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Notes to Accounts of Birla Shloka Edutech Ltd.

Mar 31, 2015

1. Consequent to enactment of the Companies Act, 2013 and its applicability w.e.f. 1st April 2014, the Company has reworked depreciation on the basis of the useful lives of assets as prescribed in Part 'C' of schedule II of the Act. As a result depreciation for the year ended 31st March, 2015 is higher by Rs.83,81,211 due to change in the useful lives of certain assets.

In case of assets where the remaining useful life as on 1st April 2014 is Nil, the carrying amount of such assets have been adjusted to the opening balance of Retained Earnings after retaining their residual value. Accordingly, a sum of Rs. 659,152 has been adjusted against Opening Reserves.

2. Gratuity and Other Post Employment Benefit Plans

i. Defined Contribution Plan

Company pays Contribution to the various statutory funds viz, Provident Fund and Employee State Insurance on regular basis and account for the same as expense in the year of Service Rendered.

The Company Recognized Rs.4,22,332/- ( Previous Year 5,68,574/- ) and Rs.2,20,457/- ( Previous Year 1,15,802/- ) towards Contribution Provident Fund & Employee State Insurance respectively in the Profit & Loss account. The Contributions Payable to these plans by the Company are at rates specified in the rules of the schemes

ii. Defined Benefit Plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

3. Contingent Liabilities

a) Company has to pay part of the Self Assessment Tax of the Financial Year 2010 - 2011 ,2011 - 2012 and 2012-2013 . Interest on the same is provided however, penalty under section 221 of the Income Tax Act, 1961 can be levied by the Department of Income Tax which is not so far provided.

b) The Company has received an Order of Assessment of Tax under Central Sales Tax Act 1956 See R 9A of the CST (Bombay ) Rules 1957 Accounting Year 2009-2010 demanding Rs. 6,24,090. The Company is in the process of making an appeal against the said assessment order before the sales tax authorities.

c) The Company has received an Order of Assessment of Tax under MVAT Act 2002 for Assessment Year 2009-2010 demanding Rs. 3,42,81,235 The Company is in the process of making an appeal against the said assessment order before the MVAT Authorities.

The Company expects that the matter will be resolve in Company's favour and no liability is expected.

4. The Company had subsidiary as on 01st April,2014, Birla Edutech Limited. During the year consequent upon sale of 1,67,35,000 Shares representing 37.19%, the Birla Edutech Limited ceased as subsidiary. Pursuant to Section 2 (6) of the Companies Act, 2013, having more than 20% stake in the said Company, Birla Edutech Limited has became Associate Company.

5. Previous year's figures have been regrouped wherever necessary, to correspond with the figures of the current year. Amounts and other disclosures for the preceding year are included as integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year. Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1 Gratuity and Other Post Employment Benefit Plans

a. Defined Contribution Plan

Company pays Contribution to the various statutory funds viz, Provident Fund and Employee State Insurance on regular basis and account for the same as expense in the year of Service Rendered.

b. Defined Benefit Plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 i. days salary (last drawn salary) for each completed year of service.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such During the current year, the management has changed the Leave Encashment Policy. Accordingly no Leave Encashment will be allowed during tenure / ii. retirement from services. Hence no provision is made. In the previous year provision towards Leave Encashment was made on the basis of acturial valuation as per Accounting Standard 15 ( Revised ).

Previous year''s figures have been regrouped wherever necessary, to correspond with the figures of the current year. Amounts and other disclosures for the preceding year are inculded as integral part of the current year finacials statements and are to be read in relation to the amounts and other disclosures relating to the current year. Figures hav been rounded off to the nearest rupee.

Birla Shloka Edutech Limited

Notes forming part of the Balance Sheet & Statement of Profit and Loss for the Year Ended 31st March, 2014.

2 Contingent Liabilities

Company has to pay part of the Self Assessment Tax of the Financial Year 2010 - 2011 ,2011 - 2012 and 2012-2013 . Interest on the same is provided

a) however, penalty under section 221 of the Income Tax Act, 1961 can be levied by the Department of Income Tax which is not so far provided.

