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Growth is our Oath
30th
Annual Report2013-14
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
PDF processed with CutePDF evaluation edition www.CutePDF.com
Our Purpose
At Jetking we are inspired by our vision, mission and values. They constantly drive us to manage our relationships with various stakeholders.
OUR VALUESQuality, Trust, Self-motivation, Innovation, Hands-on, Learning & Teaching, and Equanimity.
OUR VISIONTo provide economic independence to 10 million people in India and Overseas.
OUR MISSIONTo become a world class engine for employment generation through an efficient partnership network.
1
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
Table of Contents
From the Director’s Desk 3
Brand Jetking 6
Results at a Glance 8
Annual Report 9
2
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
MR. NANDU BHARWANIJOINT MANAGING DIRECTOR
MR. SURESH BHARWANICHAIRMAN & MANAGING DIRECTOR
FROM THE DIRECTOR’S DESK
3
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
“IT + IT = IT ; Indian Talent + Information Technology = India Tomorrow” - Narendra Modi
4
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
5
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
Television Ad. & Bus Back Ad.
Call our Counsellor at: 1800-209-4010 email : [email protected] or visit us at: www.jetking.com
India’s No.1 Computer Hardware & N e t w o r k i n g I n s t i t u t e
100 % Job Guarantee #
W A L K I N
P H O N E
E M A I L
H O M E V I S I T
Better education.Better jobs.Better future.
6
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
Print Ad. & Website
• Winner of Franchise India’s Small Business Award, 2010• Rated as 4th Hottest Franchise Opportunity by Outlook Money• Recipient of FICCI – LeapVault Skills Champion of India Award
IT SKILL DEVELOPMENT FRANCHISE
F r a n c h i s e d e t a i l s :Investment Capacity of Rs. 4.99 Lakhs onwards *
500-1200 sq.ft. Carpet Area
Contact: Preetish Gupta +91 8422055373E-mail: [email protected]
K E Y F E A T U R E S O F F R A N C H I S E F I R S T
A b i t a b o u t J e t k i n g :
Start up We help you identify the best location, and aid you in the design and construction of your centre. We also help to recruit the right team members and train them for peak performance.
Advertising & MarketingWith the launch of your centre our support system helps you to spread strong awareness in your locality through Advertising & Local Marketing, PR and Online Marketing that will help you continuously, to grow your business.
100 % Hassle Free OperationsOur support mechanism and online systems ensure A-Z of centre management, so you are updated with what is happening and what needs your attention.
Manpower SupportYou never have to worry about anyone leaving. Because they don’t. Our regular training programs keep everyoneengaged and constantly motivated to learn and grow more… Everyday.
*Con
diti
ons
appl
y
Franchise First : “Our award winning franchise support system that ensures your success when you partner with Jetking”
P a r t n e r :
Franchise by invitation only. www.jetking.com
“As a young entrepreneur, honestly, I was both excited and anxious. But Jetking’s support gave me the confidence and made me who I am today.”
"BEST FRANCHISOR AWARD"
FRA
NCHISING INDIA HOLDING LTD
Mr. Ashish Agarwal Jetking Franchise
IT SKILL DEVELOPMENT FRANCHISE
2x Returns100% ROI
7
Dear Shareholder,
The new government brings with it a strong skill development agenda in IT, as is aptly captured in the statement above of our Hon’ble Prime Minister and will drive growth for our industry. The incumbent government has planned a huge budget for Vocational training. Our Prime Minister has successfully trained a large number of students in Gujarat in various vocational courses in last 5 years. We were one of the major training partners in this endeavor, training over 1600 students with multiple state governments and will continue to play a major role in the Vocational and Skill development domain and contribute towards building a new India.
The last fiscal was a tough year for the Indian economy in general being an election year,
witnessing very depressed market conditions. While your company survived this phase and delivered dividends and improved its market value, we used the slowdown to consolidate the business, build efficiencies, improve quality of education delivery, so as to prepare the company for new growth that we envisage would come over the next few years.
During the past year, we churned our affiliate channel and closed eight non performing centers. Last year, we opened six new Affiliate centers in Bilaspur, Karad, Marathali, Asansol, Solapur and one International centre at Nepal. We also undertook market analysis and have put into place a channel growth plan which will see 30 new centers open up this fiscal in India.
As part of the consolidation plan, a simplified and streamline revenue model for our affiliates was introduced in this year to ensure long term sustainability of the centers. This has also improved efficiencies and better margins from operations. Continuing on our chosen growth path of tapping new markets in international locations, we have successfully launched our new center in Nepal at Kathmandu. The center at Vietnam was made stronger and brand established with over 170 students enrolling for our courses at the center located in Ho Chi Min city. Our International Business Development team has completed the mapping of the potential in Ghana, Nigeria and Ivory Coast and potential partners have been identified. Your company is confident that it will further increase its international footprint in this year.
We expanded our share of the graduate vocational study segment with a focus on an advanced level course for IT graduates – Masters in Network Administration (MNA) – which was offered through the key centers across India and which performed very well with an increase of 39% against last year in contribution to sales. The company will continue to expand the reach of this course across all centers as a part of its growth strategy and will address the needs of this new segment.
As part of our strategy to tap new market segments, we have now introduced our new
offering – Retailability. Targeting the fast growing organized retail industry, which is forecasted to have a requirement of over 17mn skilled resources by 2022, this new Course Offering in Retail and Sales Training, is being offered in association with the Retailers Association's Skill Council of India (RASCI). Initially being test marketed in Delhi and Mumbai, we plan to expand to other key markets during the coming year.
The new web based Learning Management System (LMS) branded as ‘Jetking Online School of Training (JOST)’ is being beta tested in our own centers. It is a world class cloud based LMS. This will introduce integrate all our business operations into one integrated system and will provide a unified Student Life Cycle Management system along with an e-Learning capability & cloud campus to Jetking. JOST will deliver a world class learning experience to students as they will be able to access their course from anywhere. The parents will be able to see the progress of their wards. All the Jetking centers will be able to see the dashboard of their center 24x7.
In 2013-14, we also completed the implementation of the new brand identity of Jetking across all centers and consolidated the new persona of the company to all stakeholders. This brought in a fresh perspective and prepared our strong brand to evolve for addressing new growth areas and consumers in the future.
As part of our commitment to generating employment and maintain our leadership in the vocational job oriented training industry, Jetking now offers not only a 100% Job Guarantee, but a 5 year Placement Promise also. We augmented our Placement Division and increased reach to new & emerging segments of companies. During the year, Jetking was recognized by the ‘Limca Book of Records’ for ‘Providing the Highest Number of Placements in Computer Networking Training Domain’.
No business growth is possible without a consequent strengthening of the service delivery, and we undertook an intensive program to improve efficiencies in education delivery, quality and customer satisfaction.
The Quality Audit process was simplified, streamlined and a standardized center Quality score card was put into place called Titanium 365. Periodically monitored by a team of qualified auditors, introduction of Titanium 365 is an endeavor to continuously improve the quality of offerings to the students through excellence in all facets of centre activities.
Covering critical centre operations and Infrastructure parameters, the objective of the tool is to measure the centre performance through various angles and highlight areas of improvement. This proactive and holistic approach of keeping the centre at optimum level of excellence throughout 365 days of the year will ensure customer delight at all Jetking centres.
We have also brought into focus our human resources and an exhaustive exercise was carried out to assess the competency capability of the manpower and train those who needed grooming, while adding in those areas where we were weak. A new senior management cadre is being built with professionals, who will help in growing the business forward.
As we move ahead in the New Year, the Jetking team would like to thank all our stakeholders, employees, vendors, bankers, shareholders, for your continued support and encouragement.
Sincerely
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
1000
750
500
250
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
260.94
316
218.87
674.06
980.88 20
15
10
5
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
5000
4500
4000
3500
3000
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
3136.88
3594.23471.46
4094.21
4730.974780.28
Gross Revenue ( ` in lakhs)
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
32.10
46.2552.90
114.35
129.85
109.15
Share Price ( `)
60
50
40
30
20
10
10%10%
15%
30%
50%50%
Dividend - % 900
750
600
450
300
150
189.04
272.37
311.53
673.41
764.69
642.78
Market Capitalisation ( ̀ in Millions)
150
125
100
75
50
25
12501244.48
1500Profit after Tax ( ` in lakhs)
30Adjusted EPS (`)
Results At Glance
8
25
4.435.37
3.72
11.45
16.66
21.10
30th ANNUAL REPORT 2013-149
REGISTRAR AND SHARE TRANSFER AGENT
M/s Sharex Dynamic (India) Private LimitedUnit-I, Luthra Industrial Premises, Safed Pool,Andheri-Kurla Road, Andheri (East)Mumbai-400 072.Tel: 28515606, 28515644 Fax-28512885
TRAINING CENTRES
• 401,BussaUdyogBhavan, TokersiJivrajRoad, Sewri (W), Mumbai – 400 015 Tel: 24156486 / 24156528
• PragatiDeepBuilding,2ndFloor, PlotNo.8,LaxmiNagarDist.Centre, Delhi-110092 Tel: 22044073 / 22241723
• 209,ArchanaArcade,ITComplex, 10/3/189&190,St.John’sRoad, BehindHotelRamakrishna, Secunderabad–500025 Tel:6316912/6316913
• ElginApt.,1stFloor,1A, AshutoshMukherjeeRoad, Kolkata – 700 020 Tel: 3240 1107
• NorthernHeightBuilding, 2ndFloor,BlockA, 105/28BidhaanNagarRoad, NearBidhanNagarRailwayStation, Kolkata – 700 067 Tel:65481955
• DoorNo.41,EssarTower, 1stFloor,AboveKotakMahindraBank, VenkatNarayananRoad, T.Nagar,Chennai–600017 Tel: 42025253 / 42025254
• 3rdFloor,EleganeArcade, Opp.ManinagarRailwayStation, BesideSatyamTower,Maninagar, Ahmedabad – 380 008
BOARD OF DIRECTORS
SURESH G.BHARWANIChairman&ManagingDirector
NANDU G.BHARWANIJointManagingDirector
JITU G.BHARWANIDirector
MEHUL K. KUWADIADirector
SURJIT BANGADirector
MANOJ MANDAVGANEDirector
BANKERS
Abhyudaya Co-op Bank Ltd.Sewri, Mumbai - 400 015.HDFC Bank Ltd.,VikasMarg,Delhi-110092.HDFC Bank Ltd.,PaliHill,Mumbai-400050.Deutsche BankLinkingRoad,Khar,Mumbai-400052
REGISTERED OFFICE
401,BussaUdyogBhavan,TokersiJivrajRoad,Sewri (W),Mumbai-400 015Tel: 24156486 / 24156528
AUDITOR
M/s Suresh Surana & Associates LLPCharteredAccountants,Mumbai
1030th ANNUAL REPORT 2013-14
NOTICE
NOTICEisherebygiventhatThirtiethAnnualGeneralMeetingoftheMembersofJETKINGINFOTRAINLIMITEDwillbeheldatExecutiveEnclave,331,Dr.AmbedkarRoad,PaliHill,Bandra(W),Mumbai–400050,onMonday, July14,2014at11.30a.m.totransactthefollowingbusinesses:
ORDINARY BUSINESS:1. Toreceive,considerandadopttheAuditedBalanceSheetoftheCompanyasatMarch31,2014andthe
Statement ofProfit&Loss for the financial year endedon that date, togetherwith theReports of theAuditorsandDirectorsthereon.
2. TodeclaretheFinalDividendonEquityShares.3. To appoint aDirector in place ofMr. JituBharwani,who retires by rotation and, being eligible, offers
himselfforre-appointment.4. Tore-appointM/s.SureshSurana&AssociatesLLP,CharteredAccountants,Mumbai,astheAuditorsof
theCompanytoholdofficefromtheconclusionofthisAnnualGeneralMeetingtilltheconclusionofthethirdconsecutiveAnnualGeneralMeetingandtoauthorizetheBoardofDirectorstofixtheirremunerationandtopassthefollowingresolutionthereof.
“RESOLVED THAT pursuanttotheprovisionsofSection139oftheCompaniesAct,2013andtheRulesmadethereunder,andpursuanttotherecommendationsoftheAuditCommitteeoftheBoardofDirectors,M/SSureshSurana&AssociatesLLP,CharteredAccountants(registrationnumber121750W/W-100010)beandareherebyre-appointedastheStatutoryAuditorsoftheCompany,toholdofficefromconclusionofthisAnnualGeneralMeetingtotheconclusionofthethirdconsecutiveAnnualGeneralMeeting(subjecttoratificationoftheappointmentbytheShareholdersateveryAnnualGeneralMeetingheldafterthisAnnualGeneralMeeting)andthattheBoardofDirectorsbeandareherebyauthorisedtofixsuchremunerationasmaybedeterminedbytheAuditCommitteeinconsultationwiththeAuditors,andthatsuchremunerationmaybepaidonaprogressivebillingtobeagreeduponbetweentheAuditorsandtheBoardofDirectors.”
SPECIAL BUSINESS:5. To consider and if thought fit, to passwith orwithoutmodification(s), the following resolution as an
OrdinaryResolution: “RESOLVED THATpursuanttotheprovisionsofSections149,150,152andanyotherapplicableprovisions
oftheCompaniesAct,2013andtherulesmadethereunder(includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce)readwithScheduleIVtotheCompaniesAct,2013,Mr.MehulK.Kuwadia(holdingDIN00618678),DirectoroftheCompanywhoretiresbyrotationattheAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedanoticeinwritingproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforfiveconsecutiveyearsforatermupto31stMarch,2019”.
6. To consider and if thought fit, to passwith orwithoutmodification(s), the following resolution as anOrdinaryResolution:
“RESOLVED THATpursuanttotheprovisionsofSections149,150,152andanyotherapplicableprovisionsoftheCompaniesAct,2013andtherulesmadethereunder(includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce)readwithScheduleIVtotheCompaniesAct,2013,Mr.SurjitBanga(holdingDIN00001637),Directorof theCompanywhoretiresbyrotationat theAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedanoticeinwritingproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforfiveconsecutiveyearsforatermupto31stMarch,2019”.
7. To consider and if thought fit, to passwith orwithoutmodification(s), the following resolution as anOrdinaryResolution:
30th ANNUAL REPORT 2013-1411
“RESOLVED THATpursuanttotheprovisionsofSections149,150,152andanyotherapplicableprovisionsof theCompaniesAct,2013and the rulesmade thereunder (includinganystatutorymodification(s)orre-enactment thereof for the time being in force) readwith Schedule IV to the Companies Act, 2013,Mr.ManojMandavgane(holdingDIN02292712),DirectoroftheCompanywhoretiresbyrotationattheAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedanoticeinwritingproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforfiveconsecutiveyearsforatermupto31stMarch,2019”.
ByOrderoftheBoard
Deepali KoneriCompany Secretary
Place:MumbaiDate:May26,2014
Registered Office:JetkingInfotrainLimited401,BussaUdyogBhavan,TokersiJivrajRoad,Sewri(W),Mumbai – 400 015
1230th ANNUAL REPORT 2013-14
Notes:1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT ONE OR MORE
PROXIES TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
2. PROXIES IN ORDER TO BE EFFECTIVE MUST BE RECEIVED BY THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE MEETING.
3. CorporatemembersarerequestedtosendtotheRegisteredOfficeoftheCompanyadulycertifiedcopyoftheBoardResolution,pursuanttoSection187oftheCompaniesAct,1956,authorizingtheirrepresentativetoattendandvoteattheAnnualGeneralMeeting.
4. Members/proxiesarerequestedtobringtheirdulysignedattendancesliptoattendtheMeeting.5. Members desiring any information on the Accounts and Operations of the Company are requested to
addresstheirqueriestotheManagerAccountsattheRegisteredOfficeoftheCompanyatleast10daysinadvancesoastoenabletheCompanytokeeptheinformationreadilyavailableattheMeeting.
6. MembersholdingsharesinthephysicalformarerequestedtoadviceanychangeintheiraddresstotheCompany’sRegistrarandShareTransferAgent(R&TAgent):Sharex Dynamic (India) Pvt. Ltd., Address: Unit – 1, Luthra Ind. Premises, Safed Pool, Andheri – Kurla Road, Andheri (East) Mumbai – 400 072, quotingtheir folionumber.Membersholdingshares intheelectronicformmustsendtheadviceaboutchangeintheirregisteredaddressorbankparticularstotheirrespectiveDepositoryParticipant.
7. InallthecorrespondencewiththeCompanyorwiththeShareTransferAgent,membersarerequestedtoquotetheirfolionumberand,incasethesharesareheldinthedematerializedform,theymustquotetheirClientIDNumberandtheirDPIDNumber.
8. TheRegisterofMembersandShareTransferBooksof theCompanyshallremainclosedfromJuly11,2014toJuly14,2014(bothdaysinclusive)fordeterminingthenamesofthememberseligiblefordividendonequitysharesintheCompany,ifdeclaredattheAnnualGeneralMeeting.
9. PursuanttotheprovisionsofSection205A(5)and205CoftheCompaniesAct,1956,theCompanyhastransferredRs.8,21,194/- (RupeesEightLakhsTwentyOneThousandOneHundredNinetyFourOnly)beingdividendforthefinancialyear2006-07,whichremainunpaid/unclaimedforaperiodof7years,toInvestorEducationandProtectionFund(IEPF).Members,whohavenotsofarencasheddividendwarrantsfor the Financial Year ending March 31, 2008 or thereafter, are requested to seek issue of duplicatewarrant(s) by writing to the Company’s Registrars and Transfer Agents, Sharex Dynamic (India) Pvt.Ltd, immediately.Thefolio-wisedetailsofunpaiddividendforthefinancialyearendedMarch31,2007onwardsareavailableontheCompany’swebsitewww.jetking.comaswellasonthewebsiteofMinistryofCorporateAffairswww.iepf.gov.in.MembersarerequestedtonotethatnoclaimsshalllieagainsttheCompanyorIEPFinrespectofanyamountswhichwereunclaimedandunpaidforaperiodofsevenyearsfromthedatesthattheyfirstbecamedueforpaymentandnopaymentshallbemadeinrespectofanysuchclaims.
10. Investors/Shareholdersarerequestedtokindlynotethatifphysicaldocumentsviz.,DematRequestForms(DRF)andShareCertificatesetc.arenotreceivedfromtheirDepositoryParticipant(s)bytheRTAwithinaperiodof15daysfromthedateofgenerationoftheDRNfordematerialization,theDRNwillbetreatedas rejected / cancelled. This step is being takenon the advice ofDepositories, viz.NationalSecuritiesDepository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) so that no dematrequestremainspendingbeyondaperiodof21days.Uponrejection/cancellationoftheDRN,afreshDRFwithnewDRNhastobeforwardedalongwiththeShareCertificatesbytheDepositoryParticipant(s)totheRTA.Thisnoteisonlytocautioninvestors/shareholdersthattheyshouldensurethattheirDepositoryParticipant(s) do not delay in sending the DRF and share certificates to the RTA after generating theDRN.
30th ANNUAL REPORT 2013-1413
11. TheSecuritiesandExchangeBoardofIndia(SEBI)videitscircularno.CIR/MRD/DP/10/2013datedMarch21st, 2013 hasmade it mandatory for all the listed companies to use, either directly or through theirRTA,anyRBIapprovedelectronicmodeofpaymentsuchasElectronicClearingServices(ECS),NationalElectronicFundsTransfer(NEFT),RealTimeGrossSettlement(RTGS),etc.fordistributionofdividendsorothercashbenefitstotheinvestors,whereverrelevantbankdetailsareavailable.
Incaseswhereeither thebankdetailssuchasMICR,IFSC,etc. thatarerequiredformakingelectronicpaymentarenotavailableortheelectronicpaymentinstructionshavefailedorhavebeenrejectedbythebank,companiesortheirRTAmayusephysicalpaymentinstrumentsformakingcashpaymentstotheinvestors.Companiesaremandatorilyrequiredtoprintthebankaccountdetailsoftheinvestorsonsuchpaymentinstruments.
AllMemberswhoareholdingshares inDematerialized formare requested toadvisechange, if any, indetails of their bank account/ECSmandates to their respective Depository Participants immediately toenabletheCompanytopaythedividendaccordingly.
12. In termsofcircularno.MRD/DoP/Cir-05/2009datedMay20,2009 issuedbySecuritiesandExchangeBoardofIndia(SEBI),itisnowmandatoryforthetransfereeofthephysicalsharestofurnishcopyofPANcardtoR&TAgentsforregistrationoftransferofshares.
SEBIhasfurtherclarifiedvideCircularno.SEBI/MRD/DoP/SE/RTA/Cir-03/2010datedJanuary07,2010thatitshallbemandatorytofurnishacopyofPANinthefollowingcases:a) Deletionofnameofthedeceasedshareholder(s),wherethesharesareheldinthenameoftwoor
more shareholder(s).b) Transmission of shares to the legal heir(s),where deceased shareholderwas the sole holder of
shares.c) Transpositionofshareswhenthereisachangeintheorderofnamesinwhichphysicalsharesare
heldjointlyinthenamesoftwoormoreshareholders.
