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Global Education Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்
Mar 31, 2025
1. Corporate information
Global Education Limited (the Company) was incorporated as a private limited company on June 30, 2011 in the state of Maharashtra. The status of the company was changed from private to closely held public company. The company had made an Initial Public Offer (IPO) of 683,000 (Six Lakh Eighty-Three Thousand) Equity shares through Book Building process to public and the Company got listed on the SME Platform of the National Stock Exchange effective March 02, 2017.The status of the company has changed to listed public company. The company got migrated to the main board of NSE and its effective trading started from 07.12.2020.
The Registered office of company is 205, 2nd floor Jaisingh business Centre Premises CHSL, Sahar Road, Block sector: Parsiwada, Andheri (E), Mumbai -400099.
The Company has been established as a Service Provider Company, providing number of business support services to various organizations. The services include various business support services to educational institutions, corporates and banks. The Company provides services such as infrastructural facilities, conduct of online examinations, training including medical training, Soft Skill development, marketing and publicity through various modes like print media, television advertisement and related services like designing, space management, etc. It also acts as a supplier for items like computer hardware and accessories, tools, printed materials like prospectus, journals, books, stationary items, etc. mainly for educational institutions.
These standalone financial statements are presented in Lacs (Rs.)
2. Material accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of Compliance :
These financial statements of the Company have been prepared to comply in all material respects with the Indian Accounting Standard (''Ind AS'') notified under section 133 of the Companies Act, 2013. The financials statements have also been prepared in accordance with the relevant presentation requirement of Companies Act, 2013 and presentation requirements of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable.
Accordingly, the Company has prepared these Standalone Financial Statements which comprise the Balance Sheet as at 31 March, 2025, the Statement of Profit and Loss for the year ended 31 March 2025, the Statement of Cash Flows for the year ended 31 March 2025 and the Statement of Changes in Equity for the year ended as on that date, and accounting policies and other explanatory information (together hereinafter referred to as ''Standalone Financial Statements'' or ''financial statements''). These financial statements are approved for issue by the Board of Directors on 16th May''2025.
The financial statements are based on the classification provisions contained in Ind AS - 1, ''Presentation of Financial Statements'' and division II of schedule III of the Companies Act, 2013. Further, for the purpose of clarity, various items are aggregated in the statement of profit and loss and balance sheet. Nonetheless, these items are dis-aggregated separately in the notes to the financial statements, where applicable or required based on materiality of item being classified.
b) Basis of Measurement :
The separate financial statements of the company are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis as per the provisions of the Companies Act, 2013 (âthe Act"), unless otherwise stated.
c) Current and non-current classification
Assets and liabilities are classified into current and non-current as follows:
An asset is classified as current when it satisfies any of the following criteria:
⢠It is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;
⢠It is held primarily for the purpose of being traded;
⢠It is expected to be realised within 12 months after the reporting period; or
⢠It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
Current assets include the current portion of non-current financial assets. All other assets (including deferred tax assets) are classified as non-current.
A liability is classified as current when it satisfies any of the following criteria:
⢠It is expected to be settled in the company''s normal operating cycle;
⢠It is held primarily for the purpose of being traded;
⢠It is due to be settled within 12 months after the reporting period; or
⢠The company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
Current liabilities include the current portion of non-current financial liabilities. All other liabilities (including deferred tax liabilities) are classified as non-current.
Operating cycle -
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Based on the nature of operations and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle being a period of 12 months for the purpose of classification of assets and liabilities as current and non-current.
d) Foreign currency translations
⢠Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (''the functional currency''). The financial statements are presented in Indian rupee (Rs.), which is the Company''s functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in the statement of profit or loss.
e) Use of estimates
The preparation of financial statements is in conformity with Indian Accounting Standard (''Ind AS''), which requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as on the date of financial statement and the result of operations during the reporting period. Although these estimates are made on reasonable and prudent basis based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.
f) Investments Classification
The Company classifies its financial assets in the following measurement categories:
⢠Those to be measured subsequently at fair value (either through other comprehensive income, or profit and loss) or
⢠Those measured at amortised cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through profit and loss. The Company reclassifies debt investments when and only when its business model for managing those assets changes classification.
*The unquoted equity instruments on the basis of prudence and reasonable estimate by the management are carried over at Purchase cost which involves the irrevocable election by the management to carry the same at cost and based on the market data and significant changes in the values are incorporate by revaluing the same at fair value through profit and loss.
For the detail policy regarding the same the company would draw your attention to note no. n on Financial Instruments.
g) Property, plant and equipment
i. Property, plant and equipment
Property, plant and equipment are stated at actual cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
The Company has elected to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements on transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.
ii. Capital work in progress
Asset that is still not completed and is in process of development is shown as capital work in progress. Capital work in progress is recognised on the basis of stage of its completion which adheres to the criteria of recognition that is a future benefit can be obtained at the current stage of completion. Cost incurred till date is capitalized and once the asset is ready to use it is shifted to the block of fixed assets with unique identity and depreciation is charged accordingly thereafter.
Borrowing costs directly attributable to acquisition of property, plant & equipment which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
iii. Depreciation and amortization
Depreciation is provided on the written down value basis at the rates determined based on useful lives of assets, where applicable, prescribed under Schedule II to The Companies Act, 2013. Depreciation on assets acquired / sold during the year is provided on pro-rata basis with reference to the date of installation / put to use/ disposal.
The carrying cost of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external/internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds their recoverable amounts in accordance with IND AS-36 - âImpairment of Assets" which represent the greater of the net selling price of assets & their ''value in use''.
|
Asset Description |
Useful life as per schedule II of the companies Act, 2013 |
Useful life |
|
|
Building |
60 Years |
60 Years |
|
|
Plant and Machinery |
8 - 40 years |
8 - 20 years |
|
|
Office equipment''s |
5- 10 years |
5 years |
|
|
Computers |
3 years |
3 years |
|
|
Servers and network |
6 years |
6 years |
|
|
Vehicles |
8-10 years |
8 years |
|
|
Furniture and fixture |
10 years |
10 years |
|
|
Electrical Installation |
10 years |
10 years |
|
|
Leasehold improvements are amortized over the period of lease. |
|||
An item of PPE is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in Statement of Profit and Loss.
h) Intangible assets:
An intangible asset is recognized, where it is probable that future economic benefits attributable to the asset will flow to the enterprise and where the cost can be reliably ascertained. A prudent basis for recognition of intangible asset is always a key consideration. Intangible asset are stated at cost of acquisition less accumulated amortization and impairment loss, if any. Their technical feasibility and ability to generate future economic benefits is established in accordance with the requirements of IND AS-38, âIntangible Assets."
Derecognition
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from de-recognition of an intangible asset are determined as the difference between the net disposal proceeds and the carrying amount.
The Company has elected to continue with carrying value of all its intangible assets recognised as on transition date, measured as per the previous GAAP and use that carrying value as its deemed cost as of transition date.
i) Impairment of Non-financial assets:
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount
j) Inventories:
Traded goods are stated at the lower of cost or net realisable value. Cost of traded goods comprises cost of purchases and all other costs incurred in bringing the inventories to their present location and condition. Costs are assigned to individual items of inventory on the basis of weighted average method. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
k) Revenue recognition:
i. Sale of goods:
Revenue is recognised when significant risks and rewards of ownership of the goods have passed to the buyer. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and revenue can be reliably ascertained. Discounts and concessions are accounted for separately in a similar manner. Revenue from Product sale are recognized upon delivery or when delivered to the carrier and stated net of returns, discounts/price incentives which are estimated and accounted for based on the terms of contract & excludes applicable indirect taxes. Amount received in advance of sale are recorded as Advances from Students/Unearned Revenue.
ii. Service income includes income from:
Supply of infrastructure & other services:
Revenue from Supply of Infrastructure & Other services to corporate and other organizations is recognized on accrual basis. Training programs :
Revenue from providing Training to Educational as well as Non-Educational Institutions is recognized on accrual basis. In case of online training the revenue is recognized on the basis of prudence and estimates made by the concerned department to the maximum possible level of accuracy, however sometimes the actual conformity is obtained after the counterparty confirmation.
Advertising, broadcasting & marketing Services :
Revenue from Advertising & Marketing Services provided to various organizations is recognized on accrual basis. Management Services :
Revenue from Management Services provided to various organizations is recognized on accrual basis.
Income from other operations :
Revenue from other operations is recognized on accrual basis.
Revenue recognition is based on the terms and conditions as per the contracts entered into with the customers. In respect of expired contracts under renewal or where there are no contracts available, revenue is recognized based on the erstwhile contract / provisionally agreed terms and/or understanding with the customers.
Interest income is recognized on time proportion basis at applicable interest rates.
Dividend income is accounted for when the right to receive dividend is established.
Rental income is recognized on the time proportion basis over the term of relevant agreement.
l) Employee benefits
i. Short term employee benefits :
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render services. Bonus expenditure is charged to statement of profit and loss on accrual basis.
II. Post-employment benefits:i. Defined Contribution Plans:
A defined contribution plan is a post-employment benefit plan under which the company makes specified monthly contributions towards Provident Fund. The company''s contribution is recognized as an expense in the statement of profit and loss during the period in which the employees render the related service.
Gratuity liability under the Payment of Gratuity Act is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year.
The present value of the defined benefit obligation denominated in Rs. 22.26 Lacs is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Statement of Changes in Equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.
m) Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
n) Financial Instruments Financial assets
The Company classifies its financial assets in the following categories:
i. Financial assets at amortised cost-
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. These are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as non-current assets. Financial assets are measured initially at fair value plus transaction costs and subsequently, if maturing after 12 months period, using the effective interest method, less any impairment loss. Debt instruments which do not meet the criteria of amortised cost are measured at fair value and classified as fair value through profit and loss or through other comprehensive income, as applicable. Financial assets at amortised cost are represented by trade receivables, security deposits, cash and cash equivalents, Loans and other advances.
ii. Financial Assets at Fair Value through Other Comprehensive Income (FVTOCI)-
All equity investments are measured at fair values. Investments which are not held for trading purposes and where the Company has exercised the option to classify the investment as Fair Value through other comprehensive income (TVTOGj, all fair value changes on the investment are recognised in OCI. The accumulated gains or losses recognised in OCI are reclassified to retained earnings on sale of such investments.
iii. Financial assets at Fair Value through Profit and Loss (FVTPL) -
All equity investments are measured at fair values. Investments which are held for trading purposes and where the Company has exercised the option to classify the investment as Fair Value through Profit and Loss (''FVTPL''), all fair value changes on the investment are recognised in profit and loss. The accumulated gains or losses recognised in Profit and Loss.
Financial assets which are not classified in any of the categories above are fair valued through profit or loss (FVTPL).
iv. Impairment of financial assets -
The Company assesses expected credit losses associated with its assets carried at amortised cost and fair value based on Company''s past history of recovery, credit-worthiness of the counter party and existing market conditions. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach for recognition of impairment allowance as provided in Ind AS 109, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and in case of loans and borrowings net of directly attributable costs. Financial liabilities are subsequently measured at amortised cost using effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying value approximates fair value due to short maturity of these instruments.
Investment in Subsidiaries, Associates, and Joint Ventures
Investment in subsidiaries, associates andjoint ventures are accounted at cost in the financial statements.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
The Company classifies the fair value of its financial instruments in the following hierarchy, based on the inputs used in their valuation:
i) Level 1 - The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet
date.
ii) Level 2 - The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques
using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of comparable arm''s length transactions.
iii) Level 3 - The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data.
o) Leases
Upon adoption of Ind AS - 116, the Company applied a single recognition and measurement approach for all leases that it is the lessee, except for short-term leases and leases of low-value assets. The Company recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
As a lessee Ind AS - 116 will replace the existing leases Standard, Ind AS - 17 Leases, and related interpretations. The Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind AS - 116 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Currently, operating lease expenses are charged to the statement of profit & loss.
The company considers that all its operating leases are of low value compared to its revenue and thereby accord to recognize all the lease expenses to the statement of profit and loss and the company has entered into lease contract which are not long term in nature. At inception of a contract, the Company assesses whether a contract is or contains a lease. A contract is, or contains, a lease if a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:
- the contract conveys the right to use an identified asset;
- the Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and -the Company has the right to direct the use of the identified asset.
