13th ANNUAL REPORT - Siddharth Academysiddharthacademy.in/Policies/Siddharth-AnnualReport-18.pdf ·...

13th

ANNUAL REPORT

Siddharth Education Services Ltd.

Siddharth Education Services Limited CIN: U80902MH2005PLC15161

Regd. Off.: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E. R. Road, Thane – 400 601 Email: [email protected] Website: www.siddharthacademy.in

SIDDHARTH EDUCATION SERVICES LIMITED 13TH ANNUAL GENERAL MEETING

Sr. No. Table of Contents Page Number

1. Notice to Shareholder’s 1-5 2. Directors’ Report 6-15 3. Report on Corporate Governance 16 4. Independent Auditor’s Report (Standalone) 17-21 5. Standalone Financial Statements 22-41 6. Independent Auditor’s Report (Consolidated) 42-46 7. Consolidated Financial Statements 47-67 8. Attendance Slip and Proxy Form 68-69

ROUTE MAP FOR THE AGM VENUE

VENUE FOR 13th AGM:- 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R. Road, Thane – 400601


BOARD OF DIRECTORS

Name Designation DIN Mr. Vinay S. Bhagwat Non Executive Director & Chairman 00026243 Mrs. Reena V. Bhagwat* (*Appointed w.e.f July 31, 2017)

Managing Director

07883432

Mr. Ramdas Trimbak Rajguroo** (**Resigned w.e.f. September 09, 2017)

Non Executive Independent Director 00001424

Mr. Ajit K. Sharma# (#Appointed w.e.f. September 09, 2017)

Non Executive Independent Director 03223934

Mr. Prasad M. Sahasrabuddhe Non Executive Independent Director 03062690

COMPANY SECRETARY CHIEF FINANCIAL OFFICER SECRETARIAL AUDITOR

Ms. Radha S. Sharma* Company Secretary & Compliance Officer (*Appointed w.e.f. July 31, 2017)

Mr. Pradeep Kumar Jha Chief Financial Officer (Appointed w.e.f. July 31, 2017)

M/s. Sawant & Associates Practicing Company Secretaries Mumbai

STATUTARY AUDITOR INTERNAL AUDITOR M/s. Doshi Maru & Associates, Chartered Accountants, Firm Registration No.- 0112187W

M/s. Kunder, D'Mello & Associates Chartered Accountants Firm Registration No. - 130093W

BANKERS REGISTRAR & SHARE TRANSFER AGENTS ICICI Bank Limited COSMOS Bank

Karvy Computershare Private Limited, Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500 032. Ph. No.: +91 040 6716 1751. Email ID: [email protected]

REGISTERED & CORPORATE OFFICE BRANCHES

Regd. Off: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E. R. Road, Thane – 400601. Email: [email protected] Website: www.siddharthacademy.in Corporate Office: Unit 303, Sambhav IT Park, Village Panch Pakhadi, MIDC Wagle Industrial Estate, Thane

DadarAdd: 1st Floor, Popatlal Building, Opp. Saraswat Bank, Ranade Road, Dadar West, Mumbai – 400028 Vashi Add: ’C’ wing, Room No. 472, 2nd Floor, Vashi Plaza, Sector 17, Vashi, Navi Mumbai – 400 705 Dombivli Add: Flat No. 4, first floor, Vaibhav Co-operative Housing Society Limited, near Shivalji Garde, Nehru Road, Dombivali (East), Taluka Kalyan, Dist. Thane.

Corporate Information


NOTICE

NOTICE is hereby given that the 13TH Annual General Meeting of the Members of Siddharth Education Services Limited will be held on Sunday, September 30, 2018 at 9.30. A.M at the Registered office of the Company situated at 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R. Road, Thane – 400601 to transact the following business:-

ORDINARY BUSINESS: 1. To receive, consider and adopt the audited Financial Statements of the Company on a standalone and

consolidated basis, for the financial year ended 31st March, 2018 including audited Balance Sheet and the Statement of Profit & Loss for the year ended on that date along with the Reports of the Directors’ and Auditors’ thereon.

2. To appoint a Director in place of Mrs. Reena Vinay Bhagwat (DIN: 07883432), who retires by rotation and being eligible, offers herself for re-appointment.

SPECIAL BUSINESS:

3. APPOINTMENT OF MR. AJIT K. SHARMA (DIN: 03223934) AS A NON EXECUTIVE INDEPENDENT DIRECTOR To consider and if thought fit, to pass, with or without modification(s) the following resolution as a Special Resolution: “RESOLVED THAT Mr. Ajit K. Sharma (DIN: 03223934) ,who was appointed as an Additional Director of the Company by the Board of Directors with effect from September 09, 2017, in terms of Section 161 of the Companies Act, 2013 and whose terms of the office expires at this Annual General Meeting and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of director be and is hereby appointed as an Independent director of the Company in terms of section 149, 152 and other applicable provisions , if any, of the Companies Act, 2013 (Act) and the Rules framed there under, read with Schedule IV to the Act, as amended from time to time, to hold office for period of 3 (Three) years commencing from September 09, 2017, not liable to retire by rotation. “FURTHER RESOLVED THAT the Board be and is hereby authorized to do all acts take all such steps as may be necessary, proper or expedient to give effect to this resolution.”

4. APPOINTMENT OF MR. DILIP PRABHUNE (DIN: 01779383) AS A WHOLE TIME DIRECTOR

To consider and if thought fit, to pass, with or without modification(s) the following resolution as a Special Resolution:

“RESOLVED THAT in accordance with the provisions of Sections 196, 197 and 203 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force), approval be and is hereby accorded to the appointment of Mr. Dilip Prabhune (DIN: 01779383) as Whole Time Director of the Company for a period of 3 (three) consecutive year w.e.f. September 06, 2018, subject to retirement by rotation, on the terms and conditions as set out in the explanatory statement annexed to the Notice convening this Meeting, with liberty to the Board of Directors (hereinafter referred to as “the Board” which term shall be deemed to include the Nomination and Remuneration Committee of the Board) to alter and vary the terms and conditions of the said appointment as it may deem fit and as may be acceptable to Mr. Dilip Prabhune (DIN: 01779383), subject to the same not exceeding the limits specified under Schedule V to the Companies Act, 2013 or any statutory modification(s) or re-enactment(s) thereof”

“RESOLVED FURTHER THAT the Board be and is hereby authorized to do all acts take all such steps as may be necessary, proper or expedient to give effect to this resolution.”

5. APPOINTMENT OF MR. SUJAY SHRIPAD GODSE (DIN: 07050882) AS A NON – EXECUTIVE INDEPENDENT DIRECTOR

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To consider and if thought fit, to pass, with or without modification(s) the following resolution as an Special Resolution:

“RESOLVED THAT pursuant to the provisions of sections 149, 152 and other applicable provisions, if any, of the Companies Act, 2013 (Act) and the Rules framed thereunder, read with Schedule IV to the Act, as amended from time to time, Mr. Sujay Shripad Godse (DIN: 07050882)a non-executive Director of the Company, who has submitted a declaration that he meets the criteria for independence as provided in section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an Independent Director of the Company with effect from September 30, 2018 up to September 30, 2023.

6. APPROVAL FOR INCREASE IN THE LIMITS OF BORROWING OF FUNDS U/S 180(1)(C) OF THE COMPANIES ACT 2013. To consider and, if thought fit, to pass with or without modification the following resolution as Special Resolution: “RESOLVED THAT, subject to the provisions of Section 180 (1) (c) and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, the consent of the Members be and is hereby given to the Board of Directors of the Company to borrow monies from time to time in excess of aggregate of paid up capital and free reserves (apart from temporary loans obtained / to be obtained from bankers in the ordinary course of business), provided that the outstanding principal amount of such borrowing at any point of time shall not exceed Rs. 500 Crores (Rupees Five Hundred Crores Only).” “FURTHER RESOLVED THAT, the Board of Directors of the company (hereinafter referred to as the “Board” which term shall be deemed to include any committee thereof) be and is hereby authorized and empowered to borrow money as referred above, from any one or more banks, institutions, bodies corporate, firms, persons, share holders and directors of the company by way of loans, deposits, advances, debenture, bonds, commercial papers, other borrowings and any other instruments / form on such terms, interest, conditions, covenants, securities etc. as may be agreed upon and the Board thinks fit including any modification, restructuring and compromise thereof from time to time.” “FURTHER RESOLVED THAT, the Board of Director of the Company be and is hereby authorized to do all such acts and deeds as empowered herein above and as may be necessary for obtaining approval, statutory, contractual or signed and execute all deeds, agreements, undertakings, applications, representation, documents and writings that may be required, for and on behalf of the Company and also to delegate all or any of the above powers to the Managing Director or any Directors of the Company or any other person and generally to do all such acts, deeds, and steps that may be necessary, proper, expedient or incidental for the purpose of giving effect to the aforesaid Resolution.” Date: September 06, 2018 Place: Thane Regd. Office: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane – 400 601

By Order of the Board For Siddharth Education Services Limited Sd/- Vinay Bhagwat Director DIN: 00026243

NOTES:- 1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THIS MEETING IS ALSO ENTITLED TO APPOINT A

PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. A person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent of the total share capital of the Company.

The instrument of Proxy in order to be effective, should be deposited at the Registered Office of the Company, duly completed and signed, not less than 48 hours before the commencement of the meeting. A Proxy form is sent herewith. Proxies submitted on behalf of the companies, societies etc., must be supported by an appropriate resolution/authority letter, as applicable.

2. An Explanatory Statement pursuant to provisions of Section 102 of the Companies Act, 2013, which sets out

details relating to Special Business to be transacted at the meeting, is annexed hereto.

3. The Register of Members and Share Transfer Books of the Company will remain closed from September 24, 2018 to September 30, 2018(both days inclusive) for the purpose of this Annual General Meeting.

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4. As per Rule 20 of Companies (Management & Administration) Rules, 2014, The Company is registered under Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and hence, it is not required to provide the facility to vote by electronic means.

5. Since E- voting facilities are not available to members, The Company has provided Ballot Voting Papers along

with the notice of the AGM to the shareholders, and the same shall also be made available at the venue of the AGM.

6. A member may participate in the AGM even after exercising his right to vote through Physical “Ballot Paper“

but shall not be allowed to vote again in the meeting.

7. Members who attend the Meeting are requested to complete the enclosed attendance slip and deliver the same at the entrance of the Meeting Hall.

8. Members are requested to bring their copy of the Annual Report at the time of attending the Annual General Meeting.

9. Members holding shares in single name and physical form are advised to make nomination in respect of their shareholding in the Company.

10. Members who hold shares in physical form in multiple folios in identical names are requested to send the share certificates to the company immediately to enable consolidation of their holding into one folio.

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

As required by Section 102 of the Companies Act, 2013, the following explanatory statement sets out all material facts relating to the business mentioned under Item No.3, 4, 5 and 6 of the accompanying notice:-

ITEM NO. 3

In order to broad base the strength of the Board of Director and to comply with the provision of the Companies Act, 2013 and listing agreement, it is proposed to appoint Mr. Ajit Sharma (DIN: 03223934) as Non-Executive Independent Director of the Company w.e.f. September 09, 2017. The Board of directors has received a notice from the shareholders of the Company pursuant to section 160 of the Companies Act, signifying their intention to propose Mr. Ajit K Sharma as a candidate for the office of Director.

The brief profile of Mr. Ajit K. Sharma is annexed to this notice. The Company has received a declaration from Mr. Ajit K. Sharma under section 149(7) stating that he fulfills the criteria as set out in section 149(6) of the Companies Act, 2013 and confirms that he is Independent. The Board of Directors is of the opinion that he is Independent and fulfils the criteria as set out in the Act.

In compliance with the provisions of Section 149 read with Schedule IV of the Act, the appointment of this director as Independent Director is now being placed before the Members for their approval. The terms and conditions of appointment of the above Directors shall be open for inspection by the Members at the Registered Office of the Company during normal business hours on any working day.

Brief resume and other details of the Independent Director whose appointment is proposed is provided in the Annexure to the Notice. He is not related to any of the Directors or Key Managerial Personnel (including relatives of the Directors and Key Managerial Personnel) of the Company in terms of Section 2(77) of the Companies Act, 2013. None of the Directors or Key Managerial Personnel of the Company (including relatives of the Directors and Key Managerial Personnel) other than Mr. Ajit K. Sharma is concerned or interested, financially or otherwise, in this resolution.

The Board recommends the Ordinary Resolution set out at Item No. 3 of the Notice for approval by the members. ITEM NO. 4 The Board of Directors, on the recommendation of Nomination and Remuneration Committee at their meeting held on September 06, 2018 proposed reappointment Mr. Dilip Prabhune (DIN: 01779383) as a Whole-time Director for a period of three years with effect from September 06, 2018 on the terms and conditions as mention in provisions of Sections 196, 197 and 203 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the period of his office shall be liable to determination by retirement of directors by rotation.

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The Board recommends the Resolution set out at Item No. 4 in this Notice for approval of the Members as Special Resolution.

None of the Directors or Key managerial Personnel of the Company or their relatives is concerned or interested in the proposed Resolutions. ITEM NO. 5 In order to broad base the strength of the Board of Director and to comply with the provision of the Companies Act, 2013 and listing agreement, it is proposed to appoint Mr. Sujay Shripad Godse (DIN: 07050882) as Non-Executive Independent Director of the Company w.e.f. September 30, 2018. The Board of directors has received a notice from the shareholders of the Company pursuant to section 160 of the Companies Act, signifying their intention to propose Mr. Sujay Shripad Godse as a candidate for the office of Director. The brief profile of Mr. Sujay Shripad Godse is annexed to this notice. The Company has received a declaration from Mr. Sujay Shripad Godse under section 149(7) stating that he fulfills the criteria as set out in section 149(6) of the Companies Act, 2013 and confirms that he is Independent. The Board of Directors is of the opinion that he is Independent and fulfils the criteria as set out in the Act. In compliance with the provisions of Section 149 read with Schedule IV of the Act, the appointment of this director as Independent Director is now being placed before the Members for their approval. The terms and conditions of appointment of the above Directors shall be open for inspection by the Members at the Registered Office of the Company during normal business hours on any working day. Brief resume and other details of the Independent Director whose appointment is proposed is provided in the Annexure to the Notice. He is not related to any of the Directors or Key Managerial Personnel (including relatives of the Directors and Key Managerial Personnel) of the Company in terms of Section 2(77) of the Companies Act, 2013. None of the Directors or Key Managerial Personnel of the Company (including relatives of the Directors and Key Managerial Personnel) other than Mr. Sujay Shripad Godse is concerned or interested, financially or otherwise, in this resolution. The Board recommends the Ordinary Resolution set out at Item No. 5 of the Notice for approval by the members. ITEM NO. 6 Sec. 180(1)(c) of the Companies Act, 2013, requires that the Board of Directors shall not borrow money in excess of aggregate of Company’s paid up Share Capital and Free Reserves, apart from temporary loans obtained from the Company’s bankers in the ordinary course of business and Sec.180(1)(a) of the Companies Act, 2013 requires that the Board of Directors shall not sell, lease or otherwise dispose off the whole or substantially the whole of the undertaking of the Company, except with the consent of the members accorded by way of Special Resolution.

Since the Company is envisaging to grow its financial base and overall business model during the current year borrowing limit is proposed to be enhance to the Rs. 500 Crore (Rupees Five Hundred Crore Only) in excess of aggregate of paid up capital and free reserves.

The Board recommends the Resolution set out at Item No. 6 in this Notice for approval of the Members as Special Resolution.

None of the Directors or Key managerial Personnel of the Company or their relatives is concerned or interested in the proposed Resolutions. Date: September 06, 2018 Place: Thane Regd. Office: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane – 400 601.

By Order of the BoardFor Siddharth Education Services Limited Sd/- Vinay Bhagwat Director DIN: 00026243

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Brief Resume of Directors/persons seeking appointment/ re-appointment at this Annual General Meeting in pursuance of regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements), 2015

Name of the Director

Mrs. Reena Bhagwat

Mr. Ajit K Sharma Mr. Dilip Prabhune Mr. Sujay Godse

DIN 07883432 03223934 01779383 07050882

Date of Birth 30/07/1986 15/10/1986 28/04/1968 19/10/1980

Date of Appointment

20/07/2017 09/09/2017 - -

Qualification Master Science in Bio Chemistry

B.Com, ACS Bachelor of Science Master in Management Consultancy L.L.B.

Bachelor of Arts Licentiate from Insurance Institute of India

Expertise in specific functional area

Working as a Branch Administrator at Siddharth Education Services Limited

Company Law, SEBI Laws.

Working as Management Consultant and Entrepreneurship Trainer from last 22 years. He has trained near about 8500 participants in Entrepreneurship programmes organized under various Government Schemes and consults near about 5000 small and medium scale businesses.

He has 15 years of Experience in Insurance marketing and sale (both Life and General) and handles Mutual Funds, Finance and Customers Service.

List of Public Companies in which outside Directorship held (including Foreign Companies)

N.A N.A N.A N.A

Chairman/ Member of the Committee of Board of Directors of other Public Companies

N.A. N.A Dhanada Corporation Limited

N.A.

No. of Shares Owned: a. Own b. For other

persons on a beneficial basis

7,44,140 -

4,000 -

NIL NIL

NIL NIL

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DIRECTOR`S REPORT To, The Members,

Your Directors have pleasure in presenting the 13th Annual Report on the business and operations of the Company, together with the audited financial statements for the financial year ended March 31, 2018. Financial Performance

The Company’s financial performance, for the year ended March 31, 2018 is summarized below:

Amount in Rupees

Summary of Operations

During the year ended March 31, 2018 the Company’s total revenue is Rs. 102,461,661 as against Rs. 49,469,470 in the previous period.

During the year under review, the Net Profit of the Company has increased to Rs. 2,97,28,704 as against Rs. 10,336,924 earned in the previous period.

Change in the Nature of Business:

There is no such changes occurred in the nature of business during the financial year under review.

Dividend: In order to conserve the reserves for future, your Board of Directors of the Company does not propose any dividend for the financial year ended 31st March 2018. Directors / Key Managerial Personnel:

Pursuant to sections 149, 152 and other applicable provisions, if any, of the Companies Act, 2013, one-third of such of the Directors are liable to retire by rotation and shall retire every year and, if eligible, offer themselves for re-appointment at every AGM. Consequently Mrs. Reena Vinay Bhagwat (DIN: 07883432),), Director will retire by rotation at the ensuing AGM, and being eligible, offer herself for re-appointment in accordance with the provisions of the Companies Act, 2013.

The Board pursuant to section 149, 152 and other applicable provisions, if any, of the Companies Act, 2013) and the Rules made thereunder, as amended from time to time, read with Schedule IV to the Act, has recommended the appointment of Mr. Ajit K. Sharma (DIN: 03223934) and Mr. Sujay Shripad Godse (DIN: 07050882) as Non-Executive Independent Director of the Company, not subject to retirement by rotation, who has submitted a declaration that they meets the criteria for independence as provided in Section 149(6) of the Act and who in the

Particulars Year ended March 31, 2018 Year ended March 31, 2017

Consolidated Standalone Consolidated StandaloneTotal Revenue 126,131,564 102,461,661 52,299,167 49,469,470 Less:- Total Expenses 82,082,276 67,240,735 36,821,479 34,715,215

Profit before exceptional and extraordinary items and tax

44,049,288 35,220,926 15,477,688 14,754,255

Less: Exceptional items NIL NIL NIL NIL Profit before extraordinary items and tax

44,049,288 35,220,926 15,477,688 14,754,255

Less:- Extraordinary Items Share of Minority Interest in Profit 8,828,363 NIL 723,433 NIL Profit Before Tax 35,220,926 35,220,926 14,754,255 14,754,255

Less: Tax Expenses Current Tax 2,052,944 2,052,944 4,400,000 4,400,000 Deferred Tax 139,137 139,137 17,331 17,331 Prior Period Income Tax w/o 3,300,142 3,300,142 NIL NIL Net Profit/Loss After Tax 29,728,703 29,728,704 10,336,924 10,336,924

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opinion of the Board of Directors of the Company fulfills the conditions specified in the act and is eligible for appointment. The Company has also received a notice in writing from a member proposing their candidature for the office of Director along with a deposit of Rupees One lakh in accordance with the provision of the Companies Act, 2013.

During the year under review, Mr. Ramdas Trimbak Rajguroo (DIN -00001424) has resigned from the Directorship of the Company w.e.f. September 09, 2017. The Board places on record its appreciation to the resigned directors, for their valuable guidance provided during their tenure as Director of the Company.

Declaration By Independent Directors: {SECTION 134 (3)(D)}

The Independent Directors of the Company are not associated with the Company in any manner as stipulated under section 149(6) of Companies Act, 2013 and at same time possess relevant expertise and experience that are additive to the Board of the Company for delivering higher growth and higher value.

The brief resume of the Directors being appointed/ reappointed, the nature of their expertise in specific functional areas, names of companies in which they have held Directorships, Committee Memberships/ Chairmanships, their shareholding etc., are furnished in the explanatory statement to the notice of the ensuing AGM.

The Directors recommend their appointment/re-appointment at the ensuing AGM.

Pursuant to the provisions under Section 134(3)(d) of the Companies Act, 2013, with respect to statement on declaration given by Independent Directors under Section 149(6) of the Act, the Board hereby confirms that all the Independent Directors of the Company have given a declaration and have confirmed that they meet the criteria of independence as provided in the said Section 149(6).

Key Managerial Personnel

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:‐

Mrs. Reena Bhagwat* Managing Director Ms. Radha Sharma* Company Secretary and Compliance Officer

Mr. Pradeep Jha* Chief Financial Officer

*Appointed w.e.f July 31, 2018.

Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report

There are no such changes or commitments occurred, affecting the financial position of the Company between the end of the financial year of the company to which the financial statements relate and the date of the report.

Board Meetings:

During the financial year 2017-2018, the Board of Directors met Twelve times and the date of Board Meeting were April 05, 2017, May 03, 2017, July 01, 2017, July 05, 2017, July 07, 2017, July 20, 2017,August 01, 2017, August 02, 2017, September 05, 2017, October 10, 2017, December 05, 2017 and March 05, 2018. The gap between any two meetings has been less than 120 days. Details of the Board of Directors and Attendance Record of Directors during the financial year ended March 31, 2018 is as under:

Name of Directors Board Meeting Held Board Meeting attendedMr. Vinay Bhagwat 8 8 *Mrs. Reena Vinay Bhagwat 8 4Mr. Prasad Moreshwar Sahasrabuddhe 8 8 #Mr. Ramdas Trimbak Rajguroo 8 6 $Mr. Ajit Kamal Sharma 8 3

*Mrs. Reena Vinay Bhagwat is appointed as the Managing Director w.e.f. July 31, 2017. #Mr. Ramdas Trimbak Rajguroo has resigned from the Directorship of the Company w.e.f. September 09, 2017. $Mr. Ajit Sharma is appointed as Non-Executive Independent w.e.f. September 9, 2017

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Share Capital:- A. Issue of equity shares with differential rights: During the year, company has not issued any equity shares with differential rights. B. Issue of sweat equity shares:- During the year, company has not issue any Sweat equity shares. C. Issue of employee stock options:- During the year, company has not issued employee stock options. D. Provision of money by company for purchase of its own shares by employees or by trustees for the

benefit of employees:- During the year, company has not made any Provision of money for purchase of its own shares by employees or by trustees for the benefit of employees. E. Bonus Shares:- During the year under review, the Company has issued Bonus of 42,45,750 equity shares of Rs. 10/- each out of its Free Reserves and Securities Premium Account of the Company amongst the member of the Company whose name appeared in the Register of Members as on the Record Date i.e. August 1, 2017 in a proportion of 1 (One) Bonus Equity Shares of Rs. 10/- (Rupees Ten only) each, for every 1 (One) fully paid up Equity shares of Rs. 10/- (Rupees Ten only) each. F. Rights Issue of Shares:

During the year under review, the Company has issued 10,39,100 (Ten Lakhs Thirty Nine Thousand and One Hundred) Equity shares of Rs. 10/- each at Rs. 30/- (including a premium of Rs. 20/- per share).

Extract of the annual return (MGT-9):

An extract of the Annual Return for the year ended March 31, 2018 as provided under sub-section (3) of Section 92 and prescribed under Rule 12 of Companies (Management & Administration) Rules, 2014 will be available at the * website of the Company viz. www.siddharthacademy.in (*Vide MCA Notification dated May 07, 2018, in Section 92 of Companies Act, 2013 sub-section (3) is substituted namely “Every company shall place a copy of the annual return on the website of the company, if any, and the web-link of such annual return shall be disclosed in the Board's report”. Hence, by virtue of this, the Extract of the Annual Return is available on the website of the Company.) Corporate Social Responsibility (CSR): In terms of section 135(1) of the Companies Act, 2013, the provisions of Corporate Social Responsibility are not applicable to the Company.

Auditors:

In accordance with the provisions of Section 139(1) of the Companies Act, 2013, the members had at the 12th

Annual General Meeting held on July 31, 2017 appointed M/s. Doshi Maru & Associates, Chartered Accountants, the Statutory Auditors of the Company (Firm Registration No. 0112187W) for five consecutive financial years, i.e. from the conclusion of the 12th Annual General Meeting till the conclusion of the 16th Annual General Meeting subject to ratification of re-appointment by the members at every Annual General Meeting.

You are requested to ratify the re-appointment of Auditors and to authorize the Board to fix their remuneration. The auditors M/s. Doshi Maru & Associates, Chartered Accountants, (Firm Registration No. 0112187W) are eligible for re-appointment. A certificate from the auditors has been received to the effect that their re-appointment, if made, would be within the prescribed limits. The Auditor’s Report for the Financial Year ended on 2017-18 does not contain any qualification, reservations, adverse remark or disclaimer. Further, the notes to accounts referred to in the Auditor`s Report are self-explanatory.*

(*Vide MCA Notification dated May 07, 2018, provision for ratification of Auditor at every Annual General Meeting of the company is omitted in Sec. 139 (1) of the Companies Act, 2013,)

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Qualifications in Audit Reports:

There are no adverse remarks or any disclaimer remark against the Company by the statutory auditor in his report is self explanatory and does not any comment from the Board of Directors.

Conservation of energy, technology absorption, adaptation and innovation:

As the Company is not carrying out any manufacturing activity or any operations the particulars prescribed under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with rules made there under is not Applicable.

However the Company is making continuous efforts to keep the employees informed of all emerging technologies and developments which are relevant to Business of the Company.

Particulars Current year Previous Year Foreign Exchange earnings Nil NilForeign Exchange Out go Nil Nl

Deposits:

Your Company has not accepted any deposits from the public in terms Chapter V, Section 73 of the Companies Act, 2013 during the year under review.

Listing of the Company on BSE-SME Platform:

Your Directors wish to inform you that pursuant to chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The Company has issued its specified securities to public shareholders by the way of an IPO, further the Company has received the Listing and Trading Permission from BSE Limited for getting its shares listed on BSE-SME platform.

Directors’ Responsibility Statement:

As per Section 134 (3) (c) of the Companies Act, 2013 the Board of Directors makes the following statement:

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and for the profit for that year.

(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The directors had prepared the annual accounts on a going concern basis; and (e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws

and that such systems were adequate and operating effectively. Significant & material orders passed by the regulators:

The Company has not received any significant/material orders from the statutory regulatory bodies/courts/tribunals which affect the operations/status of the Company.

Details of adequacy of internal financial controls:

The Company is well equipped with adequate internal financial controls. The Company has a continuous monitoring mechanism which enables the organisation to maintain with the same standard of the control systems and helps them in managing any default on timely basis because of strong reporting mechanisms followed by the company. The Board of Directors have appointed M/s. Kunder D’mello & Associates as its internal auditor for maintaining the adequate internal financial controls.

Particulars of loans, guarantees or investments:

During the financial year under review the Company has not given any Loan, guarantees and make any Investment covered under the provision of Section 186 of the Companies Act, 2013.

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Committees of the Board

Pursuant to requirement of Companies Act, 2013 along with rules made thereunder and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, Company has already formed following committees:

*Audit Committee

* Stakeholders Relationship Committee

*Nomination and Remuneration Committee

Secretarial Audit Report

In terms of Section 204(1) of the Companies Act, 2013 and the rules made thereunder, M/s. Sawant & Associates was appointed as the Secretarial Auditor to undertake the Secretarial Audit of the Company for the F.Y. 2017-18. The report of the Secretarial Audit in Form No. MR -3 is annexed to and forms part of this Report as per Annexure – A.

There are no qualifications, reservations, adverse remarks or disclaimers given by the Secretarial Auditor in the Report.

Details of Subsidiary/Joint Ventures/Associate Companies

The Company has One Subsidiary Partnership Firm Namely M/s. Bageshree Firms. The Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures is attached as per Annexure – B.

Related Party Transactions:

All the transactions with related parties are in the ordinary course of business and on arm’s length basis. The details of the transactions entered into between the Company and the related parties are given in AOC-2 as Annexure- C to this report.

Corporate Governance

Your Company complies with the various provisions of the Listing Agreement diligently. However, since the paid up capital of the Company is much beyond less than the limits prescribed under Regulation 15 of the SEBI Listing Regulations, 2015, the provisions of Regulation 27 of the SEBI Listing Regulations, 2015 and other Regulations related to Corporate Governance are not applicable to the Company.

Corporate Governance Report forming part of annual Report is attach as per Annexure – D.

Constitution of Internal Complaints Committee on Sexual Harassment

Your Directors wish to bring to your kind attention that your company has complied with provisions of constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and redressal) Act, 2013.

Acknowledgements:

Your Directors wish to place on record their sincere appreciation and acknowledge with gratitude the support and consideration extended by the Bankers, Shareholders and employees and look forward for their continued support and cooperation.

For and on behalf of the Board Siddharth Education Services Limited Sd/- Sd/- Mrs. Reena Bhagwat Mr. Vinay Shantaram Managing Director Director DIN: 07883432 DIN:- 00026243 Date: September 06, 2018 Place: Thane

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ANNEXURE - A FORM NO. MR-3

SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2018

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]

To, The Members, Siddharth Education Services Limited 101, 1st floor, Chirag Arcade, Behind Nagrik Stores, E. R. Road, Thane – 400 601.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by M/s. Siddharth Education Services Limited (CIN: U80902MH2005PLC158161) (hereinafter called “the company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of M/s. Siddharth Education Services Limited’s books, papers, minute books, forms and returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of the Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2018 complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by Siddharth Education Services Limited’s for the financial year ended on 31st March, 2018 according to the provisions of:

1. The Companies Act, 2013 (the Act) and the rules made thereunder;

2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

3. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

4. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (During the period under review, the Company has not entered into any transaction requiring compliances with the Foreign Exchange Management Act, 1999 and rules made thereunder)

5. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):- a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations, 2011; b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,

2009; d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock

Purchase Scheme) Guidelines, 1999; (During the period under review, the Company has not entered into any transaction requiring compliances with the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999).

e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (During the period under review, the Company has not entered into any transaction requiring compliances with the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008)

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993;

g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (During the period under review, the Company has not entered into any transaction requiring compliances with

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the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (During the

period under review, the Company has not entered into any transaction requiring compliances with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998)

OTHER APPLICABLE LAWS:- With respect to the compliance system prevailing in the Company and on examination of the relevant documents and records in pursuance thereof, on test check basis, the Company has complied with the following laws applicable to the Company, except those stated below: 1. Employees Provident Fund and Miscellaneous Provisions Act, 1952 2. Indian Contract Act, 1872. 3. Sales Tax Act / Maharashtra Value Added Tax, 2002, Goods and Service Tax. 4. Income Tax Act, 1961 to the extent of Tax Deducted at Source under various Section and T.D.S. Returns filed. 5. Indirect Tax Laws relating to collections, deductions, wherever applicable, payments made and returns filed. 6. Profession Tax Act, 1975. 7. Shops and Establishment Act, 1948.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

We further report that: That the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Majority decision is carried unanimously and are captured and recorded in the minutes. We further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report that during the audit period:‐

1. During the year under review the Company issued shares to general public by way of Initial Public Offer (IPO) of 31,08,000 Equity Shares and has subsequently received the Listing and Trading Approval Letter from BSE Limited on October 12, 2017 for getting its security listed on the SME Platform of BSE Ltd. Thus, compliance with various clauses of SEBI (LODR) Regulations, 2015 and other provisions of SEBI and Securities Laws were applicable to the Company from the quarter ended December 31, 2017 and the same has been generally in compliance of the same.

2. As informed by the management of the Company, the Company is under process of making application before the Sub-Registrar of Adjudication of payment of stamp duty on the securities issued by way of initial public offer. Note:- This Report is to be read with our letter of even date which is annexed as Annexure - 1 and forms an integral part of this Report.

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Annexure – 1 to the Secretarial Audit Report

To, The Members, Siddharth Education Services Limited 101, 1st floor, Chirag Arcade, Behind Nagrik Stores, E. R. Road, Thane – 400 601. Our report of even date is to be read along with this letter. 1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility

is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the Secretarial records. The verification was done on test check basis to ensure that correct facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable basis of our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the

Company. 4. Wherever required, we have obtained the Management representation about the Compliance of laws, rules

and regulations and happening of events etc.

5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedure on test check basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Sawant & Associates Sd/- Ms. Prachi Prakash Sawant M. No.: 41210 C.P. No.: 16317

Date:- September 06, 2018 Place: - Mumbai

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Annexure- B

FORM NO. AOC-2

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto. Details of material contracts or arrangement or transactions at arm’s length basis:

Sr. No. Particulars Related Party Related Party

1. Name(s) of the related party and nature of relationship:

Mr. Vinay Shantaram Bhagwat (Director)

Mrs. Reena Vinay Bhagwat (Managing Director)

2. Nature of contracts/ arrangements/transactions:

Remuneration Paid Remuneration Paid

3. Duration of the contracts / arrangements/transactions:

Ongoing Ongoing

4. Salient terms of the contracts or arrangements or transactions including the value, if any

As per appointment letter executed by the company and the director.

As per appointment letter executed by the company and the director.

5. Date(s) of approval by the Board, if any:

20/11/2012

31/07/2017

6. Amount paid as advances, if any:

NIL NIL

Date: September 06, 2018 Place: Thane Regd. Office: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane - 400 601.

By Order of the Board Place for Siddharth Education Services Limited

Sd/- Vinay Shantaram Bhagwat

(Chairman & Director) DIN: 00026243

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ANNEXURE C

Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

Part “A”: Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in Rs.)

Sr. No. Particulars Details

1. Name of the subsidiary M/s. Bageshree Firms

2. Reporting period for the subsidiary concerned, if

different from the holding company’s reporting period March 31, 2018

3. Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries

Not Applicable

4. Partner’s Capital 5,79,39,495/-

5. Reserves & surplus -

6. Total assets -

7. Total Liabilities 5,79,39,495/-

8. Investments -

9. Turnover 5,01,54,990/-

10. Profit before taxation 3,53,13,450/-

11. Provision for taxation Nil

12. Profit after taxation 3,53,13,450/-

13. Proposed Dividend Nil

14. % of shareholding 75%

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ANNEXURE - D

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE

In accordance with SEBI (LODR) Regulations, 2015 as entered with the Stock Exchange and some of the best practices followed internationally on Corporate Governance, the report containing the details of corporate governance systems and processes is as follows: At Siddharth Education Services Limited, Corporate Governance is all about maintaining a valuable relationship and trust with all stakeholders. We consider stakeholders are playing very important role in our success, and we remain committed to maximizing stakeholder value, be it shareholders, employees, suppliers, customers, investors, communities or policy makers. This approach to value creation emanates from our belief that sound governance system, based on relationship and trust, is integral to creating enduring value for all. We have a defined policy framework for ethical conduct of businesses. We believe that any business conduct can be ethical only when it rests on the nine core values of Honesty, Integrity, Respect, Fairness, Purposefulness, Trust, Responsibility, Citizenship and Courage. The corporate governance is an important tool for the protection of shareholder and maximization of their long term values. The objective of Corporate Governance is to achieve excellence in business thereby increasing stakeholders’ worth in the long term which can be achieved keeping the interest of stakeholders’ and comply with all rules, regulations and laws. The principal characteristics of Corporate Governance are Transparency, Independence, Accountability, Responsibility, Fairness, and Social Responsibility along with efficient performance and respecting interests of the stakeholders and the society as a whole.

COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE

The Company's philosophy on corporate governance is been founded on the fundamental ideologies of the group viz., Trust, Value and Service. Obeying the law, both in letter and in spirit, is the foundation on which the Company's ethical standards are built. On adopting corporate governance, the Company shall make a constant endeavor to achieve excellence in Corporate Governance on continuing basis by following the principles of transparency, accountability and integrity in functioning, so as to constantly striving to enhance value for all stakeholders and the society in general. As a good corporate citizen, the Company will maintain sound corporate practices based on conscience, openness, fairness, professionalism and accountability in building confidence of its various stakeholders in it thereby paving the way for its long term success. We are making continuous efforts to adopt the best practices in corporate governance and we believe that the practices we are putting into place for the company shall go beyond adherence to regulatory framework. The Company's corporate governance philosophy has been further strengthened by adopting a Code of Fair Practice in accordance with the guidelines issued by Reserve Bank of India from time to time.

APPLICABILITY As per the regulation 15 (2) (b) of SEBI (LODR), 2015 companies listed on SME platform of the stock exchanges does not have to comply with the provision of SEBI (LODR) Regulation, 2015. Since the Company is a SME listed over BSE SME the Company falls in regulation 15(2)(b) of SEBI (LODR) Regulations , 2015, thus the provision of Corporate Governance as laid down under the SEBI (LODR) Regulations, 2015 is not applicable to the Company. However, the Company itself follows the standards of Corporate Governance, but the disclosures required to be done under Regulation 27 (2) of SEBI (LODR) Regulations, 2015 is not applicable to the Company.

PARA A: DISCLOSURE AS PER SEBI (LODR), REGULATIONS, 2015 IN RESPECT TO RELATED PARTY TRANSACTIONS SR. NO.

IN THE ACCOUNTS OF

DISCLOSURES OF AMOUNTS AT THE YEAR END AND THE MAXIMUM AMOUNT OF LOANS/ ADVANCES / INVESTMENTS OUTSTANDING DURING THE YEAR.

REMARKS

1. Holding Company � Loans and advances in the nature of loans to subsidiaries by name and amount. � Loans and advances in the nature of loans to associates by name and amount. � Loans and advances in the nature of loans to firms/companies in which directors are interested by name and amount.

N.A.

2. Subsidiary Loans and advances in the nature of loans to holding company by name and amount. � Loans and advances in the nature of loans to associates by name and amount. � Loans and advances in the nature of loans to Firms / companies in which directors are interested by name and amount.

N.A.

3. Holding Company Investments by the loanee in the shares of parent company and subsidiary company, when the company has made a loan or advance in the nature of loan.

N.A.

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Independent Auditors’ Report To the members of Siddharth Education Services Limited Report on the financial statements We have audited the accompanying financial statements of Siddharth Education Services Limited (the “Company”), which comprise the Balance sheet as at March 31, 2018, and the Statement of Profit and Loss for the period then ended, the Cash flow Statement for the year ended March 31, 2018 and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of Balance sheet, of the State of Affairs of the Company as at March 31, 2018; and

(b) In the case of Statement of profit and loss, of the Profit for the Year ended on March 31, 2018; and

(c) Its cash flow statement for the year ended March 31, 2018.

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Emphasis of Matters

Nil.

Report on other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor's Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure 1, statement on the matters specified in paragraphs 3 and 4 of the order to the extent applicable.

(2) As required by Section 143(3) of the Act, we report that:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books of account;

c) The Balance Sheet and Statement of Profit and Loss and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the balance sheet and statement of profit and loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in section 133 of the Act read with rule 7 of Companies (Accounts) Rules, 2014; and

e) In our opinion, the comments or observations don’t have any adverse effect on functioning of the company.

f) On the basis of written representations received from the directors as at March 31st, 2018, and taken on record by the Board of Directors, we report that none of the directors is disqualified as at March 31st, 2018, from being appointed as a director in terms of subsection (2) of section 164 of the Companies Act, 2013.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report.

h) With respect to the matters to be included in the Auditor’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has no pending litigations affecting its financial statements and hence no disclosure in its financial statements.

ii. The Company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. There is no amounts which required to be transferred, to the Investor Education and

Protection Fund by the Company. Date : 28th May 2018 Place : Mumbai

FOR DOSHI MARU & ASSOCIATES (Chartered Accountants) Reg No. :112187W

SD/- HIREN JAYANTILAL MARU

Partner M.No. : 115279

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Annexure 1 to the Independent Auditor’s Report of even date on financial statements of Siddharth Education Services Limited

i. (a)The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable.

(c) The title deeds of immovable property is held in the name of the company.

ii. The Company has no inventory and hence Para 3 (ii) of the Companies (Auditors Report) order,

2016 is not applicable to the Company.

iii. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms, limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

iv. According to the information and explanations given to us, the company has not granted any

loans, investments, guarantees, and security covered under the provisions of section 185 and 186 of the Companies Act, 2013 and hence this clause is not applicable to the company.

v. According to the information and explanations given to us, the Company has not accepted any

deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 73 to Section 76 or any other relevant provisions of the Act and the rules framed there under apply

vi. The Central Government of India has not prescribed the maintenance of cost records under sub-

section (1) of Section 148 of the Act for any services rendered by the company.

vii. (a) According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues.

(b) According to the information and explanations given to us, there are no dues outstanding of income tax, sales tax, customs duty, service tax, excise duty, cess and goods and service tax on account of any dispute.

viii. The Company has not defaulted in repayment of loans or borrowing to a financial institutions or

banks.

Annexure 1 to the Independent Auditor’s Report of even date on financial statements of Siddharth Education Services Limited (Cont.)

ix. Managerial Remuneration had been paid by the company during the year in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to Companies Act.

x. All the transactions with the related parties are in compliance with sections 177 and 188 of

Companies Act, 2013 and the details have been disclosed in financial statements, as required by the applicable accounting standards.

xi. The company has not entered into any non cash transactions with Directors or persons connected

with them.

Date : 28th May 2018 Place : Mumbai




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Annexure 2 to The Independent Auditor’s Report Of Even Date On The Financial Statements Of Siddharth Education Services Limited

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Siddharth Education Services Limited (“the company”) as of 31st March, 2018 in conjunction with our Audit of the standalone financial statements of the company for the period ended on that date.

Management’s Responsibility for Internal Financial Controls The company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note ) and the standards on Auditing ,issued by ICAI and deemed to be prescribed under section 143 (10) of the Companies Act,2013,to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external Purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company,(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with authorizations of management and directors of the company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of internal Financial Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls , material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal

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financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance may with the policies or procedures may deteriorate.

Opinion In our opinion, the company , has in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance note on Audit of Internal Financial Controls Over Financial Reporting issued by Institute of Chartered Accountants of India.





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SIDDHARTH EDUCATION SERVICE LIMITED

CIN NO.U80902MH2005PLC158161.

STANDALONE BALANCE SHEET AS ON 31 March 2018.

Note

No.

2 3 4 5 6

I. EQUITY AND LIABILITIES

1 Shareholders’ funds

(a) Share capital 3 115,995,000 32,066,500 (b) Reserves and surplus 4 108,783,807 23,030,603 (c) Money received against share warrants - -

224,778,807 55,097,103 2 Share application money pending allotment - -

3 Non-current liabilities

(a) Long-term borrowings 5 94,287,725 68,493,036 (b) Deferred tax liabilities (Net) 6 869,317 730,180 (c) Other Long term liabilities - - (d) Long-term provisions - -

`4 Current liabilities

(a) Short-term borrowings 7 - - (b) Trade payables 8 7,411,452

Dues of Micro & Small EnterprisesOthers 4,145,537

(c) Other current liabilities 9 6,559,339 8,534,095 (d) Short-term provisions 10 3,093,984 4,300,000

TOTAL 333,734,709 144,565,866

II. ASSETS

Non-current assets

1 (a) Fixed assets(i) Tangible assets 11 34,053,017 20,918,739 (ii) Intangible assets 11 - - (iii) Capital work-in-progress 11 - - (iv) Intangible assets under development - - - -

(b) Non-current investments 12 144,276,415 112,145,615 (c) Deferred tax assets (net) - - (d) Long-term loans and advances 13 - - (e) Other non-current assets - -

2 Current assets

(a) Current investments 14 - - (b) Inventories 15 - - (c) Trade receivables 16 41,343,140 3,678,879 (d) Cash and cash equivalents 17 27,049,104 729,062 (e) Short-term loans and advances 18 79,566,904 6,046,296 (f) Other current assets 19 7,446,129 1,047,275

TOTAL 333,734,709 144,565,866 (0)

The Schedules referred to herein above form an integeral part of the Balance Sheet.

This is the Balance Sheet referred to in our report of even date.

For Doshi Maru & Associates For and on behalf of Board of Director of

Chartered Accountants Siddharth Education Services Limited

Hiren J. Maru Reena Kulkarni Vinay Bhagwat

Partner (Managing Director) (Non Executive Director)

M. No. 115279 (DIN: 07883432) (DIN: 00026243)

FRN: 0112187W

Place: MUMBAIDate : 29th May 2018 Mr. Pradeep Jha Ms. Radha S Sharma

Chief Finance Officer Company Secretary

(Rupees)

Particulars

1

AS AT 31 March 2018 AS AT 31st MARCH 2017

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CIN NO.U80902MH2005PLC158161.

Refer

Note

No.

I. Revenue From Operations 20 71,277,701 43,735,416

II. Other income 21 31,183,960 5,734,054

III. Total Revenue (I + II) 102,461,661 49,469,470

IV. Expenses:-

Professor Fees 7,370,846 8,264,732 Study Material Charges 555,500 454,250 Employee benefits expense 22 4,681,264 7,642,037 Finance costs 23 9,696,955 11,266,678 Depreciation and amortization expense 24 3,002,413 2,188,190 Other expenses 25 41,933,757 4,899,328

Total expenses 67,240,735 34,715,215

V. Profit before exceptional and extraordinary items and tax (III-IV) 35,220,926 14,754,255

VI. Exceptional items -

VII. Profit before extraordinary items and tax (V - VI) 35,220,926 14,754,255

VIII. Extraordinary Items -

IX. Profit before tax (VII- VIII) 35,220,926 14,754,255

X Tax expense:(1) Current tax 2,052,944 4,400,000 (2) Deferred tax 139,137 17,331 (3) Prior Period Income Tax written off 3,300,142

XI Profit (Loss) for the period from continuing operations (VII-VIII) 29,728,704 10,336,924

XII Profit/(loss) from discontinuing operations - -

XIII Tax expense of discontinuing operations - -

XIV Profit/(loss) from Discontinuing operations (after tax) (XII-XIII) - -

XV Profit (Loss) for the period (XI + XIV) 29,728,704 10,336,924

XVI Earnings per equity share:(1) Basic 2.56 3.22 (2) Diluted 3.59 3.22

The Schedules referred to herein above form an integeral part of the Profit & Loss Account.

This is the Statement of Profit & Loss Account referred to in our report of even date.


Chartered Accountants Siddharth Education Services Limited

Hiren J. Maru

Partner Reena Dilip Kulkarni Vinay Bhagwat

M. No. 115279 (Managing Director) (Non Executive Director)

FRN: 0112187W (DIN: 07883432) (DIN: 00026243)

Place: MUMBAIDate : 29th May 2018 Mr. Pradeep Jha Ms. Radha S Sharma


STANDALONE PROFIT AND LOSS STATEMENT FOR THE PERIOD ENDED 31 March 2018

(Rupees)

Particulars

FOR THE YEAR ENDED

31st MARCH 2017

FOR THE Year ENDED 31

March 2018

23

Shahana

Text Box

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NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS BACKGROUND :-

SIDDHARTH EDUCATION SERVICES LIMITED was incorporated in the year 2005 under the provisions of Companies Act, 2013 with Registrar of Companies, Mumbai vide Registration No. U80902MH2005PLC158161.

The Company is engaged in business activity of Teaching & Providing Master Degree Based Education etc.

ANNEXURE – 4 : Standalone Significant accounting policies and notes on Accounts:

a. Basis of preparation of financial statements : -

The financial statements are prepared and presented under the historical cost convention and evaluated on a going-concern basis using the accrual system of accounting in accordance with the accounting principles generally accepted in India (Indian GAAP) and the requirements of the Companies Act, 1956 (up to March 31, 2014), and notified sections, schedules and rules of the Companies Act 2013 (with effect from April 01, 2014), including the Accounting Standards as prescribed by the Companies (Accounting Standards) Rules, 2006 as per section 211(3C) of the Companies Act, 1956 (which are deemed to be applicable as Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of Companies (Accounts) Rules, 2014). The presentation of financial statements requires estimates and assumption to be made that affect the reported amount of assets & Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which results are known/materialized.

b. Use of Estimates

The preparation and presentation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities, if any, as at the date of the financial statements and reported amounts of income and expenses during the year. Examples of such estimates include provisions for doubtful debts, employee retirement benefit plans, provision for income tax and the useful lives of fixed assets. The difference between the actual results and estimates are recognized in the period in which results are known or materialized.

c. Valuation of Inventory : -

Raw Material : At Lower of Cost or Net realizable value. Semi-finished goods Finished goods

: :

At estimated cost. At Lower of Cost or Net Realizable Value

d. Cash Flow Statement :- Cash flow statement has been prepared as per requirements of Accounting Standard - 3.

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activities of the Company are segregated, accordingly.

e. Contingencies and Events Occurring After the Balance Sheet Date : - Effects of, events occurred after Balance Sheet date and having material effect on financial statements are reflected where ever required.

24

f. Net Profit or loss for the period, prior period items and changes in accounting policies:-

Material items of prior period, non-recurring and extra ordinary items are shown separately, If any.

g. Depreciation accounting : -

Depreciation has been provided as per Written Down Value (WDV) Method to all Property, Plant & Equipment except Investment Property at the rates and manner, specified in Schedule XIV to the Companies Act, 2013 for the year ending on 31st March, 2018 and it is provided as per the useful life prescribed under schedule II of the Companies Act, 2013 residual value of the asset is reduced equal to 5% of the original cost.

Pro Rata Basis to result in a more appropriate preparation or presentation of the financial statements. In respect of assets added/sold during the period/year, pro-rata depreciation has been provided at the rates prescribed under Schedule II.

h. Revenue Recognition :-

Sale of Services are recognized at the point of provision of services. The revenue and expenditure are accounted on a going concern basis.

Interest Income is Recognized on a time proportion basis taking into account the amount outstanding and the rate applicable i.e. on the basis of matching concept. Dividend from investments in shares / units is recognized when the company receives it, if any.

Other items of Income are accounted as and when the right to receive arises.

i. Accounting for Property Plant and Equipments :-

Fixed assets are stated at historical cost less accumulated depreciation and impairment losses, if any. Cost includes purchase price and all other attributable cost to bring the assets to its working condition for the intended use. Assets under erection/installation are shown as “Capital Work in Progress”. Expenditure during construction period are shown as “pre-operative expenses” to be capitalized on completion of erection/ installations of the assets.

Intangible assets are stated at acquisition cost, Net of accumulated amortization and accumulated impairment losses, if any. Intangible assets are amortized on a written down value basis over their estimated useful lives. Useful life f Property , Plant and Equipment are as Below:

Furniture :8 years Office equipment :5 years Computer :3 years Motor Car :8 years Building :30 years

j. Accounting for Investment Property:

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the group, is classified an investment property. Investment Property is measured initially at its cost, or at time of deemed cost date as on Mach 01, 2016. Subsequent expenditure is capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred . when part of property is replaced, the carrying amount of the replaced part is derecognized.

25

Investment Property are depreciated using the Straight-line method over their estimated useful lives. Investment Property shown in balance sheet stated at deemed cost/carry amount less accumulated depreciation. Investment properties have useful life of 60 Years.

k. Accounting for effects of changes in foreign exchange rates:-

i. All transactions in foreign currency are recorded at the rates of exchange prevailing at the date of transaction. Any gain/ loss on account of the fluctuation in the rate of exchange is recognized in the statement of Profit and Loss.

ii. Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currencies outstanding at the close of the year are converted in Indian currency at the appropriate rates of exchange prevailing on the date of Balance Sheet. Resultant gain or loss on account of the fluctuation in the rate of exchange is recognized in the statement of Profit and Loss.

iii. In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate and the exchange rate at the inception of the contract is recognized as income or expense over the life of the contract. Further, the exchange differences arising on such contracts are recognized as income or assets/liabilities.

l. Accounting for Government Grants:-

Capital subsidiary receivable specific to fixed assets is treated as per accounting standard 12 and other revenue grants is recorded as revenue items.

m. Accounting for Investments:- Property – Plant and Equipment purchased for Investment gain out of the Surplus Funds are classified as Investment in Property under the Investment Category.

Investments are classified in Long-term and Short-term. Long term Investments are valued at cost. Provision is also made to recognize any diminution other than temporary in the value of such investments. Short term investments are carried at lower of cost and fair value.

n. Employees Retirement Benefit Plan :-

a. Provident Fund:- Provident fund is a defined contribution scheme as the company pays fixed contribution at pre-determined rates. The obligation of the company is limited to such fixed contribution. The contributions are charged to Profit & Loss A/c.

b. Leave Encashment:- The Management has decided to apply pay-as-you-go method for payment of leave encashment. So amount of leave encashment will be accounted in the Profit & Loss A/c in the financial year in which the employee retires and provision will not be made on yearly basis.

c. Provision for Gratuity:- As per Accounting Standard- 15 (Employee Benefits) issued by the Institute of Chartered Accountants of India, Company is required to assess its gratuity liability each year on the basis of actuarial valuation and make provision for gratuity liability. However, company has not provided for gratuity liability in the financial statement and has not taken any actuarial valuation report. So same have been not provided in financial statements.

Borrowing Cost:-

Borrowing costs directly attributable to the acquisition of qualifying assets are capitalized till the same is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing cost is charged to revenue.

26

o. Related Party Disclosure :-

The Disclosures of Transaction with the related parties as defined in the Accounting Standard are given in notes to accounts.

p. Accounting for Leases :-

The Company has not entered into any lease agreements during the years/period.

q. Earnings Per Share :- Disclosure is made in the Notes to accounts as per the requirements of the Accounting Standard - 20. In determining the Earnings Per share, the company considers the net profit after tax which does not include any post tax effect of any extraordinary / exceptional item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period.

The number of shares used in computing Diluted earnings per share comprises the weighted average number of shares considered for computing Basic Earnings per share and also the weighted number of equity shares that would have been issued on conversion of all potentially dilutive shares.

In the event of issue of bonus shares, or share split the number of equity shares outstanding is increased without an increase in the resources. The number of Equity shares outstanding before the event is adjusted for the proportionate change in the number of equity shares outstanding as if the event had occurred at the beginning of the earliest period reported.

r. Accounting for Taxes on Income :- Current Tax :- Provision for current tax is made after taken into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred Taxes :- Deferred Income Tax is provided using the liability method on all temporary difference at the balance sheet date between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes.

1. Deferred Tax Assets are recognized for all deductible temporary differences to the

extent that it is probable that taxable profit will be available in the future against which this items can be utilized.

2. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to

apply to the period when the assets is realized or the liability is settled, based on tax rates ( and the tax) that have been enacted or enacted subsequent to the balance sheet date.

s. Intangible Assets Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The cost which can be capitalised include the cost of materials, direct labour, overhead cost that are directly attributable to preparing the asset for intended use.

t. Discontinuing Operations :-

During the years/period, the company has not discontinued any of its operations.

27

u. Provisions Contingent liabilities and contingent assets :-

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized. Contingent Assets are neither recognized nor disclosed in the financial statements. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each

Balance Sheet Date.

v. Changes in Accounting Policies in the period/ years covered in the restated financials :- There are no changes in significant accounting policies for the period covered in the financial statements.


Chartered Accountants Siddharth Education Services LimitedSd/- Sd/-

Hiren J. Maru Reena Dilip Kulkarni Vinay Bhagwat

Partner (Managing Director) (Non Executive Non Independent Director)

M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187W

Place: MUMBAI Sd/- Sd/-

Date : 29th May 2018 Mr. Pradeep Jha Ms. Radha Sushil Kumar Sharma


Sd/-

28

Shahana

Text Box

30th

Notes to accounts:

The financial statements including financial information have been reworked, regrouped, and reclassified wherever considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in financial statements/ information may not be necessarily same as those appearing in the respective audited financial statements for the relevant period.

Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and

Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.

The current maturities of the Secured Long Term Borrowings have been correctly

reclassified Current maturities of Long Term Debt (which is shown in other Current Liabilities) and Long Term Borrowings.

Since the company has taxable income and the liability for the same is more than limit

specified for advance tax and the advance tax not paid by the company.

Since the company has unsecure loan which Is given to director of company but for that company has not any agreement in writing.

In year 2016-17 As per revised Accounting Standard 10 “ Property, Plant & equipment”

read with Accounting Standard 13 “ Investment” & as per the MCA Notification No. G.S.R. 364 (E) dated 30th March, 2016 , Company charge Depreciation on assets in Deemed Cost/ carry amount less accumulated depreciation.

Share Issue Expenses: Expenditure on share issues is directly written off to the profit and loss account in the year it is incurred as no future benefit is expected to be derived from these expenses. The Company had incurred the following expenses at the time of issue of shares:

i. Brokerage Charges ii. Professional Fees to company secretaries, auditors, legal advisors and others. iii. Payment to merchant bankers. iv. Printing and Distribution expenses of prospectus, application forms, publicity material,

etc. v. Fee paid to Ministry of Corporate affairs, securities and Exchange Board of India, etc.

Related Party Disclosure :-

The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are as follows:

i) Key Management Personnel: (1) Vinay Bhagwat (2) Reena Kulkarni

ii) Transactions With Related Parties:

(1) Remuneration Paid to Key Managerial Personnel

(a) Vinay Bhagwat - Rs. 12,00,000. (b) Reena Kulkarni - Rs.7,78,000.

iii) Balance Amount Payable as on 31st March,2018 (a) Vinay Bhagwat - Rs. (12,30,486). (b) Reena Kulkarni - Rs.6,68,365.

29

Secured Loans:

The company has availed secured loans and Term loans against mortgage / hypothecation of various fixed assets from Deutsche bank amounting to Rs.7,65,74,253.44 and from Shriram City Union Finance amounting to Rs.16,89,823.00 are outstanding as on 31st March 2018

Auditors remuneration for the year is as follows:-

Statutory Audit Fees: Rs. 2,50,000/- (previous year Rs.1,50,000/-) Deferred tax Assets and Liabilities are as under : -

Components of which are as under

Particulars Amount Rs. 31-3-2018

Amount Rs, 31-3-2017

A Deferred Tax Asset Block of assets ( Depreciation) Net Differed Tax Asset (Liability) (8,69,317) (7,30,180)

Earning Per Shares

Particulars Year Ended

on 31st March, 2018

Year Ended on 31st March, 2017

Profit / (Loss) after tax attributable to Equity Shareholders (A)

26350273 10336924

Basic Earning Per Shares 11599500 2.27 3.22 Weighted Number of Equity Share outstanding During the year (B) (In Nos.)

No. of Shares

Weighted No. of Shares

1. Opening Equity Shares as at 31/03/2017

3206650 3206650

2. Prefential Allotement on 31/7/2018 1039100 692733 3. Bonus Issue @ 1:1 on 01/08/2017 4245750 2830500 4. Public Issue on 30/09/2017 3108000 1554000 Total No. of Shares 11599500 8283883

Diluted Earning Per Shares (A/B) 3.18 3.22 Notes forming part of accounts in relation to Micro and small enterprise:

Based on information available with the company, on the status of the suppliers being Micro or small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act, 2013 with regard to the payments made/due to Micro and small Enterprises are given below:

Sr. No.

Particulars Year Ended Year Ended

Principal Interest Principal Interest I Amount due as at the date of

Balance sheet Nil Nil Nil Nil

Ii Amount paid beyond the appointed date during the year

Nil Nil Nil Nil

iii Amount of interest due and payable for the period of delay in making payments of principal during the year beyond the

Nil Nil Nil Nil

30

appointed date Iv The amount of interest accrued

and remaining unpaid as at the date of Balance sheet

Nil Nil Nil Nil





M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187W




Sd/-

31

Shahana

Text Box

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CIN NO.U80902MH2005PLC158161.

Notes forming part of Standalone financial statements for the period ended 31 March 2018

NOTE No. 3 : SHARE CAPITAL

3 SHARE CAPITAL

AUTHORISED SHARE CAPITAL

1,25,00,000 Equity Shares of Rs. 10/- Each 55,000,000.00 55,000,000.00 (Previous Year 55,00,000 Equity Shares of Rs. 10/- Each)Issued, Subscribed & Paidup

1,15,99,500 Equity Shares of Rs. 10/- Each Fully paid up 115,995,000.00 32,066,500.00

3.1 The reconciliation of Numbers of Shares outstanding is set out below:

Particulars

Equity Shares at the beginning of the year 3,206,650.00 3,206,650.00

Add: Prefential Allotment of Shares at premium of Rs 20/- 1,039,100.00 Add: Bonus Shares isuue @ 1 : 1 4,245,750.00 Add: Shares alloted in IPO at premium of Rs 25/- 3,108,000.00 -

Equity Shares at the end of the year 11,599,500.00 3,206,650.00

3.2 Terms/Rights attached to Equity Shares

3.3 Details of Shareholders holding more than 5% shares in company

No. of Shares % of Total Holding No. of Shares % of Total Holding

Promoters Group

DEEPA DILIP KULKARN 663200 5.72% 331,600 10.00%REENA DILIP KULKARNI 744140 6.42% 372,030 12.00%DEEPIKA DILIP KULKARNI 492900 4.25% 246,450 8.00%DILIP SUDAM KULKARNI 856000 7.38% 428,000 13.00%VINAY SHANTARAM BHAGWAT 3624600 31.24% 1,812,030 57.00%

2000000 17.24%

Public Offers

SHERWOOD SECURITIES PRIVATE LIMITED 1320390 11.38%

NOTE No. 4 : RESERVES & SURPLUS

4 RESERVES & SURPLUS

Profit & Loss Account

As per Last Balance Sheet 20,047,353 9,710,429 Add: Profit for the year 29,728,704 10,336,924

49,776,057 20,047,353

Less: AppropriationsTransferred to Equity Share Capital for Bonus Issue (18,692,250) - Provision for Reduction in Value of Investments - - Proposed Dividend - - Tax on Dividend - 31,083,806.51 - 20,047,353.00

Securities Premium on Equity Shares 2,983,250.00

As per Last Securities Premium 2,983,250 2,983,250 Add : Securities Premium on Prefential Allotment 20,782,000 Add: Securities Premium on IPO 77,700,000 Less : Transferred to Equity Share Capital for Bonus Issue (23,765,250) 77,700,000.00

Total 108,783,806.51 23,030,603.00

AS AT 31st March 2017


Particulars

As per the record of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represent both legal & beneficial ownership of shares

The Company has only one class of equity shares having a value of Rs 10/ per share. Each holder of equity shares is entitled to one vote per shares.

In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all prefential amounts. The distribution will be in proportion to the number of equity share held by the shareholders

(Previous Year 32,06,650 Equity Shares of Rs 10/- each fully paid up)

VINAY S BHAGWAT & Sandeep Pandya (Partner of Siddhivinayak Education)

Number of Shares Number of Shares

AS AT 31st March 2018 AS AT 31st March 2017



32


CIN NO.U80902MH2005PLC158161.


NOTE No. 5 : LONG TERM BORROWINGS

5 LONG TERM BORROWINGS

Secured

Working Capital Loans

From Banks

Foreign Currency LoansRupee Loans - - Term Loans

From Banks

Rupee Loans 76,574,253 68,493,036 68,493,036

From Other 1,689,823 78,264,076

Unsecured

Other Loans & Advances 16,023,649

From DirectorsFrom ShareholdersFrom BanksFrom Others 16,023,649 -

TOTAL 94,287,725 68,493,036

NOTE No. 6 : DEFFERED TAX LIABILITY (NET)

6 DEFFERED TAX LIABILITY (NET)

Deffered Tax Liability

Related to Fixed Assets 869,317 712,849 TOTAL 869,317 712,849

NOTE No. 7: SHORT TERM BORROWINGS

7 SHORT TERM BORROWINGS

Secured

Working Capital Loans

From Banks

Foreign Currency Loans - - Rupee Loans - Term Loans

From Banks

Rupee Loans - - - -

TOTAL - -

NOTE No. 8 : TRADE PAYABLES

8 TRADE PAYABLES

Micro, Small & Medium Enterprises - Others 4,145,537 7,411,452

TOTAL 4,145,537 7,411,452

Details of dues to Micro, small & medium Enterprises as per MSMED Act, 2006

There are no Due payable to small scale industries undertaking in view of the business of the company

8 The details of amounts outstadning to Micro, Small and Medium Enterprises based on availableinformation with the Company is as under.

Principle Amount Due and Remains unpaid - - Interest due on above and the unpaid interest - - Interest Paid - - Payment made beyond the appointed day during the year - - Interest due and payable for the period of delay - - Interest Accrued and remaining unpaid - -

- - - -

TOTAL - -

AS AT 31st March 2018 AS AT 31stMarch 2017



Amount of further interest remaining due and payable in succeeding years.



The Company has initiated the process of obtaining the confirmation from suppliers who have registered under the Micro, Small and Medium enterprise development Act, 2006 (MSMED Act, 2006) based on information available with the company, the balance due to micro and small enterprise as defined under the MSMED Act, 2006 is NIL. No interest has been paid or payable under MSMED Act, 2006 during the year

33


CIN NO.U80902MH2005PLC158161.


NOTE No. 9 : OTHER CURRENT LIABLITIES

9 OTHER CURRENT LIABILITIES

Professional Tax Payable 12,500 10,000 Service Tax - 6,328,898 TDS 1,599,930 - GST 3,246,909 595,197 Security Deposit 1,700,000 1,600,000 TOTAL 6,559,339 8,534,095

NOTE No. 10 : SHORT TERM PROVISIONS

10 SHORT TERM PROVISIONS

Provision for Expenses - Provision For Director Remuneration 726,040 Provision For Audit Fees 225,000 Professional Fees Payable 90,000 Provision for Income Tax AY 2017-18 4,300,000 Provision for Income Tax AY 2018-19 2,052,944 TOTAL 3,093,984 4,300,000



34


CIN NO.U80902MH2005PLC158161.


NOTE No. 11 : FIXED ASSETS

Sr.

No.

As at 1/4/2017 Additions Deductions

Deductions on

account of Adj of

Opening Balance

with

Accumulated

Depreciation

As at 31/3/2018 As at 1/4/2017 For the year Deductions

Deductions on

account of Adj

with Op Balance

of Gross Block

As at 31/3/2018

Books 18.10% 209,920 - 209,920 207,659 (8,235) - 199,424 Furniture 31.23% 6,250,396 - - 6,250,396 4,783,611 458,141 - - 5,241,752 Office Equipments 45.07% 1,092,751 - - 1,092,751 987,023 47,654 - - 1,034,677 Motor Car 31.23% 5,777,951 - - 5,777,951 4,734,692 325,856 - - 5,060,548

1 Premises- Dombivli 4.87% 926,120 - - 926,120 366,101 27,275 - - 393,376 Premises- Chirag Arcade 4.87% 23,889,470 - - 23,889,470 6,188,980 862,065 - - 7,051,045 Registered Trademark 25.89% 5,000 - - - 5,000 4,772 (22) - 4,750

2 Computer 45.07% - 2,335,540 - - 2,335,540 - 162,573 - - 162,573 Furniture & Fixture 25.89% - 10,398,305 - - 10,398,305 - 599,291 - - 599,291 Moter Car 39.30% - 442,801 - - 442,801 - 118,727 - - 118,727 Office Equipments 45.07% - 54,464 - - 54,464 - 4,842 - - 4,842

3 Printer 45.07% - 14,522 - - 14,522 - 1,345 - - 1,345 Television 45.07% - 369,992 - - 369,992 - 108,282 - - 108,282 Mobile 45.07% - 60,625 - - 60,625 - 5,465 - - 5,465

4 Electrical Equipment 45.07% - 2,460,443 - - 2,460,443 - 273,445 - - 273,445

Software (FA) 39.30% 210,000 - - - 210,000 170,032 15,709 - - 185,741 Total 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313

SUB-TOTAL RUPEES 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313

LEASE ASSETS : - - - - - - - -

TOTAL - A 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313

INTENGIBLE ASSETS : - - - - - - - -

TOTAL - B - - - - - - - -

TOTAL A + B 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313

PREVIOUS YEAR 38,361,608 - 38,361,608 15,254,679 2,188,190 17,442,869

CAPITAL WORK IN PROGRESS

INTENGIBLE ASSETS UNDER DEVELOPMENT

PREVIOUS YEAR

CAPITAL WORK IN PROGRESS

INTENGIBLE ASSETS UNDER DEVELOPMENT

Gross Block Deprciation

(RUPEES)

Particulars Rate of

Depreciati

on

35


CIN NO.U80902MH2005PLC158161.


NOTE No. 12 : NON CURRENT INVESTMENTS

12 NON CURRENT INVESTMENTS

Corporate Centre 43,496,166.00 144,176,415.08 42,721,154.00 112,045,615.32 Investment in Bageshree Farm 48,787,699.16 58,890,412.00 Investment in Residense Property 10,434,049.92 10,434,049.32 Investment in Gold 3,058,500.00 - Investment in Paper Mark 12,400,000.00 - Investment in Laazarus Dias Education Academy 26,000,000.00 -

TOTAL OF TRADE INVESTMENTS (A) - 144,176,415.08 - 112,045,615.32

OTHER INVESTMENTSIn Equity Shares of Comapanies - Quoted, Fully paidup

Purchase

cost

Shares :

100,000.00 100,000.00 100,000.00 100,000.00 100,000.00

In Mutual Funds of Comapanies - Quoted, Fully paidup

- - -

Investments in Commodities

- - -

TOTAL OF OTHER INVESTMENTS (B) 100,000.00 100,000.00

TOTAL NON - CURRENT INVESTMENTS (A+B) 144,276,415.08 112,145,615.32

NOTE No. 13 : LONG TERM LOANS & ADVANCES

13 LONG TERM LOANS & ADVANCES

TOTAL - -

NOTE No. 14 : CURRENT INVESTMENTS

14 CURRENT INVESTMENTS

- - - -

TOTAL - -

NOTE No. 15 : INVENTORIES

15 INVENTORIES

- Foreign Currency Stock -

- TOTAL - -

NOTE No. 16 : TRADE RECEIVABLES

16 TRADE RECEIVABLES

(Unsecured & considered Good)

More than Six Months - Others 41,343,140.00 3,678,879.00 TOTAL 41,343,140.00 3,678,879.00


RUPEES

RUPEES

RUPEES




RUPEES

RUPEES



36


CIN NO.U80902MH2005PLC158161.


NOTE No. 17 : CASH & CASH EQUIVALENTS

17 CASH & CASH EQUIVALENTS

Balance with Banks 26,612,689.00 251,570.00 Cash In Hand 436,414.62 477,492.00 TOTAL 27,049,103.62 729,062.00

NOTE No. 18 : SHORT TERM LOANS & ADVANCES

18 SHORT TERM LOANS & ADVANCES

Advance To Samarth Industries - Anil Joshi 64,566.00 1,880,514.00 Kamal Joshi 684,052.00 2,184,052.00 Niran Joshi 65,000.00 65,000.00 Anil Salunkhe 4,000.00 - Sushil Kulkarni 100,000.00 - Apex Builder 36,165,808.00 - Bronze Infra 38,000,000.00 - Sharp Commercial Enterprises 700,000.00 - Prathamesh More 461,000.00 60,000.00 Self assessment FBT for 2008-09 20,000.00 20,000.00 Self assessment Tax for A.Y.2008-09 23,000.00 23,000.00 Advance Tax for A.Y.2011-12 103,000.00 103,000.00 TDS (Asset) FY 2010-11, AY 2011-12 1,323.00 1,323.00 Self assessment Tax for 2011-12 645,000.00 645,000.00 TDS (Asset) FY 2014-15 A.Y. 2015-16 200,548.00 200,548.00 TDS(Asset) FY 2015-16, AY 2016-17 474,660.00 474,660.00 TDS For A.Y, 17-18 389,199.00 389,199.00 TDS For A.Y, 18-19 1,465,748.00 -

TOTAL 79,566,904.00 6,046,296.00

NOTE No. 19 : OTHER CURRENT ASSETS

19 OTHER CURRENT ASSETS

Security Deposit with Pradeep Shinde 77,660.00 100,000.00 Security Deposit with Kirti Vadalkar 100,000.00 - Security Deposit with S D Maru 125,000.00 125,000.00 Prepaid Internet Charges 3,753.00 - Security Deposit BSE 1,118,900.00 - Prepaid Insurance 23,334.00 822,275.00 IPO Expenses 5,997,482.20 TOTAL 7,446,129.20 1,047,275.00

RUPEES

AS AT 31st March 2018 AS AT 31st MARCH 2017


RUPEES

RUPEES


37


CIN NO.U80902MH2005PLC158161.


NOTE No. 20 : REVENUE FROM OPERATION

20 REVENUE FROM OPERATION

Income From Services

Education Fees 71,277,701.00 43,032,966.00 Online Education Service 702,450.00

71,277,701.00 43,735,416.00TOTAL 71,277,701.00 43,735,416.00

20.1 PARTICULARS OF SALES OF Services

PARTICULARS

Income from Services - - TOTAL - -

NOTE No. 21 : OTHER INCOME

21 OTHER INCOME

Dividend recd from bank - 8,000.00 Interest On Unsecured Loan to Samarth Ind. - 156,565.00 Interest On Unsecured Loan to Kamal Joshi - 181,836.00 Share of Profit from Bhagyashree Farm 26,485,087.00 2,170,303.00 Rent from letting out Corporate Centre 3,363,150.00 3,217,350.00 Seminar Income 40,381.00 - Interest Income 1,295,342.00

- TOTAL 31,183,960.00 5,734,054.00

NOTE No. 22 : EMPLOYEES BENEFIT EXPENSES

24 EMPLOYEES BENEFIT EXPENSES

Salaries & Bonus 2,703,264.00 6,892,037.00Director's Remuneration 1,978,000.00 750,000.00Staff Welfare 0.00TOTAL 4,681,264.00 7,642,037.00


RUPEES


RUPEES

RUPEES




38


CIN NO.U80902MH2005PLC158161.


NOTE No. 25 : FINANCE COST

25 FINANCE COST

Bank Charges 679,230.00 Interest Expenses 9,017,725.00 11,266,678.00

TOTAL 9,696,955.00 11,266,678.00

NOTE No. 26 : DEPRICIATION & AMORTIZATION EXPENSES

26 DEPRICIATION & AMORTIZATION EXPENSES

Depriciation 3,002,413.00 2,188,190.00 Preliminary Expenses Written offTOTAL 3,002,413.00 2,188,190.00


RUPEES


RUPEES

39


CIN NO.U80902MH2005PLC158161.


NOTE No. 27 : OTHER EXPENSES

27 OTHER EXPENSES

Indirect Expenses

Advertisement exp 12,000.00 1,652,000.00 Audit Fees 250,000.00 150,000.00 Business Promotion Expenses - 185,000.00 Car Expenses 128,913.00 103,753.00 Catering Exp 50,400.00 Cibil Charges 206.00 Conveyance Expenses - 27,562.00 Donations 21,000.00 1,100.00 Electricity Expenses 317,830.00 582,000.00 Hotel Exp 240,061.00 House keeping Exp 32,718.00 Insurance Premium 886,355.00 - Internet Exp 2,103.00 IPO EXP. 1,499,370.55 Marketing Expenses 1,530,612.00 Meeting Exp 45,915.00 Miscellaneous Exps 3,714.00 - Office Expenses 605,086.00 81,261.00 Petrol & Diesel 26,981.00 Postage and Courier 1,271.00 2,318.00 Printing and Stationery 577,889.00 77,914.00 Prize Distribution Expenses 332,098.00 Professional fees 465,100.00 134,040.00 Rent 680,175.00 571,950.00 Rent, Rates & Taxes 902,588.00 149,230.00 Repairs & Maintenance 887,711.00 121,897.00 ROC Exp 678,900.00 Roc Fees 397,933.00 6,600.00 Rounding Off 10.00 Scholarship 19,320.00 Society Charges - 678,933.00 Soft Skill Traning Exp 30,000,000.00 Software Exps 3,600.00 86,300.00 Sponsorship 461,864.00 Stamp Duty 22,900.00 - Telecommunication Expenses 74,235.00 209,470.00 Toll & Parking Charges 510.00 Travelling Expenses 758,487.00 78,000.00 Website Charges 15,901.00

41,933,756.55 4,899,328.00

TOTAL 41,933,756.55 41,933,756.55 4,899,328.00 4,899,328.00

RUPEES


40

S.No Description/Block of asset Opening WDV Rate 180 Days OR

more

Less Then

180 Days

180 Days

OR more

Less Then

180 Days

Capital

Gain

Total Depreciation Add.

Depreciati

on

Total

Depreciation

Closing WDV

Depreciation

Block

Nill(Y/N)

1

Machinery and plant 40% -

Machinery and plant 23,630 40 % 2,335,540 0 0 0 2,359,170 476,560 0 476,560 1,882,610 N

2


Machinery and plant 3,487,299 15 % 812,793 2,590,084 0 0 0 6,890,176 839,270 0 839,270 6,050,906 N

3

Furniture and fittings 10% -

Furniture and fittings 4,033,351 10 % 0 10,398,305 0 0 0 14,431,656 923,250 0 923,250 13,508,406 N

4 Buildings 13,036,702 10 % 0 0 0 13,036,702 1,303,670 0 1,303,670 11,733,032

20,580,982 812,793 15,323,929 0 0 0 36,717,704 3,542,751 0 3,542,751 33,174,953 0

Business Name : Siddharth Education Service Limited

SIDDHARTH EDUCATION SERVICES LIMITED

Depreciation Chart for the Year Ending '2017-2018'

Total

---A D D I T I O N S--- ---D E D U C T I O N S---

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Independent Auditors’ Report

To the members of Siddharth Education Services Limited

Report on the consolidated financial statements

We have audited the accompanying Consolidated financial statements of Siddharth Education Services Limited (the “Company”), which comprise the Balance sheet as at March 31, 2018, and the Statement of Profit and Loss for the period then ended, the Cash flow Statement for the year ended March 31, 2018 and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of Balance sheet, of the State of Affairs of the Company as at March 31, 2018; and

42

(b) In the case of Statement of profit and loss, of the Profit for the Year ended on March 31, 2018; and

(c) Its cash flow statement for the year ended March 31, 2018.

Emphasis of Matters

Nil.

Report on other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor's Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure 1, statement on the matters specified in paragraphs 3 and 4 of the order to the extent applicable.

(2) As required by Section 143(3) of the Act, we report that:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books of account;

c) The Balance Sheet and Statement of Profit and Loss and Cash Flow statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the balance sheet and statement of profit and loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in section 133 of the Act read with rule 7 of Companies (Accounts) Rules, 2014; and

e) In our opinion, the comments or observations don’t have any adverse effect on functioning of the company.

f) On the basis of written representations received from the directors as at March 31st, 2018, and taken on record by the Board of Directors, we report that none of the directors is disqualified as at March 31st, 2018, from being appointed as a director in terms of subsection (2) of section 164 of the Companies Act, 2013.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report.

h) With respect to the matters to be included in the Auditor’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has no pending litigations affecting its financial statements and hence no disclosure in its financial statements.

ii. The Company has not entered into any long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. There is no amounts which required to be transferred, to the Investor Education and

Protection Fund by the Company.



Sd/- HIREN JAYANTILAL MARU


43

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Annexure 1 to the Independent Auditor’s Report of even date on Consolidated financial statements of Siddharth Education Services Limited

i. (a)The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable. (c) The title deeds of immovable property is held in the name of the company.

ii. The Company has no inventory and hence Para 3 (ii) of the Companies (Auditors Report) order, 2016 is not applicable to the Company.

iii. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms, limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

iv. According to the information and explanations given to us, the company has not granted any loans, investments, guarantees, and security covered under the provisions of section 185 and 186 of the Companies Act, 2013 and hence this clause is not applicable to the company.

v. According to the information and explanations given to us, the Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 73 to Section 76 or any other relevant provisions of the Act and the rules framed there under apply

vi. The Central Government of India has not prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Act for any services rendered by the company.

vii. (a) According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues. (b) According to the information and explanations given to us, there are no dues outstanding of income tax, sales tax, customs duty, service tax, excise duty, cess and goods and service tax on account of any dispute.

viii. The Company has not defaulted in repayment of loans or borrowing to a financial institutions or banks.

Annexure 1 to the Independent Auditor’s Report of even date on Consolidated financial statements of Siddharth Education Services Limited (Cont.)

ix. Managerial Remuneration had been paid by the company during the year in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to Companies Act.

x. All the transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and the details have been disclosed in financial statements, as required by the applicable accounting standards.

xi. The company has not entered into any non cash transactions with Directors or persons

connected with them.





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Annexure 2 to The Independent Auditor’s Report Of Even Date On The Consolidated Financial Statements Of Siddharth Education Services Limited

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Siddharth Education Services Limited (“the company”) as of 31st March, 2018 in conjunction with our Audit of the standalone financial statements of the company for the period ended on that date.

Management’s Responsibility for Internal Financial Controls The company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note ) and the standards on Auditing ,issued by ICAI and deemed to be prescribed under section 143 (10) of the Companies Act,2013,to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external Purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company,(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with authorizations of management and directors of the company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of internal Financial Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls , material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance may with the policies or procedures may deteriorate.

45

Opinion In our opinion, the company , has in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance note on Audit of Internal Financial Controls Over Financial Reporting issued by Institute of Chartered Accountants of India.





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SIDDHARTH EDUCATION SERVICE LIMITEDCIN NO.U80902MH2005PLC158161.CONSOLIDATED BALANCE SHEET AS ON 31 March 2018.

Note No.

2 3 4 5 6 I. EQUITY AND LIABILITIES

1 Shareholders’ funds(a) Share capital 3 115,995,000 32,066,500 (b) Reserves and surplus 4 108,783,806 23,030,603 (c) Money received against share warrants - -

224,778,806 55,097,103 2 Share application money pending allotment - -

3 Minority Interest 9,151,796 323,433

4 Non-current liabilities(a) Long-term borrowings 5 94,287,725 68,493,036 (b) Deferred tax liabilities (Net) 6 869,317 730,180 (c) Other Long term liabilities - - (d) Long-term provisions - -

`5 Current liabilities

(a) Short-term borrowings 7 - - (b) Trade payables 8 7,411,452

Dues of Micro & Small EnterprisesOthers 4,145,538

(c) Other current liabilities 9 6,559,339 8,534,095 (d) Short-term provisions 10 3,093,984 4,300,000

TOTAL 342,886,504 144,889,299

II. ASSETS

Non-current assets1 (a) Fixed assets

(i) Tangible assets 11 91,646,196 20,918,739 (ii) Intangible assets 11 - - (iii) Capital work-in-progress 11 - - 57,424,654 (iv) Intangible assets under development - - - -

(b) Non-current investments 12 95,488,716 53,255,203 (c) Deferred tax assets (net) - - (d) Long-term loans and advances 13 - - (e) Other non-current assets - -

2 Current assets(a) Current investments 14 - - (b) Inventories 15 - - (c) Trade receivables 16 67,848,140 3,678,879 (d) Cash and cash equivalents 17 890,419 2,518,253 (e) Short-term loans and advances 18 79,566,904 6,046,296 (f) Other current assets 19 7,446,129 1,047,275

TOTAL 342,886,504 144,889,299 0

The Schedules referred to herein above form an integeral part of the Balance Sheet.

This is the Balance Sheet referred to in our report of even date.

For Doshi Maru & Associates For and on behalf of Board of Director ofChartered Accountants Siddharth Education Services LimitedSd/- Sd/- Sd/-Hiren J. Maru Reena Dilip Kulkarni Vinay BhagwatPartner (Managing Director) (Non Executive Director)M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187WPlace: MUMBAI Sd/- Sd/-Date : 28th May 2018 Mr. Pradeep Jha Ms. Radha Sharma


(Rupees)

Particulars

1

AS AT 31 March 2018 AS AT 31st MARCH 2017

47

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SIDDHARTH EDUCATION SERVICE LIMITEDCIN NO.U80902MH2005PLC158161.

Refer Note No.

I. Revenue From Operations 20 121,432,691 48,735,416

II. Other income 21 4,698,873 3,563,751

III. Total Revenue (I + II) 126,131,564 52,299,167

IV. Expenses:-

Professor Fees 7,370,846 8,264,732 Study Material Charges 555,500 454,250 Employee benefits expense 22 4,681,264 7,642,037 Finance costs 23 9,697,290 11,266,678 Depreciation and amortization expense 24 3,002,413 2,188,190 Other expenses 25 56,774,963 7,005,592

Total expenses 82,082,276 36,821,479

V.Profit before exceptional and extraordinary items and tax (III-IV) 44,049,288 15,477,688

VI. Exceptional items -

VII. Profit before extraordinary items and tax (V - VI) 44,049,288 15,477,688

VIII. Extraordinary Items - Share of Minority Interest in Profit 8,828,363 723,433

IX. Profit before tax (VII- VIII) 35,220,926 14,754,255

X Tax expense:(1) Current tax 2,052,944 4,400,000 (2) Deferred tax 139,137 17,331 (3) Prior Period Income Tax written off 3,300,142

XIProfit (Loss) for the period from continuing operations (VII-VIII) 29,728,703 10,336,924

XII Profit/(loss) from discontinuing operations - -

XIII Tax expense of discontinuing operations - -

XIVProfit/(loss) from Discontinuing operations (after tax) (XII-XIII) - -

XV Profit (Loss) for the period (XI + XIV) 29,728,703 10,336,924 XVI Earnings per equity share:

(1) Basic 2.56 3.22 (2) Diluted 3.59

The Schedules referred to herein above form an integeral part of the Profit & Loss Account.

This is the Statement of Profit & Loss Account referred to in our report of even date.

For Doshi Maru & Associates For and on behalf of Board of Director ofChartered Accountants Siddharth Education Services LimitedSd/- Sd/- Sd/-Hiren J. Maru Reena Dilip Kulkarni Vinay BhagwatPartner (Managing Director) (Non Executive Director)M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187WPlace: MUMBAI Sd/- Sd/-Date : 28th May 2018 Mr. Pradeep Jha Ms. Radha Sharma


CONSOLIDATED PROFIT AND LOSS STATEMENT FOR THE PERIOD ENDED 31 March 2018(Rupees)

Particulars

FOR THE YEAR ENDED 31st MARCH 2017

FOR THE Year ENDED 31 March 2018

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SIDDHARTH EDUCATION SERVICE LIMITEDCIN NO.U80902MH2005PLC158161. Notes forming part of consolidated financial statements for the period ended 31 March 2018

NOTE No. 3 : SHARE CAPITAL

3 SHARE CAPITAL

AUTHORISED SHARE CAPITAL1,25,00,000 Equity Shares of Rs. 10/- Each 55,000,000.00 55,000,000.00 (Previous Year 55,00,000 Equity Shares of Rs. 10/- Each)Issued, Subscribed & Paidup1,15,99,500 Equity Shares of Rs. 10/- Each Fully paid up 115,995,000.00 32,066,500.00

3.1 The reconciliation of Numbers of Shares outstanding is set out below:

Particulars

Equity Shares at the beginning of the year 3,206,650.00 32,066,500.00

Add: Prefential Allotment of Shares at premium of Rs 20/- 1,039,100.00 Add: Bonus Shares isuue @ 1 : 1 4,245,750.00 Add: Shares alloted in IPO at premium of Rs 25/- 3,108,000.00 -

Equity Shares at the end of the year 11,599,500.00 32,066,500.00

3.2 Terms/Rights attached to Equity Shares

3.3 Details of Shareholders holding more than 5% shares in company

No. of Shares % of Total Holding No. of Shares % of Total Holding

Promoters GroupDEEPA DILIP KULKARN 663200 5.72% 331,600 10.00%REENA DILIP KULKARNI 744140 6.42% 372,030 12.00%DEEPIKA DILIP KULKARNI 492900 4.25% 246,450 8.00%DILIP SUDAM KULKARNI 856000 7.38% 428,000 13.00%VINAY SHANTARAM BHAGWAT 3624600 31.24% 1,812,030 57.00%

2000000 17.24%

Public OffersSHERWOOD SECURITIES PRIVATE LIMITED 1320390 11.38%

NOTE No. 4 : RESERVES & SURPLUS

4 RESERVES & SURPLUS

Profit & Loss AccountAs per Last Balance Sheet 20,047,353 9,710,429 Add: Profit for the year 29,728,703 10,336,924

49,776,056 20,047,353 Less: AppropriationsTransferred to Equity Share Capital for Bonus Issue (18,692,250) - Provision for Reduction in Value of Investments - - Proposed Dividend - - Tax on Dividend - 31,083,805.76 - 20,047,353.00

Securities Premium on Equity Shares 2,983,250.00 As per Last Securities Premium 2,983,250 2,983,250 Add : Securities Premium on Prefential Allotment 20,782,000 Add: Securities Premium on IPO 77,700,000 Less : Transferred to Equity Share Capital for Bonus Issue (23,765,250) 77,700,000.00

Total 108,783,805.76 23,030,603.00

Number of Shares Number of Shares




AS AT 31st MARCH 2017

Particulars

As per the record of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represent both legal & beneficial ownership of shares

The Company has only one class of equity shares having a value of Rs 10/ per share. Each holder of equity shares is entitled to one vote per shares.

In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all prefential amounts. The distribution will be in proportion to the number of equity share held by the shareholders

(Previous Year 32,06,650 Equity Shares of Rs 10/- each fully paid up)

VINAY S BHAGWAT & Sandeep Pandya (Partner of Siddhivinayak Education)

49


NOTE No. 5 : LONG TERM BORROWINGS

5 LONG TERM BORROWINGS

SecuredWorking Capital LoansFrom BanksForeign Currency LoansRupee Loans - - Term LoansFrom BanksRupee Loans 76,574,253 68,493,036 68,493,036 From Other 1,689,823 78,264,076

UnsecuredOther Loans & Advances 16,023,649 From DirectorsFrom ShareholdersFrom BanksFrom Others 16,023,649 -

TOTAL 94,287,725 68,493,036

NOTE No. 6 : DEFFERED TAX LIABILITY (NET)

6 DEFFERED TAX LIABILITY (NET)

Deffered Tax LiabilityRelated to Fixed Assets 869,317 712,849 TOTAL 869,317 712,849

NOTE No. 7: SHORT TERM BORROWINGS

7 SHORT TERM BORROWINGS

SecuredWorking Capital LoansFrom BanksForeign Currency Loans - - Rupee Loans - Term LoansFrom BanksRupee Loans - - - -

TOTAL - -

NOTE No. 8 : TRADE PAYABLES

8 TRADE PAYABLES

Micro, Small & Medium Enterprises - Others 4,145,538 7,411,452

TOTAL 4,145,538 7,411,452

Details of dues to Micro, small & medium Enterprises as per MSMED Act, 2006

There are no Due payable to small scale industries undertaking in view of the business of the company

8 The details of amounts outstadning to Micrp, Small and Medium Enterprises based on availableinformation with the Company is as under.

Principle Amount Due and Remains unpaid - - Interest due on above and the unpaid interest - - Interest Paid - - Payment made beyond the appointed day during the year - - Interest due and payable for the period of delay - - Interest Accrued and remaining unpaid - -

- - - -

TOTAL - -

AS AT 31st March 2018AS AT 31st

MARCH 2017

Amount of further interest remaining due and payable in succeeding years.


MARCH 2017


MARCH 2017

The Company has initiated the process of obtaining the confirmation from suppliers who have registered under the Micro, Small and Medium enterprise development Act, 2006 (MSMED Act, 2006) based on information available with the company, the balance due to micro and small enterprise as defined under the MSMED Act, 2006 is NIL. No interest has been paid or payable under MSMED Act, 2006 during the year


MARCH 2017


MARCH 2017

50


NOTE No. 9 : OTHER CURRENT LIABLITIES

9 OTHER CURRENT LIABILITIES

Professional Tax Payable 12,500 10,000 Service Tax - 6,328,898 TDS 1,599,930 - GST 3,246,909 595,197 Security Deposit 1,700,000 1,600,000 TOTAL 6,559,339 8,534,095

NOTE No. 10 : SHORT TERM PROVISIONS

# SHORT TERM PROVISIONS

Provision for Expenses - Provision For Director Remuneration 726,040 Provision for Audit Fees 225,000 Professional Fees Payable 90,000 Provision for Income Tax AY 2017-18 4,300,000 Provision for Income Tax AY 2018-19 2,052,944 TOTAL 3,093,984 4,300,000


AS AT 31stMARCH 2017


AS AT 31stMARCH 2017

51


NOTE No. 11 : FIXED ASSETS

Sr.

No.

As at 1/4/2017 Additions Deductions

Deductions on

account of Adj of

Opening Balance

with Accumulated

Depreciation

As at 31/3/2018 As at 1/4/2017 For the year Deductions

Deductions on

account of Adj

with Op Balance

of Gross Block

As at 31/3/2018 As at 31/3/2017 As at 31/3/2018

Books 18.10% 209,920 ‐ 209,920 207,659 (8,235) ‐ 199,424 2,261 10,496

Furniture 31.23% 6,250,396 ‐ ‐ 6,250,396 4,783,611 458,141 ‐ ‐ 5,241,752 1,466,785 1,008,644

Office Equipments 45.07% 1,092,751 ‐ ‐ 1,092,751 987,023 47,654 - - 1,034,677 105,728 58,074

Motor Car 31.23% 5,777,951 ‐ ‐ 5,777,951 4,734,692 325,856 - - 5,060,548 1,043,259 717,403

1 Premises‐ Dombivli 4.87% 926,120 ‐ ‐ 926,120 366,101 27,275 - - 393,376 560,019 532,744

Premises‐ Chirag Arcade 4.87% 23,889,470 ‐ ‐ 23,889,470 6,188,980 862,065 - - 7,051,045 17,700,490 16,838,425

Registered Trademark 25.89% 5,000 - ‐ ‐ 5,000 4,772 (22) - 4,750 228 250

2 Computer 45.07% - 2,335,540 ‐ ‐ 2,335,540 - 162,573 - - 162,573 - 2,172,967

Furniture & Fixture 25.89% - 10,398,305 ‐ ‐ 10,398,305 - 599,291 - - 599,291 - 9,799,014

Moter Car 39.30% - 442,801 ‐ ‐ 442,801 - 118,727 - - 118,727 - 324,074

�� 45.07% - 54,464 ‐ ‐ 54,464 - 4,842 - - 4,842 - 49,622

3 �� 45.07% - 14,522 ‐ ‐ 14,522 - 1,345 - - 1,345 - 13,177

�� 45.07% - 369,992 ‐ ‐ 369,992 - 108,282 - - 108,282 - 261,710

�� 45.07% - 60,625 ‐ ‐ 60,625 - 5,465 - - 5,465 - 55,160

4 �� 45.07% - 2,460,443 ‐ ‐ 2,460,443 - 273,445 - - 273,445 - 2,186,998

‐

Software (FA) 39.30% 210,000 - ‐ ‐ 210,000 170,032 15,709 - - 185,741 39,968 24,259

Total 38,361,608 16,136,692 ‐ ‐ 54,498,300 17,442,870 3,002,413 ‐ ‐ 19,171,313 20,918,738 34,053,017

SUB-TOTAL RUPEES 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313 20,918,738 34,053,017

Non Depreciable Assets - - - - - - - - - 57,593,179

TOTAL - A 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313 20,918,738 91,646,196

INTENGIBLE ASSETS : - - - - - - - - - -

TOTAL - B - - - - - - - - - -

TOTAL A + B 38,361,608 16,136,692 - - 54,498,300 17,442,870 3,002,413 - - 19,171,313 20,918,738 91,646,196

PREVIOUS YEAR 38,361,608 - 38,361,608 15,254,679 2,188,190 17,442,869 20,918,739 CAPITAL WORK IN PROGRESS - - INTENGIBLE ASSETS UNDER DEVELOPMENT - - PREVIOUS YEARCAPITAL WORK IN PROGRESS - - INTENGIBLE ASSETS UNDER DEVELOPMENT - -

Gross Block Deprciation WDV (RUPEES)

Particulars Rate of

Depreciati

on

52


NOTE No. 12 : NON CURRENT INVESTMENTS

12 NON CURRENT INVESTMENTS

Corporate Centre 43,496,166.00 95,388,715.52 42,721,154.00 53,155,203.32

Investment in Residense Property 10,434,049.52 10,434,049.32

Investment in Gold 3,058,500.00 ‐

Investment in Paper Mark 30,000,000.00 ‐

Investment in Laazarus Dias Education Academy 8,400,000.00 ‐

TOTAL OF TRADE INVESTMENTS (A) ‐ 95,388,715.52 ‐ 53,155,203.32

OTHER INVESTMENTS

In Equity Shares of Comapanies ‐ Quoted, Fully paidup

Purchase

cost

Shares :

100,000.00 100,000.00 100,000.00 100,000.00 100,000.00

In Mutual Funds of Comapanies ‐ Quoted, Fully paidup

‐ ‐ ‐

Investments in Commodities

‐ ‐ ‐

TOTAL OF OTHER INVESTMENTS (B) 100,000.00 100,000.00

TOTAL NON ‐ CURRENT INVESTMENTS (A+B) 95,488,715.52 53,255,203.32

NOTE No. 13 : LONG TERM LOANS & ADVANCES

13 LONG TERM LOANS & ADVANCES

TOTAL ‐ ‐

NOTE No. 14 : CURRENT INVESTMENTS

14 CURRENT INVESTMENTS

‐ ‐

‐ ‐

TOTAL ‐ ‐

NOTE No. 15 : INVENTORIES

15 INVENTORIES

‐

Foreign Currency Stock ‐

‐

TOTAL ‐ ‐

NOTE No. 16 : TRADE RECEIVABLES

16 TRADE RECEIVABLES

(Unsecured & considered Good)

More than Six Months ‐

Others 67,848,140.00 3,678,879.00

TOTAL 67,848,140.00 3,678,879.00


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017

RUPEES

RUPEES


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017

RUPEES

RUPEES

RUPEES


AS AT 31st

MARCH 2017

53


NOTE No. 17 : CASH & CASH EQUIVALENTS

17 CASH & CASH EQUIVALENTS

Balance with Banks 334,354.00 251,570.00

Cash In Hand 556,065.00 2,266,683.00

TOTAL 890,419.00 2,518,253.00

NOTE No. 18 : SHORT TERM LOANS & ADVANCES

18 SHORT TERM LOANS & ADVANCES

Advance To Samarth Industries ‐ Anil Joshi 64,566.00 1,880,514.00

Kamal Joshi 684,052.00 2,184,052.00

Niran Joshi 65,000.00 65,000.00

Anil Salunkhe 4,000.00 ‐

Sushil Kulkarni 100,000.00 ‐

Apex Builder 36,165,808.00 ‐

Bronze Infra 38,000,000.00 ‐

Sharp Commercial Enterprises 700,000.00 ‐

Prathamesh More 461,000.00 60,000.00

Self assessment FBT for 2008‐09 20,000.00 20,000.00

Self assessment Tax for A.Y.2008‐09 23,000.00 23,000.00

Advance Tax for A.Y.2011‐12 103,000.00 103,000.00

TDS (Asset) FY 2010‐11, AY 2011‐12 1,323.00 1,323.00

Self assessment Tax for 2011‐12 645,000.00 645,000.00

TDS (Asset) FY 2014‐15 A.Y. 2015‐16 200,548.00 200,548.00

TDS(Asset) FY 2015‐16, AY 2016‐17 474,660.00 474,660.00

TDS For A.Y, 17‐18 389,199.00 389,199.00

TDS For A.Y, 18‐19 1,465,748.00 ‐

TOTAL 79,566,904.00 6,046,296.00

NOTE No. 19 : OTHER CURRENT ASSETS

19 OTHER CURRENT ASSETS

Security Deposit with Pradeep Shinde 77,660.00 100,000.00

Security Deposit with Kirti Vadalkar 100,000.00 ‐

Security Deposit with S D Maru 125,000.00 125,000.00

Prepaid Internet Charges 3,753.00 ‐

Security Deposit BSE 1,118,900.00 ‐

Prepaid Insurance 23,334.00 822,275.00

IPO Expenses 5,997,482.20

TOTAL 7,446,129.20 1,047,275.00

RUPEES


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017

RUPEES

RUPEES

54


NOTE No. 20 : REVENUE FROM OPERATION

20 REVENUE FROM OPERATION

Income From Services

Education Fees 71,277,701.00 43,032,966.00

Online Education Service 702,450.00

Farming Activites 50,154,990.00 5,000,000.00

121,432,691.00 48,735,416.00

TOTAL 121,432,691.00 48,735,416.00

20.1 PARTICULARS OF SALES OF Services

PARTICULARS

Income from Services ‐ ‐

TOTAL ‐ ‐

NOTE No. 21 : OTHER INCOME

21 OTHER INCOME

Dividend recd from bank ‐ 8,000.00

Interest On Unsecured Loan to Samarth Ind. ‐ 156,565.00

Interest On Unsecured Loan to Kamal Joshi ‐ 181,836.00

Rent from letting out Corporate Centre 3,363,150.00 3,217,350.00

Seminar Income 40,381.00 ‐

Interest Income 1,295,342.00

‐

TOTAL 4,698,873.00 3,563,751.00

NOTE No. 22 : EMPLOYEES BENEFIT EXPENSES

24 EMPLOYEES BENEFIT EXPENSES

Salaries & Bonus 2,703,264.00 6,892,037.00

Director's Remuneration 1,978,000.00 750,000.00

Staff Welfare 0.00

TOTAL 4,681,264.00 7,642,037.00

RUPEES

RUPEESAS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017


AS AT 31st

MARCH 2017AS AT 31st March 2018

RUPEES

55


NOTE No. 25 : FINANCE COST

25 FINANCE COST

Bank Charges 679,565.00

Interest Expenses 9,017,725.00 11,266,678.00

TOTAL 9,697,290.00 11,266,678.00

NOTE No. 26 : DEPRICIATION & AMORTIZATION EXPENSES

26 DEPRICIATION & AMORTIZATION EXPENSES

Depriciation 3,002,413.00 2,188,190.00

Preliminary Expenses Written off

TOTAL 3,002,413.00 2,188,190.00

RUPEES


AS AT 31st

MARCH 2017

RUPEES


AS AT 31st

MARCH 2017

56


NOTE No. 27 : OTHER EXPENSES

27 OTHER EXPENSES

Indirect Expenses

Advertisement exp 12,000.00 1,652,000.00

Agriculture Land Rent Expenses 2,496,000.00

Audit Fees 250,000.00 150,000.00

Business Promotion Expenses ‐ 185,000.00

Car Expenses 128,913.00 103,753.00

Catering Exp 50,400.00

Cibil Charges 206.00

Conveyance Expenses ‐ 27,562.00

Donations 21,000.00 1,100.00

Electricity Expenses 347,830.00 582,000.00

Fertilizer Expenses 672,000.00

Gaumutra & Raw Fertilizer 1,612,000.00

Harvesting & Hand Expenses 240,000.00

Hotel Exp 240,061.00

House keeping Exp 32,718.00

Insurance Premium 886,355.00 ‐

Internet Exp 2,103.00

IPO Expenses u/s 35D 1,499,370.55

Marketing Expenses 1,530,612.00

Meeting Exp 45,915.00

Miscellaneous Exps 3,714.00 2,264.00

Office Expenses 605,086.00 81,261.00

Petrol & Diesel 26,981.00

Plant Purchase 2,016,000.00

Postage and Courier 1,271.00 2,318.00

Preoperative Expenses for the Year 2,104,000.00

Printing and Stationery 577,889.00 77,914.00

Prize Distribution Expenses 332,098.00

Professional fees 522,300.00 134,040.00

Renovation Expenses 82,000.00

Rent 680,175.00 571,950.00

Rent, Rates & Taxes 902,588.00 149,230.00

Repairs & Maintenance 887,712.00 121,897.00

ROC Exp 678,900.00

Roc Fees 397,933.00 6,600.00

Rock Purchase 1,080,000.00

Rounding off 10.00

Scholarship 19,320.00

Society Charges ‐ 678,933.00

Soft Skill Traning Exp 30,000,000.00

Software Exps 3,600.00 86,300.00

Soil 1,360,000.00

Sponsorship 461,864.00

Stamp Duty 22,900.00 ‐

Telecommunication Expenses 74,235.00 209,470.00

Toll & Parking Charges 510.00

Travelling Expenses 758,487.00 78,000.00

Wages 4,187,955.00

Water Expenses 1,008,050.00

Website Charges 15,901.00

‐

56,774,962.55 7,005,592.00

TOTAL 56,774,962.55 56,774,962.55 7,005,592.00 7,005,592.00

RUPEES


AS AT 31st

MARCH 2017

57

S.No Description/Block of asset Opening WDV Rate 180 Days OR

more

Less Then

180 Days

180 Days

OR more

Less Then

180 Days

Capital

Gain

Total Depreciation Add.

Depreciati

on

Total

Depreciation

Closing WDV

Depreciation

Block

Nill(Y/N)

1


Machinery and plant 23,630 40 % 2,335,540 0 0 0 2,359,170 476,560 0 476,560 1,882,610 N

2


Machinery and plant 3,487,299 15 % 812,793 2,590,084 0 0 0 6,890,176 839,270 0 839,270 6,050,906 N

3

Furniture and fittings 10% -

Furniture and fittings 4,033,351 10 % 0 10,398,305 0 0 0 14,431,656 923,250 0 923,250 13,508,406 N

4 Buildings 13,036,702 10 % 0 0 0 13,036,702 1,303,670 0 1,303,670 11,733,032

20,580,982 812,793 15,323,929 0 0 0 36,717,704 3,542,751 0 3,542,751 33,174,953 0

Business Name : Siddharth Education Service Limited

SIDDHARTH EDUCATION SERVICES LIMITED

Depreciation Chart for the Year Ending '2017-2018'

Total

---A D D I T I O N S--- ---D E D U C T I O N S---

58

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS BACKGROUND :-

Siddhrath Education Services Limited was incorporated in the year2005 under the provisions of Companies Act, 1956 with Registrar of Companies, Thane vide Registration No. U80902MH2005PLC158161. The Group is mainly The Company is engaged in business activity of Teaching & Providing Master Degree Based Education, & Farming Business.

ANNEXURE – 4: Significant accounting policies and notes on Accounts:

a. Basis of preparation of financial statements : -

The financial statements are prepared and presented under the historical cost convention and evaluated on a going-concern basis using the accrual system of accounting in accordance with the accounting principles generally accepted in India (Indian GAAP) and notified sections, schedules and rules of the Companies Act 2013, including the Accounting Standards as prescribed by the Companies (Accounting Standards) as per Section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of Companies (Accounts) Rules, 2014. The presentation of financial statements requires estimates and assumption to be made that affect the reported amount of assets & Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which results are known/materialized.

b. Use of Estimates

The preparation and presentation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities, if any, as at the date of the financial statements and reported amounts of income and expenses during the year. Examples of such estimates include provisions for doubtful debts, employee retirement benefit plans, provision for income tax and the useful lives of fixed assets. The difference between the actual results and estimates are recognized in the period in which results are known or materialized.

c. Valuation of Inventory : -

Raw Material : At Lower of Cost or Net realizable value. Semi-finished goods Finished goods

: :

At estimated cost. At Lower of Cost or Net Realizable Value

d. Cash Flow Statement:- Cash flow statement has been prepared as per requirements of Accounting Standard - 3.

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activities of the Company are segregated, accordingly.

e. Contingencies and Events Occurring After the Balance Sheet Date : -

Effects of, events occurred after Balance Sheet date and having material effect on financial statements are reflected where ever required.

59

f. Net Profit or loss for the period, prior period items and changes in accounting policies : -

Material items of prior period, non-recurring and extra ordinary items are shown separately, If any.

g. Depreciation accounting : -

Depreciation has been provided as per Written Down Value (WDV) Method to all Property, