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Notes to Accounts of Ironwood Education Ltd.

Mar 31, 2018

1. No impairment provision has been made in the financial statements with regard to the value of investment in EMDI (Overseas) FZ LLC, wholly owned subsidiary of the Company although the net worth of the subsidiary is eroded as the management is expecting the positive trends in the results of the subsidiary on going concern basis.

2. Related Party Disclosures:

a) List of Related Parties and list of related parties with whom transactions have taken place during the year / previous year:

Subsidiary

EMDI (Overseas) FZ LLC Joint Venture

EMDI Wedding Academy LLP - (50% Share in Profit & Loss)

Key Managerial Personnel

1) Mr. Nowshir Engineer - Managing Director (No transaction during the year/previous year) up to 30.06.2017.

2) Ms. Preeta D''souza - Chief Operating Officier w.e.f.14.12.2017

3) Mr. Dharmesh Parekh - Company Secretary

4) Mr. Samkeet Patel - Chief Financial Officer up to 24.07.2017

5) Ms. Dhara Shah - Chief Financial Officer w.e.f. 14.12.2017 Relative of Key Managerial Personnel

Mrs. Asha Parekh - Consultant (wife of Dharmesh Parekh)

Mr. Ronak Shah - M.S. Academy (Husband of Ms. Dhara Shah)

Enterprise over which Director of the Company having significant influence Value Line Advisors Pvt Ltd.

La Consultants-Sole Proprietary Concern of Ms. Bela desai - Promoter Non - Executive Director

(c) Fair value hierarchy of financial assets and liabilities measured at fair value:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of following three levels:

Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs are other than quoted prices included within level 1 that are observable for the assets or liability, either directly (i.e as prices ) or indirectly (i.e. derived from prices)

Level 3 - Inputs are not based on observable (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on market data.

B Financial risk management (i) Risk management framework

The Company’s board of directors have overall responsibility for the establishment and oversight of the Company’s risk management framework.

The Company’s risk management policies are established to identify and analyses the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Company has exposure to the following risks arising from financial instruments:

- Liquidity risk ;

- Credit risk ; and

- Market risk

(ii) Liquidity risk

The Company’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company has no outstanding borrowings and the Company believes that the working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date:

(iii) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company''s receivables from customers. Company''s major earnings is from course fees from the students and the default payment terms is to make payments in advance.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. There are no significant trade receivables in the financial statements. Hence, there is no significant concentration of credit risk.

Cash and cash equivalents, investments and other deposits accepted by the Company are neither past due nor impaired. Cash and cash equivalents include deposits with banks.

Term deposits with banks including interest accrued thereon - 2,30,081

Mutual fund investments 37,29,749 1,87,49,713

(iv) Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, which will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables.

Currency risk

The risk on the Company''s foreign currency transactions relate to temporary loans to its subsidiary. Amount involved in the transactions are not significant, hence currency risk associated with it is not significant in nature.

3. The Company deals in business of ‘Vocational Education’ which is the main activity. As such, there is one reportable segment as defined by Ind AS 108 - Segmental reporting

37 First Time Adoption of Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS

For the purposes of reporting as set out in Note 1, we have transitioned our basis of accounting from Indian generally accepted accounting principles (“IGAAP”) to Ind AS. The accounting policies set out in note 1 have been applied in preparing the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the “transition date”).

Consequently, in preparing these Ind AS financial statements, the Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting difference in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity). Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A. Optional Exemptions availed

(a) Deemed Cost

The Company has opted paragraph D7 AA and accordingly considered the carrying value of property, plant and equipment’s and intangible assets as deemed cost as at the transition date.

(b) The Company has opted for exemption given under para D13AA of Appendix D to Ind AS 101 - First time adoption of Indian Accounting Standards. In accordance with this exemption opted, the Group has continued the policy of adding to/ deleting from the cost of Property, Plant and Equipment, all foreign exchange fluctuations arising on translating of Long Term Foreign Currency Monetary items utilized for acquiring the said Property, Plant and Equipment.

B. Applicable Mandatory Exceptions

(a) Estimates

An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).

Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP :

- Impairment of financial assets based on expected credit loss model.