At the date of commencement of a lease, the Company recognises a right-of-use asset ("ROU assets") and a corresponding lease liability for all leases, except for leases with a term of twelve months or less (short-term leases) and low value leases. For short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Company has considered all leases where the value of an underlying asset does not individually exceed Rs. 0.50 Crores, or equivalent as a lease of low value assets.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. Lease payments to be made under such reasonably certain extension options are included in the measurement of ROU assets and lease liabilities.
Lease liability is measured by discounting the lease payments using the interest rate implication the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are re measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment of whether it will exercise an extension or a termination option. Lease payments are allocated between principal and finance cost. The finance cost is charged to
statement of profit and loss over the lease periods as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The ROU assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives and restoration costs. They are subsequently measured at cost less accumulated depreciation and impairment losses, if any. ROU assets are depreciated on a straight-line basis over the asset''s useful life (refer 2. (f)) other lease whichever is shorter.
Impairment of ROU assets is in accordance with the Company''s accounting policy for impairment of tangible and intangible assets. The Company has entered into lease arrangements primarily for office premises and other facilities. All such lease agreements are either short-term in nature (i.e., lease term of 12 months or less) or include clauses that allow the Company to terminate the leases at its discretion without incurring significant penalties. Accordingly, these contracts do not result in the recognition of a right-of-use (ROU) asset or lease liability as per the recognition criteria under Ind AS 116 Leases.
Consequently, lease payments made under these arrangements are accounted for as an expense on a straight-line basis over the lease term and disclosed under âOther Expenses" in the Statement of Profit and Loss. Since no enforceable non-cancellable period exists, all such leases are classified as current in nature.
Lease income from operating leases where the Company is a lessor is recognised in the statement of profit and loss on a straight - line basis over the lease term.
p) Taxes on income
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate in India adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted in India at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
The actual tax expense or tax payments made to the tax authorities can differ significantly on the basis of the interpretations being made. The management tries to interpret the law under the normal business parlance and the business acumen of the common man.
Deferred tax is provided using the balance sheet approach on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.
Deferred tax is recognized in Statement of Profit and Loss, except to the extent that to relate to items recognized in Other Comprehensive Income or directly in equity. In this case, deferred tax is also recognized in other comprehensive income or directly in equity, as the case maybe.
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The company recognizes MAT credit available as an asset only to the extent there is convincing evidence that the company will pay normal income tax during the specified period, i.e., the period for which MAT Credit is allowed to be carried forward. In the year in which the Company recognizes MAT Credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said asset is created by way of credit to the statement of Profit and Loss and shown as âMAT Credit Entitlement." The Company reviews the âMAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the sufficient period.
q) Provisions, contingent liabilities and contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provision care discounted. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount cannot be made. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
A contingent asset is a possible asset arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognised till the realisation of the income is virtually certain. However, the same are disclosed in the financial statements where an inflow of economic benefit is possible.
A contingent asset is neither recognized nor disclosed in the financial statements considering strict adherence to prudence.
r) Exceptional Items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. These are material items of income or expense that have to be shown separately due to their nature or incidence.
s) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
t) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, Cash and cash equivalents comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
u) Cash flow statement :
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
v) Segment reporting :
In accordance with IND AS -108 - âSegment Reporting", Segments are identified based on the manner in which the Company''s Chief Operating Decision Maker (''CODM'') decides about resource allocation and reviews performance. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets other than goodwill.
The company has identified two reportable business segments viz. "Educational Training and Development Activities" and "Educational Business Support Activities". A Detailed disclosure has been made in these financial statements. There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e., India, hence the secondary segment disclosures are also not applicable.
w) Equity share capital :
Issuance of ordinary shares are recognized as equity share capital in equity. Incremental costs directly attributable to the issuance of new equity shares are recognized as a deduction from equity, net of any tax effects.
The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors. The Company declares and pays dividends in Indian rupees. The Finance Act, 2020 has repealed the Dividend Distribution Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable tax at source. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at source applicable rates.
y) Offsetting instruments
Assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amount and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counter-party.
z) Key accounting estimates and judgements :
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
There are no assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year.
Mar 31, 2024
1. Corporate information
Global Education Limited (the Company) was incorporated as a private limited company on June 30, 2011 in the state of Maharashtra. The status of the company was changed from private to closely held public company. The company had made an Initial Public Offer (IPO) of 683,000 (Six Lakh Eighty-Three Thousand) Equity shares through Book Building process to public and the Company got listed on the SME Platform of the National Stock Exchange effective March 02, 2017.The status of the company has changed to listed public company. The company got migrated to the main board of NSE and its effective trading started from 07.12.2020.
The Registered office of company is 205, 2nd floor Jaisingh business Centre Premises CHSL, Sahar Road, Block sector: Parsiwada, Andheri (E), Mumbai -400099.
The Company has been established as a Service Provider Company, providing number of business support services to various organizations. The services include various business support services to educational institutions, corporates and banks. The Company provides services such as infrastructural facilities, conduct of online examinations, training including medical training, Soft Skill development, marketing and publicity through various modes like print media, television advertisement and related services like designing, space management, etc. It also acts as a supplier for items like computer hardware and accessories, tools, printed materials like prospectus, journals, books, stationary items, etc. mainly for educational institutions.
These standalone financial statements are presented in Lacs (Rs.)
2. Significant accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of Compliance :
These financial statements of the Company have been prepared to comply in all material respects with the Indian Accounting Standard (''Ind AS'') notified under section 133 of the Companies Act, 2013. The financials statements have also been prepared in accordance with the relevant presentation requirement of Companies Act, 2013 and presentation requirements of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable.
Accordingly, the Company has prepared these Standalone Financial Statements which comprise the Balance Sheet as at 31 March, 2024, the Statement of Profit and Loss for the year ended 31 March 2024, the Statement of Cash Flows for the year ended 31 March 2024 and the Statement of Changes in Equity for the year ended as on that date, and accounting policies and other explanatory information (together hereinafter referred to as ''Standalone Financial Statements'' or ''financial statements''). These financial statements are approved for issue by the Board of Directors on 20th May''2024.
