Home  »  Company  »  Career Point  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Career Point Ltd.

Mar 31, 2015

1. CPL Employee Stock Option Plan 2013:

The Company has granted 5,000 employee stock options under the scheme. Each option so granted shall carry a right to subscribe one equity share of the company upon vesting and payment of exercise price of Rs 100 per option. The said Stock Option granted shall be vested over a period of 1 year from the date of grant and entitled to exercise the options up to a period of 4 years from the date of vesting.

2. Sub Note:

(a) Overdraft facility of ' 90/- Lacs against the security of Fixed Deposit Receipts of Rs.100/- Lacs.

(b) Secured On Demand Credit Facility of ' 985 Lacs @11.25% p.a. (PY 10.60% p.a.) from Barclays Bank, against the security of Mutual Funds of ' 1,190 Lacs, repayable on demand, however no charge is registered with Registrar of Companies. The overdraft facility has been renewed in Sep-14 with interest rate reset @ 10.35% p.a.

Amount payable to Micro, Small & Medium Enterprises (MSM ED Act)

I) On the basis of absence of a data-base identifying creditors as Micro, Small & Medium Enterprises, the management is of the opinion that there are no parties which can be classified as Micro, Small & Medium Enterprises to whom the company owes any sum. The Auditors have accepted the representations of the management in this matter.

ii) The company will identify the suppliers who are covered under "The Micro, Small & Medium Enterprises Development Act, 2006" on receiving the information from them, after which necessary information as required under the said Act will be complied with.

3. Pledged/marked a lien as security against on demand credit facility to the company.

4. Pledged/marked a lien as security against on demand credit facility to its wholly owned subsidiary Career Point Infra Limited. The Management confirmed that the facility used for its principal business activity.

* Shown in the previous year as Current Investment, converted into Non Current Investment due to the change in terms.

(a) Classification of Inventories as required by AS-2 "Valuation of Inventories"

Raw Material and Finished Goods contains Publication Material (Paper), and Other Items and Printed Material (Books) respectively. Inventory consists of various types of books and other items, therefore item wise break-up of the same is not given.

5 . The Company formed a subsidiary along with an entrepreneur , to expand its base and capacity to a new city and has outstanding loan amount to Rs. 244.82 Lacs (P.Y. Rs.86.86 Lacs) @ 9%P.A. for its working capital requirement. The Management of the Company confirmed that the said loan is necessary for its business purpose, and is in compliance of clause (b) of sub section (1) of section 185 of the Companies Act, 2013.

6. The company has outstanding loans amounting to Rs. 1645.95 Lacs (P.Y. 1549.59) Lacs @9% p.a. to its wholly owned subsidiaries, repayable in 3 years/on demand and part of the loan was further loaned to its group companies/associates. The Management confirmed that such loans and further loans have been utilised by the group companies for their principal business activities as defined in Rules of section 185 of the Companies Act, 2013.

7. The Company has outstanding unsecured loan amounting to Rs.760.29 Lacs to a Charitable Institution under the same management.

8. The Company has given loan to its wholly owned subsidiary (A NBFC) which in turn has paid to a charitable trust under the same management to repay its liabilities to the company.

9. Amount Advanced to related party Amount in Rs.

10. Loans to others include Rs. 1071.32 Lacs (Previous Year Rs. 789.65 Lacs), given to various parties at the interest rates varying from 12% to 15% (Previous year @12% to 15.60%)

11. CONTINGENT LIABILITIES

Amount in Rs.

Particulars As at 31.03.2015 As at 31.03.2014

Service tax liability 69,389,525 57,500,587

Claims against the Company 3,280,200 4,920,448 not acknowledged as debts

Value added tax liability 56,580,597 55,604,459

IoTAL 129,250,322 118,025,494

12. Provision for Bonus has been made for Rs. 813,709 /-.(Previous year Rs.520,936/-) for eligible employees for the year ended on March 31,2015.

13. During the period, the company has paid remuneration to the following related parties defined as per AS-18 "Related Party Disclosures" :-

14. Payments to Auditors (excluding service tax)

(b) During the year the company has carried out the following transactions with related parties defined as per AS-18 "Related Party Disclosures" :-

15. Additional Information to the Financial Statements

(I) Estimated amount of contracts remaining to be executed on capital account (net of advances): Rs. 2,41,56,125/- (Previous Year Rs.273,62,489/-).

(ii) The Company has classified the various benefits provided to employees as follows:

(a) Defined Contribution Plans - Provident Fund

(b) State Plans - Employer's Contribution to Employees Pension Scheme, 1995.

