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Notes to Accounts of Jetking Infotrain Ltd.

Mar 31, 2015

1) Terms / 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. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2015, the amount of per share dividend recognised as distributions to equity shareholders is Re. 1 ; (Previous year Re.1).

In the event of the liquidation of the Company, the holder of equity shares will be entitled to received 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.

2. Contingent liabilities not provided for in respect of:

a. Disputed service tax demand (net of provision of RS. 16,758,179, previous year RS. 16,758,179) aggregating to RS. 3,274,137 (As at March 31, 2014 RS. 3,274,137) against which the Company has preferred an appeal. The Company has deposited upto March 31,2015 RS. 11,116,486 (Upto March 31, 2014 RS. 11,116,486) under protest.

b. Disputed Income Tax demand aggregating to RS. 1,774,480 (As at March 31,2014 RS. 4,181,536) against which the Company has preferred an Appeal / for rectification of mistakes under Section 154 of the Income Tax Act, 1961. The Company has adjusted refund upto March 31,2015 RS. Nil (As at March 31, 2014 RS. 2,006,116). Based on the interpretation of the provisions of the Income Tax Act, 1961, the management is of the opinion that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

c. Disputed TDS demand aggregating to RS. Nil (As at March 31, 2014 RS. 145,020) against which the Company has preferred for filling a revised return. Based on the interpretation of the provisions of the Income Tax Act, 1961, the management is of the opinion that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

3. Commitments

a) Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) RS. 7,056,210 (Previous year RS. 9,207,578).

b) Uncalled capital commitment in respect of investment in IDFC Real Estate Yield fund RS. 7,350,000 (Previous year RS. 13,500,000)

c) Uncalled capital commitment in respect of investment in ASK Real Estate Special Opportunities Fund -II fund RS. 9,500,000 (Previous year RS. Nil)

4. Disclosure under (AS) -15 (Revised 2005):

The Company has provided gratuity based on actuarial valuation done as per Projected Unit Credit Method.

i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective trusts.

ii) Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial valuation made at the end of each financial year.

5. Defined benefit plan:

The Company makes annual contributions to the Employees'' Group Gratuity of the Life Insurance Corporation (LIC), a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation / termination in terms of the provisions of the Payment of Gratuity Act or as per the Company''s policy whichever is beneficial to the employees.

6. The Company has made the payment of remuneration to directors amounting to RS. 20,602,776. However, in the view of inadequacy of profits the Company has made the payment of remuneration amounting to RS. 18,616,930 from 1 April 2014 to 24 February 2015 in accordance with the approval received from the Central Government. Remuneration amounting to RS. 1,985,846 for the balance period i.e. 25 February 2015 to 31 March 2015 is paid, for which the Company is in process of making an application to Central Government for approval.

7. Leases:

a. The Company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.

8. There is no impairment loss on fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "Impairment of Assets".

9. a. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

b. Balances of certain trade receivables, trade payables and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation / adjustments.

10. Previous year figures have been regrouped or rearranged, wherever considered necessary to conform with the current years presentation.


Mar 31, 2014

1. Contingent liabilities not provided for in respect of:

a. Disputed service tax demand (net of provision of Rs. 16,758,179, previous year Rs. 16,758,179) aggregating to Rs. Nil (As at March 31, 2013 Rs. Nil) against which the Company has preferred an appeal. The Company has deposited upto March 31, 2014 Rs. 12,730,783 (Upto March 31, 2013 Rs. 12,730,783) under protest.

b. Disputed Income Tax demand aggregating to Rs. 4,181,536 (As at March 31, 2013 Rs. Nil) against which the Company has preferred an Appeal / for rectification of mistakes under Section 154 of the Income Tax Act, 1961. The Company has adjusted refund upto March 31, 2014 Rs. 2,006,116 (As at March 31, 2013 Rs. Nil) Based on the interpretation of the provisions of the Income Tax Act, 1961, the management is of the opinion that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

c. Disputed TDS demand aggregating to Rs. 145,020 (As at March 31, 2013 Rs. Nil) against which the Company has preferred for filling a revised return. Based on the interpretation of the provisions of the Income Tax Act, 1961, the management is of the opinion that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

2. Commitments

a) Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) Rs. 9,207,578 (Previous year Rs. 12,894,139).

b) Uncalled capital commitment in respect of investment in IDFC Real Estate Yield fund Rs. 13,500,000 '' (Previous year Rs. Nil)

3. a. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

b. Balances of certain trade receivables, trade payables and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation /adjustments.

4. Disclosure under (AS) -15 (Revised 2005):

The Company has provided leave encashment and gratuity based on actuarial valuation done as per Projected Unit Credit Method.

i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective trusts.

ii) Gratuity and leave encashment liability are defined benefit obligation and are provided for on the basis of an actuarial valuation made at the end of each financial year.