(b) Classification and measurement of financial assets

As required under Ind AS 101 the Company has assessed the classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

C. Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

I. Reconciliation of Balance sheet as at April 1, 2016 (Transition Date) and as at March 31, 2017

II. A. Reconciliation of Profit and Lsss as at April 1, 2016 (Transition Date) and as at March 31, 2017 B. Reconciliation of Total Comprehensive Income for the year ended March 31, 2017

III. Reconciliation of Equity as at April 1, 2016 and as at March 31, 2017

In preparing our opening Ind AS balance sheet, we have adjusted amounts reported in financial statements prepared in accordance with IGAAP. An explanation of how the transition from IGAAP to Ind AS has affected the company’s financial statements is set out in the following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made under IGAAP except where required by Ind AS.

2c. Transition to Ind AS:

For the purposes of reporting as set out in Note 1, we have transitioned our basis of accounting from Indian generally accepted accounting principles (“IGAAP”) to Ind AS. The accounting policies set out in note 1 have been applied in preparing the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the “transition date”).

Consequently, in preparing these Ind AS financial statements, the Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting difference in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity). Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

In preparing our opening Ind AS balance sheet, we have adjusted amounts reported in financial statements prepared in accordance with IGAAP. An explanation of how the transition from IGAAP to Ind AS has affected the company’s financial statements is set out in the following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made under IGAAP except where required by Ind AS.

Foot notes to the reconciliation of equity as at 1st April, 2016 and 31st March, 2017 and Statement of Profit and Loss for the year ended 31st March 2017

1 Revenue recognition:

Premier relationship fees receivable under business association agreements are taken to income over the period of agreement As per Ind As 18 Revenue.

2 Change in fair valuation of Investments:

Under previous GAAP, current investments were measured at lower of cost or fair value and long term investments were measured at cost less diminution in value which is other than temporary. Under Ind AS Financial assets other than amortized cost are subsequently measured at fair value. The Company has made an irrevocable election to present in other comprehensive income subsequent changes in the fair value of equity investments not held for trading. Investment in Mutual Funds, have been classified as fair value through statement of profit and loss and changes in fair value are recognized in statement of profit or loss.

3 Interest free security deposits

The company has given interest free security deposit for property taken on lease from third parties. These security deposit are measured at amortized cost as per Ind As 109-Financial Instruments. The interest income on security deposit is recognized in the statement of profit and loss as per the Effective Interest Rate method and prepaid rent expense recognized in the statement of profit and loss under straight line method

4 Employee benefits :

Both under Indian GAAP and Ind-AS, the company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind-AS, measurements comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through Other comprehensive income.

5. Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2016

1. Capital commitment not provided for (net of advances) Rs, 32,000 (P.Y. Rs, Nil)

2. The Company has carried out business operations only in the segment of ‘Vocational Education'' during the year. The Company does not have more than one segment eligible for reporting in terms of Accounting Standard 17 - "Segment Reporting" issued by The Institute of Chartered Accountants of India.

3. No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

4. The business association with Mrs. Ruchi Mahajan had concluded in terms of Memorandum of Understanding in the eariler years. The balance outstanding amount of earlier years '' 1,957,292 which is doubtful of recovery had been provided for bad debts in the financial statement in earlier year. During the year, the same has been written off as bad debts in the financial year statement.

5. (a) In the financial year 2014-15, the company has disposed-off its entire shareholding in one of its subsidiary - Eduhub Education Pvt Ltd. The profit arising on sale Rs, 1,780,356 was shown as exceptional item in the statement of profit and loss.

(b) The exceptional item shown in financial year 2014-15 represents compensation of Rs, 350,000 (net of related expenses) received from past Business Associate.

Notes to Financial Statements for the year ended 31st March, 2016 31 Related Party Disclosures:

(A) List of Related Parties and list of related parties with whom transactions have taken place during the year / previous year: Subsidiaries

1) EMDI (Overseas) FZ LLC

2) Eduhub Education Pvt Ltd (upto 30.03.2015)

Joint Venture

1) EMDI Wedding Academy LLP - (50% Share in Profit & Loss)

Key Managerial Personnel

1) Mr. Nowshir Engineer - Managing Director (No transaction during the year/ previous year)