During the year the Company has recognized Rs. 5,30,778/- (Previous year- Rs.3,18,986/-) as employer's contribution to Provident Fund and Rs.10,22,088/- (Previous Year- ' 5,89,274/-) as employer's contribution to Employees Pension Scheme, 1995 in the Profit and Loss Account.

The company is depositing P.F contribution only for eligible employees within statutory limits. The employees whose income is above the statutory limits have opted not to subscribe and accordingly, the company is not required to make the contribution.

(c) Defined Benefit Plans:

I) Gratuity

II) Leave Encashment

In accordance with Accounting Standard-15 (revised 2005) actuarial valuation was carried out as at 31st March, 2015 in respect of Defined Benefit Plans - Gratuity (the company does not provide encashment of earned leave) on the following assumptions:

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

In the absence of any investment, description of the basis required to be used to determine the overall expected rate of return on assets including.

(iii) Segment Reporting

The Management has considered the whole business of the company as a single segment i.e. non formal education, thus no segment reporting is required.

(iv) Disclosure of related parties/ related party transactions:

(a) List of related parties over which control exists:

(b) Name of the related parties with whom transactions were carried out during the period and description of relationship:

- Subsidiary:

Career Point Edutech Limited

Career Point Infra Limited

Gyan Eduventure Private Limited

Career Point Accessories Private Limited

Srajan Agritech Private Limited

Srajan Capital Limited Coupler Enterprises Private Limited

* Associates companies:

Imperial Infin Pvt Ltd

* Key Management Personnel:

Mr. Pramod Maheshwari (Chairman & Managing Director)

Mr. Om Prakash Maheshwari (CFO & Whole time Director)

Mr. Nawal Kishore Maheshwari (Whole time Director)

Smt. Neelima Maheshwari (Wife of Director)

* Relative of Key Management Personnel:

Smt. Shilpa Maheshwari (Wife of Director)

* Enterprises under same Management:

Diamond Business Solutions Private Ltd.

Om Prakash Maheshwari (HUF)

Wellwin Technosoft Private Ltd.

Gopi Bai Foundation

(v) The company is in the process of:-

16. To amend the Memorandum of Association in compliances to section 4 (6) read with Table A to Schedule I to remove other objects of the Company

17. To appoint a Company Secretary for secretarial audit in compliance of section 204 of the Companies Act, 2013 for the financial year 2014-15.

18. Maintaining its record on electronic forms as required under section 120 of the Companies Act, 2013.

19. A CSR Committee is constituted and policy framed and uploaded on the website of the Company, however the company yet to start expending on CSR Activity.

20. Fees received by the company's franchises are deposited in the franchise wise bank account of the company. However, company is recording in its books of account only the amount which company is entitled to receive as royalty as per the agreement entered into with the franchise.

21. Basic and Diluted Earnings per share ["EPS"] computed in accordance with Accounting Standard (AS) 20 "Earnings Per Share"

22. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31st March, 2015.

23. Figures for the previous year have been regrouped/reclassified wherever necessary.

24. GENERAL INFORMATION:

Career Point Limited is engaged in providing Non Formal and Formal Education Service which inter alia include Education Consultancy, Management Services and Tutorial Services.




Mar 31, 2014

1 Additional Information to the Financial Statements

(i) Estimated amount of contracts remaining to be executed on capital account (net of advances): Rs.273,62,489/- (Previous Year 51,282,125 /-).

(ii) Provision for wealth tax for the year is Rs.12,00,000/- (Previous year Rs.14,42,366/-) included in current tax.

(iii) The Company has classified the various benefits provided to employees as follows:

(a) Defined Contribution Plans – Provident Fund

(b) State Plans – Employer’s Contribution to Employees Pension Scheme, 1995.

During the period the Company has recognized Rs.3,18,986/- (Previous year-Rs.2,81,504/-) as employer’s contribution to Provident Fund and Rs.5,89,274/- (Previous Year- Rs.5,47,021/-) as employer’s contribution to Employees Pension Scheme, 1995 in the Profit and Loss Account.

The company is depositing P.F contribution only for eligible employees within statutory limits. The employees whose income is above the statutory limits have opted not to subscribe and accordingly, the company is not required to make the contribution.

(c) Defined Benefit Plans:

I) Gratuity

II) Leave Encashment

In accordance with Accounting Standard-15 (revised 2005) actuarial valuation was carried out as at 31st March, 2014 in respect of Defined Benefit Plans – Gratuity (the company does not provide encashment of earned leave) on the following assumptions:

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

In the absence of any investment, description of the basis required to be used to determine the overall expected rate of return on assets including major categories of plan assets has not been given.

