,498
(All amounts in Rupees) As at 30th June 2015 2.10 Long-term loans and advances Unsecured, considered good Security deposits to Related Parties Security deposits to Related Party ELH Security deposits to others
91,30,930 91,30,930
(All amounts in Rupees) As at 30th June 2014
-
(All amounts in Rupees) As at 31st March 2015
1,20,00,000 11,26,00,000 21,34,000
1,20,00,000 13,25,00,000 16,24,000
1,20,00,000 10,75,00,000 18,34,000
12,67,34,000
14,61,24,000
12,13,34,000
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
2.11 Other Non-current assets Others Unsecured, considered good
Income Tax Refundable Advances (CENVAT CREDIT)
1,13,73,927 -
1,09,11,469 28,17,779
1,09,11,469 22,69,000
1,13,73,927
1,37,29,248
1,31,80,469
(All amounts in Rupees) As at 30th June 2015
(All amounts in Rupees) As at 30th June 2014
(All amounts in Rupees) As at 31st March 2015
2.12 Trade receivables Trade receivables outstanding for a period less than six months from the date they are due for payment Unsecured, considered good Unsecured, considered doubtful Less: Provision for doubtful debts Trade receivables outstanding for a period exceeding six months from the date they are due for payment Unsecured, considered good Unsecured, considered doubtful Less: Provision for doubtful debts
-
4,68,142
32,94,008
-
4,68,142
32,94,008
-
(All amounts in Rupees) As at 30th June 2015 2.13 Cash and cash equivalents Balance with banks -in current account -in deposit account Cheques in hand Cash on hand
5,58,51,641 27,95,25,179 22,03,144 7,19,879 33,82,99,843 (All amounts in Rupees) As at 30th June 2015
2.14 Short-term loans and advances Others Unsecured, considered good Advance to creditors Loans & Advances to related party Interest Earned and due - Related party Prepaid Expenses - Related Party Prepaid Expenses Advances Recoverable Recoverable from Related Party Advance Tax Less Provision Advances to employees (refer to note 2.23 of Notes to Account)
4,68,142
(All amounts in Rupees) As at 30th June 2014
3,22,44,961 16,56,67,646 10,44,640 9,84,651 19,99,41,898 (All amounts in Rupees) As at 30th June 2014
32,94,008
(All amounts in Rupees) As at 31st March 2015
2,93,48,491 16,26,50,179 1,42,05,428 4,40,343 20,66,44,441 (All amounts in Rupees) As at 31st March 2015
76,10,176 1,47,96,739 19,01,23,381 6,01,76,107 1,52,12,891 1,08,29,782 6,34,948
1,27,18,287 2,06,64,230 16,85,62,564 4,30,99,463 1,70,56,321 12,82,000
76,10,176 1,45,31,113 22,01,52,023 6,45,89,185 91,34,039 1,18,33,195 1,74,958 5,90,360
29,93,84,024
26,33,82,866
32,86,15,049
(All amounts in Rupees) Year ended 30th June 2015 2.15 Income from services Registration and Coaching Fee Other Revenue
-
22,53,66,140 42,75,000 22,96,41,140
(All amounts in Rupees) Year ended 30th June 2014 17,45,74,008 17,45,74,008
(All amounts in Rupees) Year ended 31st March 2015 71,09,22,437 71,09,22,437
(All amounts in Rupees) Year ended 30th June 2015 2.16 Other income Interest Income Other non operating Income (net of expenses)
(All amounts in Rupees) Year ended 30th June 2014
7,32,202 44,545 7,76,747
8,56,641 8,56,641
(All amounts in Rupees) Year ended 30th June 2015 2.17 Employee benefits expenses Salaries allowances and exgratia Contribution to provident & other funds Grauity Premium paid to LIC Staff welfare expenses
(All amounts in Rupees) Year ended 30th June 2014
2,80,38,557 2,55,794 5,16,889 2,24,515 2,90,35,755
1,41,93,242 1,18,691 5,16,889 1,90,537 1,50,19,359
(All amounts in Rupees) Year ended 30th June 2015 2.18 Finance cost Interest expense
2.19 Other expenses Auditors Remuneration -Statutory Audit fee Director's Remuneration Bank Charges Communication expenses Electricity & Power Expenses Repair & Maintainance:- Building - Others Legal & professional fees Rent Rates and taxes Advertisement, Publicity and Business Promotion Travelling & Conveyance Printing and stationary Outside Contract Services Test Expenses Software Support Insurance Loss on Sale of Fixed Asstes Miscellaneous Expenses
(All amounts in Rupees) Year ended 30th June 2014
-
-
Year ended 30th June 2015
Year ended 30th June 2014
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
(All amounts in Rupees) Year ended 31st March 2015 7,77,30,454 7,42,187 5,16,889 9,26,318 7,99,15,848 (All amounts in Rupees) Year ended 31st March 2015 Year ended 31st March 2015
11,47,125 77,028 6,32,663 6,73,219
6,00,000 48,76,000 2,82,403 22,43,823 22,63,865
3,45,388 27,35,113 68,250 73,62,000 7,600 2,56,32,907 5,70,625 52,04,523 13,08,46,502 19,03,820 11,64,003 27,492 26,228 17,83,40,231