The financial statements are based on the classification provisions contained in Ind AS - 1, ''Presentation of Financial Statements'' and division II of schedule III of the Companies Act, 2013. Further, for the purpose of clarity, various items are aggregated in the statement of profit and loss and balance sheet. Nonetheless, these items are dis-aggregated separately in the notes to the financial statements, where applicable or required based on materiality of item being classified.
b) Basis of Measurement :
The separate financial statements of the company are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis as per the provisions of the Companies Act, 2013 (âthe Act"), unless otherwise stated.
c) Current and non-current classification
Assets and liabilities are classified into current and non-current as follows:
An asset is classified as current when it satisfies any of the following criteria:
⢠It is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;
⢠It is held primarily for the purpose of being traded;
⢠It is expected to be realised within 12 months after the reporting period; or
⢠It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
Current assets include the current portion of non-current financial assets. All other assets (including deferred tax assets) are classified as non-current.
A liability is classified as current when it satisfies any of the following criteria:
⢠It is expected to be settled in the company''s normal operating cycle;
⢠It is held primarily for the purpose of being traded;
⢠It is due to be settled within 12 months after the reporting period; or
⢠The company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
Current liabilities include the current portion of non-current financial liabilities. All other liabilities (including deferred tax liabilities) are classified as non-current.
Operating cycle -
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Based on the nature of operations and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle being a period of 12 months for the purpose of classification of assets and liabilities as current and non-current.
d) Foreign currency translations
⢠Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (''the functional currency''). The financial statements are presented in Indian rupee (Rs.), which is the Company''s functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in the statement of profit or loss.
e) Use of estimates
The preparation of financial statements is in conformity with Indian Accounting Standard (''Ind AS''), which requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as on the date of financial statement and the result of operations during the reporting period. Although these estimates are made on reasonable and prudent basis based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.
f) Investments Classification
The Company classifies its financial assets in the following measurement categories:
⢠Those to be measured subsequently at fair value (either through other comprehensive income, or profit and loss) or
⢠Those measured at amortised cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through profit and loss. The Company reclassifies debt investments when and only when its business model for managing those assets changes classification.
*The unquoted equity instruments on the basis of prudence and reasonable estimate by the management are carried over at Purchase cost which involves the irrevocable election by the management to carry the same at cost and based on the market data and significant changes in the values are incorporate by revaluing the same at fair value through profit and loss.
For the detail policy regarding the same the company would draw your attention to note no. n on Financial Instruments.
g) Property, plant and equipment
i. Property, plant and equipment
Tangible fixed assets are stated at actual cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
The Company has elected to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements on transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.
ii. Capital work in progress
Asset that is still not completed and is in process of development is shown as capital work in progress. Capital work in progress is recognised on the basis of stage of its completion which adheres to the criteria of recognition that is a future benefit can be obtained at the current stage of completion. Cost incurred till date is capitalized and once the asset is ready to use it is shifted to the block of fixed assets with unique identity and depreciation is charged accordingly thereafter.
Borrowing costs directly attributable to acquisition of property, plant & equipment which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
iii. Depreciation and amortization
Depreciation is provided on the written down value basis at the rates determined based on useful lives of assets, where applicable, prescribed under Schedule II to The Companies Act, 2013. Depreciation on assets acquired / sold during the year is provided on pro-rata basis with reference to the date of installation / put to use/ disposal.
The carrying cost of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external/internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds their recoverable amounts in accordance with IND AS-36 - âImpairment of Assets" which represent the greater of the net selling price of assets & their ''value in use''.
|
Asset Description |
Useful life as per schedule II of the companies Act, 2013 |
Useful life |
|
Building |
60 Years |
60 Years |
|
Plant and Machinery |
8 - 40 years |
8 - 20 Years |
|
Office equipment''s |
5- 10 years |
5 Years |
|
Computers |
3 years |
3 Years |
|
Servers and network |
6 years |
6 Years |
|
Vehicles |
8-10 years |
8 Years |
|
Furniture and fixture |
10 years |
10 Years |
|
Electrical Installation |
10 years |
10 Years |
Leasehold improvements are amortized over the period of lease.
Derecognition
An item of PPE is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in Statement of Profit and Loss.
h) Intangible assets:
An intangible asset is recognized, where it is probable that future economic benefits attributable to the asset will flow to the enterprise and where the cost can be reliably ascertained. A prudent basis for recognition of intangible asset is always a key consideration. Intangible asset are stated at cost of acquisition less accumulated amortization and impairment loss, if any. Their technical feasibility and ability to generate future economic benefits is established in accordance with the requirements of IND AS-38, âIntangible Assets."
Derecognition
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from de-recognition of an intangible asset are determined as the difference between the net disposal proceeds and the carrying amount.
The Company has elected to continue with carrying value of all its intangible assets recognised as on transition date, measured as per the previous GAAP and use that carrying value as its deemed cost as of transition date.
i) Impairment of Non-financial assets:
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount
j) Inventories:
Traded goods are stated at the lower of cost or net realisable value. Cost of traded goods comprises cost of purchases and all other costs incurred in bringing the inventories to their present location and condition. Costs are assigned to individual items of inventory on the basis of weighted average method. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
k) Revenue recognition:
i. Sale of goods:
Revenue is recognised when significant risks and rewards of ownership of the goods have passed to the buyer. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and revenue can be reliably ascertained. Discounts and concessions are accounted for separately in a similar manner. Revenue from Product sale are recognized upon delivery or when delivered to the carrier and stated net of returns, discounts/price incentives which are estimated and accounted for based on the terms of contract & excludes applicable indirect taxes. Amount received in advance of sale are recorded as Advances from Students/Unearned Revenue.
ii. Service income includes income from:
Supply of infrastructure & other services:
Revenue from Supply of Infrastructure & Other services to corporate and other organizations is recognized on accrual basis. Training programs :
Revenue from providing Training to Educational as well as Non-Educational Institutions is recognized on accrual basis. In case of online training the revenue is recognized on the basis of prudence and estimates made by the concerned department to the maximum possible level of accuracy, however sometimes the actual conformity is obtained after the counterparty confirmation.
Advertising, broadcasting & marketing Services :
Revenue from Advertising & Marketing Services provided to various organizations is recognized on accrual basis. Management Services :
Revenue from Management Services provided to various organizations is recognized on accrual basis.
Income from other operations :
Revenue from other operations is recognized on accrual basis.
Revenue recognition is based on the terms and conditions as per the contracts entered into with the customers. In respect of expired contracts under renewal or where there are no contracts available, revenue is recognized based on the erstwhile contract / provisionally agreed terms and/or understanding with the customers.