(iv) Segment Reporting

The management has considered the whole business of the company as a single segment i.e. non formal education, thus no segment reporting is required.

(v) Disclosure of related parties/ related party transactions:

(a) List of related parties over which control exists

Name of the Related Party Relationship

Career Point Edutech Limited Subsidiary

Career Point Infra Limited Subsidiary

Gyan Eduventure Private Limited Subsidiary

Career Point Accessories Private Limited Subsidiary

Srajan Agritech Private Limited Subsidiary

Srajan Capital Limited Subsidiary

Coupler Enterprises Private Limited Subsidiary

Kota Automobiles Private Limited Subsidiary

Career Point Accessories Private Limited Subsidiary

(b) Name of the related parties with whom transactions were carried out during the period and description of relationship:

- Subsidiary:

Career Point Edutech Limited

Career Point Infra Limited

Gyan Eduventure Private Limited

Career Point Accessories Private Limited

Srajan Agritech Private Limited

Srajan Capital Limited

Coupler Enterprises Private Limited

- Associates companies:

Imperial Infin Pvt Ltd

- Key Management Personnel:

Mr. Pramod Maheshwari (Chairman & Managing Director) Mr. Om Prakash Maheshwari (CFO & Whole time Director) Mr. Nawal Kishore Maheshwari (Whole time Director)

- Relative of Key Management Personnel:

Smt. Shilpa Maheshwari (Wife of Director) Smt. Neelima Maheshwari (Wife of Director)

- Enterprises under same Management:

Diamond Business Solutions Private Ltd.

Om Prakash Maheshwari (HUF)

Wellwin Technosoft Private Ltd.

Gopi Bai Foundation

Career Point Education Society

(vi) Fees received by the company’s franchisees are deposited in the franchisee wise bank account of the company. However,

company is recording in its books of account only the amount which company is entitled to receive as royalty as per the agreement entered into with the franchisee.

(ix) There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31st March, 2014.

(x) Figures for the previous year have been regrouped/reclassified wherever necessary.

GENERAL INFORMATION:

Career Point Limited is engaged in providing Non Formal Education Service which inter alia include Education Consultancy,

Management Services and Tutorial Services.


Mar 31, 2013

1. Additional Information to the Financial Statements

(i). Estimated amount of contracts remaining to be executed on capital account (net of advances) Rs. 51,282,125/- (Previous Year Rs. 87,836,908/-).

(ii) Provision for wealth tax for the year is Rs. 1,442,366/- (Previous year Rs. 1,400,000/-) included in current tax.

(iii) The Company has classified the various benefits provided to employees as follows:

(a) Defined Contribution Plans – Provident Fund

(b) State Plans – Employer’s Contribution to Employees Pension Scheme, 1995.

During the period the Company has recognized Rs. 281,504/- (Previous year-Rs. 278,309/-) as employer’s contribution to Provident Fund and Rs. 54,7021/- (Previous Year- Rs. 572,138/-) as employer’s contribution to Employees Pension Scheme, 1995 in the Profit and Loss Account.

The company is depositing P.F contribution only for eligible employees within statutory limits. The employees whose income are above the statutory limits have opted not to subscribe and accordingly, the company is not required to make the contribution.

(c) Defined Benefit Plans: i) Gratuity

ii) Leave Encashment

In accordance with Accounting Standard-15 (revised 2005) actuarial valuation was carried out as at 31st March, 2013 in respect of Defined Benefit Plans – Gratuity and Leave Encashment (the company does not provide encashment of earned leave) on the following assumptions:

(iv) Segment Reporting

The management has considered the whole business of the company as a single segment, thus no segment reporting is required. (v) Disclosure of related parties/ related party transactions:

(a) List of related parties over which control exists

(b) Name of the related parties with whom transactions were carried out during the period and description of relationship:

- Subsidiary: - Relative of Key Management Personnel:

Career Point Edutech Limited Smt. Shilpa Maheshwari (Wife of Director)

Career Point Infra Limited Smt. Neelima Maheshwari (Wife of Director)

Gyan Eduventure Private Limited Smt. Rekha Maheshwari (Wife of Director)

Career Point Accessories Private Limited

- Enterprises under same Management:

- Associates companies: Diamond Business Solutions Private Ltd.

Imperial Infin Pvt Ltd Om Prakash Maheshwari (HUF)

Wellwin Technosoft Private Ltd.