1430th ANNUAL REPORT 2013-14
I. EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 5Mr.MehulK.KuwadiaisaNon-ExecutiveIndependentDirectoroftheCompany.HejoinedtheBoardofDirectorsoftheCompanyinJune,2000.Mr.KuwadiaisChairmanoftheNominationandRemunerationCommittee,Stakeholder’sGrievanceCommitteeandAuditCommitteeoftheBoardofDirectorsoftheCompany.Mr.Kuwadiahasrichexperienceof28yearsinthefieldofHumanResources.HehasworkedatGeneralManagementlevels for Interlink,QSS-Lazor,Lupin, IonExchangeand for Jetking.Mr.Kuwadiahasbeenactively associatedwithBombayManagementAssociation,AhmedabadManagementAssociationandIndianSociety forTraining&Development.HehasalsobeenavisitingfacultyatmanyofthePremiumManagementInstitutesinMumbaiandhaspersonallyinteractedwithinternationallywell-knowntrainers.Mr.MehulK.KuwadiaisnotaDirectorinanyotherCompanyinIndia.Heisholdingbyhimself1050equitysharesintheCompany.IntermsofSection149andanyotherapplicableprovisionsoftheCompaniesAct,2013,Mr.Kuwadiabeingeligibleandofferinghimselfforappointment,isproposedtobeappointedasanIndependentDirectorforfiveconsecutiveyearsforatermuptoMarch31,2019.AnoticehasbeenreceivedfromamemberproposingMr.KuwadiaasacandidatefortheofficeofDirectoroftheCompany.IntheopinionoftheBoard,Mr.KuwadiafulfilstheconditionsspecifiedintheCompaniesAct,2013andrulesmadethereunderforhisappointmentasanIndependentDirectoroftheCompanyandisindependentofthemanagement.Copy of the draft letter for appointment ofMr. Kuwadia as an IndependentDirector setting out the terms andconditionswouldbeavailableforinspectionwithoutanyfeebythemembersattheRegisteredOfficeoftheCompanyduringnormalbusinesshoursonanyworkingday.TheBoardconsidersthathiscontinuedassociationwouldbeofimmensebenefittotheCompanyanditisdesirabletocontinuetoavailservicesofMr.KuwadiaasanIndependentDirector.Accordingly,theBoardrecommendstheresolutioninrelationtoappointmentofMr.KuwadiaasanIndependentDirector,fortheapprovalbytheshareholdersoftheCompany.ExceptMr.Kuwadia,beinganappointee,noneof theDirectorsandKeyManagerialPersonnelof theCompanyandtheirrelativesisconcernedorinterested,financialorotherwise,intheresolutionsetoutatItemNo.5.ThisExplanatoryStatementmayalsoberegardedasadisclosureunderClause49oftheListingagreementwiththeStockExchange.
Item No. 6Mr.SurjitBangaisaNon-ExecutiveIndependentDirectoroftheCompany.HejoinedtheBoardofDirectorsoftheCompanyinDecember,2012.Mr.BangaisMemberoftheNominationandRemunerationCommittee,Stakeholder’sGrievanceCommitteeandAuditCommitteeoftheBoardofDirectorsoftheCompany.Mr.SurjitBangahashadanillustriouscareerwiththeStateBankofIndia(SBI)lastingoveraperiodof38yearsandretiredin2001.DuringhisstintwithSBI,hehandledkeyassignmentsasChiefRegionalManager,Jabalpur(M.P.)andJaipur(Rajasthan).HewastheChiefExecutiveOfficeroftheBanks’Paris(France)operationsandinthatcapacityalsoactedasrepresentativeforPortugal,Spain,WestandNorthAfrica.HewasalsoelectedtorepresentSouthAsiaPacificBanksontheGroupofForeignBanksadvisingtheFrenchBankingAssociation.Mr.Banga is an alumniof theRajasthanUniversity fromwherehe completedhisgraduation.He is aCertifiedAssociateofIndianInstituteofBankersandFellowofAllIndiaManagementAssociation.Mr.Banga isDirector in threeListedCompanyandonePrivateLimitedCompany inIndia.Hedoesnotholdbyhimselforforanyotherpersononabeneficialbasis,anysharesintheCompany.Mr.BangaretiresbyrotationattheensuingAnnualGeneralMeetingundertheerstwhileapplicableprovisionsofCompaniesAct,1956.IntermsofSection149andanyotherapplicableprovisionsoftheCompaniesAct,2013,itisproposedthatMr.SurjitBangatobeappointedasanIndependentDirectorforfiveconsecutiveyearsforaterm
30th ANNUAL REPORT 2013-1415
upto31stMarch,2019.AnoticehasbeenreceivedfromamemberproposingMr.BangaasacandidatefortheofficeofDirectoroftheCompany.IntheopinionoftheBoard,Mr.BangafulfilstheconditionsspecifiedintheCompaniesAct,2013andrulesmadethereunderforhisappointmentasanIndependentDirectoroftheCompanyandisindependentofthemanagement.CopyofthedraftletterforappointmentofMr.BangaasanIndependentDirectorsettingoutthetermsandconditionswouldbeavailableforinspectionwithoutanyfeebythemembersattheRegisteredOfficeoftheCompanyduringnormalbusinesshoursonanyworkingday.TheBoardconsidersthathiscontinuedassociationwouldbeofimmensebenefittotheCompanyanditisdesirabletocontinuetoavailservicesofMr.BangaasanIndependentDirector.Accordingly, theBoardrecommendstheresolutioninrelationtoappointmentofMr.BangaasanIndependentDirector,fortheapprovalbytheshareholdersoftheCompany.Except Mr. Banga, being an appointee, none of the Directors and KeyManagerial Personnel of the Companyandtheirrelativesisconcernedorinterested,financialorotherwise,intheresolutionsetoutatItemNo.6.ThisExplanatoryStatementmayalsoberegardedasadisclosureunderClause49oftheListingagreementwiththeStockExchange.
Item No. 7Mr.ManojMandavganeisaNon-ExecutiveIndependentDirectoroftheCompany.HejoinedtheBoardofDirectorsof theCompany inMarch2013.Mr.Mandavgane isMemberof theNominationandRemunerationCommittee,Stakeholder’sGrievanceCommitteeandAuditCommitteeoftheBoardofDirectorsoftheCompany.HeistheManagingDirector&CEOofBloomSystemsaHROutsourcingandConsultingCompanysince2010.Inhispreviousrole,hewastheMD&CEOof3iInfotechConsultancyServicesLtd.withanemployeecountofover7000employees,whereinhestartedasHeadHR.Mr.ManojMandavganeisaPostGraduateinHumanResourcesfromMumbaiUniversityandanAlumniofKelloggSchoolofManagement,Chicago.He has worked in Companies like Foseco, Tata’s, S M Dyechem, and Matrix Telecommunications & ICICI. Aprofessionalcareerspanningover28Years,hehasbeenapartofcoremerger&acquisitionteamswhichacquiredmorethan10ITandconsultingcompaniesinIndia,US,WesternEurope,MiddleEastandChina.HiscurrentcompanyBloomSystemsisafullserviceHROutsourcingandconsultingorganisationwhichhasover1200employeeswithspecialization inStaffing,Recruitment,Training,HROutsourcing&Fresher’spaid trainingandplacementswithLargeIndianandMNC’s.Mr.ManojMandavganeisaDirectorinonePrivateLimitedCompanyinIndia.Hedoesnotholdbyhimselforforanyotherpersononabeneficialbasis,anysharesintheCompany.Mr.ManojMandavganeretiresbyrotationattheensuingAnnualGeneralMeetingundertheerstwhileapplicableprovisionsofCompaniesAct,1956.IntermsofSection149andanyotherapplicableprovisionsoftheCompaniesAct,2013,itisproposedthatMr.ManojMandavganetobeappointedasanIndependentDirectorforfiveconsecutiveyearsforatermupto31stMarch,2019.AnoticehasbeenreceivedfromamemberproposingMr.MandavganeasacandidatefortheofficeofDirectoroftheCompany.In the opinion of the Board,Mr.Mandavgane fulfils the conditions specified in the Companies Act, 2013 andrulesmadethereunderforhisappointmentasanIndependentDirectoroftheCompanyandisindependentofthemanagement.CopyofthedraftletterforappointmentofMr.MandavganeasanIndependentDirectorsettingoutthetermsandconditionswouldbeavailableforinspectionwithoutanyfeebythemembersattheRegisteredOfficeoftheCompanyduringnormalbusinesshoursonanyworkingday.TheBoardconsidersthathiscontinuedassociationwouldbeofimmensebenefittotheCompanyanditisdesirabletocontinuetoavailservicesofMr.MandavganeasanIndependentDirector.Accordingly,theBoardrecommendstheresolutioninrelationtoappointmentofMr.MandavganeasanIndependentDirector,fortheapprovalbytheshareholdersoftheCompany.
1630th ANNUAL REPORT 2013-14
ExceptMr.Mandavgane,beinganappointee,noneoftheDirectorsandKeyManagerialPersonneloftheCompanyandtheirrelativesisconcernedorinterested,financialorotherwise,intheresolutionsetoutatItemNo.5.ThisExplanatoryStatementmayalsoberegardedasadisclosureunderClause49oftheListingagreementwiththeStockExchange.
II. DETAILS OF DIRECTORS SEEKING APPOINTMENT/ RE-APPOINTMENT AS REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH THE STOCK EXCHANGE:
Re-appointment of Mr. Jitu Bharwani (Item No. 3)IntermsofSection149,152andanyotherapplicableprovisionsoftheCompaniesAct,2013,effectivefrom1st April,2014,forthepurposeofdeterminingthedirectorsliabletoretirebyrotation,theIndependentDirectorsshallnotbeincludedinthetotalnumberofdirectorsoftheCompany.Mr.JituBharwanishallaccordinglyretireattheforthcomingAnnualGeneralMeetingandbeingeligibleoffershimselfforre-appointment.Mr.JituBharwanijoinedtheBoardofDirectorsasaWhole-timeDirectoroftheCompany.Mr.JituBharwaniisnotaDirectorinanyotherCompanyinIndia.Heisholdingbyhimself465000EquitySharesintheCompany.Uponhisre-appointmentasadirector,Mr.JituBharwanishallcontinuetoholdofficeasaWhole-timeDirector.Accordingly,theBoardrecommendshisre-appointment.ExceptMr.JituBharwani,personallyandMr.SureshBharwaniandMr.NanduBharwaniasRelatives,noneoftheDirectorsandKeyManagerialPersonneloftheCompanyandtheirrelativesisconcernedorinterested,financialorotherwise,inagendaItemNo.3.
Appointment of other Directors (item no. 5 to 7)ForthedetailsofMr.MehulK.Kuwadia,Mr.SurjitBangaandMr.ManojMandavgane,pleaserefertotheaboveExplanatoryStatementinrespectoftheSpecialBusinesssetoutattheItemNos.5to7oftheNoticeofAnnualGeneralMeetingpursuanttoSection102oftheCompaniesAct,2013.
ByOrderoftheBoard
Sd/-Deepali Koneri
Company SecretaryPlace: MumbaiDate:May26,2014
Registered Office:JetkingInfotrainLimited401,BussaUdyogBhavan,TokersiJivrajRoad,Sewri(W),Mumbai – 400 015
30th ANNUAL REPORT 2013-1417
Details of the Directors seeking re-appointment at the Annual General Meeting:
NameoftheDirector Mr. Mehul K. Kuwadia Mr.SurjitBanga Mr.ManojMandavgane
Mr. Jitu Bharwani
DateofBirth 27thJuly1960 9thMay1941 30thAugust1963 26thApril,1959
Dateofappointment 15th June 2000 18thDecember2012 1stMarch2013 26thDecember
1983
QualificationB.A.MastersinLabourStudieswithDiplomainPersonalManagement
B.A.B.LibScienceC.A.I.I.B
PostGraduateinHumanResources RSTVS
Experienceinspecificfunctionalarea 29Years 50Years 26Years 38Years
Directorshipsheldinothercompanies NIL
Zee Learn LimitedZee Media CorporationLimitedQuantumTrusteeCompanyPrivateLimited
BloomSystemsPrivateLimited NIL
Chairman/MemberoftheCommitteeoftheBoardoftheCompany
3 3 3 NIL
Chairman/MemberofCommitteeoftheBoardofothercompanies
NIL 4 NIL NIL
Number of shares heldbyNon-executiveDirector
1050 NIL NIL 465000
1830th ANNUAL REPORT 2013-14
DIRECTORS’ REPORT
The Members,
Jetking Infotrain Limited
TheDirectorspresentwithimmensepleasure,theTHIRTIETH ANNUAL REPORTonthebusinessandoperationsalongwiththeAuditedFinancialStatementsoftheCompanyfortheFinancialYearendedonMarch31,2014:
FINANCIAL HIGHLIGHTS:
(Amount in `)
Particulars Current Year(2013-14)
Previous Year(2012-13)
Total Income 313,687,670 359,415,759
Profit before Interest, Depreciation and Tax 53,910,433 59,045,432
Less: Interest 94,840 988,378
Profit before Depreciation and Tax 53,815,593 58,057,054
Less:Depreciation 17,488,456 15,614,896
Profit before Tax 36,327,137 42,442,158
Less:ProvisionforTax (10,193,000) (7,500,000)
DeferredTax (1,134,364) (3,341,804)
Net Profit After Tax 24,999,773 31,600,354
Prioryeartaxadjustment 1,094,660 –
Balancebroughtforwardfrompreviousyear 226,161,640 201,405,629
Balanceavailableforappropriation 252,256,073 233,005,983
Appropriations
ProposedDividend (5,889,000) (5,889,000)
TaxonProposedFinalDividend (1,000,836) (955,343)
TransfertoGeneralReserve – –
BalancecarriedtotheBalanceSheet 245,366,237 226,161,640
EarningsPerShare:Basic(`pershare) 4.43 5.37
Diluted(`pershare) 4.43 5.37
PERFORMANCE REVIEW:
DuringtheFinancialYearunderreview,theCompanyearnedtheTotalIncomeof`3136.88Lakhsasagainst `3594.16LakhsinthepreviousyearandtheNetProfitafterTaxof`260.95Lakhsasagainst` 316.00 Lakhs in thepreviousyear,resultingindecreaseby17.42%and20.77%,respectively.
30th ANNUAL REPORT 2013-1419
DIVIDEND:
YourDirectorsproposedaDividendof`1/–perEquityShareof`10/–eachfortheFinancialYearendedonMarch31,2014subjecttoapprovalofShareholdersattheensuingAnnualGeneralMeeting.ThesamewouldbepaidtotheshareholdersinduecourseafterthesaidapprovalintheAnnualGeneralMeeting.
FIXED DEPOSITS:
YourCompanyhasnotacceptedanydepositsfromthepublicwithinthemeaningofSection58AoftheCompaniesAct,1956,readwiththeCompanies(AcceptanceofDeposit)Rules,1975.AssuchnoamountofPrincipalorInterestisoutstandingasontheBalanceSheetdate.
MANAGEMENT DISCUSSION AND ANALYSIS:
ManagementDiscussionandAnalysisofthefinancialconditions,futureoutlookandresultsoftheoperationsoftheCompanyfortheyearunderreview,asstipulatedunderClause49oftheListingAgreementwiththeStockExchanges,ispresentedinaseparatesectionformingpartoftheAnnualReport.
SUBSIDIARY COMPANY:
YourCompanyhasonlyonesubsidiaryCompanynamely‘JetkingSkillDevelopmentPrivateLimited’.TilldatetheSubsidiaryCompanyhasnotcommencedanybusinesstherefore,thereisnoprofit/lossarisenduringtheFinancialYearendingMarch31,2014.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
As yourCompany is intoService Industry, the activities of theCompany are not energy intensive.However,yourCompanyrecognizesthenecessityofconservationofenergyandtechnologyabsorption,thoughitisnotpracticabletoquantifythesameinmonetaryterms.
Intermsofresearch,developmentandinnovation,itistheCompany’sconstantendeavortobemoreefficientinprovidingservicesandencouragesinnovationinitsdaytodaypractices.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
ForeignExchangeEarningsandOutgoduringtheFinancialYearunderreviewisgivenbelow:
(i) ForeignExchangeEarnings :` 3,177,748/-
(ii) ForeignExchangeOutgo :` 563,485/-
PARTICULARS OF EMPLOYEES:
AsrequiredbytheprovisionsofSection217(2A)oftheCompaniesAct,1956,readwiththeCompanies(ParticularsofEmployees)Rules,1975asamended, thenamesandotherparticularsof theemployeesaresetout in theAnnexuretotheDirectors’Report.
However,aspertheprovisionsofSection219(1)(b)(iv)oftheCompaniesAct,1956,theReportandAccountsarebeingsenttoalltheshareholdersoftheCompanyandothersentitledthereto,excludingtheaforesaidinformation.AnyshareholderinterestedinobtainingsuchparticularsmaywritetotheChairmanandManagingDirectorattheRegisteredOfficeoftheCompany.
2030th ANNUAL REPORT 2013-14
DIRECTORS’ RESPONSIBILITY STATEMENT:
PursuanttoSection217(2AA)oftheCompaniesAct,1956theDirectorsconfirmthat:
1. Inthepreparationoftheannualaccounts,theapplicableaccountingstandardshavebeenfollowed.
2. Appropriateaccountingpolicieshavebeenselectedandappliedconsistently,andreasonableandprudentjudgmentsandestimateshavebeenmadesoastogiveatrueandfairviewofthestateofaffairsoftheCompanyasatMarch31,2014andoftheprofitoftheCompanyfortheyearendedMarch31,2014.
3. Properandsufficientcarehasbeentakenforthemaintenanceofadequateaccountingrecordsinaccordancewith the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and forpreventinganddetectingfraudandotherirregularities.
4. Theannualaccountshavebeenpreparedonagoingconcernbasis.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate Governance and adhere to theCorporateGovernance requirements set out bySEBI. TheCompanyhas implemented several bestCorporateGovernancePracticesasprevalentglobally.
IncompliancewithClause49oftheListingAgreementsenteredintowiththeStockExchanges,aReportontheCorporateGovernance,alongwiththecertificatefromtheStatutoryAuditorsoftheCompanyoncompliancewiththeprovisionsofthesaidClauseisannexedandformspartoftheAnnualReport.
CORPORATE SOCIAL RESPONSIBILITY:
YourCompanylooksforwardtoactivelycontributetothesocialandeconomicdevelopmentofthecommunitiestoofferabetterlifetotheweakersectionsofthesocietyandequipthemwithskillstoimprovetheirwayoflife.Forthesame,theCompanyisfollowingtheprojectsasmentionedbelow:
a) Empowering the Underprivileged
Jetkinghasbeenactivelyinvolvedinspreadingcomputerliteracyamongstthemasses.TheGordhandasP.BharwaniComputerCentersetupbytheCompanyistestimonytothiseffort.Thesecentersprovidecomputertrainingtostudentswhocomefromunderprivilegedfamilies&cannotaffordthesame.
b) Empowering the Girl Student
Agreatbelieverintheequalityofthesexesandindependenceofwomen,Jetkingawardsa25percentscholarshiptoallgirlstudents,enablingthemtocarveoutasuccessfulcareerandtoleadanindependentlife.
LISTING OF EQUITY SHARES:
TheequitysharesofyourCompanyarelistedattheBSELimited(BSE)andDelhiStockExchangeLimited(DSE).TheCompanyhaspaidtheAnnualListingFeestotheabovementionedStockExchangesfortheFinancialYear2014-2015.
DIRECTORS:
IntermsoftheapplicableprovisionsoftheCompaniesAct,2013andtheArticlesofAssociationoftheCompany,Mr.JituGBharwaniDirectoroftheCompany,willretirebyrotationatensuingAnnualGeneralMeetingand,beingeligible,haveofferedheforre-appointment.YourDirectorsrecommendtheirre-appointment.
30th ANNUAL REPORT 2013-1421
TheCompaniesAct,2013providesforappointmentofIndependentDirectors.Sub-section(10)ofSection149oftheCompaniesAct,2013(effectiveApril01,2014)providesthatIndependentDirectorsshallholdofficeforatermofuptofiveconsecutiveyearsontheBoardofaCompany;andshallbeeligibleforre-appointmentonpassingaOrdinaryResolutionbytheShareholdersoftheCompany.
Sub-section11statesthatnoIndependentDirectorshallbeeligibleformorethantwoconsecutivetermsoffiveyears.Sub-section13statesthattheprovisionsofretirementbyrotationasdefinedinsub-section6and7ofSection152oftheActshallnotapplytosuchIndependentDirectors.
Our Non-Executive Independent Directors were appointed as Directors liable to retire by rotation under theprovisionsoftheerstwhileCompaniesAct,1956.TheBoardofDirectorsintermsofSection149andanyotherapplicableprovisionsoftheCompaniesAct,2013,proposedthatallIndependentDirectorstobeappointedasanIndependentDirectorforfiveconsecutiveyearsforatermupto31stMarch,2019.