II. Defined benefit plan:

The Company makes annua contributions to the Employees'' Group Gratuity of the Life Insurance Corporation (LIC), a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Company''s policy whichever is beneficial to the employees.

The following table sets out the amounts recognized in the Company''s financial statements as at 31 March 2014.

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

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets.

5. Segment reporting:

The Company operates in a single primary business segment i.e. "IT Training in Hardware and Networking". Hence, there are no reportable segments as per Accounting Standard (AS) - 17 "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006. The Company does not have any reportable geographical segment.

6. In the view of inadequacy of profits during the year, remuneration paid/payable to directors, amounting to Rs. 19,253,534 is in accordance with the approval received from the Central Government.

7. Leases:

a. The Company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.

8. There is no impairment ions on fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "Impairment of Assets" notified by Companies (Accounting Standards) Rules, 2006.


Mar 31, 2013

1. Contingent liabilities not provided for in respect of:

Disputed service tax demand (net ot provision of Rs. 16,758,179, previous year Rs. 23,259,590) aggregating to Rs. Nil (As at March 31, 2012 Rs. Nil) against which the Company has preferred an appeal. The Company has deposited upto March 31, 2013 Rs. 12,730,784 (Upto March 31, 2012 Rs. 12,730,784) under protest.

2. Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) Rs. 12,894,139 (Previous year Rs. 11,259,050).

b. Other commitments Rs. NIL (Previous year Rs. 10,865,956) in respect of digitization work.

3. a. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

b. Balances of certain trade receivables, trade payables and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation / adjustments.

4. Disclosure under (AS) -15 (Revised 2005):

The Company has provided leave encashment and gratuity based on actuarial valuation done as per Projected Unit Credit Method.

i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective trusts.

ii) Gratuity and leave encashment liability are defined benefit obligation and are provided for on the basis of an actuarial valuation made at the end of each financial year.

The Company has classified the various benefits provided to employees as under:

I. Defined contribution plans:

Contributions to defined contribution plans recognized as expense for the year are as under:

II. Defined benefit plan:

The Company makes annual contributions to the Employees'' Group Gratuity of the Life Insurance Corporation (LIC), a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Company''s policy whichever is beneficial to the employees.

5. Segment reporting:

The Company operates in a single primary business segment i.e. "IT Training in Hardware and Networking". Hence, there are no reportable segments as per Accounting Standard (AS) - 17 "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006. The Company does not have any reportable geographical segment.

6. In view of inadequacy of profits for the year 2012-13, remuneration paid/payable to directors, which is in excess by Rs. 13,627,245 of the limits prescribed under Section 198 read with Schedule XIII of the Companies Act, 1956 which is subject to the approval of the Central Government. Pending approval of the Central Government, an amount of Rs. 13,214,945 being excess remuneration paid in the year 2012-13 is being held in trust by the directors. Subsequent to the year end, the Company has made an application to the Central Government for the approval and approval is still awaited.

7. Leases:

a. The Company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.

b. The future minimum lease payments as per the operating lease under non-cancellable lease terms are as follows:

8. There is no impairment loss on fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "Impairment of Assets" notified by Companies (Accounting Standards) Rules, 2006.

9. The Company is in the process of appointment of Company Secretary as required under Section 383A of The Companies Act, 1956.


Mar 31, 2012

1. Contingent liabilities not provided for in respect of:

a. Disputed service tax demand (net of provision of Rs. 23,259,590, previous year Rs. 16,758,179) aggregating to Rs. Nil (As at March 31,2011 Rs. 8,375,727) against which the Company has preferred an appeal. The Company has deposited upto March 31,2012 Rs. 12,730,784 (Upto March 31, 2011 Rs. 12,730,784) under protest and also paid Rs. 4,437,588 subsequent to the balance sheet date.

b. Uncalled Capital commitment in respect of investments in Reliance Alternative Investments Fund - Private Equity Scheme I, Rs. Nil (Previous year Rs. 6,500,000).

2. Commitments

a. Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) Rs. 11,259,050 (Previous year Rs. 67,226,300).

b. Other commitments Rs. 10,865,956 (Previous year Rs.15,000,000) in respect of digitization work.

3. a. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course

of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

b. Balances of certain trade receivables, trade payables and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation / adjustments.

4. Disclosure under (AS) -15 (Revised 2005):

The Company has provided leave encashment and gratuity based on actuarial valuation done as per Projected Unit Credit Method.

i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective trusts.

ii) Gratuity and leave encashment liability are defined benefit obligation and are provided for on the basis of an actuarial valuation made at the end of each financial year.