The Company has received an Order of Assessment of Tax under Central Sales Tax Act 1956 See R 9A of the CST (Bombay ) Rules 1957 Accounting

b) Year 2009-2010 demanding Rs. 624090/- The Company is in the process of making an appeal against the said assessment order before te sales tax authorities.

The Company has received an Order of Assessment of Tax under MVAT Act 2002 for Assessment Year 2009-2010 demanding Rs. 3,42,81,235/- The

c) Company is in the process of making an appeal against the said assessment order before te MVAT Authorities.

The Company expects that the matter will be reslove in Company''s favour and no liablity is expected.

3 Related Party Disclosures

i. List of Parties

a. Key Management Personnel

Mr. Yashovardhan Birla - Chairman

Mr. Girdhari Lal Lath - Managing Director

b. Subsidiary

Birla Edutech Limited - 86.53% Shareholding

Birla Shloka Edutech Limited, FZE - 100.00% Shareholding

Ojus Healtcare Private Limited - 51.10% Shareholding

c. Enterprises Owned or Significantly Influenced by Key Management Personnel or their Relatives Birla Electrical Limited

Birla Global Corporate Limited Birla Viking Travels Limited

Godavari Corporation Limited Nirved Traders Limited

Scimitar Investment & Trading Company Private Limted

Shearson Investment & Trading Company Private Limted

Zenith Birla India Limited

Birla Aircon Infrastructure Private Limited

Asian Distributors Private Limited


Mar 31, 2013

1 Company Overview

Birla Shloka Edutech Limited (the Company) has been incorporated on 25th May, 1992 (Registration Number 066910) with Registrar of Mumbai as Rathi Mercantile Industries Limited. Company got its name as Birla Shloka Edutech Limited in December 2008. The Registered Office of the Company is situated at Industry House, 159, Church gate Reclamation, Mumbai, Maharashtra 400 020.

Company is engaged in providing IT Services & sale of IT products and has a curriculum based educational software programe viz., "XL@School " as per the syllabus prescribed by different educational board that is designed to impart academic knowledge through electronic media.

The Company has authorised capital of Rs.100,00,00,000/- and Paid up Capital of Rs. 20,94,56,370/-. The Company has listed its Shares on Bombay Stock Exchange (BSE), Mumbai.

The Company has three Subsidiaries Birla Edutech Limited, Birla Shloka Edutech Limited FZE and Ojus Healthcare Private Limited.

Shares in the later Subsidiary (51.10%) was acquired by the Company during the current Financial Year and the main object of the subsidiary is to establish hospitals, conducting research and development activities in the areas of medical science, to carry the business of providing the healthcare and health information. In addition to the main object it can also persue e - Governance Project.

2 Gratuity and Other Post Employment Benefit Plans

a. Defined Contribution Plan

Company pays Contribution to the various statutory funds viz, Provident Fund and Employee State Insurance on regular basis and account for the same as expense in the year of Service Rendered.

b. Defined Benefit Plan

i. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

ii. Company provide for the liability of Leave Encashment payable to the Employees as per Company''s Policy in the year of Service Rendered on the basis of Actuarial report.

3 Previous Year figures have been regrouped wherever consider necessary for better presentation of Financial Statement and to make comparable with Current Year''s Financial Statement.

4 Contingent Liabilities

Company has to pay part of the Self Assessment Tax of the Financial Year 2010 - 2011 and 2011 - 2012. Interest on the same is provided however, penalty under section 221 of the Income Tax Act, 1961 can be levied by the Department of Income Tax which is not so far provided.

5 Related Party Disclosures

i. List of Parties

a. Key Management Personnel

Mr. Yashovardhan Birla - Chairman Mr. Girdhari Lal Lath - Managing Director

b. Subsidiary

Birla Edutech Limited - 86.53% Shareholding

Birla Shloka Edutech Limited, FZE - 100.00% Shareholding

Ojus Healtcare Private Limited - 51.10% Shareholding

c. Associates

English Learning Group Private Limited

d. Enterprises Owned or Significantly Influenced by Key Management Personnel or their Relatives