3,32,594 5,89,636 4,07,900 67,02,000 1,74,19,406 8,31,755 35,25,720 9,44,84,574 23,40,845 13,36,492 15,284 24,310 27,670 13,05,68,220
13,30,371 31,45,256 5,64,400 2,70,45,095 1,78,300 6,41,53,365 32,38,609 1,14,31,224 40,79,99,773 77,80,806 45,84,512 31,796 24,310 1,20,769 54,18,94,676
Firm Registration No.003952N SD/-
1,14,63,443 1,00,429 1,15,63,872
11,47,125 27,901 6,30,395 6,40,358
For Kailash Sushil & Associates Chartered Accountants
Sandeep Mehta
(All amounts in Rupees) Year ended 31st March 2015
SD/Sunil Malhotra Director DIN:07143576
ANNEXURE
2.23 Related party transactions
List of related parties with whom transactions have taken place and relationships: Relationship Name of related party
As at
As at
30th June 2015
31st March 2015
As per Accounting Standard 18, the disclosures of transactions with related parties as defined in Accounting Standard are given as below: (i) List of related parties & relationships: Name of Related Party
Relationship
Relationship
Educomp solution Limited
Holding Company
Holding Company
Educomp Learning Hour Pvt Ltd
Fellow Subsidiary
Fellow Subsidiary
Educomp Online Supplemental Service Limited
Fellow Subsidiary
Fellow Subsidiary
Authorgen Technologies Limited
Fellow Subsidiary
Fellow Subsidiary
Gyan Learning Private Limited
Associate Company
-
Educomp Foundation Sandeep Mehta
Associate
Ashish Gupta
-
Director till 30.03.14
Soumya Kanti Pukayastha
Director
Director
Harpreet Singh
Director
Director
Anuj Bhargarva
Nominee Director
Whole time Director
Whole time Director
Shyam Mohan Gupta
Key Person
Key Person
Brij Mohan Gupta
Key Person
Key Person
Man Mohan Gupta
Key Person
Key Person
Ekta Gupta
Relatives to Key Person
Relatives to Key Person
Sonu Gupta
Relatives to Key Person
Relatives to Key Person
Ambika Mehta
Wife of Director
Wife of Director
Vinodita Gupta
Relatives to Key Person
Relatives to Key Person
The details of related party transactions entered into by the Company for the period ended 31st March 2016 and 31st March 2015 are as follows:
(All amounts in Rupees)
Particulars
Transaction Value during the period
Year Ended 30th June 2015 Balance
Transaction Value of during the year
Year Ended 31st March 2015 Balance
Capital Transactions Loan / Advances Given (Principal Only) Educomp Online Supplemental Service Limited
0
7610176
0
Educomp Learning Hour Private Limited
0
0
0
7610176 0
Educomp Solutions Limited
0
0
(5108111)
0
14796739
956252
14531113
0
(7089369)
0
Loan / Advances Given (Iterest due & earned) Educomp Online Supplemental Service Limited Educomp Learning Hour Private Limited
265626 0
Advance Recoverable in cash or in kind Prepaid Educomp Learning Hour Private Limited Gyan Learning Private Limited
(25528642)
190123381
122579369
(7024270)
(2524270)
4500000
215652023 4500000
(1003413)
10829782
125994
11833195
Others Educomp Learning Hour Private Limited & its Franchie Educomp Solutions Limited (Advance for Purchase of Property)
0
0
0
0
Amount Due From Security Deposit Educomp Learning Hour Pvt Ltd
5100000
112600000
35000000
107500000
Brij Mohan
0
2088000
0
2088000
Shyam Mohan
0
2088000
0
2088000
Man Mohan
0
1740000
0
1740000
Sandeep Mehta
0
1044000
0
1044000
Ekta Gupta
0
1512000
0
1512000
Sonu Gupta
0
1512000
0
1512000
Vinodita Gupta
0
1260000
0
1260000
Ambika Mehta
0
756000
0
756000
Revenue Transactions Outside Contract Service Educomp Learning Hour Private Limited
69528642
271610000
0
0
Brij Mohan
2294250
9752000
Shyam Mohan
2294250
9752000
Sandeep Mehta
1147125
4876000
327300
1418300
Brij Mohan
1260600
5042400
Shyam Mohan
1260600
5042400
Man Mohan
1060500
4242000
Sandeep Mehta
600300
2401200
Ekta Gupta
756000
3024000
Sonu Gupta
756000
3024000
Vinodita Gupta
630000
2520000
Ambika Mehta
378000
1512000
Expenses on CSR Activity Educomp Foundation Salary paid
Sonu Gupta Rent Paid
Others
Man Mohan
2031678
8126712
For Kailash Sushil & Associates Chartered Accountants Firm Registration No.003952N SD/Sandeep Mehta
Sd/Davender Nath Bhardwaj Partner Membership No.: 084643 Date : 11/08/2015
Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
VIDYA MANDIR CLASSES LIMITED SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
1. Significant accounting policies 1.1 Basis of prepration The Financial Statements are prepared under the historical cost convention under going concern principle and in accordance with applicable mandatory accounting standard and relevant presentational requirement of Companies Act, 2013 The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s best knowledge of current events and actions the company may undertake in future, actual results ultimately may differ from the estimates.