Interest income is recognized on time proportion basis at applicable interest rates.
Dividend income is accounted for when the right to receive dividend is established.
Rental income is recognized on the time proportion basis over the term of relevant agreement.
l) Employee benefits
i. Short term employee benefits :
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render services. Bonus expenditure is charged to statement of profit and loss on accrual basis.
II. Post-employment benefits:i. Defined Contribution Plans:
A defined contribution plan is a post-employment benefit plan under which the company makes specified monthly contributions towards Provident Fund. The company''s contribution is recognized as an expense in the statement of profit and loss during the period in which the employees render the related service.
Gratuity liability under the Payment of Gratuity Act is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year.
The present value of the defined benefit obligation denominated in Rs.13.40 Lacs is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Statement of Changes in Equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.
m) Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
n) Financial Instruments Financial assets
The Company classifies its financial assets in the following categories:
i. Financial assets at amortised cost-
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. These are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as non-current assets. Financial assets are measured initially at fair value plus transaction costs and subsequently, if maturing after 12 months period, using the effective interest method, less any impairment loss. Debt instruments which do not meet the criteria of amortised cost are measured at fair value and classified as fair value through profit and loss or through other comprehensive income, as applicable. Financial assets at amortised cost are represented by trade receivables, security deposits, cash and cash equivalents, Loans and other advances.
ii. Financial Assets at Fair Value through Other Comprehensive Income (FVTOCI)-
All equity investments are measured at fair values. Investments which are not held for trading purposes and where the Company has exercised the option to classify the investment as Fair Value through other comprehensive income (TVTOGj, all fair value changes on the investment are recognised in OCI. The accumulated gains or losses recognised in OCI are reclassified to retained earnings on sale of such investments.
iii. Financial assets at Fair Value through Profit and Loss (FVTPL) -
All equity investments are measured at fair values. Investments which are held for trading purposes and where the Company has exercised the option to classify the investment as Fair Value through Profit and Loss (''FVTPL''), all fair value changes on the investment are recognised in profit and loss. The accumulated gains or losses recognised in Profit and Loss.
Financial assets which are not classified in any of the categories above are fair valued through profit or loss (FVTPL).
iv. Impairment of financial assets -
The Company assesses expected credit losses associated with its assets carried at amortised cost and fair value based on Company''s past history of recovery, credit-worthiness of the counter party and existing market conditions. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach for recognition of impairment allowance as provided in Ind AS 109, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and in case of loans and borrowings net of directly attributable costs. Financial liabilities are subsequently measured at amortised cost using effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying value approximates fair value due to short maturity of these instruments.
Investment in Subsidiaries, Associates, and Joint Ventures
Investment in subsidiaries, associates andjoint ventures are accounted at cost in the financial statements.
Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
The Company classifies the fair value of its financial instruments in the following hierarchy, based on the inputs used in their valuation:
i) Level 1 - The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet
date.
ii) Level 2 - The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques
using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of comparable arm''s length transactions.
iii) Level 3 - The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data.
o) Leases
Upon adoption of Ind AS - 116, the Company applied a single recognition and measurement approach for all leases that it is the lessee, except for short-term leases and leases of low-value assets. The Company recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
As a lessee Ind AS - 116 will replace the existing leases Standard, Ind AS - 17 Leases, and related interpretations. The Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind AS - 116 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Currently, operating lease expenses are charged to the statement of profit & loss.
The company considers that all its operating leases are of low value compared to its revenue and thereby accord to recognize all the lease expenses to the statement of profit and loss and the company has entered into lease contract which are not long term in nature. At inception of a contract, the Company assesses whether a contract is or contains a lease. A contract is, or contains, a lease if a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:
- the contract conveys the right to use an identified asset;
- the Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and -the Company has the right to direct the use of the identified asset.
At the date of commencement of a lease, the Company recognises a right-of-use asset ("ROU assets") and a corresponding lease liability for all leases, except for leases with a term of twelve months or less (short-term leases) and low value leases. For short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Company has considered all leases where the value of an underlying asset does not individually exceed Rs. 0.50 Crores, or equivalent as a lease of low value assets.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. Lease payments to be made under such reasonably certain extension options are included in the measurement of ROU assets and lease liabilities.
Lease liability is measured by discounting the lease payments using the interest rate implication the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are re measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment of whether it will exercise an extension or a termination option. Lease payments are allocated between principal and finance cost. The finance cost is charged to statement of profit and loss over the lease periods as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The ROU assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives and restoration costs. They are subsequently measured at cost less accumulated depreciation and impairment losses, if any. ROU assets are depreciated on a straight-line basis over the asset''s useful life (refer 2. (f)) other lease whichever is shorter.
Impairment of ROU assets is in accordance with the Company''s accounting policy for impairment of tangible and intangible assets.
Lease income from operating leases where the Company is a lessor is recognised in the statement of profit and loss on a straight - line basis over the lease term.
p) Taxes on income
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate in India adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted in India at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
The actual tax expense or tax payments made to the tax authorities can differ significantly on the basis of the interpretations being made. The management tries to interpret the law under the normal business parlance and the business acumen of the common man.
Deferred tax is provided using the balance sheet approach on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.
Deferred tax is recognized in Statement of Profit and Loss, except to the extent that to relate to items recognized in Other Comprehensive Income or directly in equity. In this case, deferred tax is also recognized in other comprehensive income or directly in equity, as the case maybe.
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The company recognizes MAT credit available as an asset only to the extent there is convincing evidence that the company will pay normal income tax during the specified period, i.e., the period for which MAT Credit is allowed to be carried forward. In the year in which the Company recognizes MAT Credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said asset is created by way of credit to the statement of Profit and Loss and shown as âMAT Credit Entitlement." The Company reviews the âMAT Credit Entitlement" asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the sufficient period.
q) Provisions, contingent liabilities and contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provision care discounted. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount cannot be made. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
A contingent asset is a possible asset arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognised till the realisation of the income is virtually certain. However, the same are disclosed in the financial statements where an inflow of economic benefit is possible.
A contingent asset is neither recognized nor disclosed in the financial statements considering strict adherence to prudence.
r) Exceptional Items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. These are material items of income or expense that have to be shown separately due to their nature or incidence.
s) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
t) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, Cash and cash equivalents comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
u) Cash flow statement :
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
v) Segment reporting :
In accordance with IND AS -108 - âSegment Reporting", Segments are identified based on the manner in which the Company''s Chief Operating Decision Maker (''CODM'') decides about resource allocation and reviews performance. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets other than goodwill.