Birla Electrical Limited

Birla Global Corporate Limited

Birla Cotysn Limited

Birla Infrastructure Private Limited

Birla Power Solutions Private Limited

Birla Precision Technologies Limited

Birla Surya Limited

Birla Transasia Carpets Limited

Birla Viking Travels Limited

Dagger Forst Tools Limited

Godavari Corporation Limited

Melstar Information Technologies Limited

Nirved Traders Limited

Scimitar Investment & Trading Company Private Limted

Shearson Investment & Trading Company Private Limted

Zenith Birla India Limited

Birla Aircon Infrastructure Private Limited

Asian Distributors Private Limited

English Learning Group Private Limited

Negative denotes Credit Amount, whereas denotes Debit Amount

1. Indian Rupee equivalent figures have been arrived at by applying the year end inter-bank Exchange Rate :

1 UAE Dirham''s = Rs. 14.0283 (for Financial year 2011-12)

2. Indian Rupee equivalent figures have been arrived at by applying the year end inter-bank Exchange Rate :

1 UAE Dirham''s = Rs. 12.3278(for Financial year 2012-13)


Mar 31, 2012

1. Company Overview

Birla Shloka Edutech Limited (the Company) has been incorporated on 25th May, 1992 (Registration Number 066910) with Registrar of Mumbai as Rathi Mercantile Industries Limited. Company got its name as Birla Shloka Edutech Limited in December 2008. The Registered Office of the Company is situated at Industry House, 159, Churchgate Reclamation, Mumbai, Maharashtra 400 020.

Company is engaged in providing IT Services and sale of IT products and has a curriculum based educational software programme viz, XL@school as per the Syllabus prescribed by different educational boards that is designed to impart academic knowledge through electronic media.

The Company has authorised capital of Rs. 100,00,00,000/- and Paid up Capital of Rs. 20,94,56,370/-. The Company has listed its Shares on Bombay Stock Exchange (BSE), Mumbai.

The Company has two subsidiaries Birla Shloka Edutech Limited FZE and Birla Edutech Limited engaged in Development of Educational Curriculum and operations of own and franchised K12 School. Later one is purchased during the Year on 06th February, 2012.

a. Terms and Rights attached to Equity Shares

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.

b. Shares held by holding/ultimate holding company and/or their subsidiaries/associates

Company does not have any Holding Company.

d. Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

No Shares are issued for consideration other than Cash or Bonus during last five years.

2 Gratuity and Other Post Employment Benefit Plans

a. Defined Contribution Plan

Company pays Contribution to the various statutory funds viz, Provident Fund and Employee State Insurance on regular basis and account for the same as expense in the year of Service Rendered.

b. Defined Benefit Plan

i. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

Statement of Profit and Loss

ii. Company provide for the liability of Leave Encashment payable to the Employees in the year of Service Rendered as per the Company's policy.

3 Previous Year figures have been regrouped wherever consider necessary for better presentation of Financial Statement and to make comparable with Year's Financial Statement.

4 Contingent Liabilities

i. Company has to pay part of the Self Assessment Tax for the Financial Year 2010 - 2011. Interest on the same is provided however, penalty under section 221 of the Income Tax Act, 1961 can be levied by the Department of Income Tax.

ii. Company has given Corporate Guarantee for Loan obtained by the Subsidiary "Birla Edutech Limited" of Rs. 65 Crores. Till 31st March, 2012 Loan is not disbursed.

iii. Company has obtained the Bank Guarantee for the Governmen Department from Bank of India aggregating to Rs. 3.00 Lacs Company has provided the Fixed Deposit as security for obtaining the same amounting to Rs. 377,354 (31st March, 2011 - Rs. 351,656/-)

5 Related Party Disclosures

i. List of Parties

a. Key Management Personnel

Mr. Yashovardhan Birla - Chairman

Mr. Srikrishna Nidigallu - Managing Director

b. Subsidiary

Birla Edutech Limited - 86.67% Shareholding

Birla Shloka Edutech Limited, FZE - 100.00% Shareholding

c. Enterprises Owned or Significantly Influenced by Key Management Personnel or their Relatives

Birla Electrical Limited

Birla Global Corporate Limited

Birla Infrastructure Private Limited

Birla Power Solutions Private Limited

Birla Precision Technologies Limited

Birla Surya Limited

Birla Transasia Carpets Limited

Birla Viking Travels Limited

Dagger Forst Tools Limited

Godavari Corporation Limited

Melstar Information

Technologies Limited

Nirved Traders Limited

Scimitar Investment & Trading Company Private Limted

Shearson Investment & Trading Company Private Limted

Zenith Birla India Limited


Mar 31, 2010

1. Nature of Operations:

Birla Shloka Edutech Limited is engaged in the business of providing IT and IT enabled solutions to schools and institutions under the ICT projects.