ACKNOWLEDGEMENT:
YourDirectorswish toexpress theirgratitude to theBankers, Financial Institutions,GovernmentAuthorities,Customers,VendorsandMembersfortheirdirectandindirectco-operationandlookforwardtotheircontinuedsupportinthefuture.
ByOrderoftheBoard
Sd/-Suresh G. Bharwani
Chairman&ManagingDirector
Place: MumbaiDate:May26,2014
2230th ANNUAL REPORT 2013-14
CORPORATE GOVERNANCE REPORT
TheReportonCorporateGovernance,fortheFinancialYearApril1,2013toMarch31,2014aspertheformatprescribedbySEBIandincorporatedinClause49oftheListingAgreementissetoutasbelow:
I. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
At“Jetking”,CorporateGovernancehasalwaysbeenthetoppriorityandhasbeentakenhighinletterandinspirit.YourCompanystronglybelievesinmaintainingtransparency,accountabilityandintegritywhicharethemaincomponentsinCorporateGovernance.Thephilosophyismanifestedinitsoperationsthroughstandardsofethicalbehavior,bothwithin theorganizationaswellas inexternal relationships too.TheCompanyaimsatmaximizingshareholder’svalueanditsphilosophyisbasedonthefairandtransparentdisclosureofissuesrelatedwiththeCompany’sbusiness,financialperformanceandmattersrelatingtostakeholders’interest.WebelievethatCorporateGovernanceisthekeyelementinimprovingefficiency,growthandinvestor’sconfidence.
YourCompany’spracticesrelatingtotheCorporateGovernancefortheFinancialYearendedMarch31,2014arediscussedinthefollowingsections.
II. BOARD OF DIRECTORS
a) Composition of the Board of Directors and other Directorships and Committee Membership of the Directors:
TheBoardofJetkinghasanoptimumcombinationofExecutive,Non-ExecutiveandIndependentDirectors.The Chairman being an Executive Director, the Listing Agreement says that at least half of the Boardshould comprise of independent Directors. Therefore, the Company should have at least 3 (Three)IndependentDirectors.AsonMarch31,2014,theBoardcomprisesof6(Six)Directorsoutofwhich2(Two)areExecutive,3(Three)areIndependentDirectorsand1(One)isNon-ExecutiveDirector.ThereisnoInstitutionalNomineeontheBoard.DetailsandBriefParticularsoftheDirectorsretiringbyrotationareprovidedalongwiththeNoticecallingtheAnnualGeneralMeetingandthereforeformapartofthisAnnualReport.
The composition of the Board of Directors, their number of other Directorships, attendance at BoardMeetings(BM)andatthelastAnnualGeneralMeeting(AGM)oftheCompanyheldduringtheFinancialYearunderreview
Name of Directors Designation Category No. of other
DirectorshipsAttendance at
Board MeetingsAttendance at previous AGM
Mr.SureshG.Bharwani
Chairman&ManagingDirector Executive 1 7 Yes
Mr.NanduG.Bharwani
JTManagingDirector Executive 1 7 Yes
Mr.JituG.Bharwani Director Non-Executive
non-independent 0 1 No
Mr. Mehul K. Kuwadia Director Non-Executive
Independent 0 7 Yes
Mr.SurjitBanga Director Non-Executive
Independent 3 7 Yes
Mr.ManojM.Mandavgane Director Non-Executive
Independent 1 7 Yes
30th ANNUAL REPORT 2013-1423
Pursuant to the provisionsof theCompaniesAct 1956,Mr.ManojMandavgane andMr.Surjit Banga,Independent Directors of the Company retire by rotation and being eligible, offer themselves for re-appointment.
NoneoftheDirectorsontheBoardisaMemberonmorethan10CommitteesandChairmanofmorethan5Committees(asperClause49(I)(C)(ii))acrossallthecompaniesinwhichheisaDirector.AlltheDirectorshavemadetherequisitedisclosuresregardingCommitteepositionsheldbytheminothercompaniesasonMarch31,2014.
Mr.SureshBharwani,Mr.NanduBharwaniandMr.JituBharwaniarerelatedtoeachotherasbrothers.NoneoftheotherDirectorsarerelatedintermsofthedefinitionof‘relative’givenundertheCompaniesAct,1956.
NoneoftheabovereferredNon-executiveDirectorshaveanymaterialpecuniaryrelationshiportransactionwiththeCompany,whichwouldaffecttheindependenceorjudgmentoftheBoardofDirectors.
YourCompany’sBoardofDirectorscomprisesofindividualswithrichexperienceandexpertiseacrossarangeoffieldssuchasfinance&accounts,generalmanagement,businessstrategy,etc.EachMemberof theBoard is required toobserve integrity, independence,objectivity anddiligence inall thematterspertainingtotheaffairsofyourCompany.
b) Meetings of the Board of Directors:
The Board of Directors met seven times during the year under review on 20.05.2013, 03.06.2013,29.07.2013,12.08.2013,12.11.2013,12.02.2014and28.03.2014.
c) Minutes of the Board Meeting:
TheMinutesof theproceedingsof everyBoard andCommitteemeetings areprepared andapproved /initialedbytheChairmaninnextMeetingfromtheconclusionoftherespectivemeeting.
d) Information supplied to the Board:
TheBoardMembersaregivenagendapapersalongwithnecessarydocumentsandinformationinadvanceofeachmeetingoftheBoardandCommittees.Inadditiontotheregularbusinessitems,thefollowingareregularlyplacedbeforetheBoardtotheextentapplicable:
n QuarterlyandHalfyearlyresultsoftheCompany
n MinutesoftheAuditCommitteeandotherCommitteemeetings
n DetailsofAgreementsenteredintobytheCompany
n ParticularsofNon-ComplianceofanystatutoryorListingrequirementse) DeclarationbytheManagingDirectorunderClause49(I)(D)oftheListingAgreementregardingadherence
totheCodeofConductisformingpartoftheReportonCorporateGovernance.f) InthepreparationoftheAnnualAccounts,theapplicableaccountingstandardshavedulybeenfollowed
andtherearenomaterialdepartures.
III. AUDIT COMMITTEE
TheprimaryobjectiveoftheAuditCommitteeistooverviewandtomaintainafinancialoversightandaneyeontheFinancialProcesses/Controls/ReportingSystemsoftheCompanyinordertoensureaccurate,timely, relevant disclosures along with proper transparency, clarity, integrity and quality of FinancialReporting.
2430th ANNUAL REPORT 2013-14
TheAuditCommitteeoftheCompanyisconstitutedinLinewiththecompositionprovisionsofclause49oftheListingAgreemententeredintowiththeStockExchangereadwithsection292oftheCompaniesAct,1956.
a) Composition: The Audit Committee of the Company comprises of three qualified Non-Executive Directors viz.,
Mr. Mehul K. Kuwadia, Mr. Surjit Banga and Mr. Manoj Mandavgane and an Executive Director viz. Mr.NanduG.Bharwani.
b) Terms of Reference: TheroleandtermsofreferenceoftheAuditCommitteecoverthemattersspecifiedforAuditCommittees
are as follows:
1. OversightoftheCompany’sfinancialreportingprocessandthedisclosureofitsfinancialinformationtoensurethattheFinancialStatementiscorrect,sufficientandcredible;
2. RecommendingtotheBoard,theappointment,re-appointmentand,ifrequired,thereplacementorremovalofthestatutoryauditorandthefixationofauditfees;
3. Approval of payment to statutory auditors for any other services rendered by the statutoryauditors;
4. Reviewing,withthemanagement,theannualFinancialStatementsbeforesubmissiontotheboardforapproval,withparticularreferenceto:
a. MattersrequiredtobeincludedintheDirector’sResponsibilityStatementtobeincludedintheBoard’sreportintermsofclause(2AA)ofsection217oftheCompaniesAct,1956;
b. Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame;
c. Major accounting entries involving estimates based on the exercise of judgment bymanagement;
d. SignificantadjustmentsmadeintheFinancialStatementsarisingoutofauditfindings;
e. CompliancewithlistingandotherlegalrequirementsrelatingtoFinancialStatements;
f. Disclosureofanyrelatedpartytransactions;and
g. Qualificationsinthedraftauditreport;
5. Reviewingwiththemanagement,thequarterlyFinancialStatementsbeforesubmissiontotheboardforapproval;
6. Reviewingwith themanagement, thestatementofuses / applicationof funds raised throughanissue(publicissue,rightsissue,preferentialissue,etc.),thestatementoffundsutilizedforpurposesother than thosestated in theofferdocument/prospectus/noticeand thereportsubmittedby themonitoringagencymonitoring theutilizationofproceedsofapublicor rights issue,andmakingappropriaterecommendationstotheBoardtotakeupstepsinthismatter;
7. Reviewingwiththemanagement,performanceofstatutoryandinternalauditors,andadequacyoftheinternalcontrolsystems;
8. Reviewing the adequacy of internal audit function, if any, including the structure of the internal
30th ANNUAL REPORT 2013-1425
auditdepartment,staffingandseniorityoftheofficialheadingthedepartment,reportingstructurecoverageandfrequencyofinternalaudit;
9. Discussionwithinternalauditorsanysignificantfindingsandfollowupthereon;
10. Reviewing the findingsof any internal investigationsby the internal auditors intomatterswherethereissuspectedfraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheBoard;
11. Discussionwithstatutoryauditorsbeforetheauditcommences,aboutthenatureandscopeofauditaswellaspost-auditdiscussiontoascertainanyareaofconcern;
12. Tolookintothereasonsforsubstantialdefaultsinthepaymenttothedepositors,debentureholders,shareholders(incaseofnonpaymentofdeclareddividends)andcreditors;
13. ApprovalofappointmentofCFO(i.e.,thewhole-timeFinanceDirectororanyotherpersonheadingthefinancefunctionordischargingthatfunction)afterassessingthequalifications,experience&background,etc.ofthecandidate;
14. ToreviewthefunctioningoftheWhistleBlowermechanism;and
15. CarryingoutanyotherfunctionasismentionedinthetermsofreferenceoftheAuditCommittee.
c) Meetings of the Committee during the year and Attendance:
Duringtheyear,fourAuditCommitteemeetingswereheldon20.05.2013,12.08.2013,12.11.2013 and 12.02.2014:
Meetings of the Audit Committee and Attendance of the Members during 2013-14
Number of Meetings
Held Attended
Mr. Mehul K. Kuwadia 4 4
Mr.NanduG.Bharwani 4 4
Mr.SurjitBanga 4 4
Mr.ManojMandavgane 4 4
IV. REMUNERATION COMMITTEE
YourCompanyhasthequalifiedRemunerationCommitteetodetermine,theCompany’spolicyonspecificremunerationpackagesforExecutiveDirectorsincludingpensionrightsandanycompensationpayment.
a) Composition:
TheRemunerationCommitteeoftheCompanycomprisesofthreeNon-ExecutiveIndependentDirectorsviz.,Mr.MehulKuwadiaasChairman,Mr.SurjitBangaandMr.ManojMandavganeasMembersoftheCommittee.
b) Terms of reference:
ThegeneralobjectiveoftheRemunerationCommitteeistodetermineandagreewiththeBoardtheframeworkorthebroadpolicyfortheremunerationfortheSeniorManagementPersonnel includingtheManagingDirector& theWhole TimeDirector. It alsomeasures the suitability of the performancemeasurementcriteriafortheSeniorManagementPersonnelandalsoreviewsthenoticeperiodsforExecutiveDirectorsemploymentcontractsadministeremployeebenefitsandincentiveplansandadministerstockoptionandotherequity-basedplans,etc.
2630th ANNUAL REPORT 2013-14
ThetermsofreferenceoftheRemunerationCommitteeareasfollows:
1. ToapprovetheAnnualRemunerationPlanoftheCompany.
2. ToapprovetheremunerationpayabletotheExecutiveDirectors;and
3. SuchothermattersastheBoardmayfromtimetotimerequest theRemunerationCommitteetoexamineandrecommend.
c) Remuneration Policy:
TheremunerationoftheManagingDirectorandJointManagingDirectoraredecidedbytheRemunerationCommittee based on criteria such as industry benchmarks, the Company’s performance vis-à-vis theindustry,responsibilitiesshouldered,etc.TheCompanypaysremunerationbywayofsalary,perquisites,allowances(fixedcomponent)andincentive.TheRemunerationCommitteedecidesonthecommissionand/orincentiveremunerationpayabletotheManagingDirectorandJointManagingDirectorondeterminationofprofitsfortheFinancialYear,withintheceilingsonnetprofitsprescribedunderSections198and309oftheCompaniesAct,1956(theAct).
d) Meetings of the Committee during the year and Attendance:
Duringtheyear,twomeetingsoftheRemunerationCommitteewereheldon12.07.2013and28.03.2014
Meetings of the Remuneration Committee and Attendance of the Members during 2013-14
Number of Meetings
Held Attended
Mr. Mehul K. Kuwadia 2 2
Mr.SurjitBanga 2 2
Mr.ManojMandavgane 2 2
e) Details of remuneration paid to Executive Directors for FY 2013-14:
Executive Directors:
Particulars *Mr. Suresh G. Bharwani
*Mr. Nandu G. Bharwani
BasicSalary 65,00,000 78,00,000Perquisites 868,767 868,767Commission -- 7,50,000ArrearsofCommission -- 7,50,000ContributiontoProvidentFund 7,80,000 936,000
*The Company has taken Central Government approval with respect to the Remuneration of Mr. Suresh G. Bharwani, Chairman & Managing Director and Mr. Nandu G. Bharwani, Joint Managing Director.
Non-executive Directors:
Name Sitting Fees PaidMr. Mehul K. Kuwadia 1,20,000Mr.SurjitBanga 1,20,000Mr.ManojMandavgane 1,20,000
30th ANNUAL REPORT 2013-1427
f) Particulars of pecuniary relationship or transaction of the Non-executive Directors vis-à-vis the Company:
ApartfromthesittingfeesforattendingtheMeetingoftheBoardofDirectorsandCommitteeoftheBoardofDirectors,nootherfeeorremunerationwaspaidtotheNon-ExecutiveDirectorsduringtheFinancialYearunderconsideration.
g) Number of shares and convertible instruments held by Non-Executive Directors as on the date of this Report are as below:
Sr. No. Name of Director No. of equity shares held1. Mr.JituG.Bharwani 4650002. Mr. Mehul K. Kuwadia 10503. Mr.SurjitBanga 04. Mr.ManojMandavgane 0
V. SHAREHOLDERS’ / INVESTORS’ GRIEVANCE COMMITTEE TheCompanyhasconstitutedtheShareholders’/Investors’GrievanceCommittee(“SIGC”)ofDirectorsto
lookintothecomplaints,requestsandgrievancesoftheshareholders/investorsandensuretheirRedressal.SIGCapprovesandmonitorssharetransfers,transmissions,dematerialisation,rematerialisation,issueofduplicatesharecertificates,etc.
a) Composition: Shareholders’/Investors’GrievanceCommitteecomprisesofthreeDirectorsviz.,Mr.MehulK.Kuwadiaas
ChairmanMr.SurjitBanga,Mr.ManojMandavganeandMr.NanduG.BharwaniasMembers.
b) Meetings of the Committee during the year and attendance:
The Shareholders’/Investors’ Grievance Committee (“SIGC”) of the Company met 4 times during theFinancialYeari.e.20.05.2013,12.08.2013,12.11.2013and12.02.2014.
ThedetailsoftheattendanceattheSIGCommitteeMeetingsheldduringtheFinancialYear2013-14areasfollows:
Meetings of the Investors’ / Shareholders’ Grievance Committee and Attendance of the Members during 2013-14
Number of Meetings
Held Attended
Mr. Mehul K. Kuwadia 4 4
Mr.NanduG.Bharwani 4 4
Mr.SurjitBanga 4 4
Mr.ManojMandavgane 4 4
The status of the complaints received from the shareholders during the Financial Year 2013-14 is as follows:
NumberofunresolvedcomplaintsasonApril1,2013 –NumberofcomplaintsreceivedduringtheFY2013-14 2Numberofcomplaintsresolvedtothesatisfactionoftheshareholders 2NumberofpendingcomplaintsasonMarch31,2014 –
2830th ANNUAL REPORT 2013-14
VI. GENERAL BODY MEETINGS
a) Annual General Meeting:
Details of Annual General Meetings held during the last three consecutive years
Day Date Time Venue
Friday 15.07.2011 12.30p.m. HotelRameeGuestLine,757,S.V.Road,Khar(West), Mumbai – 400 052
Tuesday 17.07.2012 11.30 a.m. HotelRameeGuestLine,757,S.V.Road,Khar(West), Mumbai – 400 052
Tuesday 09.07.2013 11.30 a.m. HotelRameeGuestLine,757,S.V.Road,Khar(West), Mumbai – 400 052
b) Special Resolution passed at last three Annual General Meetings:
1. 28thAGMheldonJuly17,2012–PaymentofFees toM/s.Sairam&Sundararaman,CharteredAccountantsforholdingplaceofprofitunderSection314(1B)ofCompaniesAct,1956,byvirtueofPartnersoftheaforesaidfirmbeingrelativesofformerIndependentDirectorMr.C.V.Ramana.
c) Postal Ballot:
During the Financial Year under review, five Special Resolutionswere passed by theMembers of theCompanyvidePostalballot,resultofwhichwasdisclosedon16.09.2013.ThedetailofSpecialResolutionspassedisasbelow:
1. ReappointmentandpaymentofremunerationtoMr.SureshG.BharwaniasManagingDirector.
2. ReappointmentandpaymentofremunerationtoMr.NanduG.Bharwani,JointManagingDirector.
3. Alteration oftheObjectClauseoftheMemorandumofAssociationoftheCompany.
4. AlterationofotherobjectclauseofMemorandumofAssociationoftheCompanybyinsertionofsub-clause11(a)and(b)afterclause10andcommencementofnewbusinessundersection149(2A)ofthe Act.
5. AlterationofotherobjectclauseofMemorandumofAssociationoftheCompanybyinsertionofsubclause12(a),(b)and(c)aftersub-clause11(b)andcommencementofnewbusinessundersection149(2A)oftheAct.
AtthetimeofpostalballotMr.PratikM.ShahwasappointedasscrutinizertoreceiveandscrutinizethecompletedballotformsreceivedfromtheMembersandforconductingthepostalballotprocessinafairandtransparentmanner.
Theresultofthepostalballotsubmittedtostockexchangeswasasbelow:
30th ANNUAL REPORT 2013-1429
Resolution 1:
Re-appointment of Mr. Suresh G. Bharwani as Managing Director of the Company and fixing hisremuneration:
Sr. no. Particulars Details Number of
Shares% of total shares
voted
1. Totalnumberofballotpapersreceived 49 25,29,364 100%
2. Totalno.ofinvalidvotes 7 3,600 0.14%
3. AbstainedfromVoting 1 1 0.00%
4. Totalno.ballotpapersreceivedindefaced/mutilatedcondition Nil Nil Nil
5. Totalno.ofvalidvotes 42 25,25,764 99.86%
6. Totalno.ofvotespolledinfavouroftheresolution 38 25,25,583 99.85%
7. Totalno.ofvotespolledagainsttheresolution 3 180 0.01%
Resolution 2:
Re-appointment ofMr.NanduG. Bharwani as JointManagingDirector of theCompany and fixing hisremuneration:
Sr. no. Particulars Details Number of
Shares% of total shares
voted
1. Totalnumberofballotpapersreceived 49 25,29,364 100%
2. Totalno.ofinvalidvotes 7 3,600 0.14%
3. AbstainedfromVoting 4 1,253 0.05%
4. Totalno.ballotpapersreceivedindefaced/mutilatedcondition Nil Nil Nil
5. Totalno.ofvalidvotes 42 25,25,764 99.86%
6. Totalno.ofvotespolledinfavouroftheresolution 35 25,24,331 99.80%
7. Totalno.ofvotespolledagainsttheresolution 3 180 0.01%
3030th ANNUAL REPORT 2013-14
Resolution 3:
AlterationofMainObjectClauseoftheMemorandumofAssociationoftheCompany:
Sr. no. Particulars Details Number of
Shares% of total shares
voted
1. Totalnumberofballotpapersreceived 49 25,29,364 100%
2. Totalno.ofinvalidvotes 7 3,600 0.14%
3. AbstainedfromVoting 3 1,252 0.05%
4. Totalno.ballotpapersreceivedindefaced/mutilatedcondition Nil Nil Nil
5. Totalno.ofvalidvotes 42 25,25,764 99.86%
6. Totalno.ofvotespolledinfavouroftheresolution 37 25,24,407 99.81%
7. Totalno.ofvotespolledagainsttheresolution 2 105 0.00%
Resolution 4 & 5:
AlterationofOtherObjectClauseoftheMemorandumofAssociationoftheCompany:
Sr. no. Particulars Details Number of
Shares% of total shares
voted
1. Totalnumberofballotpapersreceived 49 25,29,364 100%
2. Totalno.ofinvalidvotes 7 3,600 0.14%
3. AbstainedfromVoting 4 1,253 0.05%
4. Totalno.ballotpapersreceivedindefaced/mutilatedcondition Nil Nil Nil
5. Totalno.ofvalidvotes 42 25,25,764 99.86%
6. Totalno.ofvotespolledinfavouroftheresolution 37 25,24,421 99.81%
7. Totalno.ofvotespolledagainsttheresolution 1 90 0.00%
VII. CODE OF CONDUCT
TheBoardofDirectorsofyourCompanyhasprescribedaCodeofConductforallMembersoftheBoardand the SeniorManagement of your Company. The Code of Conduct is available on your Company’swebsite i.e. https://www.jetking.com
AlltheMembersoftheBoardandtheSeniorManagementpersonneloftheCompanyhaveconfirmedtheircompliancewiththeCodeofConductfortheFinancialYearendedMarch31,2014.AdeclarationtothiseffectsignedbytheChairman&ManagingDirectorisannexed.