The company has identified two reportable business segments viz. "Educational Training and Development Activities" and "Educational Business Support Activities". A Detailed disclosure has been made in these financial statements. There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e., India, hence the secondary segment disclosures are also not applicable.
w) Equity share capital :
Issuance of ordinary shares are recognized as equity share capital in equity. Incremental costs directly attributable to the issuance of new equity shares are recognized as a deduction from equity, net of any tax effects.
The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors. The Company declares and pays dividends in Indian rupees. The Finance Act, 2020 has repealed the Dividend Distribution Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable tax at source. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at source applicable rates.
y) Offsetting instruments
Assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amount and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counter-party.
z) Key accounting estimates and judgements :
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
There are no assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year.
Mar 31, 2018
1. Significant accounting policies
a) Basis of preparation
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India Le (Indian GAAP) and are in compliance with the Accounting Standards notified under section 133 ofthe Companies Act, 2013 (âthe Actâ) read with Rule 7 of Companies (Accounts) Rules, 2014 as amended. The Company follows Mercantile System of accounting and recognizes income and expenditure on accrual basis. All assets and liabilities have been classified as current and non-current as per the Companies normal operating cycle and other criteria set out in the Schedule III to the Companies Act 2013. The Company has ascertained its operating cycle as 12 months for the purpose of classification of assets and liabilities into current and non-current.
b) Use of estimates
The preparation of financial statements is in conformity with generally accepted accounting principles which requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as on the date of financial statement and the result of operations during the reporting period. Although these estimates are made on reasonable and prudent basis based upon managementâs best knowledge of current events and actions, actual results could differ from these estimates.
c) Investments
Long term investments are valued at cost with an appropriate provision for permanent diminution in value, if any. Investment that is readily realizable and is intended to be held for not more than one year is valued at lower of cost or realizable value.
d) Property, plant & equipment
I. Property, plant & equipment
Tangible fixed assets are stated at actual cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
II. Capltal work ln progress
Asset that is still not completed and is in process of development is shown as capital work in progress. Capital work in progress is recognised on the basis of stage of its completion. Cost incurred till date is capitalized and once the asset is ready to use it is shifted to the block of fixed assets with unique identity and depreciation is charged accordingly thereafter.
Borrowing costs directly attributable to acquisition of property, plant & equipment which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
iii. Depreciation and amortization
Depreciation is provided on the written down value basis at the rates determined based on useful lives of assets, where applicable, prescribed under Schedule II to the Act. Depreciation on assets acquired / sold during the year is provided on pro-rata basis with reference to the date of installation / put to use/ disposal.
The carrying cost of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external/internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds their recoverable amounts in accordance with Accounting standard 28 - â Impairment of Assetsâ which represent the greater of the net selling price of assets & their âvalue in useâ.
Leasehold improvements are amortized over the period of leasehold period.
e) Intangible assets
An intangible asset is recognized, where it is probable that future economic benefits attributable to the asset will flow to the enterprise and where the cost can be reliably ascertained. A prudent basis for recognition of intangible asset is always a key consideration. Intangible asset are stated at cost of acquisition less accumulated amortization and impairment loss, if any. Their technicalfeasibility and ability to generate future economic benefits is established in accordance with the requirements of Accounting Standard 26, âIntangible Assets.â
f) Inventory
Inventory of traded goods are measured at lower of the cost and net realizable value. Inventory is valued on weighted average basis. Obsolete Inventory is written off to statement ofprofit and loss and dead stock of inventory is carried at its recoverable amount.
g) Revenue recognition I. Sale of goods
Revenue is recognised when significant risks and rewards of ownership of the goods have passed to the buyer. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and revenue can be reliably ascertained. Discounts and concessions are accounted for separately in a similar manner. Revenue from Product sale are recognized upon delivery or when delivered to the carrier and stated net of returns, discounts/price incentives which are estimated and accounted for based on the terms of contract & excludes applicable indirect taxes. Amount received in advance of sale are recorded as Advances from Students/Unearned Revenue.
ii. Service income includes income from Supply of infrastructure & other services
Revenue from Supply of Infrastructure & Other services to corporate and other organizations is recognized on accrual basis.
Training programs
Revenue from providing Training to Educational as well as Non-Educational Institutions is recognized on accrual basis.
Advertising, broadcasting & marketing services
Revenue from Advertising & Marketing Services provided to various organizations is recognized on accrual basis.
Management services
Revenue from Management Services provided to various organizations is recognized on accrual basis.
Income from other operations
Revenue from other operations is recognized on accrual basis.
Revenue recognition is based on the terms and conditions as per the contracts entered into with the customers. In respect of expired contracts under renewal or where there are no contracts available, revenue is recognized based on the erstwhile contract/ provisionally agreed terms and/or understanding with the customers
iii. Other income
Interest income on fixed deposits is recognized on time proportion basis at applicable interest rates. Dividend income is accounted for when the right to receive it is established.
h) Retirement and other benefits I. Short term employee benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render services. Bonus and leave encashment expenditure is charged to statement of profit and loss on accrual basis,
ii. Post-employment benefits:
I. Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the company makes specified monthly contributions towards Provident Fund .The companyâs contribution is recognized as an expense in the statement of profit and loss during the period in which the employees renders the related service.
ii. Defined Benefit Plans
Gratuity liability under the Payment of Gratuity Act is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financialyear. Actuarial gains and losses for the defined benefit plan are recognized in full in the period in which they occur in the statement of profit and loss and are not deferred.
i) Foreign currency translations
The transactions in foreign exchange are accounted at the exchange rate prevailing on the date of transactions. Any exchange gains or losses arising on subsequent settlement of such transactions are accounted as income or expenses in the period in which they are settled and arise.
j) Borrowing costs
Borrowing costs relating to acquisition, construction or production of a qualifying asset which takes substantial period of time to get ready for its intended use are added to the cost of such asset to the extent they relate to the period till such asset are ready to use and is in compliance with GAAP
k) Leases
Operating leases: Assets acquired on lease where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating lease. Lease rentals on assets taken on operating lease are recognized as an expense in the statement of profit and loss.
