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, 2011
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.
The company had allotted 6,955,000 equity shares on January 27, 2010,
pursuant to the follow on public offer in last financial year
2009-2010.
4) The company came up with a No. 279785 of GDR issue representing 69,
94,625 underlying equity shares of Rs. 10/- each. Subsequently the
underlying no. of equity shares 69, 94,625 of Rs.10/- each at Rs.
65.25/- per share to be represented by a Global Master GDR Certificate
on 5th August, 2010 to The Bank of New York Mellon. The GDR have been
listed with Luxembourg Stock Exchange.
The details of the funds received towards such issue and allotment
including Share Premium thereon and utilization of such funds are given
below:
Total fund received from GDR issue are Rs.4,611.78 lakhs, (is includes
forex gain/loss) & utilized Rs. 4,603.87 lakhs including Issue
Expenses. The above funds are utilized for General Corporate Purposes
(Future Project & Acquisitions, Long term working capital, other
general purposes) Unutilized GDR Proceeds of Rs. 7.91 lakhs is
temporary lying with Bank.
5) The company pursuant to the resolution passed by the shareholders of
the company at their 18th Annual General Meeting held on 27th
September, 2010 approving the issue of convertible equity share
warrants to the Promoter's & Promoter's Group on preferential allotment
basis. The company allotted 19, 94,823 share warrants to the
promoter's, out of which 9, 97,412 share warrants were converted into
same no. Equity Shares of Rs. 10/- each at Premium of Rs. 58/- per
share. The Balance 9, 97,411 share warrants were outstanding pending
conversion as on 31st March, 2011.
6) During the year the Company has invested Rs. 5.26 lakhs in 100%
subsidiary M/S BIRLA SHLOKA /EDUTECH LTD FZE in UAE. Out of Which Rs
4.21 lakhs Invested towards 1 no. of share @ 35000 AED each of FZE and
Balance Rs. 1.05 towards loan.
7) 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. 22, 11,119 along with the Interest which
is due.
8) 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 yearend together with interest paid / payable
as required under this Act have not been given.
9) Related party disclosures
a) List of Parties:
i) Key Management Personnel
Mr. Yashovardhan Birla à Chairman
Mr. Srikrishna Nidigallu à Managing Director
ii) Enterprises owned or significantly influenced by key management
personnel or their relatives
Birla Edutech Ltd
Birla Electrical Ltd.
Birla Global Corporate Ltd
Birla Infrastructure Ltd
Birla Power Solutions Ltd.
Birla Precision Technologies Ltd.
Birla Surya Ltd
Birla Transasia Carpets Ltd.
Birla Viking Travels Ltd.
Dagger Forst Tools Ltd.
Godavari Corporation Ltd
Melstar Information Technologies Ltd
Nirved Traders Ltd
Scimitar Investment & Trading Co Ltd
Shearson Investment & Trading Co Ltd
Zenith Birla India Ltd
Birla Shloka Edutech Limited, FZE
11) 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. 28,594 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 summarizes 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.
Changes in the fair value of plan assets are as follows:
The company does not fund the gratuity hence the disclosure relating to
fair value of plan assets is not applicable.
b) Defined Contributing Plan
Amount recognized as an expense and included in Schedule à 14 as
Contribution to Provident and Other Funds Rs. 941,464 (Previous Year
Rs. 507,071)
12) Managerial remuneration under section 198 of the Companies Act,
1956 for the Managing Director was Rs. 3,011,860 (Previous Year Rs.
25, 00,000).
14) Earnings in foreign exchange à On receipt basis: Rs. 894,100/-
(Interest received) (Previous Year: Rs. Nil)
15) Expenditure in Foreign Currency à On payment basis: Rs. 15,668/-
(Capital Equipment purchases) (Previous Year: Rs. Nil)
16) Previous year's figures have been regrouped where necessary to
confirm to this year's classification.
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.