2) Mr. Dharmesh Parekh - Company Secretary

3) Mrs. Binal Gala - Chief Financial Officer from 01/04/2014 to 08/08/2014

4) Mr. Samkeet Patel - Chief Financial Officer w.e.f 05/02/2015

5) Mrs. Asha Parekh - Consultant (Relative of Dharmesh Parekh)

(B) Transactions with Related Parties:

/AmAiint in

6. The Company divested its interest in joint venture subsidairy- Eduhub Education Pvt Ltd on 31st March, 2015. However, due to oversight in some sections of the Company''s website and a corporate presentation on the website, it continued to mention Eduhub and IISM as also their respective logos, which was in the nature of statement of factual information. For reasons best known to them, Eduhub Education Pvt Ltd sent notices to remove their logos from Company''s website. As part of the said notice, they also claimed a sum of ''45,000,000 as monetary damages for unauthorized and illegitimate use of their logo. In response to this notice, the Company has made necessary updates on its website and Company considers that post this, the cause for the notice and thereby the compensation so claimed is negated.

On noticing that at various places on the Eduhub Education Pvt Ltd''s website, IISM''s website and IISM face book pages, there were references and images leading the public to believe that these were still the Company''s joint ventures and also that Ms.Rasika Kulkarni - Director of Eduhub was also Director of EMDI; as advised the Company issued a notice to Eduhub Education Pvt Ltd to remove these references and claimed a compensation of '' 250,000,000 as monetary damages for illegal and unauthorized use and infringement of Company''s trademarks.

7. Previous period figures have been regrouped / recast wherever necessary to make them comparable.


Mar 31, 2015

A Terms and Rights:

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.

b The above issued, subscribed and paid up share capital includes 2,276,215 Equity shares of Rs. 10 each fully paid up which were issued on rights basis at the premium of Rs. 40 per share in last fve years.

c The Company had issued a postal ballot notice to the shareholders of the Company on 31.03.2014 for issuing 1,900,000 equity shares of Rs. 10/- each to Krisma Investments Private Limited (one of the member of the promoter and promoter group of the Company) on preferential allotment basis in accordance with the provisions of Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws. The same was approved through postal ballot on 5th May, 2014 and the shares were allotted by the company at its board meeting held on 13th May, 2014.

1. Contingent Liability:

Capital commitment not provided for (net of advances) Rs. NIL (P.Y. Rs. 4,43,968) 25 The Company has carried out business operations only in the segment of 'Vocational Education' during the year. The Company does not have more than one segment eligible for reporting in terms of Accounting Standard 17 - "Segment Reporting" issued by The Institute of Chartered Accountants of India.

2. No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

3. The business association with Mrs. Ruchi Mahajan has been concluded in terms of Understanding in the earlier year. The balance outstanding amount of Rs. 19,57,292 receivable from her which is doubtful of recovery has been provided for in the financial statement under the head "Other Non-Current Assets".

Notes to Financial Statements for the year ended 31st March, 2015

4. Related Party Disclosures:

(A) List of Related Parties and list of related parties with whom transactions have taken place during the year / previous year: Subsidiaries

1) EMDI (Overseas) FZ LLC

2) Eduhub Education Pvt Ltd (up to 30.03.2015)

Joint Venture

1) EMDI Wedding Academy LLP - (50% Share in Profit & Loss)

Key Managerial Personnel

1) Mr. Nowshir Engineer - Managing Director (No transaction during the year/ previous year)

2) Mr. Dharmesh Parekh - Company Secretary

3) Mrs. Binal Gala - Chief Financial Officer from 01/04/2014 to 08/08/2014

4) Mr. Samkeet Patel - Chief Financial Officer w.e.f 05/02/2015

5) Mrs. Asha Parekh - Consultant (Relative of Dhamesh Parekh) 33 No impairment provision has been made in the financial statements with regard to the value of investment in EMDI (Overseas) FZ LLC, wholly- owned subsidiary of the Company although the net worth of the subsidiary is completely eroded as the management is expecting the positive trends in the results of the subsidiary ongoing concern basis.