The Company has classified the various benefits provided to employees as under:

II. Defined benefit plan:

The Company makes annual contributions to the Employees' Group Gratuity of the Life Insurance Corporation (LIC), a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Company's policy whichever is beneficial to the employees.

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

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets.

5. Segment reporting:

The Company operates in a single primary business segment i.e. "IT Training in Hardware and Networking". Hence, there are no reportable segments as per Accounting Standard (AS) - 17 "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006. The Company does not have any reportable geographical segment.

Notes:

1. The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS) - 18 "Related Party Disclosures" notified by Companies (Accounting Standards) Rules, 2006 and the same have been relied upon by the Auditors.

2. The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exists.

Note: As the future liability for gratuity is provided on an actuarial basis for the Company as a whole, the amount pertaining to the key management personnel and their relatives is not ascertainable and, therefore, not included above.

6. Leases:

a. The Company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.

7. There is no impairment loss on fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "Impairment of Assets" notified by Companies (Accounting Standards) Rules, 2006.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

a. The Company has been floating 100 % money back guarantee scheme to students over the years. During the year, the Company has given assurance to 28 (previous year 79) number of students for getting jobs on completion of the course. The Company estimates the possible liability in this regard to the tune of Rs 1,438,838 (previous year Rs. 3,503,802).

b. Disputed service tax demand (net of provision of Rs.16,426,134) aggregating to Rs. 8,375,727 (As at March 31, 2009 Rs. 8,375,727) against which the Company has preferred an appeal. The Company has deposited upto March 31, 2010 Rs. 10,792,718 (Upto March 31, 2009 Rs. 10,792,718) under protest.

c. Disputed income tax demands aggregating to Rs. 165,122 (As at March 31,2009 Rs. 165,122) against which the Company has preferred an appeal. The Company has deposited upto March 31, 2010 Rs. 165,122 (Upto March 31, 2009 Rs. 165,122) under protest.

d. Uncalled Capital commitment in respect of investments in Reliance Alternative Investments Fund- Private Equity Scheme I, Rs.8,500,000 (previous year Rs. Nil).

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. Nil (previous year Rs. 1,519,520).

3. Miscellaneous income includes Rs. 2,121,273 (previous year Rs 882,232) being unspent liabilities, excess provision and unclaimed balances in respect of earlier years written back.

4. Share / Compensation of franchisee fees represents the royalty, franchisee fees, etc. paid / payable to a franchisee pursuant to a consent terms issued by High Court of Gujarat at Ahmedabad District Vadodara dated 29 March 2010, and agreed between the Company and a Franchisee.

5. a. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

b. Balances of certain debtors, creditors and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation / adjustments.

6. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any intimation from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

7. Disclosure under (AS) -15 (Revised 2005):

The Company has provided leave encashment and gratuity based on actuarial valuation done as per Projected Unit Credit Method.

i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charged to the Profit and Loss Account of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective trusts.

ii) Gratuity and leave encashment liability are defined benefit obligation and are provided for on the basis of an actuarial valuation made at the end of each financial year.

II. Defined benefit plan:

The Company makes annual contributions to the Employees Group Gratuity of the Life Insurance Corporation (LIC), a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Companys policy whichever is beneficial to the employees.

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

The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets.

8. Segment reporting:

The Company operates in a single primary business segment i.e. "IT Training in Hardware and Networking". Hence, there are no reportable segments as per Accounting Standard (AS) -17 "Segment Reporting" issued by The Institute of Chartered Accountants of India. The Company does not have any reportable geographical segment.

9. Related party disclosures:

I) Related party relationship:

a) Key management personnel

a) Mr. Suresh G. Bharwani

b) Mr. Nandu G. Bharwani

b) Relatives of key management personnel

a) Mr. Jitu G. Bharwani - Brother of Suresh Bharwani and Nandu Bharwani

b) Anisha Bharwani - Wife of Suresh G. Bharwani

c) Harsh Bharwani - Son of Suresh G. Bharwani

d) Avinash Bharwani - Son of Suresh G.Bharwani

e) Siddarth Bharwani - Son of Suresh G.Bharwani

f) Dipti Bharwani-Wife of Nandu G.Bharwani

g) Urvashi Bharwani - Daughter of Nandu G. Bharwani

h) Ritika Bharwani - Daughter of Nandu G. Bharwani

c) Enterprises on which key management Jetking Smartrain Academy Pvt. Ltd. personnel or their relatives has signiticant influence

10. Leases:

a. The Company has taken various office premises under operating lease that are renewable on a periodic basis at the option of both the lessor and lessee.

11. The Company is in the process of appointment of Company Secretary as required under Section 383A of The Companies Act, 1956.

12. Previous years figures have been rearranged or regrouped, wherever considered to conform to the current years presentation.

 
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