- Key Management Personnel:

Gopi Bai Foundation Mr. Pramod Maheshwari (Chairman & Managing Director)

Career Point Education Society Mr. Om Prakash Maheshwari (CFO & Whole time Director)

Mr. Nawal Kishore Maheshwari (Whole time Director)

(v) Fees received by the company’s franchisees are deposited in the franchisee wise bank account of the company. However, company is recording in its books of account only the amount which company is entitled to receive as royalty as per the agreement enterd into with the franchisee.

(vi) There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31st March, 2013.

(vii) Figures for the previous year have been regrouped/reclassified wherever necessary.

GENERAL INFORMATION:

Career Point Limited is engaged in providing Education Consultancy, Management Services and Tutorial Services.


Mar 31, 2012

NOTE 1. CONTINGENT LIABILITIES

Particulars For the year ended For the year ended March 31, 2012 March 31, 2011

Service tax liability 1,054,036 1,054,036

Income tax liability against matters in appeal 950,525 950,525

Claims against the Company not acknowledged as debts 5,300,436 1,672,730

Value added tax liability 7,757,800 7,757,800

Income tax search case*

TOTAL 15,062,797 11,435,091

*An undisclosed income amounting to Rs. 60,058,330/- nas been detected by the income lax Department during search and seizure carried on 4th December, 2009 under Income Tax Act, 1961 in the office premises of the Company as well as the residence of the Executive Directors. Out of this income it is not clearly mentioned as to how much pertains to the individuals and how much to the Company. Consequently the liability of the Company in respect of this undisclosed income has become difficult to be ascertained.

2. Estimated amount of contracts remaining to be executed on capital account (net of advances): Rs. 87,836,908/- (Previous Year Rs. 35,055,230/-).

3. Provision for wealth tax for the Period is Rs. 14,00,000/- (Previous year Rs. 1,150,000/-) included in current tax.

4. The Company has classified the various benefits provided to employees as follows: (i) Defined Contribution Plans - Provident Fund

(ii) State Plans - Employer's Contribution to Employees Pension Scheme, 1995.

During the period the Company has recognised Rs. 278,309 /- (Previous year- Rs. 221,094/-) as employer's contribution to Provident Fund and Rs. 572,138 /- (Previous Year- Rs. 448,295/-) as employer's contribution to Employees Pension Scheme, 1995 in the Profit and Loss Account.

The Company is depositing RF contribution only for statutory required employees. The employees who are above the statutory limits have opted not to subscribe and accordingly, the Company is not required to make the contribution.

(iii) Defined Benefit Plans:

a) Gratuity

b) Leave Encashment

In accordance with Accounting Standard-15 (revised 2005) actuarial valuation was carried out as at 31st March, 2012 in respect of Defined Benefit Plans - Gratuity and Leave Encashment (the Company does not provide encashment of earned leave) on the following assumptions:

5. Segment Reporting

The management has considered the whole business of the Company as a single segment, thus no segment reporting is required.

6. Disclosure of related parties/ related party transactions:

(b) Name of the related parties with whom transactions were carried out during the period and description of relationship:

- Subsidiary:

Career Point Edutech Limited Career Point Infra Limited

- Key Management Personnel:

Mr. Pramod Maheshwari (Managing Director)

Mr. Om Prakash Maheshwari (Whole time Director)

Mr. Nawal Kishore Maheshwari (Whole time Director)

- Relative of Key Management Personnel:

Smt. Shilpa Maheshwari (Wife of Director) Smt. Neelima Maheshwari (Wife of Director) Smt. Rekha Maheshwari (Wife of Director)

- Enterprises under same Management:

Diamond Business Solutions Private Ltd. Om Prakash Maheshwari (HUF) Wellwin Technosoft Private Ltd. Imperial Infin Pvt Ltd Gopi Bai Foundation Proseed Foundation

7. Fees received by the Company's franchisees are deposited in the franchisee wise bank account of the Company. However, Company is recording in its books of account only the amount which Company is entitle to receive as royalty as per the agreement enter into with the franchisee.

8. The management of the Company has reviewed the existing assets working conditions and utility as at the balance sheet date and are of the opinion that there exists no indication that an asset has been impaired and hence no impairment has been carried out.

9. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31 st March, 201 2.

10. Figures for the previous period have been regrouped / reclassified in line with revised Schedule VI as directed by MCA through Notification No. S.O. 447(E).

GENERAL INFORMATION:

Career Point Limited is a leading education Company in India, operating in both the Informal and Formal Education streams by providing Tutorial Services and Education Consultancy & Management services across the value chain.

 
Subscribe now to get personal finance updates in your inbox!