5. Previous period figures have been regrouped / recast wherever necessary to make them comparable.


Mar 31, 2014

1. a Terms and Rights:

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. b The above issued, subscribed and paid up share capital includes 540,000 equity shares which were issued to Mr. Nowshir Engineer pursuant to acquisition of EMDI (Overseas) FZ LLC for consideration other than cash in the past five years The above issued, subscribed and paid up share capital includes 2,276,215 Equity shares of Rs. 10 each fully paid up which were issued on rights basis at the premium of Rs. 40 per share in last five years.

c The Company has issued a postal ballot notice to the shareholders of the Company on 31.03.2014 for issuing 1,900,000 equity shares of Rs. 10/- each to Krisma Investments Private Limited (one of the member of the promoter and promoter group of the Company) on preferential allotment basis in accordance with the provisions of Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws. The same is subject to approval of shareholders through postal ballot process.

d Shareholders holding more than 5% of Shares

2. Contingent Liability:

Capital commitment not provided for (net of advances) Rs. 443,968 (Previous Year Nil)

3. The Company has carried out business operations only in the segment of ''Vocational Education'' during the year. The Company does not have more than one segment eligible for reporting in terms of Accounting Standard 17 issued by The Institute of Chartered Accountant of India.

4. No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

5. The business association with Mrs. Ruchi Mahajan has concluded in terms of Understanding in the previous year. The balance outstanding amount of Rs. 19,57,292 which is doubtful of recovery has been provided for in the financial statement under the head "Other Current Assets".

6. The exceptional item of Rs. 4,044,132 (previous year Nil) shown in the statement of profit and loss represents compensation (net of related expenses) received from past Business Associate in terms of consent decree as full and final settlement of the claim against them.

7. Previous period figures have been regrouped / recast wherever necessary to make them comparable.


Mar 31, 2013

1 The Company has carried out business operations only in the segment of ''Vocational Education'' during the year. The Company does not have more than one segment eligible for reporting in terms of Accounting Standard 17 issued by The Institute of Chartered Accountant of India.

2 No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

3 The business association with Mrs. Ruchi Mahajan has concluded in terms of Memorandum of Understanding. The balance outstanding amount of Rs. 19,57,292 which is doubtful of recovery has been provided for in the fnancial statement under the head "Other Current Assets".

4 The Company operates an unfunded gratuity scheme for its employees. The disclosures in respect of the scheme as required in the Accounting Standard 15 - ''Employee Benefts'', issued by the Institute of Chartered Accountants of India'' are given below :

Defned Beneft Plans

Gratuity Scheme (Unfunded Scheme)

In accordance with Accounting Standard 15 (Revised 2005), actuarial valuation was performed in respect of the aforesaid defned beneft plans based on the following assumptions:-

5 Related Party Disclosures :

(A) List of Companies under Common Control Subsidiaries

EMDI (Overseas) FZ LLC Eduhub Education Pvt Ltd

(B) Names of related parties with whom transactions have taken place during the year / previous year :

a) Key Management Personnel : Mr.Deepak Chaudhary till 30th June, 2011

b) Transactions with Related Parties :

6 Previous period fgures have been regrouped / recast wherever necessary to make them comparable.


Mar 31, 2012

1. Share Capital:

a. Terms and Rights:

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.

b. The above issued, subscribed and paid up share capital includes 5,40,000 equity shares which were issued pursuant to acquisition of EMDI (Overseas) FZ LLC for consideration other than cash in the past five years.

The above issued, subscribed and paid up share capital includes 2,276,215 Equity shares of Rs. 10 each fully paid up were issued on rights basis at the premium of Rs. 40 per share in last five years.

2. Share Warrants:

During the previous year, the Company has issued and allotted 1,300,000 partly paid convertible share warrants for cash to Promoters and Non Promoter Group on preferential allotment basis. These share warrants are convertible into equity shares of Rs. 10 each at a premium of Rs. 45 per share in the ratio 1:1 and the so converted equity shares shall rank pari passu in all respects with the existing equity shares of the Company. As per SEBI (ICDR) Regulations, 2009, the conversion of these warrants will be made within the period of 18 months from the date of allotment in one or more tranches subject to full payment being received and on such terms and conditions as the Board may deem appropriate. If the investors do not opt for the conversion of the warrants, the upfront amount so paid would stand forfeited by the Company and all the rights attached to the warrants shall lapse automatically.

As per the terms of issue of the share warrants, an amount equivalent to 25% of the issue price of the warrants amounting to Rs. 17,875,000 was received and is retained under share warrants.