I) Taxes on income L Current tax
Provision for current income tax is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961.
ii. Deferred tax
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.
ii. Minimum Alternate Tax
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The company recognizes MAT credit available as an asset only to the extent there is convincing evidence that the company will pay normal income tax during the specified period, i.e., the period for which MAT Credit is allowed to be carried forward. In the year in which the Company recognizes MAT Credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said asset is created byway of credit to the statement of Profit and Loss and shown as âMAT Credit Entitlement.â The Company reviews the âMAT Credit Entitlementâ asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normaltaxduring the sufficient period.
m) Provisions, contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate ofthe amount cannot be made, is also termed as contingent liability. A contingent asset is neither recognized nor disclosed in the financial statements.
n) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
o) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
p) Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
q) Impairment of assets
All assets other than inventories, investments and deferred tax asset, are reviewed for impairment, wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset is treated as impaired, when the carrying cost of the asset exceeds its recoverable amount. Recoverable amount is higher of an assetâs or cash generating unitâs net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
r) Segment reporting
In accordance with Accounting Standard-17 - âSegment Reportingâ, the company has identified two reportable business segment viz. âEducational Training and Development Activitiesâ and âEducational Business Support Activitiesâ. A Detailed disclosure has been made in these financial statements (Refer Note 40). There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable.
Mar 31, 2017
a) Basis of preparation
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India i.e (Indian GAAP) and are in compliance with the
Accounting Standards notified under section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014. The Company follows Mercantile System of accounting and recognizes income and expenditure on accrual basis. All assets and liabilities have been classified as current and non-current as per the Companies normal operating cycle and other criteria set out in the Schedule III to the Companies Act 2013. The Company has ascertained its operating cycle as 12 months for the purpose of classification of assets and liabilities into current and noncurrent.
b) Use of estimates
The preparation of financial statements is in conformity with generally accepted accounting principles which requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as on the date of financial statement and the result of operations during the reporting period. Although these estimates are made on reasonable and prudent basis based upon managementâs best knowledge of current events and actions, actual results could differ from these estimates.
c) Investments
Long term investments are valued at cost with an appropriate provision for permanent diminution in value, if any. Investment that is readily realizable and is intended to be held for not more than one year is valued at lower of cost or realizable value.
d) Fixed assets and depreciation
i. Fixed assets
Tangible Fixed assets are stated at actual cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
ii. Capital work in progress
Asset that is still not completed and is in process of development is shown as capital work in progress. Capital WIP is recognised on the basis of stage of its completion. Cost incurred till date is capitalized and once the asset is ready to use it is shifted to the block of fixed assets with unique identity and depreciation is charged accordingly thereafter.
Borrowing costs directly attributable to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
I. Intangible assets:
An intangible asset is recognized, where it is probable that future economic benefits attributable to the asset will flow to the enterprise and where the cost can be reliably ascertained. A prudent basis for recognition of intangible asset is always a key consideration. Intangible asset are stated at cost of acquisition less accumulated amortization and impairment loss, if any. Their technical feasibility and ability to generate future economic benefits is established in accordance with the requirements of Accounting Standard 26, âIntangible Assets.â
II. Depreciation
Depreciation is provided on the written down value basis at the rates determined based on useful lives of assets, where applicable, prescribed under Schedule II to the Companies Act, 2013. Depreciation on assets acquired / sold during the year is provided on pro-rata basis with reference to the date of installation / put to use/ disposal.
The carrying cost of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external/internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds their recoverable amounts in accordance with Accounting standard 28 - â Impairment of Assetsâ which represent the greater of the net selling price of assets & their âvalue in useâ.
e. Inventory:
Inventory of traded goods are measured at lower of the cost and net realizable value. Inventory is valued on weighted average basis. Obsolete Inventory is written off to Profit and loss account and dead stock of inventory is carried at its recoverable amount.
f. Revenue recognition:
i. Sale of goods:
Revenue is recognised when significant risks and rewards of ownership of the goods have passed to the buyer. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and revenue can be reliably ascertained. Discounts and concessions are accounted for separately in a similar manner. Revenue from Product sale are recognized upon delivery or when delivered to the carrier and stated net of returns, discounts/price incentives which are estimated and accounted for based on the terms of contract & excludes applicable indirect taxes. Amount received in advance of sale are recorded as Advances from Students/Unearned Revenue.
ii. Service income includes income from:
Supply of infrastructure & other services:
Revenue from Supply of Infrastructure & Other services to corporate and other organizations is recognized on accrual basis by percentage completion method.
Training programs:
Revenue from providing Training to Educational as well as Non-Educational Institutions is recognized on accrual basis by percentage completion method.
Advertising, broadcasting & marketing services:
Revenue from Advertising & Marketing Services provided to various organizations is recognized on accrual basis by percentage completion method.
Management services:
Revenue from Management Services provided to various organizations is recognized on accrual basis by percentage completion method.
Income from other operations:
Revenue from other operations is recognized on accrual basis by percentage completion method.
Revenue recognition is based on the terms and conditions as per the contracts entered into with the customers. In respect of expired contracts under renewal or where there are no contracts available, revenue is recognized based on the erstwhile contract / provisionally agreed terms and/or understanding with the customers.
iii. Other income:
Interest income on fixed deposits is recognized on time proportion basis at applicable interest rates. Dividend income is accounted for when the right to receive it is established.
g. Retirement and other benefits
I. Short term employee benefits:
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render services. Bonus and leave encashment expenditure is charged to Profit and loss statement on accrual basis.