30th ANNUAL REPORT 2013-1431
VIII. DISCLOSURES
a) Related Party Transactions:
Otherthanthetransactionsenteredintointhenormalcourseofbusinessforwhichthenecessaryapprovalsaretakenanddisclosuresmade,theCompanyhasnotenteredintoanymateriallysignificanttransactionswiththerelatedparties,i.e.,transactionsoftheCompanyofmaterialnature,withitsPromoters,DirectorsortheManagement,theirsubsidiariesorrelatives,etc.thatmayhavepotentialconflictwiththeinterestof theCompanyat large.However, a listof relatedpartiesasper theAccountingStandard18and thetransactionsenteredintowiththemisgivenintheNotestoAccountsannexedtotheBalanceSheetasat March31,2014andStatementofProfit&LossoftheCompanyfortheFinancialYearendedonthatdate.
b) Subsidiary Company:
Thecompanyhasonesubsidiarycompanyname‘JetkingSkillDevelopmentPrivateLimited’thecompanyincorporatedunderCompaniesAct,1956onJanuary,01, 2013.
c) Details of Penalties or Structures:
There has not been any instance of non–compliance by theCompany on anymatter related to capitalmarkets.HencethequestionofPenaltiesorStructuresbeingimposedbySEBIorStockExchangesdoesnot arise.
d) Compliance with the mandatory requirements of Clause 49:
YourCompanyhascompliedwiththemandatoryrequirementsoftheClause49oftheListingAgreementasapplicabletoit.
e) Disclosure of accounting treatment:
The Accounting Standards, Prescribed in Company (Accounting Standard) Rule, 2006 notified by thecentralGovernmentandapplicabletotheCompany,werefollowedbytheCompanywhilepreparingtheFinancialStatements.
f) Risk Management:
ThoughIdentificationandEvaluationofBusinessRisksisacontinuousprocessbutearlyriskidentificationand appropriate counter-measures have enabled the Company to reconcile creativity with industry. AComprehensiveRiskWarningSystemincorporatesallthekeyaspectsofRiskManagementwhichenablestheCompanyto identifyandmanagestrategicandoperationalrisksat theIndividual,ManagementandBoardlevels.ThedetailedRiskAssessmentandMinimizationProcessundertakenbytheCompanyhavebeengiveninothersectionofthisReport.
g) Management Discussion and Analysis:
TheManagementDiscussion&Analysis forms part of the AnnualReport and include variousmattersspecifiedinClause49oftheListingAgreement.Further,nomaterialtransactionhasbeenenteredintobytheCompanywiththeSeniorManagementPersonnelthatmayhaveapotentialconflictwiththeinterestoftheCompanyatlarge.ThedeclarationstothiseffecthavebeensubmittedbyalltheSeniorManagementEmployees.
IX. CERTIFICATE ON CORPORATE GOVERNANCE
ThecertificateinrespectofcompliancewithClause49oftheListingAgreementrelatingtotheCorporateGovernanceisannexedandwillbesenttothestockexchangesalongwiththeAnnualReport.
3230th ANNUAL REPORT 2013-14
X. CEO / CFO CERTIFICATION
TheChairman&ManagingDirectoroftheCompanygavecertificationontheFinancialStatementsandotherspecifiedmattersfortheFinancialYearendedMarch31,2014,andthesamewasplacedbeforetheBoard.
XI. RECONCILIATION OF SHARE CAPITAL AUDIT
AsstipulatedbySEBI,aShareCapitalAuditiscarriedoutbyanindependentPracticingCompanySecretaryonquarterlybasistoconfirmreconciliationoftheissuedandlistedcapital,sharesheldindematerialisedandphysicalmodeandstatusofRegisterofMembers.
XII. COMPLIANCE WITH NON-MANDATORY REQUIREMENTS
a) The Board of Directors: TheCompanyhasadopteditsownGuidelinesforcompositionoftheBoardofDirectors,Committeesofthe
BoardandRetirementAgeofDirectors,whichtakeintoaccounttheprovisionsoftheListingAgreement,theCompaniesAct,1956andotherapplicablelaws.
b) Remuneration Committee: Detailsarealreadygivenunderthecaption‘RemunerationCommittee’intheearlierpartattheReport.
c) Shareholders rights: InadditiontopublishingitsquarterlyresultsinEnglishandMarathinewspapershavingwidecirculation,
theCompanyuploadsitsquarterlyresultsandshareholdingpatternandcorporategovernancereportsandallotherdisclosuressubmittedtostockexchangesonitswebsitehttps://www.jetking.com
d) Whistle Blower Policy: YourCompanyhasestablishedamechanismforemployeestoreportconcernsaboutunethicalbehavior,
actualorsuspectedfraud,orviolationofcodeofconductorethicspolicyoftheCompany.Italsoprovidesforadequatesafeguardsagainstvictimizationofemployeeswhoavailofthemechanism,andalsoallowsdirectaccesstotheChairpersonoftheAuditCommitteeinexceptionalcases.
TofurtheraffirmthatnoemployeehasbeendeniedaccesstotheAuditCommittee.
e) Audit qualifications:
Duringtheyearunderreview,therewasnoauditqualificationintheAuditor’sReportontheCompany’sFinancialStatements.TheCompanycontinuestoadoptbestpracticestoensurearegimeofunqualifiedFinancialStatements.
f) Mechanism for evaluating Non-Executive Members:
TheBoardofDirectorsoftheCompanypresentlycomprisesfourNon-ExecutiveDirectors.TheDirectorsappointedontheBoardarefromdiversefieldsrelevanttotheCompany’sbusinessandhavelong-standingexperienceandexpertise in the respective fields.Theyhaveconsiderableexperience inmanaging largecorporatesandhavebeeninpubliclifefordecades.TheenormouslyrichbackgroundoftheDirectorsisofconsiderablevaluetotheCompany.
Non-ExecutiveDirectorsaddsubstantialvaluethroughthedeliberationsattheMeetingsoftheBoardandCommitteesthereof.BesidescontributingatthemeetingsoftheBoardandCommittees,theNon-ExecutiveDirectorsalsohaveofflinedeliberationswiththeManagementoftheCompanyandaddvaluethroughsuchdeliberations.
30th ANNUAL REPORT 2013-1433
Asregardstheothernon-mandatoryrequirements,theBoardhastakencognizanceofthesameandshallconsideradoptingthesameasandwhennecessary.
XIII. MEANS OF COMMUNICATION
a) Quarterly/ Half yearly/ Annual Results:
Quarterly/Halfyearly/AnnualresultsareregularlysubmittedtotheStockExchangeswherethesharesoftheCompanyarelistedpursuanttotheprovisionsofListingAgreementandarepublishedinthenewspapers.TheCompanyhasalsodisplayed the resultsasspecifiedunderClause41of theListingAgreementonthe Company’s website i.e. https://www.jetking.com which also contains a separate dedicated section“Investors”.
b) Newspapers wherein results are normally published:
BusinessLine(Englishdailynewspapers)andLokmat(Marathiregionallanguagenewspaper)
c) Whether Website also displays official news releases:
Yes,ontheCompany’swebsitei.e.https://www.jetking.com
d) Extensive Business Reporting Language (XBRL):
XBRL is language for electronic communication of business financial data. It offersmajor benefits toall thosewhohave tocreate, transmit,useoranalyzesuch informationwhichaidsbetteranalysisanddecisionmaking.MinistryofCorporateAffairs(MCA)vide itscircularno.37/2011datedJune7,2011,hadmandatedcertaincompaniestofiletheirAnnualAccountsvidethismode.TheCompanyhasfileditsAnnualAccountsonMCAthroughXBRL.
e) Ministry of Corporate Affairs (MCA):
TheCompanyhasperiodicallyfiledallthenecessarydocumentswiththeMCA.
f) SEBI Complaints Redress System (SCORES):
Acentralizedwebbasedcomplaintsredresssystemwhichservesasacentralizeddatabaseofallcomplaintsreceived,enablesuploadingofActionTakenReport(ATRs)bytheconcernedcompaniesandonlineviewingbytheinvestorsofactionstakenonthecomplaintanditscurrentstatus.
g) Letters:
Lettersremindingtheinvestorstoclaimtheirpending/unclaimeddividendsareregularlydispatchedtoinvestors.
h) Annual report:
TheAnnualReportcontaininginteraliatheAuditedAccounts,consolidatedFinancialStatements,Directors’Report, Auditors’ Report and other important information is circulated to the investors. ManagementDiscussionandAnalysisReportformsapartoftheAnnualReport.
Annual reports are also available in the Investors Corner Section on the Company’s website i.e. https://www.jetking.com
i) Whether presentations made to institutional investors or to the analysts:
No
3430th ANNUAL REPORT 2013-14
XIV. GENERAL SHAREHOLDER INFORMATION
1. AnnualGeneralMeeting
–DateandTime : July14,2014,11.30a.m.
– Venue : “ExecutiveEnclave,331,Dr.AmbedkarRoad,PaliHill,Bandra(W),Mumbai–400050”
2. FinancialYear : April1,2013toMarch31,2014
3. ProposedDividendandDividendPaymentDate
: YourDirectorsproposeafinaldividendof`1/–perEquityShare of `10/–eachfortheFinancialYear2013-14
4. BookClosure : TheRegisterofMembersandtheShareTransferBooksoftheCompanywill remainclosedfromJuly11toJuly14,2014(bothdaysinclusive)
5. ListingonStockExchanges : BSELimitedDelhiStockExchangeLtd.
6. StockCode : BSEStockCode:517063DSE:5435
7. ISINCode : INE919C01019
8. RegistrarandShareTransferAgent : SharexDynamic(India)Pvt.Ltd.Unit – 1, Luthra Industrial Premises, Safed Pool, Andheri Kurla Road, Andheri (East), Mumbai – 400 072Tel: 2851 5606/2851 5644, Fax: 2851 2885ContactPerson–Mr.ShashiKumarEmail: [email protected]
9. ShareTransferSystem : TradingintheCompany’ssharesontheStockExchangestakesplace inelectronic form.However,physicalsharesarenormallytransferredandreturnedwithin15daysfromthedateoflodgmentprovidedtherequisitedocumentsarein order
10. DematerializationofSharesandLiquidity
: 92.64% of the outstanding equity shares have beendematerialized as onMarch 31, 2014. Trading in equitysharesoftheCompanyispermittedonlyindematerializedform
11. Detailsofuseofpublicfundsobtainedinlastthreeyears
: N.A.
12. OutstandingGDRs/ADRs/WarrantsoranyConvertibleInstruments,ConversionDateandlikelyimpactonequity
: Nil
30th ANNUAL REPORT 2013-1435
13. LocationofTrainingCentres : (1) 401,BussaUdyogBhavan, TokersiJivrajRoad, Sewri (W), Mumbai – 400 015 Tel: 24156486 / 24156528(2) PragatiDeepBuilding,2nd Floor, PlotNo.8,LaxmiNagarDist.Centre, Delhi-110092 Tel: 22044073 / 22241723(3) 209,ArchanaArcade,ITComplex, 10/3/189&190,St.John’sRoad, BehindHotelRamakrishna, Secunderabad–500025 Tel:6316912/6316913(4) ElginApt.,1st Floor, 1A, AshutoshMukherjeeRoad, Kolkata – 700 020 Tel: 3240 1107(5) NorthernHeightBuilding, 2ndFloor,BlockA, 105/28,BidhaanNagarRoad, NearBidhaanNagarRailwayStation, Kolkata – 700 067 Tel:65481955(6) DoorNo.41,EssarTower, 1stFloor,AboveKotakMahindraBank, VenkatNarayananRoad, T.Nagar,Chennai–600017 Tel: 42025253 / 42025254(7) 3rdFloor,EleganeArcade, Opp.ManinagarRailwayStation, BesideSatyamTower,Maninagar, Ahmedabad – 380 008
14. Addressforcorrespondence : 401,BussaUdyogBhavan,TokersiJivrajRoad,Sewri (W),Mumbai – 400 015Tel: 2415 6586, 2415 6528
15. Stock Price Data
TheperformanceoftheequitysharesoftheCompanyontheBSELimited(BSE)depictingtheliquidityoftheCompany’sequitysharesfortheFinancialYearendedMarch31,2014,onthesaidexchanges,isgivenhereunder:-
3630th ANNUAL REPORT 2013-14
BSE Market Price Data: High, Low during each month in last Financial Year
MonthJetking Infotrain Limited S&P BSE SENSEX
High Low Close High Low CloseApr-13 55.00 39.00 42.00 19,622.68 18,144.22 19,504.18May-13 49.90 42.00 48.00 20,443.62 19,451.26 19,760.30Jun-13 50.00 44.35 48.50 19,860.19 18,467.16 19,395.81Jul-13 47.10 40.75 44.50 20,351.06 19,126.82 19,345.70Aug-13 45.45 35.00 41.00 19,569.20 17,448.71 18,619.72Sep-13 40.95 32.40 32.50 20,739.69 18,166.17 19,379.77Oct-13 34.00 30.00 30.10 21,205.44 19,264.72 21,164.52Nov-13 36.25 31.30 36.00 21,321.53 20,137.67 20,791.93Dec-13 38.00 31.05 31.50 21,483.74 20,568.70 21,170.68Jan-14 33.95 25.85 27.55 21,409.66 20,343.78 20,513.85Feb-14 31.00 26.10 30.80 21,140.51 19,963.12 21,120.12Mar-14 33.95 28.85 32.10 22,467.21 20,920.98 22,386.27
16. Share Price Performance
17. Distribution of shareholding as on March 31, 2014
No. of Equity Shares No. ofShareholders
% of TotalShareholders No. of Shares % of Total
Shares1 to 100 1499 44.06 69472 1.18101 to 200 387 11.38 64487 1.10201 to 500 500 14.70 173619 2.95501 to 1000 548 16.11 360775 6.131001 to 5000 387 11.38 714324 12.135001 to 10000 35 1.03 241127 4.0910001 to 100000 39 1.15 1433415 24.34100001andabove 7 0.21 2831781 48.09Total 3402 100.00 5889000 100.00
30th ANNUAL REPORT 2013-1437
18. Shareholding Pattern as on March 31, 2014
Category No. of Shareholders Voting Strength (%) No. of Shares HeldPromoter&PromoterGroup 20 50.76 2,989,060Institutions 8 5.79 341,180BodiesCorporate 84 2.92 171,743Individuals 3235 39.28 2,313,196OCBs&NRIs 49 1.23 72,704ClearingMembers 6 0.02 1,117TOTAL 3402 100.00 5,889,000
19. Share Transfer/Dematerialisation ShareTransfer requests aregenerally acteduponwithin15days from thedateof receipt. In case, no
responseisreceivedwithin35daysofthelodgmentoftransferrequest,thelodgershouldimmediatelywritetotheCompanywithfulldetailssothatthenecessaryactioncouldbetakentosafeguardtheinterestoftheconcernedagainstanypossibleloss/interceptionduringpostaltransit.
Dematerializationrequestsdulycompletedinallrespectsarenormallyprocessedwithin10daysoftheirreceipts.
ByOrderoftheBoard
Sd/-Suresh G. Bharwani
Chairman&ManagingDirectorPlace: MumbaiDate:May26,2014
CERTIFICATION REGARDING COMPLIANCE BY THE BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANY’S CODE OF CONDUCTThisistocertifythatinaccordancewiththerequirementofClause49(I)(D)(ii)oftheListingAgreement,alltheMembersoftheBoardandSeniorManagementPersonnelhaveaffirmedthattothebestoftheirknowledgeandbelief,theyhavecompliedwiththeCodeofConductinrespectoftheFinancialYearendedonMarch31,2014.
ByOrderoftheBoard
Sd/-Suresh G. Bharwani
Chairman&ManagingDirector
Place: MumbaiDate:May26,2014
3830th ANNUAL REPORT 2013-14
CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION
ToTheBoardofDirectorsJetkingInfotrainLimited
DearSirs,
Sub: CEO / CFO Certificate
(Issued in accordance with provisions of Clause 49 of the Listing Agreement)
We,SureshGBharwaniManagingDirector,andMr.NanduG.BharwaniJTManagingDirectorofJetkingInfotrainLimitedtothebestofourknowledgeandbelief,certifythat:
1. WehavereviewedtheBalanceSheetasatMarch31,2014statementofProfitandLossandalsocashflowstatementfortheyearthanendedandsummeryofsignificantAccountingpolicies,otherExplantoryInformationAccountsandtheDirectors’Reportandwestatethat:
a. Thesestatementsdonotcontainanymateriallyuntruestatementoromitanymaterialfactorcontainstatementsthatmaybemisleading;
b. ThesestatementspresentatrueandfairviewoftheCompany’saffairsandareincompliancewithcurrentaccountingstandards,applicablelawsandregulations.
2. No transactions entered into by theCompany during the year are fraudulent, illegal or violative of theCompany’sCodeofConduct.
3. We are responsible for establishing and maintaining disclosure controls and procedures and internalcontrolsoverFinancialReportingfortheCompany,andwehave:
a. Designedsuchdisclosures, controls andprocedures to ensure thatmaterial information relatingto theCompany ismadeknowntousparticularlyduring theperiod inwhich thisreport isbeingprepared.
b. DesignedsuchinternalcontroloverFinancialReporting,orcausedsuchinternalcontroloverFinancialReporting to be designedunder our supervision, to provide reasonable assurance regarding thereliabilityofFinancialReportingandthepreparationofFinancialStatementsforexternalpurposesinaccordancewithGenerallyAcceptedAccountingPrinciples(GAAP).
c. EvaluatedtheeffectivenessoftheCompany’sdisclosures,controlsandprocedures.
d. DisclosedinthisreportanychangeintheCompany’sinternalcontroloverFinancialReportingthatoccurredduringtheCompany’smostrecentfiscalyearthathasmateriallyaffected,orisreasonablylikelytomateriallyaffecttheCompany’sinternalcontroloverFinancialReporting.
4. Wehavedisclosed,basedonourmostrecentevaluation,whereverapplicable,totheCompany’sAuditorsand theAuditCommitteeof theCompany’sBoardofDirectors (andpersonsperforming theequivalentfunctions):
30th ANNUAL REPORT 2013-1439
a. There were no deficiencies in the design or operation of internal controls, that could adverselyaffecttheCompany’sabilitytorecord,process,summariseandreportfinancialdata,andtherehavebeennomaterialweaknessesininternalcontrolsoverFinancialReportingincludinganycorrectiveactionswithregardtodeficiencies.
b. Therewerenosignificantchangesininternalcontrolduringtheyearcoveredbythisreport.
c. Allsignificantchangesinaccountingpoliciesduringtheyear,ifany,andthatthesamehavebeendisclosedinthenotestothefinancialstatements.
d. Therewereno instancesof fraudofwhichwe are aware, that involve theManagementor otheremployeeswhohaveasignificantroleintheCompany’sInternalControlSystem.
5. Wefurtherdeclare thatallBoardMembersandSeniorManagerialPersonnelhaveaffirmedcompliancewiththeCodeofConductforthecurrentyear.
YoursSincerely,
Sd/-Place: Mumbai Suresh G. Bharwani Nandu G. BharwaniDate:May26,2014 ManagingDirector JTManagingDirector
4030th ANNUAL REPORT 2013-14
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE
To
The Members of
JetkingInfotrainLimited
WehaveexaminedthecomplianceofconditionsofcorporategovernancebyJetking Infotrain Limited, for the yearendedonMarch31,2014,asstipulatedinClause49oftheListingAgreementofthesaidCompanywithStockExchanges.
ThecomplianceofconditionsofCorporateGovernanceistheresponsibilityofthemanagement.Ourexaminationwas limited toprocedures and implementation thereof, adoptedby theCompany for ensuring complianceofthe conditions ofCorporateGovernance. It is neither an audit nor an expressionof opinion on the FinancialStatementsoftheCompany.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,wecertifythattheCompanyhascompliedwiththeconditionsofCorporateGovernanceasstipulatedintheabovementionedListingAgreement.
WefurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficiencyoreffectivenesswithwhichtheManagementhasconductedtheaffairsoftheCompany.
FOR SURESH SURANA & ASSOCIATES LLP
CharteredAccountants
FirmReg.No.:121750W/W-100010
(Ramesh Gupta)
PARTNER
MembershipNo.:102306
Mumbai,May26,2014
30th ANNUAL REPORT 2013-1441
MANAGEMENT DISCUSSION AND ANALYSIS
Government Initiatives
Indiaisatthecuspofreapingthebiggestbenefitofthecentury.Itshugepoolofyoungmanpowercoupledwithastablegovernmentatthecentreisslatedtobethebiggestgrowthdriverfornextdecade.ThedecisiveelectionresultsareexpectedtobringinaradicalsocialandeconomicalchangeinIndiaprimarilypropelledthroughskilledandefficientmanpower.
India’s“demographicdividend”cantranspireitintonotonlytheleagueofmostdevelopednationsbutalsointoaglobalreservoirofskilledresourcetotheworldjustlikeChinaisamanufacturinghubtotheworld.Ofthetotal1.3billionpopulation,Indiaconstitutes0.8billionworkingage(16-64)populationthatcaneitherprovetobeaboonorbanefortheIndianeconomybasedontheskillquotienttheyposses.Itiscrucialthatitsdemographicdividendisharnessedandmaximizedtothefullestbyskillingthembasedonindustryrequirementsratherthemimpartingacademictrainingwith‘one-size-fits-all’principle.Recognizingtheimportanceofskillmanpowerinthecountry,thenewPrimeMinisterhasforthefirsttimecreatedadedicatedministrytotakethecausetothenextlevel.
Setting up of federalministry overlooking all the skill development initiatives and agencies will providemuchneededdirectionandpolicyboosttoamplifytheskilldevelopmentdrive.JetkinghasbeenakeycontributorinskilldevelopmentthroughitsassociationwithvariousskilldevelopmentprogramsinGujaratandHaryanastates.Inlastfinancialyear,Jetkingtrainedmorethan1,600studentsinthesestates.Withonly4.3millioncapacitytotrainasagainsttherequirementof12.0milliontobetrainedeveryyear,theroleofprivateandestablishedinstituteslikeushasbecomeimperativeforachievingthegovernmenttargetoftraining500millionyouthsby2020.Decisivegovernment,focusedpolicyinitiativetowardsyouthdevelopmentcoupledwithJetking’ssuccessfultrackrecordinskillingtheyouthwouldpavethewayforsecuringfreshmandateinskilldevelopmentdrive.
Last year,governmentunder theambitofNationalSkillDevelopmentCorporation (NSDC) launchedoneof theworld’slargestskillrewardprogrammecalledSTARinordertofurtherproliferateandencourageyouthstowardsskilldevelopmenttraining.ExecutedthroughrespectiveSectorSkillCouncils(SSC),successfulcandidates,uponcompletionofprogramwereawardedcertificatealongwithmonetaryrewardofRs.10,000.
JetkingnotonlyleveragedthenewopportunitybytrainingthestudentsunderSTARprogramduringtheyearbutalsodiversifiedandenteredintoretailandsalestraininginassociationwithRetailersAssociation’sSkillCouncilofIndia(RASCI).Launchedasanewcourseoffering–“Retailibility”,Jetking,throughthisinitiativeexpandeditsofferingsbyenteringintonewsegmentofretailtraining.Categorizedassunriseandamongstthefastestgrowingsectorswithmultitudeofretailstoresinvariousformats,theretailsectorfaceshugeshortageofskilledmanpowertoadministerandrunthestoresatvariouslevels.
Variousstudiesindicatesthatwiththegreaterproliferationofretailstoresintheformofmalls,hypermarkets,supermarkets,andotherspecialtyformats,therewillbearequirementofmorethan17.0millionskilledresourcesby2022.Jetking’sexpertiseinprovidingemployabilityanditsestablishedtrackrecordofplacingstudentsalongwithabsenceofstrongnationalplayertocatertotheneedsoftheindustryprovidedrightingredientforthecompanytotaptheemergingopportunity.
IT Industry
In FY2014, the Indian IT-BPM industry is estimated to account for revenuesofUSD118billion, cementing itsleadershippositionintheglobalsourcingarenaandhighlightingitsincreasingimportanceinthedomesticmarket.Withalarge,multiculturalandhighlyaspirationalworkforceofover3.1millionemployees,theindustryisthelargestprivatesectoremployerinIndia.
4230th ANNUAL REPORT 2013-14
IncreaseinglobaltechnologyspendingandopportunitiescreatedthroughadoptionofdisruptivetechnologiesareexpectedtopropelgrowthinnextfinancialyearwithNASSCOMtargetingagrowthofover13-15%forFY2015.ThegradualrevivalinconsumerconfidenceandincreaseddiscretionaryspendinginUSandEuropeisexpectedtoprovidethemuchneededpushtothestagnatedgrowthoftheindustry.Alongwiththerevivalinglobaleconomy,stable government in India with emphasis on growth, e-governance and transparency in various governmentprocesseswillaugurwellatbothdomesticandinternationalfrontfortheIndiancompanies.
Withafreshthrustintheformofnewandagilegovernment,risingconfidenceamongthebusinesses,renewedinvestmentcycleandrevivalinglobalandkeyinternationalmarketisexpectedtopositivelytrickledowntowardsincreasedIT&ITeSspending.InfrastructuremanagementandCloudcomputingwithinIT&ITeSisslatedtobethebiggestbeneficiary.AdoptionofSMAC(Social,Mobility,Analytics,Cloud)andotherdisruptivetechnologieswillprovidefurtherpushtoInfrastructureandCloudcomputingsegment.Withanincrementaldemandof1millionprofessionalsinIMS(InfrastructureManagement)andaround2millionincloudcomputingaccordingtoleadingresearchagencies,thesegmentisexpectedtobethefastestgrowingwithinIT&ITeSsector.
Withover50millionsmallandmediumenterprisesstillawaitingtoreapthebenefitsofITandITeSservicesalongwith opening of key sectors such as banks, retail, infrastructure, e-governance and e-commerce, an increasedspendingwillpercolatetowardsIMSandcloudcomputingservicesduringtheyeargeneratingfreshdemandofnetworkandIMSprofessionals.
Centre Expansion
Amidsthugegrowthpotentialemanatingfrommultiplesectorsandavenues,JetkingfortheFY2014-15hassetanaggressive targetofopeningaround30 learningcentres indifferentpartsof India.Thiswill further increasebrandpresenceinunrepresentedareaandhelpinstrengtheningtopandbottomlineofthecompany.Withthesecentres,Jetkingwillbeaddingcloseto6,700newcapacitytothesystemwhichwouldtranslatesignificantrevenueaccelerationandmarginexpansionincomingyears.
Apartfromdomesticfront,Jetkingislookingtoexpanditspresenceincountrieswithsimilardemographicsanddemandfromindustries.Inpreviousfinancialyear,JetkingsuccessfullyopeneditssecondinternationalcentreinNepalandstrengtheneditspresenceinVietnam.OwingtoapoolofhugetargetsegmentinAfricanandSouthAsianCountries,JetkingduringFY2014-15istargetingtoaddfivenewcentresintheseidentifiedregions.
I. Industry Structure and Developments
Digitized Content :
DuringFY2012-13Jetking introduceddigitized learningcontent for the students.The initiativewaswellappreciatedandacceptedbybusinesspartners,studentsandindustryalikeasthisprovidedthemuchneededuniformityintrainingallacrossthecentres.Introductionofdigitizedcontentwithvideo,audio,animationandquizzesnotonlyraisedthequalitybarintermsofdeliverablestothestudents,italsohelpedasaneffectiveandadditionalmeansinprovidingengagingandstimulatinglearningenvironmenttothestudents.
Daily Assessment:
Tomake the student’s learningmore effective andmeasurable and ensure inclusive development of allstudentsintheclass,duringFY2013-14theCompanyaugmentedthedigitizedcontentbyintegratingitwithadailyassessmentengineforthestudents.Incontrasttothereactiveassessmentafteranintervalof2-3months,studentsarenowassessedonadailybasisjustafterthecompletionofeachsession.Theproactivemeasure to assess andgauge theperformance andunderstandingof each student on real timebasis isfacilitatingtheinstructortoaddresstheindividualchallenges.
30th ANNUAL REPORT 2013-1443
Proactive, systematic and regular assessment will identify students who would require more intensiveinstruction or intervention for their development and learning. Through periodical reports, results, andmultiplemethodsofcarefulobservationofindividualstudent,instructorwouldbeabletomodifyorimproviseteachingstrategyforthestudents.
Learning Management System (LMS):
JetkingfortheFY2014-15isembracingfor itselfabiggestre-incarnationintermsofdeliveryofcontentimpartedtothestudents.Alongwithphysicalclass-roomtraining,allstudentswillbeextendedadditionaltrainingplatform in the formofe-learningorLearningManagementSystem(LMS).Withanendeavor toprovidetheflexibilitytolearnanytime,anywhere,theplatformwillfacilitatethestudentstolearnattheirownpace.
Keepingabreastwiththechangingdynamicsoftechnology,Jetkingisaligningitselftothe“digitalnatives”of21stcenturybyintroducingLMSthatwillmaketrainingmoreaccessibleandfutureprooffortheorganizationandstudentsalike.BundledwithJetking’sproprietarydigitizedcontent,dailyassessmentengine,sessioncalendar,batchmanagement,collaborationtools,noticeboard,student/facultyinterface,feedbackformsandvirtualclass-roomtheLMSwillprovideaninterfaceforthestudentstolearnatgreatereaseandflexibility.Beingdeviceagnostic,theplatformwillopenseaofopportunityfortheorganizationinthecomingyears.
Business Intelligence Tool:
Jetking every year collects thousands of data points generated through student enquiry, enrollment,assessment,productetcthroughvariouschannelsandmeansfromallacrossIndia.Thesehugedatasetsreside in the system in silos containing valuable business inputs and insights about student’s behaviorandtrends.Tomaketheseisolateddatamoremeaningfulandintelligentforbusinessdecision,Jetkingisintegratingacustomizedbusinessintelligencetoolwithitsexistingstudentlife-cyclesoftware.Thiswillaidincombiningdisperseddatapointsintoreliableandinsightfulinformation,decipheringintocriticalbusinessdecisionssuchascrosssale,upsale,identifyingproducttrend,marketsegmentation,emergingopportunityetc.
Branding and Marketing:
Last year Jetking implemented the re-branding at all the learning centres asper thenewbrand identity.Thenewidentitydrewmoreresonancewiththetargetgroupgivingabetterbrandrecall.Italsohelpedinpenetrating into new segmentwithmore vigor as post branding exercise enquiry from engineering andgraduatesegmentroseopeningnewtrajectoryfortheorganization.Withthenewidentity,Jetkingisseenasabrandthathelpsthestudentsgaintherightskillsandmakethememployable,toleadabetterlife.
DuringpreviousfinancialyearJetkingreintroducedthetelevisioncampaignwithadvertisementsonleadingchannelslikeSabTV,AajTak,HeadlinesToday,DiscoveryChannelandotherleadingchannels.Televisionenablestoreachthemaximumnumberofprospectswithacommoncommunicationcreatinganemotiveresponse.GiventhereachandpresenceofJetkingacrossthecountry,televisionprovestobeacosteffectivemediumtocommunicatewiththetargetedsegment.Brandsadvertisedontelevisionhaveahigherperceivedvalue.JetkingalsocarriedoutvariousprintcampaignsacrossthecountryforstudentacquisitioninGujarat,MaharashtraandMumbaifornewfranchisedevelopment.
ThenewbrandidentitycoupledwithaggressivepresencethroughvariouscommunicationmediumwillbringsinmorevitalityandstrengthtotheJetkingbrand.Jetkingeffortsondigitalmediaarehittingrecordswithcorporatewebsitegettingover6lakhvisitorsduringthepreviousfinancialyear.Digitalmarketinghasopenednewavenuesforleadgenerationwhereinthecompanyexploitedvariousdigitalpropertiesincludingsearch
4430th ANNUAL REPORT 2013-14
enginemarketing, facebook,youtubeandonlineaffiliatenetworkcreatingsubstantialbuzzoncyberspaceaboutJetking.
II. Product Wise Performance
Jetking Certified Hardware and Networking Programs:
It was for the first time that a 15months long career program JCHNP (Jetking Certified Hardware andNetworkingProfessional)exceededJCHNE(JetkingCertifiedHardwareandNetworkingEngineer)programintermsofenrollment.WhileJCHNEcontributed30%oftotalenrollment,JCHNPinchedhigherbyenrolling31%oftheenrollments.JCHNPexceedingJCHNE(12monthscareerprogram)indicateshigherstudent’sinteresttowardsadvanceandhigh-endmodules.Thisalsohelpedinstrengtheningtheorderbookwhichwillgetreflectedoveraperiodoftime.
Masters in Network Administrator (MNA):
Thedrivetotapthelargeengineeringsegmentbyintroducingspecializedprogramstargetedtowardsthemreapedrichdividendfortheorganizationduringtheyear.Theproductcreatedalotofbuzzamongtechnicalstudentsandcontributedalmost10%oftotalenrollments.Goingaheadthesegmentisexpectedtoexpanditsshareinproductpieandcontributesignificantlyinenrollments.
Modular Programs:
Targetedasanup-skillingcoursewithadvancecourseofferingstotechnicalandworkingprofessionals,wetrainedcloseto25%ofstudentsinshorttermmodularprogramsduringtheyear.
III. Internal Control System and their adequacy
TheCompanyhasadoptedworld-classpracticesforinternalcontrols,basedonitsextensiveglobaloperationalexperience.IthasalsoimplementedoneoftheleadingERPsolutionsinitsglobaloperations,tointegratevariousfacetsofbusinessoperations,includingHumanResource,Finance,Logistics,andSales.ThishasenabledtheCompanytocontrolandmonitoritsworldwideoperationsonlineandstrengthentheabilityofinternalcontrolstofunctionmostoptimally.
TheCompany’s internal control systems are commensuratewith the nature of its business and the sizeandcomplexityofitsoperations.TheseareregularlyreviewedandcertifiedbyStatutoryaswellasInternalAuditors during the year and it covers all key business areas. Significant audit observations alongwithauditee’sresponseandimplementationactionplanthereonarereportedtotheAuditCommittee.TheAuditCommitteereviewstheadequacyandeffectivenessoftheCompany’sinternalcontrolsystemandmonitorstheimplementationofauditrecommendations,includingthoserelatingtostrengtheningoftheCompany’sriskmanagementpoliciesandsystems.
IV. Financial Performance
DuringtheFinancialYearunderreview,theCompanyearnedtheTotalIncomeof`3136.88Lakhsasagainst`3594.16LakhsinthepreviousyearandtheNetProfitafterTaxof̀ 260.95Lakhsasagainst̀ 316.00 Lakhs inthepreviousyear,resultingindecreaseby17.42%and20.77%,respectively.
V. Human Resources
IntheFYyear2013-14,theHRteamatJetkingtookanambitiousprojectofevaluatingcentremanpoweracross franchisee location. To ensure quality and effectivemanpower at the centre, the objective of thedrivewastotrainandstreamlinethestaffatthefranchiseecentre.Throughtheproject“Ustad”,theteam
30th ANNUAL REPORT 2013-1445
conductedproficiencyassessmentandtrainingneedanalysisofthecentrestaff.Thisactivityhelpedusinidentifyingskillgapsattheindividualcentreandorganizingtrainingforimprovingindividualperformance.TomakethetrainingmoreinteractiveandsimplerforJetkingstaff,anin-houseonlinebasedtrainingcapsule“JetkingOnlineUniversity”coveringentirecentreprocesseswasalsolaunchedduringtheyear.
Disclaimer
Statements in this management discussion and analysis describing the Company’s views about the industry, objectives, projections, estimates and expectations may be ‘forward looking statements’ within the meaning of applicable laws and regulations. The Company undertakes no obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such statements. Readers are cautioned as not to place undue reliance on the forward-looking statements as they speak only as of their dates. The MD&A should be read in conjunction with the Company’s financial statements included herein and the notes thereto. Information provided in this MD&A pertains to Jetking Infotrain Limited unless otherwise stated.
4630th ANNUAL REPORT 2013-14
INDEPENDENT AUDITORS’ REPORT
ToThe Members ofJETKING INFOTRAIN LIMITED
Report on the Financial StatementsWehaveauditedtheaccompanyingfinancialstatementsofJETKING INFOTRAIN LIMITED (“theCompany”),whichcomprisethebalancesheetasatMarch31,2014andstatementofprofitandlossandcashflowstatementfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.
Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation of these financial statements that give a true and fair view ofthefinancialposition,financialperformanceandcashflowsoftheCompanyinaccordancewiththeAccountingPrinciplesgenerallyacceptedinIndiaincludingAccountingStandardsreferredtoinsub-section(3C)ofSection211oftheCompaniesAct,1956(“theAct”)readwiththeGeneralCircular15/2013dated13September2013ofMinistryofCorporateAffairsinrespectofSection133oftheCompaniesAct,2013.Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternalcontrolsrelevanttothepreparationandfairpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraud or error.
Auditor’s ResponsibilityOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththeStandardsonAuditingissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheCompany’spreparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeof expressing anopinionon the effectivenessof the entity’s internal control.An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accounting estimatesmade bymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
OpinionInouropinionand to thebestofour informationandaccording to theexplanationsgiven tous, theaforesaidfinancialstatementsgivetheinformationrequiredbytheActinthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia:(a) inthecaseofthebalancesheet,ofthestateofaffairsoftheCompanyasatMarch31,2014,and(b) inthecaseofthestatementofprofitandloss,oftheprofitfortheyearendedonthatdate;and(c) Inthecaseofthecashflowstatement,ofthecashflowsoftheCompanyfortheyearendedonthatdate.
Report on Other Legal and Regulatory Requirements1. AsrequiredbyCompanies(Auditor’sReport)Order,2003(“theOrder”)issuedbytheCentralGovernment
ofIndiaintermsofsub-section(4A)ofSection227oftheAct,wegiveintheannexureastatementonthemattersspecifiedinparagraphs4and5ofthesaidOrder.
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2. AsrequiredbySection227(3)oftheAct,wereportthat:
a. Wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposeofouraudit;
b. Inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompany,sofarasappearsfromourexaminationofthosebooks;
c. Thebalancesheet,statementofprofitandlossandcashflowstatementdealtwithbythisreportareinagreementwiththebooksofaccount;
d. inouropinion,thebalancesheet,statementofprofitandlossandthecashflowstatementcomplywiththeAccountingStandardsreferredtoinsub-section(3C)ofSection211oftheAct,readwiththeGeneralCircular15/2013dated13September2013ofMinistryofCorporateAffairsinrespectofSection133oftheCompaniesAct,2013;
e. OnthebasisofwrittenrepresentationsreceivedfromthedirectorsoftheCompany,asonMarch31,2014and takenon recordby theBoardofDirectors,we report thatnoneof thedirectors isdisqualifiedasonMarch31,2014frombeingappointedasadirectorintermsofclause(g)ofsub-section(1)ofSection274oftheAct.
FOR SURESH SURANA & ASSOCIATES LLPCharteredAccountantsFirmRegistrationNo-121750W/W-100010
(Ramesh Gupta)PARTNERMembershipNo.:102306
MumbaiDated:May26,2014
4830th ANNUAL REPORT 2013-14
ANNEXURE TO INDEPENDENT AUDITORS’ REPORT
(Referred to in paragraph 1 under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date)
1. (a) TheCompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitativedetailsand situation of its fixed assets.
(b) Fixedassetshavebeenphysicallyverifiedbythemanagementaccordingtotheregularprogrammeofperiodicalverificationinaphasedmanner,whichinouropinionisreasonablehavingregardtothesizeoftheCompanyandthenatureofitsfixedassets.Thediscrepanciesnoticedonsuchphysicalverificationwerenotmaterialandthesamehavebeenproperlydealtwithinthebooksofaccount.
(c) Duringtheyear,theCompanyhasnotdisposedoffsubstantialpartofthefixedassets.2. (a) Asexplainedtous,theinventoriesofcoursewareandothermaterialshavebeenphysicallyverified
bythemanagementatreasonableintervalsduringtheyear. (b) Inouropinion,theproceduresofphysicalverificationofinventoriesfollowedbythemanagement
arereasonableandadequateinrelationtothesizeoftheCompanyandthenatureofitsbusiness. (c) Onthebasisofourexaminationoftheinventoryrecords,inouropinion,theCompanyhasmaintained
proper records of inventory. The discrepancies noticed on physical verification of inventory ascompared tobook recordswerenotmaterial and the samehavebeenproperlydealtwith in thebooksofaccount.
3. Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotgranted/takenanyloans,securedorunsecured,to/fromcompanies,firmsandotherpartiescoveredintheRegistermaintainedunderSection301oftheAct.Accordingly,theprovisionsofclause4(iii)(b),4(iii)(c),4(iii)(d),4(iii)(f),and4(iii)(g)oftheOrderarenotapplicabletotheCompany.
4. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thereisanadequateinternalcontrolsystemcommensuratewiththesizeoftheCompanyandthenatureofitsbusiness,withregardtopurchaseofinventory,fixedassetsandforthesaleofgoodsandservices.Duringthecourseofouraudit,wehavenotobservedanycontinuingfailuretocorrectmajorweaknessesininternalcontrolsystem.
5. (a) Accordingtotheinformationandexplanationsgiventous,weareoftheopinionthattheparticularsof contracts or arrangements referred to in Section 301 of the Act that need to be entered intoregistermaintainedunderSection301oftheActhavebeensoentered.
(b) In our opinion and according to the information and explanations given to us, the transactionsexceeding value of five lakhs rupees in respect of any party have been entered into during thefinancialyearatpriceswhicharereasonablehavingregardto theprevailingmarketpricesat therelevanttime.
6. Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotacceptedanydepositsfromthepublicwithinthemeaningofSections58Aand58AAoftheActandtherulesframedhereunder.
7. TheCompanyhasadequateinternalauditsystemcommensuratewithsizeandnatureofitsbusiness.8. Inouropinionandaccordingtotheinformationandexplanationsgiventous,theCentralGovernmenthas
notprescribedmaintenanceofcostrecordsunderSection209(1)(d)oftheAct.9. (a) TheCompanyisgenerallyregularindepositingtheundisputedstatutoryduesincludingprovident
fund, investoreducationandprotectionfunds,employees’state insurance, incometax,salestax,wealthtax,servicetax,customduty,exciseduty,cessandothermaterialstatutoryduesasapplicablewiththeappropriateauthorities.Noundisputedamountspayableinrespectofaforesaidstatutoryoutstandingasonthelastdayofthefinancialyearforaperiodofmorethansixmonthsfromthedatetheybecamepayable.
30th ANNUAL REPORT 2013-1449
(b) Accordingtotheinformationandexplanationsgiventous,therearenoduesofsalestax,incometax,servicetax,customsduty,wealthtax,excisedutyandcess,whichhavenotbeendepositedonaccountofanydisputeexceptthefollowingdues:
In respect of Amount(`) Period to which the amount relates Forum where the dispute is
pending
Franchiseefee 58,303 1February2004to30April2004 CommissionerofCentralExcise(Appeals)
Royalty 647,852 1February2004to30April2004 CommissionerofCentralExcise(Appeals)
Franchiseefee 60,172 1May2004to9September2004 CustomExcise&ServiceTaxAppellateTribunal
Royalty 1,056,913 1May2004to9September2004 CustomExcise&ServiceTaxAppellateTribunal
Franchiseefee 39,648 10September2004to31March2005
CustomExcise&ServiceTaxAppellateTribunal
Royalty 1,399,895 10September2004to31March2005
CustomExcise&ServiceTaxAppellateTribunal
Franchiseefee 24,863 1April2005to15June2005 AssistantCommissionerofCentralExcise
Royalty 739,749 1April2005to15June2005 AssistantCommissionerofCentralExcise
IncomeTax 400,940 AY2009-2010 AssistantCommissionerofIncomeTax
IncomeTax 1,774,480 AY2011-2012 AssistantCommissionerofIncomeTax
TDS 13,990 AY2009-2010 DeputyCommissionerofIncomeTax(TDS)
TDS 43,240 AY2010-2011 ChiefCommissionerofIncometax
TDS 83,800 AY2012-2013 DeputyCommissionerofIncomeTax(TDS)
TDS 3,990 AY2013-2014 DeputyCommissionerofIncomeTax(TDS)
10. TheCompanyhasnoaccumulatedlossesattheendofthefinancialyearandithasnotincurredcashlossesinthecurrentyearorintheimmediatelyprecedingfinancialyear.
11. Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotdefaultedinrepaymentofduestothebanks.TheCompanydoesnothaveanyborrowingsfromfinancialinstitutionsandbywayofdebentures.
12. According to the information and explanations given to us, and in our opinion, the Company has not
5030th ANNUAL REPORT 2013-14
grantedanyloansandadvancesonthebasisofsecuritybywayofpledgeofshares,debenturesandothersecurities.
13. Inouropinion,theCompanyisnotachitfundoranidhi/mutualbenefitfund/society.Therefore,theprovisionsofclause4(xiii)oftheOrderarenotapplicabletotheCompany.
14. Inouropinion,theCompanyisnotdealingortradinginshares,securities,debenturesandotherinvestments.Accordingly,theprovisionsofclause4(xiv)oftheOrderarenotapplicabletotheCompany.
15. Accordingtotheinformationandexplanationsgiventousandinouropinion,theCompanyhasnotgivenanyguaranteesforloanstakenbyothersfrombanksorfinancialinstitutions.
16. Basedontheinformationandexplanationsgiventous,theCompanyhasnotobtainedtermloanduringtheyear.Accordingly,theprovisionsofclause4(xvi)oftheOrderarenotapplicabletotheCompany.
17. AccordingtotheinformationandexplanationsgiventousandonanoverallexaminationofthebalancesheetoftheCompanyandcashflowstatement,wereportthatthefundsraisedonshort-termbasis,havenotbeenusedforlong-terminvestment.
18. TheCompanyhasnotmadeanypreferentialallotmentofsharestothepartiesorcompaniescoveredintheregistermaintainedunderSection301oftheActduringtheyear.
19. TheCompanyhasnotissuedanydebenturesduringtheyear.20. TheCompanyhasnotraisedanymoneybypublicissueduringtheyear.21. DuringthecourseofourexaminationofthebooksandrecordsoftheCompany,carriedoutinaccordance
withthegenerallyacceptedauditingpracticesinIndiaandaccordingtotheinformationandexplanationsgiventous,wehaveneithercomeacrossanyinstancesoffraudonorbytheCompany,noticedorreportedduringtheyear,norhavewebeeninformedofsuchcasesbythemanagement.
FOR SURESH SURANA & ASSOCIATES LLPCharteredAccountantsFirmReg.No.121750W/W-100010
(Ramesh Gupta)PARTNERMembershipNo.102306
Place: Mumbai
Dated:May26,2014
30th ANNUAL REPORT 2013-1451
JETKING INFOTRAIN LIMITEDBALANCE SHEET AS AT 31 MARCH 2014
Particulars Note No.
As at 31 March 2014
(`)
As at 31 March 2013
(`)
I. EQUITY AND LIABILITIES
1 Shareholders' Funds (a)Sharecapital 2 58,982,500 58,982,500(b)Reservesandsurplus 3 360,927,343 341,722,746
419,909,843 400,705,246 2 Non-Current Liabilities
(a)Deferredtaxliability(Net) 4 15,150,000 14,015,636 (b)Otherlong-termliabilities 5 22,118,443 25,172,114 (c)Long-termprovisions 6 1,259,372 1,166,573
38,527,815 40,354,323 3 Current Liabilities
(a)Tradepayables 7 7,069,498 8,011,242 (b)Othercurrentliabilities 8 39,564,741 37,379,012(c)Short-termprovisions 9 15,119,743 14,229,052
61,753,982 59,619,306 520,191,640 500,678,875
II. ASSETS
1 Non-Current Assets (a) Fixed assets 10 (i) Tangibleassets 236,835,666 220,643,902 (ii) Intangibleassets 10,333,162 9,214,461 (iii)Intangibleassetsunderdevelopment 4,260,000 4,190,000
251,428,828 234,048,363 (b)Non-currentinvestments 11 103,246,594 98,337,981(c)Longtermloansandadvances 12 47,755,099 42,883,176 (d)Othernon-currentassets 13 – 901,689
402,430,521 376,171,2092 Current Assets
(a)Inventories 14 4,449,948 5,829,620(b)Tradereceivables 15 61,733,610 60,604,420 (c)Cashandbankbalances 16 43,431,567 42,561,276 (d)Short-termloansandadvances 17 7,606,849 14,686,582 (e)Othercurrentassets 18 539,145 825,768
117,761,119 124,507,666 520,191,640 500,678,875
Significant accounting policies 1 The accompanying notes are an integral part of the financial statements Asperourreportofevendateattached FOR SURESH SURANA & ASSOCIATES LLP OnbehalfoftheBoardofDirectorsCharteredAccountants Ramesh Gupta Suresh G Bharwani Chairman&ManagingDirectorPARTNER Nandu G Bharwani JointManagingDirectorMembershipNo.102306 Deepali Koneri CompanySecretary Place:Mumbai Place:MumbaiDated:26thMay2014 Dated:26thMay2014
5230th ANNUAL REPORT 2013-14
Significant accounting policies 1 The accompanying notes are an integral part of the financial statements Asperourreportofevendateattached FOR SURESH SURANA & ASSOCIATES LLP OnbehalfoftheBoardofDirectorsCharteredAccountants Ramesh Gupta Suresh G Bharwani Chairman&ManagingDirectorPARTNER Nandu G Bharwani JointManagingDirectorMembershipNo.102306 Deepali Koneri CompanySecretary Place:Mumbai Place:MumbaiDated:26thMay2014 Dated:26thMay2014
JETKING INFOTRAIN LIMITEDSTATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2014
Particulars Note No.
Current Year 2013-14
(`)
Previous Year 2012-13
(`)
I Revenue from operations 19 288,456,880 329,998,261
II Other income 20 25,230,790 29,417,498
III Total Revenue (I + II) 313,687,670 359,415,759
IV Expenses:
Purchasesofcoursewareandothermaterials 21 14,434,233 24,313,772 Changesininventoriesofcoursewareandothermaterials 22 1,379,672 386,146 Employeebenefitsexpense 23 93,662,305 109,841,600Financecosts 24 94,840 988,378Depreciationandamortisationexpense 10 17,488,456 15,614,896Otherexpenses 25 150,301,027 165,828,809
Total expenses 277,360,533 316,973,601
V Profit before tax (III - IV) 36,327,137 42,442,158
VI Tax expense: Currenttax (10,193,000) (7,500,000)Deferredtax (1,134,364) (3,341,804)Prioryeartaxadjustment 1,094,660 –
VII Profit for the year (V - VI) 26,094,433 31,600,354
VIII Earnings per equity share:(1) Basic 4.43 5.37 (2) Diluted 4.43 5.37 Nominal value of equity shares 10 10
30th ANNUAL REPORT 2013-1453
JETKING INFOTRAIN LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2014
Particulars Current Year
2013-2014(`)
Previous Year2012-2013
(`)
CASH FLOW FROM OPERATING ACTIVITIES
Net profit/(loss) before tax 36,327,137 42,442,158
Adjustments for:
Depreciationandamortizationexpense 17,488,456 15,614,896
Exchangeratedifference(net) 147,179 144,223
Loss on sale of fixed assets (net) 343,141 –
Fixed assets written off 944,611 20,941
Interestexpense 94,840 988,378
Interestincome (7,478,565) (3,698,432)
Dividendincome (324,814) (1,503,763)
Baddebtswrittenoff 5,332,441 6,542,894
Provisionfordoubtfuldebts 5,163,813 578,856
Excessprovisionofearlieryearswrittenback (1,771,376) (615,104)
Loss/(Profit)onsaleofinvestments (295,013) (8,301,244)
Operating profit before working capital changes 55,971,850 52,213,803
Adjustments for:
(Increase)/decreaseininventories 1,379,672 386,146
(Increase)/decreaseintradeandotherreceivables (5,589,842) 4,582,943
Increase/(Decrease)intradeandotherpayables 1,564,553 (24,557,872)
Cash generated from operations 53,326,233 32,625,020
Taxespaid (11,151,810) (17,167,694)
Net cash generated from operating activities (A) 42,174,423 15,457,326
CASH FLOW FROM INVESTING ACTIVITIES
Paymentforpurchaseoffixedassetsincludingintangibleassetsunderdevlopmentandcapitaladvances (38,180,140) (19,862,378)
Proceedsfromsaleoffixedassets 247,666 488,702
Paymentforpurchaseofinvestments (61,465,925) (440,283,102)
Proceedsfromsaleofinvestments 56,852,287 491,512,895
5430th ANNUAL REPORT 2013-14
Particulars Current Year
2013-2014(`)
Previous Year2012-2013
(`) Investmentsinbankdepositshavingoriginalmaturityofmorethan three months but less than 12 months (6,816,901) (17,447,483)
Investmentsinbankdepositshavingoriginalmaturityofmorethantwelvemonths – (901,689)
Interestreceived 7,765,188 3,902,452
Dividendreceived 324,814 1,617,629
Net cash generated from / (used in) investing activities (B) (41,273,011) 19,027,026
CASH FLOW FROM FINANCING ACTIVITIES
Increase/(decrease)inshorttermborrowings(net) – (23,059,784)
Dividendpaidincludingdividenddistributiontax (7,654,871) (10,276,377)
Interestpaid (94,840) (1,203,362)
Net cash (used in) / generated from financing activities (C) (7,749,711) (34,539,523)
Net (decrease) / increase in cash and cash equivalents (A+B+C) (6,848,299) (55,171)
Cash and cash equivalent at beginning of year 18,223,793 18,281,036
Cash and cash equivalent at end of year 11,375,494 18,223,793
Exchangedifferenceloss – 2,072
Net increase/(decrease) as disclosed above (6,848,299) (55,171)
Note: a) TheaboveCashFlowStatementhasbeenpreparedunderthe“IndirectMethod”assetoutintheAccountingStandard
(AS)-3on“CashFlowStatements”asnotifiedbyCentralGovernmentofIndia.b) Figuresforthecorrespondingpreviousyeararere-arranged,whereverconsiderednecessary,toconformtothefiguresof
thecurrentyear.
The accompanying notes are an integral part of the financial statements Asperourreportofevendateattached
FOR SURESH SURANA & ASSOCIATES LLP OnbehalfoftheBoardofDirectorsCharteredAccountants Ramesh Gupta Suresh G Bharwani ChairmanandManagingDirectorPARTNER Nandu G. Bharwani JointManagingDirectorMembershipNo.102306 Deepali Koneri CompanySecretary Place: Mumbai Place: Mumbai Dated:26thMay2014 Dated:26thMay2014
30th ANNUAL REPORT 2013-1455
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20141. Significant accounting policies
a) Accounting convention: The financial statements have been prepared in compliance with all material aspects of the
AccountingStandardsprescribed in theCompanies (AccountingStandards)Rules,2006notifiedbytheCentralGovernment,totheextentapplicableandinaccordancewiththerelevantprovisionsof theCompaniesAct,1956readwiththeGeneralCircular15/2013dated13September2013ofMinistryofCorporateAffairsinrespectofSection133oftheCompaniesAct,2013.
The financial statements are prepared on the basis of historical cost convention, and on theaccountingprincipleofagoingconcern.
TheCompanyfollowsmercantilesystemofaccountingandrecognizesincomeandexpenditureonaccrualbasisexceptthosewithsignificantuncertainties.
b) Use of estimates: Thepreparationoffinancialstatementsinconformitywithgenerallyacceptedaccountingprinciples
(GAAP)requiresmanagementtomakeestimatesandassumptionsthataffectsthereportedamountsofassetsandliabilitiesandthedisclosuresofcontingentliabilitiesonthedateoffinancialstatementsandreportedamountsofrevenueandexpensesforthatyear.Althoughtheseestimatesarebaseduponmanagement’sbestknowledgeofcurrenteventsandactions,actualresultscoulddifferfromthese estimates.
c) Fixed assets:i. Fixedassets including intangible assets are statedat cost less accumulateddepreciation /
amortisation.Costincludesallcostincidentaltoacquisition,installation,commissioning,pre-operativeexpensesallocatedtosuchassets.
ii. Intangibleassetsarerecognizedonlyifitisprobablethatthefutureeconomicbenefitsthatareattributabletotheassetwillflowtotheenterpriseandthecostoftheassetcanbemeasuredreliably. The capitalised cost includes license fees and cost of implementation / systemintegrationservices.
d) Inventories: Inventoriesarevaluedatlowerofcostornetrealizablevalue.Costofinventoriescomprisesofall
costofpurchasesandothercostsincurredinbringingtheinventorytotheirpresentlocationandcondition.CostisassignedonFirst-In-First-Out(FIFO)basis.Obsolete,defectiveandunserviceablestocksareprovidedfor,whereverrequired.
e) Investments: Long term investmentsarevaluedatcost lessprovision, ifany fordiminution invalue,which is
otherthantemporary.Currentinvestmentsarecarriedatthelowerofthecostandfairvalue. f) Accounting for taxes on income:
i. Provision for income tax is made on the basis of the estimated taxable income for theaccountingyearinaccordancewiththeIncome-taxAct,1961.
ii. Thedeferredtaxfortimingdifferencesbetweenthebookprofitsandtaxprofitsfortheyearisaccountedforusingthetaxratesandlawsthathavebeenenactedorsubstantivelyenactedasofthebalancesheetdate.Deferredtaxassetsarisingfromtimingdifferencesarerecognizedtotheextentthereisavirtualcertaintythatthesewouldberealizedinfutureandarereviewedfortheappropriatenessoftheirrespectivecarryingvaluesateachbalancesheetdate.
iii. TheMinimumAlternativeTax(MAT)credit isrecognizedasanassetonlywhenandtotheextentthereisconvincingevidencethattheCompanywillpaynormalincometaxduringthe
5630th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014specifiedperiod. In the year inwhich theMinimumAlternativeTax (MAT) credit becomeseligible to be recognized as an asset in accordance with the recommendations containedin guidance note issuedby the Institute of CharteredAccountants of India, the said assetiscreatedbywayofacredit to thestatementofprofitand lossandshownasMATCreditEntitlement. The Company reviews the same at each balance sheet date andwrites downthecarryingamountofMATCreditEntitlement to theextent there isno longerconvincingevidence to the effect that the Company will pay normal income tax during the specifiedperiod.
g) Depreciation and amortization: i. Tangibleassets:
Depreciation on fixed assets (Tangible assets) is provided on the straight-linemethod atthe rates and in themanner prescribed under Schedule XIV of the Act except in case offurnitureandfixturesandcomputerswherehigherrateofdepreciationi.e.19%and31.67%,respectivelyhasbeenprovided for.Depreciationonadditions /deletions to fixedassets iscalculatedpro-ratafrom/uptothedateofsuchadditions/deletion.
Leaseholdimprovementsareamortizedonthestraight-linemethodoverthetermofrelatedleaseincludingextensionswhicharereasonablyexpectedtooccurandusefullivesofsuchimprovementsistakenasthirtysixmonths.
ii. Intangibleassets: Computersoftware(Intangibleassets)isamortizedonthestraight-linemethodoveraperiod
ofthirtysixmonths. Content development & digitization and Brand development is amortized on straight line
methodoveraperiodofthirtysixmonth.iii. AssetsindividuallycostingRs5,000orlessarefullydepreciatedintheyearofpurchase.
h) Transaction in foreign currencies: Foreign currency transactions are recordedat the exchange ratesprevailingon thedateof such
transactions.MonetaryassetsandliabilitiesasattheBalanceSheetdatearetranslatedattheratesof exchangeprevailing at thedateof theBalanceSheet.Gains and losses arisingon accountofdifferencesinforeignexchangeratesonsettlement/translationofmonetaryassetsandliabilitiesarerecognizedintheStatementofprofitandloss.Non-monetaryforeigncurrencyitemsarecarriedatcost.
i) Employee benefits:i. Definedcontributionplans The Company contributes on a defined contribution basis to Employee’s Provident Fund,
towards post employment benefits, which is administered by the respective Governmentauthorities,andhasnofurtherobligationbeyondmakingitscontribution,whichisexpensedintheyeartowhichitpertains.
ii. Definedbenefitplans TheCompanyhasaDefinedbenefitplannamelyGratuityforallitsemployees.Theliabilityfor
thedefinedbenefitplanofGratuityisdeterminedonthebasisofanactuarialvaluationbyanindependentactuaryattheyearend,whichiscalculatedusingprojectedunitcreditmethod.
ActuarialgainsandlossesarerecognizedimmediatelyintheStatementofprofitandloss.Thefairvalueoftheplanassetsisreducedfromthegrossobligationunderthedefinedplan,torecognizetheobligationonnetbasis.
30th ANNUAL REPORT 2013-1457
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014iii. Employeeleaveentitlement TheemployeesoftheCompanyareentitledtoleaveaspertheleavepolicyoftheCompany.
TheliabilityinrespectofunutilizedleavebalancesisprovidedbasedonanactuarialvaluationcarriedoutbyanindependentactuaryasattheyearendwhichiscalculatedusingprojectedunitcreditmethodandchargedtotheStatementofprofitandloss.
j) Revenue recognition:i. Revenueinrespectoftrainingservicesisrecognizedonrenderingofservices,onlywhenit
isreasonablycertainthattheultimatecollectionwillbemade.Therevenuefromfixedtimecontractisrecognizedovertheperiodofcontracts.Forservicesrenderedthroughfranchisees,onlytheCompany’sshareofrevenueisrecognizedasperthetermsofthecontract.FortheCentersownedby theCompany, the income is recognizedover theperiodofprovisionofservicestothestudents.
ii. Revenueinrespectofsaleofcoursewareandothermaterialsisrecognisedondeliveryofthecoursewareandothermaterialstothefranchisees.
iii. DividendsandInterestincomeareaccountedforwhentherighttoreceivedividend/interestisestablished.
k) Provisions and contingent liabilities: TheCompanycreatesaprovisionwhenthereisapresentobligationasaresultofapasteventthat
probablyrequiresanoutflowofresourcesandareliableestimatecanbemadeoftheamountoftheobligation.Adisclosureforacontingent liability ismadewhenthere isapossibleobligationorapresentobligationthatmay,butprobablywillnot,requireanoutflowofresources.Wherethereisapossibleobligationorapresentobligationinrespectofwhichthelikelihoodofoutflowofresourcesisremote,noprovisionordisclosureismade.
I) Lease: Leaseswherethelessoreffectivelyretainssubstantiallyalltherisksandbenefitsofownershipof
theleasedterm,areclassifiedasoperatinglease.OperatingleasepaymentsarerecognizedasanexpenseintheStatementofprofitandlossonastraight-linebasisovertheleaseterm.
m) Impairment of assets: TheCompanyassesses at eachbalance sheetdatewhether there is any indication that an asset
maybeimpaired.Ifanysuchindicationexists,themanagementestimatestherecoverableamountoftheasset.Ifsuchrecoverableamountoftheassetislessthanitscarryingamount,thecarryingamountisreducedtoitsrecoverableamount.ThereductionistreatedasanimpairmentlossandisrecognizedintheStatementofprofitandloss.Ifatthebalancesheetdatethereisanindicationthatifapreviouslyassessed impairment lossno longerexists, therecoverableamount is reassessedandtheassetisreflectedattherecoverableamountsubjecttoamaximumofdepreciatedhistoricalcost.
n) Earnings per share The basic earnings per share (“EPS”) is computed by dividing the net profit/(loss) after tax for
the year available for the equity shareholders by theweighted average number of equity sharesoutstandingduringtheyear.Forthepurposeofcalculatingdilutedearningspershare,netprofit/(loss) after tax for the year available for equity shareholders and theweighted averagenumberofsharesoutstandingduringtheyearareadjustedfortheeffectsofalldilutivepotentialequityshares.
o) Cash and Cash Equivalents CashandCashEquivalentsforthepurposeofcashflowstatementcomprisecashonhandandcash
atbank includingfixeddepositwithoriginalmaturityperiodof less thanthreemonthsandshorttermhighlyliquidinvestmentswithanoriginalmaturityofthreemonthsorless.
5830th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20142 SHARE CAPITAL
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Authorized10,000,000Equitysharesof`10each 100,000,000 100,000,000
100,000,000 100,000,000
Issued, subscribed and paid-up5,889,000equitysharesof`10each,fullypaidup 58,890,000 58,890,000Add: Forfeited shares18,500Equitysharesof` 10each,partlypaiduptotheextentof`5pershare 92,500 92,500
58,982,500 58,982,500
a) Details of reconciliation of the number of equity shares outstanding:
Particulars As at 31/03/2014 As at 31/03/2013
Number ` Number `
Sharesoutstandingatthebeginningoftheyear 5,889,000 58,890,000 5,889,000 58,890,000
Add:Sharesissuedduringtheyear – – – –
Sharesoutstandingattheendoftheyear 5,889,000 58,890,000 5,889,000 58,890,000
b) Terms / rights attached to Equity shares
TheCompanyhasonlyoneclassofequityshareshavingaparvalueof`10pershare.Eachholderofequitysharesisentitledtoonevotepershare.TheCompanydeclaresandpaysdividendinIndianrupees.ThedividendproposedbytheBoardofDirectorsissubjecttotheapprovaloftheshareholdersintheensuingAnnualGeneralMeeting.
During the year ended 31 March 2014, the amount of per share dividend recognised as distributions to equityshareholdersisRe.1;(PreviousyearRe.1).
IntheeventoftheliquidationoftheCompany,theholderofequityshareswillbeentitledtoreceiveremainingassetsoftheCompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.
c) Aggregate bonus share issued during the period of five years immediately preceding the reporting date:
Particulars As at 31/03/2014
As at 31/03/2013
Number ` Number `
Equitysharesallottedasfullypaidbonussharesbycapitalisationofgeneralreserves 1,963,000 19,630,000 3,926,000 39,260,000
30th ANNUAL REPORT 2013-1459
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014d) Details of shares in the Company held by each shareholder holding more than 5 percent shares:
Name of the shareholder As at 31/03/2014 As at 31/03/2013
No. of Shares held % of Holding No. of Shares
held % of Holding
Mr.DilipBharwani 811,200 13.78 811,200 13.78 M/s.SureshG.Bharwani(HUF) 531,000 9.02 531,000 9.02Mr.JituGordhandasBharwani 465,000 7.90 465,000 7.90M/s.NanduG.Bharwani(HUF) 462,090 7.85 462,090 7.85 Mr.DipakKanayalalShah 321,000 5.45 308,450 5.24
3 RESERVES AND SURPLUS
Particulars As at
31 March 2014 (`)
As at 31 March 2013
(`)
General reserveBalanceasperlastfinancialstatements 115,561,106 115,561,106 Add:Amounttransferredfromthesurplusbalanceinstatementofprofitandloss – – Closing Balance A 115,561,106 115,561,106
Surplus in the statement of profit and lossBalanceasperlastfinancialstatements 226,161,640 201,405,629Add:Profitfortheyear 26,094,433 31,600,354 Less:Appropriations: -Proposedfinaldividend(AmountpershareRe.1;PreviousyearRe.1) (5,889,000) (5,889,000) -Taxonproposedfinaldividend (1,000,836) (955,343)Netsurplusinstatementofprofitandloss B 245,366,237 226,161,640 Total (A + B) 360,927,343 341,722,746
4 DEFERRED TAX LIABILITIES (NET)
Particulars As at
31 March 2014 (`)
As at 31 March 2013
(`)
Deferred tax liabilities:Timingdifferencearisingonaccountof: -Depreciation 21,388,275 18,273,711 Total (a) 21,388,275 18,273,711
Less: Deferred tax assets:Timingdifferencearisingonaccountof: -StatutorypaymentsunderSection43BoftheIncome-taxAct,1961 1,306,688 1,306,688 -Provisionfordoubtfuldebts 1,863,209 187,810 -Provisionforretirementbenefits 3,068,378 2,763,577
Total (b) 6,238,275 4,258,075 Net deferred tax liabilities (a-b) 15,150,000 14,015,636
6030th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20145 OTHER LONG TERM LIABILITIES
Particulars As at
31 March 2014 (`)
As at 31 March 2013
(`)
Incomereceivedinadvance 2,560,864 3,472,710
Statutorydues 16,758,179 16,758,179
Securitydeposits 2,799,400 4,941,225
22,118,443 25,172,114
6 LONG TERM PROVISIONS
Particulars As at
31 March 2014 (`)
As at 31 March 2013
(`)
Provision for employee benefits
Provisionforleavebenefits(refernoteno.29) 1,259,372 1,166,573
1,259,372 1,166,573
7 TRADE PAYABLES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Totaloutstandingduesofmicroenterprisesandsmallenterprises – –
Totaloutstandingduesofcreditorsotherthanmicroenterprisesandsmallenterprises 7,069,498 8,011,242
7,069,498 8,011,242
TheCompanyisintheprocessofcompilingrelevantinformationfromitssuppliersabouttheircoverageundertheMicro,SmallandMediumEnterprisesDevelopmentAct,2006.AstheCompanyhasnotreceivedanyintimationfromitssuppliersasondateregardingtheirstatusundertheabovesaidAct,nodisclosurehasbeenmade.
30th ANNUAL REPORT 2013-1461
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20148 OTHER CURRENT LIABILITIES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Incomereceivedinadvance 19,608,064 17,366,013
Creditorsforfixedassets 2,205,088 –
Unpaiddividend* 3,720,971 4,531,499
Statutorydues 4,607,772 3,458,804
Securitydeposits 4,316,162 4,133,939
Employees'dues 5,106,684 7,888,757
39,564,741 37,379,012
*TherearenoamountdueforpaymenttotheInvestorProtectionFundunderSection205CoftheCompaniesAct,1956asattheyearend.
9 SHORT TERM PROVISIONS
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Provision for employee benefits
Provisionforgratuity(funded)(refernoteno.29) 7,658,065 6,851,159Provisionforleavebenefits(unfunded)(refernoteno.29) 539,731 499,960Other ProvisionsProvisionforwealthtax 32,111 33,590Provisionforproposeddivided 5,889,000 5,889,000Provisionfortaxonproposeddividend 1,000,836 955,343
15,119,743 14,229,052
6230th ANNUAL REPORT 2013-14
NOTE
S TO
THE
FIN
ANCI
AL S
TATE
MEN
TS F
OR T
HE Y
EAR
ENDE
D 31
MAR
CH 2
014
10
FIXE
D AS
SETS
(Am
ount
in `
)a)
Tan
gibl
e as
sets
Parti
cula
rsLe
aseh
old
Im
prov
emen
tsBu
ildin
gPl
ant a
nd
Mac
hine
ryFu
rnitu
re a
nd
Fixt
ures
Elec
trica
l in
stal
latio
nsVe
hicl
esOf
fice
Eq
uipm
ents
Co
mpu
ters
Tot
al
Gros
s bl
ock
(at c
ost)
As a
t 01/
04/2
012
11,958,615194,052,068
1,82
5,63
2 24
,136
,846
4,791,615
11,6
17,3
08
15,298,116
29,861,825
293,
542,
025
Addi
tions
– –
– 2,
103,
842
– 1,221,952
1,81
7,04
2 3,799,679
8,94
2,51
5 Deductions/Adjustments
(462
,248
)–
– –
– –
(640
,534
)(7
5,82
1)(1
,178
,603
)As
at 3
1/03
/201
311
,496
,367
19
4,05
2,06
8 1,
825,
632
26,2
40,6
88
4,79
1,61
5 12
,839
,260
16
,474
,624
33
,585
,683
30
1,30
5,93
7
As a
t 01/
04/2
013
11,496,367194,052,068
1,82
5,63
2 26
,240
,688
4,791,615
12,839,260
16,4
74,6
24
33,5
85,6
83
301,
305,
937
Addi
tions
510,
007
12,391,000
– 4,788,659
– 1,094,471
1,77
8,77
6 10
,846
,426
31
,409
,339
Deductions/Adjustments
– –
– (1
,182
,013
)–
(1,909,232)
(1,069,562)
(888
,345
)(5
,049
,152
)
As a
t 31/
03/2
014
12,0
06,3
74
206,
443,
068
1,82
5,63
2 29
,847
,334
4,
791,
615
12,0
24,4
99
17,1
83,8
38
43,5
43,7
64
327,
666,
124
Depr
ecia
tion
As a
t 01/
04/2
012
9,631,000
11,3
67,1
77
550,
600
16,4
58,1
27
496,387
4,928,695
3,61
2,75
1 20
,578
,773
67
,623
,510
Chargefortheyear
762,
470
3,163,049
86,7
16
2,645,956
227,
514
1,161,529
743,
154
4,917,097
13,7
07,4
85
Deductions/Adjustments
(439,136)
– –
– –
– (166,339)
(63,
485)
(668
,960
)
Upto31/03/2013
9,95
4,33
4 14
,530
,226
63
7,31
6 19
,104
,083
72
3,90
1 6,
090,
224
4,18
9,56
6 25
,432
,385
80
,662
,035
As a
t 01/
04/2
013
9,954,334
14,5
30,2
26
637,
316
19,104,083
723,901
6,090,224
4,189,566
25,4
32,3
85
80,6
62,0
35
Chargefortheyear
755,
558
3,166,922
86,7
16
2,018,589
227,
514
1,188,995
761,
533
5,47
6,33
0 13
,682
,157
Deductions/Adjustments
– –
– (1
,125
,105
)–
(1,2
70,7
24)
(312
,368
)(8
05,5
37)
(3,5
13,7
34)
Upto31/03/2014
10,7
09,8
92
17,6
97,1
48
724,
032
19,9
97,5
67
951,
415
6,00
8,49
5 4,
638,
731
30,1
03,1
78
90,8
30,4
58
Net b
lock
As a
t 31/
03/2
013
1,54
2,03
3 17
9,52
1,84
2 1,
188,
316
7,13
6,60
5 4,
067,
714
6,74
9,03
6 12
,285
,058
8,
153,
298
220,
643,
902
Net b
lock
As a
t 31/
03/2
014
1,29
6,48
2 18
8,74
5,92
0 1,
101,
600
9,84
9,76
7 3,
840,
200
6,01
6,00
4 12
,545
,107
13
,440
,586
23
6,83
5,66
6
30th ANNUAL REPORT 2013-1463
NOTE
S TO
THE
FIN
ANCI
AL S
TATE
MEN
TS F
OR T
HE Y
EAR
ENDE
D 31
MAR
CH 2
014
10
FIXE
D AS
SETS
(Am
ount
in `
)b)
Inta
ngib
le a
sset
sc)
Inta
ngib
le a
sset
s un
der d
evel
opm
ent
Parti
cula
rs C
ompu
ter
softw
are
Con
tent
dev
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lopm
ent a
nd
Dizi
tisat
ion
Bra
nd
devl
opm
ent
Tot
al
Bra
nd (C
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) C
onte
nt d
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lo
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t and
Di
zitis
atio
n
Tot
al
Gra
nd T
otal
Gros
s bl
ock
(at c
ost)
As a
t 01/
04/2
012
28,2
82,2
08
–
–
28,2
82,2
08
–
–
–
321,
824,
233
Addi
tions
2,21
5,73
3 4,207,595
–
6,42
3,32
8 1,
750,
000
2,44
0,00
0 4,
190,
000
19,5
55,8
43
Deductions/Adjustments
–
–
–
–
–
–
–
(1,1
78,6
03)
As a
t 31/
03/2
013
30,4
97,9
41
4,20
7,59
5
– 34
,705
,536
1,
750,
000
2,44
0,00
0 4,
190,
000
340,
201,
473
As
at 0
1/04
/201
330,497,941
4,207,595
–
34,7
05,5
36
1,75
0,00
0 2,
440,
000
4,19
0,00
0 34
0,20
1,47
3 Ad
ditio
ns
– 3,
175,
000
1,75
0,00
0 4,
925,
000
–
4,995,000
4,99
5,00
0 41
,329
,339
Deductions/Adjustments
–
–
–
–
(1,7
50,0
00)
(3,1
75,0
00)
(4,9
25,0
00)
(9,9
74,1
52)
As a
t 31/
03/2
014
30,4
97,9
41
7,38
2,59
5 1,
750,
000
39,6
30,5
36
–
4,26
0,00
0 4,
260,
000
371,
556,
660
Depr
ecia
tion
As a
t 01/
04/2
012
23,5
83,6
64
–
–
23,5
83,6
64
–
–
–
91,2
07,1
74
Chargefortheyear
1,907,411
–
–
1,90
7,41
1
–
–
– 15
,614
,896
Deductions/Adjustments
–
–
–
–
–
–
–
(668
,960
)Upto31/03/2013
25,4
91,0
75
–
–
25,4
91,0
75
–
–
–
106,
153,
110
As a
t 01/
04/2
013
25,491,075
–
–
25,4
91,0
75
–
–
– 10
6,15
3,11
0 Chargefortheyear
1,618,914
1,896,547
290,838
3,80
6,29
9
–
–
– 17
,488
,456
Deductions/Adjustments
–
–
–
–
–
–
–
(3,5
13,7
34)
Upto31/03/2014
27,1
09,9
89
1,89
6,54
7 29
0,83
8 29
,297
,374
–
–
–
12
0,12
7,83
2
Net b
lock
As a
t 31/
03/2
013
5,00
6,86
6 4,
207,
595
–
9,21
4,46
1 1,
750,
000
2,44
0,00
0 4,
190,
000
234,
048,
363
Net b
lock
As a
t 31/
03/2
014
3,38
7,95
2 5,
486,
048
1,45
9,16
2 10
,333
,162
–
4,
260,
000
4,26
0,00
0 25
1,42
8,82
8
Buildingincludes`1,250(P
reviousyear`1,250)representingunquotedfullypaidsharesatcostinaco-operativehousingsociety.
6430th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201411 NON CURRENT INVESTMENTS
Particulars As at
31 March 2014 (`)
As at 31 March 2013
(`)
Non-trade investments (valued at cost unless stated otherwise)
Investment in Subusidiary
10,000(previousyearNil)sharesofJetkingSkillDevlopmentPvt.Ltd.of`10each,fullypaidup 100,000 –
Total (a) 100,000 –
Investments in cumulative non convertible compulsory redeemable preference shares
150,000(previousyearNil)sharesof21.06%IL&FSTransportationof`10eachatapremiumof`10each,fullypaidup,redeemableon23.07.2017atpremium 3,037,215 –
Total (b) 3,037,215 –
Investments in debentures (unquoted)
50(previousyear50)Redeemablenon-convertibledebenturesinECLFinanceLimited, F.V. of `100,000each,redeemableon21.05.2014 5,165,450 5,165,450
4(previousyear4)Redeemablenon-convertibledebenturesinAlmondInfrabuildPvt.Ltd, F.V. of `5,000,000each,redeemableon21.03.2016 20,224,720 20,224,720
Total (c) 25,390,170 25,390,170
Investments in bonds (unquoted)
Nil(previousyear260)6.85%IIFCLBondsTaxFree,F.V.of`100,000each – 26,617,500
Nil(previousyear25)10.75%DPSCBonds,F.V.of`200,000each – 5,139,000
Nil(previousyear7)9.40%RRVPNigamLtd.Bonds,F.V.of`10,00,000each – 7,000,000
Total (d) – 38,756,500
30th ANNUAL REPORT 2013-1465
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
Investments in mutual funds (unquoted) (Unitsofthefacevalueof`10each,exceptotherwisestated)
369,508.1846(previousyearNil)UnitsinJPMorganIndiaActiveBondFundRetailGrowth 5,000,000 –
323,463.387(previousyearNil)UnitsinSBIDynamicBondFund-RegularPlan-Growth 5,000,000 –
89,183.79(previousyearNil)UnitsinBirlaSunlifeIncomePlusGrowthRegularPlan 5,000,000 –
Nil(previousyear328,041.61)UnitsinHDFCCashManagementFundTreasuryAdvantage-RetailWeeklyDividend – 3,292,526
336,713.941(previousyearNil)UnitsinSBIMagnumIncomeFund-RegularPlan-Growth 10,000,000 –
172,634.05(previousyearNil)UnitsinIDFCSuperSaverIncomeFundInvestmentPlanGrowth(RegularPlan) 5,000,000 –
1,000,000(previousyear1,000,000)UnitsinRelianceAlternativeInvestmentFundPrivateEquitySchemeI 10,220,600 10,220,600
382,015.719(previousyearNil)UnitsinDSPBlackRockIncomeOpportunitiesFund-RegularPlan-Growth 7,500,000 –
259,039.93(previousyearNil)unitsICICIPrudentialIncomeRegularPlanGrowth 10,000,000 –
Nil(previousyear5,584.39)unitsICICIPrudentialFlexibleIncomePlan-RegularWeeklyDividend – 561,059
Nil(previousyear9,140.01)unitsTempletonIndiaShortTermIncomePlan-QuarterlyDividendPayout – 10,000,000
375,253.296(previousyearNil)unitsBirlaSunlifeShortTermOpportunitiesFund-GrowthRegularPlan 7,500,000 –
IDFCRealEstateYieldFund,FVof` 1,000each 1,500,000 –
Nil(previousyear76,126.90)unitsICICIDynamicPlan – 1,516,545
3,000(previousyear3,000)unitsofKotakGoldETF,FVof`100each 7,998,609 7,998,609
Nil(previousyear601.727)unitsofMorganStanleyLiquidFund – 601,972
Total (e) 74,719,209 34,191,311
Total (a+b+c+d+e) 103,246,594 98,337,981
-Aggregatevalueofunquotedinvestments 103,246,594 98,337,981
-AggregaterepurchasevalueofUnitsinmutualfunds 62,792,021 35,138,649
6630th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201412 LONG TERM LOANS AND ADVANCES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Unsecured,consideredgoodAdvancesrecoverableincashorinkindorforvaluetobereceived 2,206,863 2,566,816 Capitaladvances 7,640,662 5,864,861 Balanceswithexciseauthorities 12,730,783 12,730,783 Securitydeposits 10,827,399 9,423,315Taxespaidandrefundreceivable 14,349,392 12,297,401
(netofprovisionforincometaxandfringebenefittaxof`170,493,156;Previousyear`162,594,816)
47,755,099 42,883,176
13 OTHER NON CURRENT ASSETS
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
OtherBankbalancesBankdepositswithoriginalmaturityofmorethan12months – 901,689
– 901,689
14 INVENTORIES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
(Valuedatcostornetrealisablevaluewhicheverislower)Coursewareandothermaterials 4,449,948 5,829,620
4,449,948 5,829,620
15 TRADE RECEIVABLES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Unsecured
Outstandingforaperiodexceedingsixmonthsfromthedatetheyaredueforpayment
Consideredgood 18,246,897 17,346,327 Considereddoubtful 5,742,669 578,856 Less:Provisionfordoubtfuldebts (5,742,669) (578,856)
18,246,897 17,346,327 Otherreceivables(Consideredgood) 43,486,713 43,258,093
61,733,610 60,604,420
30th ANNUAL REPORT 2013-1467
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201416 CASH AND BANK BALANCES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
i)Cashandcashequivalents
Cashonhand 297,241 576,865
Chequesonhand 131,000 –
Balancewithbanksincurrentaccounts 7,225,153 13,116,253
BalancewithbanksinUnpaiddividendaccounts 3,722,100 4,530,675
ii)OtherBankbalances
Bankdepositswithoriginalmaturityofmorethan3monthsbutlessthan12months* 31,154,384 24,337,483
Bankdepositswithoriginalmaturityofmorethan12months* 901,689 –
(*Bankdepositsincludes`9,188,685(Previousyear-`8,606,356)fixeddepositslodgedwithGujrat,AndhraPradeshandHaryanagovernmentprojects)
43,431,567 42,561,276
17 SHORT-TERM LOANS AND ADVANCES
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Unsecured,consideredgood
Advancesrecoverableincashorinkindorforvaluetobereceived 5,005,966 11,677,459
Balanceswithexciseauthorities 1,864,209 323,323
Securitydeposits 736,674 2,685,800
7,606,849 14,686,582
18 OTHER CURRENT ASSETS
Particulars As at 31 March 2014
(`)
As at 31 March 2013
(`)
Interestaccruedonfixeddepositsandbonds 539,145 825,768
539,145 825,768
6830th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201419 REVENUE FROM OPERATIONS
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Trainingfees-Coursefees 86,236,565 93,531,810 - Examination and other fees 72,853,612 81,376,282 Franchiseeregistrationfees 15,229,999 17,964,655Incomefromfranchiseeoperations 82,410,819 99,584,205Saleofcoursewareandothermaterials-Courseware 26,279,718 31,880,558 -Calibresoftware 300,000 – -Informationandotherreferencematerials 1,539,937 1,044,914OtherOperatingincome 3,606,230 4,615,837
288,456,880 329,998,261
20 OTHER INCOME
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Dividendincomeonlongterminvestments(non-trade): - Shares – 301,071 - Mutual funds 324,814 1,202,692
Profitonsale/redemptionoflongterminvestments(non-trade)-net 295,013 8,301,244 Interestincome-Onfixeddeposits,bondsanddebentures 7,478,565 3,698,432 -Others – 1,740 Insurancesurrendervalue 14,968,344 15,298,956Miscellaneousincome# 2,164,054 613,363
25,230,790 29,417,498
# Miscellaneous income includes ` 1,771,376 (Previous year ` 613,363) being unspent liabilities,provisionsnolongerrequiredandunclaimedbalancesinrespectofearlieryearswrittenback.