2. Change in accounting policy

During the year, the Company changed its accounting policy on treatment of Miscellaneous Expenditure. The Company now adjusts the same against securities premium account instead of charging the same to the profit and loss account over a period of ten years. The Company has adjusted Rs. 2,330,273 and Rs.29,423.486 being the amount of Preliminary and Pre-operative Expenses and Share Issue Expenses respectively, against the securities premium.

Had the Company continued to use the earlier basis of amortization of Miscellaneous Expenditure, the charge to the Profit and Loss Account for the current period would have been higher by Rs.3,201,270.

3. The company has allotted 6,955,000 equity shares on January 27, 2010, pursuant to the foliow on public offer. The shares have been listed with Bombay Stock Exchange, Calcutta Stock Exchange and Ahmedabad Stock Exchange.

As per the prospectus, the funds which were proposed to be deployed upto the period March, 2010 were envisaged as Rs. 1,194.08 Lakhs. However the actual amount spent was Rs. 1697.39 lakhs.

Un-utilised FPO Proceeds of Rs. 1,780.11 Lakhs have been temporarily held in High Quality Short Term Interest bearing liquid instruments including deposits with bank.

4. According to the records of the company, undisputed statutory dues including provident fund, service tax, cess and other statutory dues have been regularly deposited with the appropriate authorities, excepting a service tax of Rs. 3,671,406 which is due.

5. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under this Act have not been given.

6. Related party disclosures a. List of Parties:

i) Key Management Personnel

Mr. Yashovardhan Birla - Chairman

Mr. Nidigallu Srikrishna - Managing Director

ii) Enterprises owned or significantly influenced by key management personnel or their relatives

i. Birla Edutech Ltd

ii. Birla Electrical Ltd.

Hi. Birla Global Corporate Ltd

iv. Birla Infrastructure Pvt Ltd

v. Birla Power Solutions Ltd.

vi. Birla Precision Technologies Ltd

vii.Birla Surya Ltd

viii.Birla Transasia Carpets Ltd

ix. Birla Viking Travels Pvt. Ltd

x. Dagger Forst Tools Ltd.

xi. Godavari Corporation Pvt. Ltd.

xii. Melstar Information Technologies Ltd

xiii. Nirved Traders Pvt. Ltd

xiv. Scimitar Investment & Trading Co Pvt. Ltd

xv. Shearson Investments & Trading Co Pvt Ltd

xvi. Zenith Birla (India) Ltd

7. There are no contingent liabilities.

8. Gratuity and other post employment benefit plans

a. Define benefit plans

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The Company did not make any provision in respect of the gratuity benefit in previous year as amount was not material. In current year, the Company has adopted Accounting Standard 15 (Revised 2005) which is mandatory from accounting periods starting from April 1, 2007. However, this adoption does not have a material impact on the profit and loss account. Hence, the entire charge of Rs. 425,069 has been debited to the Profit & Loss account for the year and accordingly amounts for the previous year have not been furnished.

The following table summarises the components of the net benefit expense recognized in the Profit & Loss Account and the funded status and amounts recognized in the balance sheet for the respective plans.

b. Defined Contributing Plan

Amount recognized as an expense and included in Schedule - 13 as Contribution to Provident and Other Funds Rs. 507,071 (Previous Year Rs. 797,040)

9. Earnings in foreign exchange - On receipt basis: Rs. Nil (Previous Year: Rs. Nil)

10. Expenditure in Foreign Currency - On payment basis: Rs. Nil (Previous Year: Rs. Nil)

11. Previous years figures have been regrouped where necessary to confirm to this years classification.

 
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