3. The Company has carried out business operations only in the segment of 'Education' during the year and also the previous year. Hence segment reporting as per Accounting Standard 17 - 'Segment Reporting, issued by The Institute of Chartered Accountant of India, has not been given.

4. No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

5. The Company has entered in to a business association contract with Mrs. Ruchi Mahajan (Associate) for conducting finance courses at Delhi, which operates as a separate division of the Company. Under the contract, the associate is entitled to receive management fees plus a share in the profit/loss of this division. Accordingly, the expenses of this division have been netted out to the extent of the associates share of expenditure aggregating to Rs. 1,289,111.

6. Related Party Disclosures :

(A) List of Companies under Common Control

Subsidiaries EMDI (Overseas) FZ LLC Eduhub Education Pvt. Ltd.

(B) Names of related parties with whom transactions have taken place during the year/previous year:

a) Key Management Personnel:

Deepak Chaudhary till 30th June, 2011 Nowshir Engineer

7. Till the year 31st March, 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956 for the preparation and presentation of its Financial Statements. During the year 31st March, 2012, the Revised Schedule VI were notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified the previous year's figures to confirm with current year's classification. The adoption of the Revised Schedule VI does not impact the recognition and measurement principles followed for presentation of the financial statement. However, it significantly impacts the presentation and disclosures made in the financial statements, particularly the presentation of the Balance Sheet.


Mar 31, 2010

1. Capital commitments not provided for (net of capital advances) – Rs.98,786/- (Previous Year - Rs. Nil).

2. No vendors have informed the Company of their being registered under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, as per the information available with the Company, there are no amounts payable to such vendors as at the year end.

5. The Company operates an unfunded gratuity scheme for its employees. The disclosures in respect of the scheme as required in the Accounting Standard 15 – ‘Employee Benefits, issued by the Institute of Chartered Accountants of India are given below :

Defined Benefit Plans

Gratuity Scheme (Unfunded Scheme)

In accordance with Accounting Standard 15 (Revised 2005), actuarial valuation was performed in respect of the aforesaid defined benefit plans based on the following assumptions:-

6. The Company has carried out business operations only in the segment of ‘Education during the year and also the previous year. Hence segment reporting as per Accounting Standard 17 - ‘Segment Reporting, issued by The Institute of Chartered Accountant of India, has not been given.

However, the Company has provided / written back the following amounts during the previous year pertaining to the erstwhile entertainment business carried on in earlier years :

8. During the year, the Company made a right issue of 2,276,215 equity shares @ Rs.50/- per share including premium of Rs.40/- per share. The right issue was fully subscribed and the shares were allotted on 09.11.2009. An amount of Rs.95,445,480/- out of the proceeds of the right issue has been utilized upto 31st March, 2010 towards the objects of the issue and the balance amount of Rs.18,365,270/- is pending to be utilized and has been temporarily substantially invested in units of mutual fund.

9. During the year, the Company has acquired a further 10% of the equity shares in its subsidiary company- EMDI (Overseas) FZ, LLC, a limited liability company registered in Dubai, United Arab Emirates, which is engaged in vocational training. With the acquisition of this 10% shares, the Company now holds 100% of the equity shares in the subsidiary.

10. Related Party disclosures :

(A) List of Companies under Common Control

EMDI (Overseas) FZ LLC

(B) Names of related parties with whom transactions have taken place during the year / previous year :

a) Companies where significant influence exists: EMDI Institute of Event Management Pvt.Ltd. Event Management Development Institute (Bombay) Pvt.Ltd.

EMDI Web Solutions Pvt. Ltd. (only in previous year) Value Line Advisors Pvt. Ltd. (only in previous year) Systematik Finvest Pvt. Ltd. (only in previous year) b

b) Key Management Personnel : Deepak Choudhary Nowshir Engineer Bela Desai (only in previous year) Uday Sinh Wala (only in previous year)

13. Loans amounting to Rs.1,737,210/- (Previous Year - Rs. 4,537,210/-) shown under ‘Loans and Advances represents amounts due from a private company in which a director of the Company is a director.

14. Figures of the previous year have been regrouped and reclassified wherever necessary to make them comparable with the figures of the current year.

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