30th ANNUAL REPORT 2013-1469
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201421 PURCHASES OF COURSEWARE AND OTHER MATERIALS
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Purchasesofcoursewareandothermaterials*-Courseware 12,684,296 22,748,766 -Calibresoftware 210,000 – -Informationandotherreferencematerials 1,539,937 1,565,006
14,434,233 24,313,772
*Includesmaterialsusedforownconsumption
22 CHANGES IN INVENTORIES OF COURSEWARE AND OTHER MATERIALS
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Closingstockofcoursewareandothermaterials-Courseware 3,398,956 4,540,730 -Heathkitsoftware 811,220 811,220 -Calibresoftware – 36,400 -Informationandotherreferencematerials 239,772 441,270 Total 4,449,948 5,829,620
Less:Openingstockofcoursewareandothermaterials-Courseware 4,540,730 4,689,207-Heathkitsoftware 811,220 1,411,220 -Calibresoftware 36,400 36,400 -Informationandotherreferencematerials 441,270 78,939Total 5,829,620 6,215,766
1,379,672 386,146
23 EMPLOYEE BENEFITS EXPENSE
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Salariesandallowances 88,000,407 103,415,824 Contributiontoprovidentfundandotherfunds 4,135,921 4,729,588Staffwelfareexpenses 1,525,977 1,696,188
93,662,305 109,841,600
7030th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201424 FINANCE COSTS
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Interestexpenses – 471,344 Interest others 94,840 517,034
94,840 988,378
25 OTHER EXPENSES
Particulars Current Year 2013-14
(`)
Previous Year 2012-13
(`)
Trainingexpenses 16,090,953 25,134,595Advertisementandpublicity 18,344,775 23,686,189Businessandsalespromotion 12,587,363 14,220,569Legalandprofessionalfees 19,885,862 19,923,490Travellingexpenses 16,913,120 18,075,596Repairsandmaintenance -Building 3,934,185 2,988,031 - Others 5,610,844 6,233,135 Rent 19,246,628 19,515,442Rates and taxes 889,161 1,051,827 Electricitycharges 6,048,118 6,478,143 Printingandstationery 1,077,034 1,147,969Freightandtransportexpenses 1,326,309 1,963,291Securityandservicecharges 2,881,616 2,770,538 Telephoneexpenses 3,417,827 4,344,280 Insurance 3,818,933 4,230,102 Bankcharges 72,638 152,324 Directors'sittingfees 360,000 131,000 Auditors'remuneration:As auditor: - Audit fee 465,000 465,000 - Tax audit fee 150,000 150,000 -Limitedreview 105,000 105,000 Inothercapacity - Taxation matters 273,000 60,000 -Otherservices(Certification) 66,500 51,500 Baddebtsandadvanceswrittenoff 5,332,441 6,542,894Provisionfordoubtfuldebts 5,163,813 578,856 Loss on sale of assets 343,141 – Fixed assets written off 944,611 20,941Miscellaneousexpenses 4,952,155 5,808,097
150,301,027 165,828,809
30th ANNUAL REPORT 2013-1471
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201426. Contingent liabilities not provided for in respect of:
a. Disputed service tax demand (net of provision of ` 16,758,179, previous year ` 16,758,179)aggregating to`Nil (As atMarch31, 2013`Nil) againstwhich theCompanyhas preferred anappeal.TheCompanyhasdepositeduptoMarch31,2014`12,730,783(UptoMarch31,2013` 12,730,783)underprotest.
b. Disputed IncomeTax demand aggregating to` 4,181,536 (As atMarch 31, 2013` Nil) againstwhichtheCompanyhaspreferredanAppeal/forrectificationofmistakesunderSection154oftheIncomeTaxAct,1961.TheCompanyhasadjustedrefunduptoMarch31,2014` 2,006,116 (As at March31,2013`Nil)BasedontheinterpretationoftheprovisionsoftheIncomeTaxAct,1961,themanagementisoftheopinionthatthedemandislikelytobeeitherdeletedorsubstantiallyreducedandaccordinglynoprovisionhasbeenmade.
c. DisputedTDSdemandaggregating to`145,020(AsatMarch31,2013`Nil)againstwhich theCompanyhaspreferredforfillingarevisedreturn.BasedontheinterpretationoftheprovisionsoftheIncomeTaxAct,1961,themanagementisoftheopinionthatthedemandislikelytobeeitherdeletedorsubstantiallyreducedandaccordinglynoprovisionhasbeenmade.
27. Commitmentsa) Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountnotprovidedfor(netof
advances)`9,207,578(Previousyear`12,894,139).b) UncalledcapitalcommitmentinrespectofinvestmentinIDFCRealEstateYieldfund` 13,500,000
(Previousyear` Nil)28. a. In theopinionofmanagement,currentassets, loansandadvanceshaveavalueonrealization in
theordinarycourseofbusinessatleastequaltotheamountatwhichtheyarestatedinthebalancesheet.Theprovisionfordepreciationandallknownliabilitiesisadequateandnotinexcessoftheamountreasonablystated.
b. Balancesofcertaintradereceivables,tradepayablesandadvancesgivenaresubjecttoconfirmation/reconciliation,ifany.Themanagementdoesnotexpectanymaterialdifferenceaffectingthefinancialstatementsonsuchreconciliation/adjustments.
29. Disclosure under (AS) -15 (Revised 2005): The Company has provided leave encashment and gratuity based on actuarial valuation done as per
ProjectedUnitCreditMethod.i) Retirement benefits in the form of Provident Fund are a defined contribution scheme and the
contributionsarechargedtotheStatementofProfitandLossoftheyearwhenthecontributionstotherespectivefundsaredue.Therearenootherobligationsotherthanthecontributionpayabletotherespectivetrusts.
ii) Gratuityand leaveencashment liabilityaredefinedbenefitobligationandareprovided foron thebasisofanactuarialvaluationmadeattheendofeachfinancialyear.
TheCompanyhasclassifiedthevariousbenefitsprovidedtoemployeesasunder:I. Defined contribution plans:
Contributionstodefinedcontributionplansrecognizedasexpensefortheyearareasunder:
Particulars Current Year(`)
Previous Year(`)
Contributiontoprovidentfund 3,841,355 4,348,149
7230th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014II. Defined benefit plan: The Company makes annual contributions to the Employees’ Group Gratuity of the Life Insurance
Corporation(LIC),afundeddefinedbenefitplanforqualifyingemployees.Gratuityispayabletoalleligibleemployeesonsuperannuation,deathoronseparation/terminationintermsoftheprovisionsofthePaymentofGratuityActoraspertheCompany’spolicywhicheverisbeneficialtotheemployees.
The following table sets out the amounts recognized in the Company’s financial statements as at 31March2014.
31 March 2014 31 March 2013Particulars Gratuity
(funded)`
Leave encashment(unfunded)
`
Gratuity(funded)
`
Leave encashment(unfunded)
`a) Change in present value of obligation
Present value of obligation as at 1 April2013InterestcostServicecostBenefitspaidActuarial(gain)/lossonobligationPresentvalueofobligationasat31March2014
29,220,7402,337,6591,230,148(968,970)
(1,278,470)30,541,107
1,666,533133,323554,130
(946,888)392,005
1,799,103
27,392,9142,191,4331,060,622(939,500)(484,729)
29,220,740
1,827,116146,169621,830
(2,569,097)1,640,5151,666,533
b) Change in fair value plan assetsFairvalueofplanassetsasat1April2013Expectedreturnonplanassets(%)ContributionpaidBenefitspaidActuarialgain/(loss)onplanassetsFair value of plan assets as at 31 March2014
22,369,5811,789,566
---(968,970)(307,135)
22,883,042
------------------
21,377,6701,710,214
38(939,500)221,159
22,369,581
------------------
c) Amount recognized in the Balance SheetPresentvalueofobligation,asat31March2014Fair value of plan assets as at 31 March2014LiabilitiesprovidedintheBalanceSheetandDisclosed under Provisions (Refer Note 6and9ofthefinancialstatements).
30,541,107
22,883,042
7,658,065
1,799,103
---
1,799,103
29,220,740
22,369,581
6,851,159
1,666,533
---
1,666,533
d) Net gratuity and leave encashment cost for the year ended 31 March 2014
30th ANNUAL REPORT 2013-1473
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
31 March 2014 31 March 2013Particulars Gratuity
(funded)`
Leave encashment(unfunded)
`
Gratuity(funded)
`
Leave encashment(unfunded)
`CurrentservicecostInterestcostExpectedreturnonplanassetsNetActuarial(gain)/losstoberecognizedNetgratuityandleaveencashmentcost
1,230,1482,337,659
(1,789,566)(971,335)806,906
554,130133,323
---392,005
1,079,458
1,060,6222,191,433
(1,710,214)(705,888)(835,953)
621,830146,169
---1,640,5152,408,514
e) Assumptions used in accounting for the gratuity planDiscountrateSalaryescalationrateExpectedrateofreturnonplanassets
9%5%8%
9%5%--
8%5%8%
8%5%--
The estimates of future salary increases, considered in actuarial valuation, take into account inflation,seniority,promotionandotherrelevantfactors,suchassupplyanddemandintheemploymentmarket.
The expected return on plan assets is determined considering several applicable factors mainly thecompositionoftheplanassetsheld,assessedrisksofassetmanagement,historicalresultsofthereturnonplanassets.
30. Segment reporting: TheCompanyoperatesinasingleprimarybusinesssegmenti.e.“ITTraininginHardwareandNetworking”.
Hence, there are no reportable segments as per Accounting Standard (AS) - 17 “SegmentReporting”notifiedbyCompanies(AccountingStandards)Rules,2006.TheCompanydoesnothaveanyreportablegeographicalsegment.
31. Related party disclosures:I) Related party relationship:
a) WhollyOwnedSubsidiaryCompany JetkingSkillDevelopmentPvt.Ltd.
b) Keymanagementpersonnel a)Mr.SureshG.Bharwanib)Mr.NanduG.Bharwani
c) Relativesofkeymanagementpersonnel
Mr.JituG.Bharwani–BrotherofSureshBharwania) andNanduBharwaniHarshBharwani–SonofSureshG.Bharwanib) AvinashBharwani–SonofSureshG.Bharwanic)SiddarthBharwani–SonofSureshG.Bharwanid) DiptiBharwani–WifeofNanduG.Bharwanie) UrvashiBharwani–DaughterofNanduG.Bharwanif) RitikaBharwani-DaughterofNanduG.Bharwanig)
d) Enterprisesonwhichkeymanagementpersonnelortheirrelativeshassignificantinfluence
JetkingSmartrainAcademyPvt.Ltd.
7430th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014Notes:1. TherelatedpartyrelationshipshavebeendeterminedonthebasisoftherequirementsoftheAccounting
Standard (AS) – 18 “RelatedPartyDisclosures” notified byCompanies (AccountingStandards)Rules,2006andthesamehavebeenrelieduponbytheAuditors.
2. Therelationshipsasmentionedabovepertaintothoserelatedpartieswithwhomtransactionshavetakenplaceduringtheyear,exceptwherecontrolexists.
II) Related party transactions:
Sr.No.
Particulars Current Year
`
Previous Year
`A Wholly owned subsidiary Company
Investment in shares of companyJetkingSkillDevelopmentPrivateLimited 100,000 Nil
B Key management personnel1 Director’s remuneration
SureshG.Bharwani 8,148,767 10,388,881NanduG.Bharwani 11,104,767 11,033,183
2 RentSureshBharwani 600,000 720,000
C Relatives of key management personnel1 Rent
JituG.Bharwani 1,140,000 1,248,000AvinashS.Bharwani 1,074,480 1,074,480HarshS.Bharwani 1,074,480 1,074,480DiptiBharwani 837,312 837,312RitikaBharwani 837,312 837,312UrvashiBharwani 837,312 837,312
2 SalaryHarshBharwani 1,992,963 1,992,963AvinashS.Bharwani 1,992,963 1,992,963UrvashiBharwani 1,992,963 1,992,963SiddarthBharwani 445,200 445,200
3 Deposit receivableAvinashS.Bharwani 895,400 895,400HarshS.Bharwani 895,400 895,400DiptiBharwani 697,767 697,767RitikaBharwani 697,766 697,766UrvashiBharwani 697,767 697,767
C Enterprises on which key management personnel or their relatives have significant influence -Jetking Smartrain Academy Pvt. Ltd.Rent -- 150,000
30th ANNUAL REPORT 2013-1475
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014Note: AsthefutureliabilityforgratuityisprovidedonanactuarialbasisfortheCompanyasawhole,theamount
pertaining to thekeymanagementpersonneland their relatives isnotascertainableand, therefore,notincludedabove.
32. Intheviewofinadequacyofprofitsduringtheyear,remunerationpaid/payabletodirectors,amountingto`19,253,534isinaccordancewiththeapprovalreceivedfromtheCentralGovernment.
33. Leases:a. The Company has taken various office premises under operating lease that are renewable on a
periodicbasisattheoptionofboththelessorandlessee.b. Thefutureminimumleasepaymentsaspertheoperatingleaseundernon-cancellableleaseterms
are as follows:
Particulars As at31/03/2014
`
As at31/03/2013
`Notlaterthanoneyear 8,911,564 8,811,793Laterthanoneyearandnotlaterthanfiveyears 10,123,977 19,563,883Laterthanfiveyears -- --
TheamountofminimumleasepaymentswithrespecttotheaboveleaserecognizedintheStatementofprofitandlossfortheyearis`19,246,628(previousyear`19,515,442).
Abovedisclosureisforleasesenteredafter1April2001,asperAccountingStandard(AS)-19‘Leases’notifiedbyCompanies(AccountingStandards)Rules,2006.
34. Earnings per share:
Particulars CurrentYear
PreviousYear
Basic and dilutedNetprofitaftertaxasperstatementofprofitandloss(`) 26,094,433 31,600,354Weighted average number of equity shares outstanding during the year(Nos.) 5,889,000 5,889,000
Basicanddilutedearningspershare(`) 4.43 5.37Nominalvalueofshare(`) 10 10
35. There isno impairment losson fixed assetson thebasisof reviewcarriedoutby themanagement inaccordancewithAccountingStandard(AS)-28“ImpairmentofAssets”notifiedbyCompanies(AccountingStandards) Rules, 2006.
36. Foreign currency exposures that are not hedged by derivative instruments as at 31March 2014 is asfollows:
Particulars Equivalent rupee value of foreign currency
Amount(USD)
Incomereceivedinadvance 802,683
(1,453,159)
13,355.83
(26,712)
Figuresinbracketareforthepreviousyear.
7630th ANNUAL REPORT 2013-14
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 201437. IncomeandExpenditureinforeigncurrency:
a) Incomeinforeigncurrency:(Onaccrualbasis)
Particulars Current year Previous year` `
Incomefromfranchiseeoperations 1,097,288 540,602Franchiseeregistrationfee 1,244,304 655,504Saleofcoursewareandothermaterials 292,864 350,455Examination and other fees 516,846 1,276,168Miscellaneousincome 26,446 53,243Total 3,177,748 2,875,971
b) Expenditureinforeigncurrency:(Onaccrualbasis)
Particulars Current year Previous year` `
Trainingexpenses – 3,173TabletPCtrainingprogramme – 102,294Travellingexpenses 546,720 211,664Communicationexpenses – 739Businessandsalespromotion – 220,588Freightandtransportexpenses – 29,085Miscellaneousexpenses – 17,982Bankcharges 16,765 6,658Total 563,485 592,183
Asperourreportofevendateattached FOR SURESH SURANA & ASSOCIATES LLP For and on behalf of the Board of Directors CharteredAccountants Ramesh Gupta Suresh G Bharwani Chairman&ManagingDirectorPARTNER Nandu G Bharwani JointManagingDirectorMembershipNo.102306 Deepali Koneri CompanySecretary Place:Mumbai Place:MumbaiDated:26thMay2014 Dated:26thMay2014
30th ANNUAL REPORT 2013-14
JETKING INFOTRAIN LIMITEDRegisteredOffice:401,BussaUdyogBhavan,T.J.Road,NearSewriBusTerminus,Sewri(W),Mumbai-400015
Tel.: 022-24156528/6486 | Email: [email protected] Website: www.jetking.com
ATTENDANCE SLIP
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING PLACE
IherebyrecordmyattendanceattheTHIRTIETHANNUALGENERALMEETINGofJETKINGINFOTRAINLIMITEDheldonMonday,July14,2014
at11.30a.m.atExecutiveEnclave,331,Dr.AmbedkarRoad,PaliHill,Bandra(W),Mumbai–400050
___________________________________SignatureoftheProxy/SignatureoftheMember
Name of the Member
NameoftheProxy
Folio No.: No. of Shares:
JETKING INFOTRAIN LIMITEDRegisteredOffice:401,BussaUdyogBhavan,T.J.Road,NearSewriBusTerminus,Sewri(W),Mumbai-400015
Tel.: 022-24156528/6486 | Email: [email protected] Website: www.jetking.com
PROXY FORMI/We beingaMember(s)ofJETKINGINFOTRAINLIMITED,hereby
appoint Mr./Mrs. or failing him/her
Mr./Mrs. asmy/ourProxytoattendandvoteforme/usandonmy/our
behalf,attheThirtiethAnnualGeneralMeetingoftheCompany,tobeheldonMonday,July14,2014at11.30a.m.andatanyadjournment(s)
thereof.
SignatureofMemberacrosstheRevenueStamp:
Folio No. :
Signedbythesaidproxy
1. 2.
Signedthis dayof , 2014
NOTE : Thisform,inordertobeeffective,shouldbedulystamped,completed,sighedanddepositedattheRegisteredOfficeoftheCompanynotlessthan48hoursbeforethemeeting
Affix` 1/- RevenueStamp
Corporate Office:5th Floor, Amore Bldg., Junction of 2nd & 4th Road, Khar (W), Mumbai 400 052.Tel: 022-6741 4000 | Email: [email protected] | www.jetking.com