1.2 Fixed assets & depreciation (a) Tangible assets Fixed Assets have been stated at cost of acquisition less accumulated depreciation. Cost of acquisition is inclusive of all incidental expenses. Depreciation on fixed assets has been provided on written down value method based on management’s estimate of useful life of the assets or at the lives and in the manner prescribed in Schedule II to the Companies Act, 2013, whichever is lower. Depreciation on addition to fixed assets is provided on pro-rata basis from the date the assets are ready to use. Depreciation on sale / deduction from fixed assets is provided for upto the date of sale, deduction, discardment as the case may be. Leasehold Improvements are amortized on the straight line basis over the primary period of lease. Assets costing less then Rs. 5000/- are fully depreciated in the year of purchase.
(b) Intangible assets An intangible asset is recognized when it is probable that the future economic benefits attributable to the asset will flow to the enterprise. Amortization on intangible asset is provided on pro-rata basis on the straight–line method based upon management’s estimate of useful life, i.e 3 years for software, 8.67 years for IP domen and 10 years for goodwill.
1.3 Revenue recognition The Company recognizes revenue on accrual basis in accordance with Accounting Standard 9 of the Institute of Chartered Accountants of India. The Company derives its revenue from rendering of Educational Services. Revenue is accrued over the duration of Educational courses offered.
Interest on fixed deposits is recognized using the time proportion method, based on interest rates implicit in the transaction.
1.4 Inventory The Company does not carry inventory on its Balance Sheet date as the amount of expense charged to P & L as revenue expense. 1.5 Expenditure Expenses are accounted for on accrual basis and provision are made for all known losses and liabilities.
1.6 Provisions, contingent liabilities and contingent assets The company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.
A disclosure for a contingent liability is made in the notes when there is a possible obligation or a present obligation that may, but probably will not, requires an outflow of resources. When there is possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. No provision for contingent assets is recognized in the books of accounts.
1.7 Impairment of assets All Assets other than inventories, investments and deferred tax assets are reviewed for impairments, wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is charged to profit & loss account in the year in which an asset is identified.
1.8 Investments Long term Investments are stated at cost, less provision for other than temporary diminution in value. Short term investments are carried at lower of cost and fair value, computed category-wise. 1.9 Cash flow statement Cash flows are reported using the indirect method, whereby net profits before tax is adjusted for the effect of transaction of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities are segregated.
1.10 Foreign exchange transactions Foreign exchange transactions are recorded at the exchange rates prevailing at the date of transaction. Exchange differences arising on the settlement of monetary items or on restatement of the Company's monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, other than those relating to fixed assets are recognized as income or as expenses in the year in which they arise.
1.11 Employee retirement benefits and leave encashment Contribution to Provident fund and Employees State Insurance fund are deposited with the appropriate authorities and charged to the Profit and Loss Account. Provision for Gratuity and Leave encashment benefit are charged to Profit & Loss Account on the basis of LIC Policy for Gratuity / actuarial valuation as at year end, if any.
1.12 Segment Reporting The Company is mainly engaged in providing Preparatory Tools for IITJEE - AIEEE and other engineering entrance and other allied examinations. There is only one business segment and no separate reportable segments as per Accounting Standard (AS) 17. 1.13 Leases In respect of Operating Leases, lease rentals are charged to revenue as expenses with reference to the terms of lease agreements. 1.14 Provision for tax Tax expense for the year comprising current and deferred tax is included in determining the net profit for the year. Provision for current tax is based on the tax liabilities computed in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax expense or benefit is recognized on timing Difference between accounting and taxable income that originates in one year and are capable of reversal in one or more subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that are enacted or substantively enacted by the balance sheet date. The Deferred tax assets are recognized only to the extent there is reasonable certainty that sufficient future taxable income will be available against which these assets can be realized in future where as in cases of existence of carry forward of losses or unabsorbed depreciation, deferred tax assets are recognized only if there is virtual certainty of realization backed by convincing evidence. Deferred tax assets are reviewed at each Balance Sheet date and are writtendown or written-up to reflect the amount that is reasonably / virtually certain (as the case may be) to be realized.
1.15 Earning per share Basic Earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders after tax (and including post tax effect of any extra-ordinary item) by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period, are adjusted for events of bonus issue to existing shareholders. For the purpose of calculating diluted earning per share, the net profits or loss attributable to equity shareholders and the weighted average number of shares outstanding are adjusted for the effects of all dilutive potential equity shares, if any. 1.16 Material Events Material Events occuring after the Balance Sheet date are taken into cognizance. SD/Sandeep Mehta Whole Time Director DIN:00393459
SD/Sunil Malhotra Director DIN:07143576