II. Post-employment benefits:
i. Defined Contribution Plans:
A defined contribution plan is a postemployment benefit plan under which the company makes specified monthly contributions towards Provident Fund .The companyâs contribution is recognized as an expense in the Profit and Loss Statement during the period in which the employees renders the related service.
ii. Defined Benefit Plans:
Gratuity liability under the Payment of Gratuity Act is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year. Actuarial gains and losses for the defined benefit plan are recognized in full in the period in which they occur in the statement of profit and loss and are not deferred.
h. Foreign currency translations
The transactions in foreign exchange are accounted at the exchange rate prevailing on the date of transactions. Any exchange gains or losses arising on subsequent settlement of such transactions are accounted as income or expenses in the period in which they are settled and arise.
i. Borrowing costs
Borrowing costs relating to acquisition, construction or production of a qualifying asset which takes substantial period of time to get ready for its intended use are added to the cost of such asset to the extent they relate to the period till such asset are ready to use and is in compliance with GAAP.
j. Leases
Operating leases: Assets acquired on lease where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating lease. Lease rentals on assets taken on operating lease are recognized as an expense in the statement of statement of profit and loss.
k. Taxes on income i. Current tax
Provision for current income tax is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961.
ii. Deferred tax
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.
iii. Minimum Alternate Tax
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement of Profit and Loss as current tax. The company recognizes MAT credit available as an asset only to the extent there is convincing evidence that the company will pay normal income tax during the specified period, i.e., the period for which MAT Credit is allowed to be carried forward. In the year in which the Company recognizes MAT Credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961, the said asset is created by way of credit to the statement of Profit and Loss and shown as âMAT Credit Entitlement.â The Company reviews the âMAT Credit Entitlementâ asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the sufficient period.
I. Provisions, contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount cannot be made, is also termed as contingent liability.
A contingent asset is neither recognized nor disclosed in the financial statements.
m. Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
n. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
o. Cash flow statement:
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
p. Impairment of assets:
All assets other than inventories, investments and deferred tax asset, are reviewed for impairment, wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset is treated as impaired, when the carrying cost of the asset exceeds its recoverable amount. Recoverable amount is higher of an assetâs or cash generating unitâs net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
q. Segment reporting:
In accordance with Accounting Standard-17 -âSegment Reportingâ, the company has identified two reportable business segment viz. âEducational Training and Development Activitiesâ and âEducational Business Support Activitiesâ. A Detailed disclosure has been made in these financial statements (Refer Note 40). There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable.
Mar 31, 2016
B. Deferred Tax
Deferred tax liabilities and assets are recognized at substantively enacted tax rates, subject to the consideration of prudence, on timing difference between taxable income and accounting income that generate in one period and are capable of reversal in one or more subsequent periods
8. Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
9. Provisions, Contingent Liability and Contingent Assets:
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount cannot be made, is also termed as contingent liability. A contingent asset is neither recognized nor disclosed in the financial statements.
10. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term investments with an original maturity - of three months or less.
Ref. 1:
Terms of Repayment A Details of Security Secured:
(i) Term Loan from Bank carry an Interest Rate of 11.80% p.a. This loan is repayable in 54 monthly installment after moratorium period of 6 months. Loan is secured against hypothecation of solar panels as primary security & against Book Debts and Other Receivables as collateral security.
(ii) Vehicle Loan from Bank carry a Fixed Interest Rate. This loan is repayable in 36/60 monthly installment. Loan is secured against hypothecation of Vehicles.
Ref. 2
Terms of Repayment & Details of Security Secured:
(i) Bank overdraft canny an Interest Rate of 12.40% p.a. The tenure of overdraft facility is 1 year. Overdraft Facility is secured against hypothecation of Book Debts and Other Receivables as primary security and against solar panels as collateral security._
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Global Education Ltd. குறித்த கூடுதல் தகவல்களை
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Global Education Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
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Global Education Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
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நிறுவன வரலாறு
- போனஸ்
- என்எஸ்இ விலை வரலாறு
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Global Education Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
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Global Education Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
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Global Education Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
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Global Education Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
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Global Education Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- ஈவுத்தொகை
- நிர்வாகக் குழுக் கூட்டங்கள்
- பெயர் மாற்றம்
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ரத்தகளறியான இந்திய பங்குச்சந்தை.. ரூ.12 லட்சம் கோடி இழப்பு.. கதறி அழும் முதலீட்டாளர்கள்..! -
ஓரே நாளில் 6.5 லட்சம் கோடி இழப்பு.. கதறும் பங்குச்சந்தை முதலீட்டாளர்கள்..!! -
சென்செக்ஸ் 6,000 புள்ளிகள் சரிவிலிருந்து மீண்டது.. இந்திய சந்தைக்கு ‘டபுள் ஷாக்’..!! -
நிஃப்டி காட்டும் பளபளப்பு நிஜமா? 80% பங்குகள் கரடியின் பிடியில் - முதலீட்டாளர்களே உஷார்! -
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இது வம்பை விலை கொடுத்து வாங்கும் கதை.. பங்குச்சந்தை நம்பி போக வேண்டாம்.. வார்னிங் கொடுக்கும் எக்ஸ்பர்ட்..!! -
வெள்ளிக்கிழமையும், 13ஆம் தேதியும்.. 7.4 லட்சம் கோடி ஏப்பம் விட்ட மும்பை பங்குச்சந்தை! சென்செக்ஸ், நிப்டி சரிவு -
பிப்ரவரி 12 பாரத் பந்த்: வங்கி, பங்குச் சந்தை, பள்ளிகள், கல்லூரிகள் மூடப்படுமா.. உண்மை நிலவரம் என்ன? -
2026ஆம் ஆண்டு இறுதிக்குள் நிஃப்டி 50 நிச்சயம் 29,000 புள்ளிகளை எட்டும்: நிபுணர்கள் உறுதி -
சென்செக்ஸ், நிஃப்டி தலைகீழாக மாறியது.. எல்லாம் டிரம்ப் செய்த மாயம்.. கைகொடுத்த DII, அப்போ FII? -
படுத்து கிடக்கும் பங்குச்சந்தை பட்ஜெட்டிற்கு பிறகாவது எழுந்து வருமா? கடந்த ஆண்டுகளில் நடந்தது என்ன? -
15 நிமிடங்களில் ரூ.4 லட்சம் கோடி காலி! ஆட்டம் கண்ட சென்செக்ஸ்.. ரத்தக் களறியான இந்திய பங்குச்சந்தை! -
முதலீட்டாளர்களே உஷார்! பட்ஜெட் நாள் வெறும் சீன் தான்-15 ஆண்டு நிஃப்டி தரவு சொல்லும் ஷாக்கிங் உண்மை! -
சென்செக்ஸ் 1000 புள்ளிகள் சரிவு.. 3 நாளில் ரூ.18 லட்சம் கோடி இழப்பு..!! -
8 மாதங்களில் இல்லாத மிகப்பெரிய வீழ்ச்சி: ஒரே நாளில் 713 பங்குகள் அதல பாதாளத்திற்கு சென்றது ஏன்?
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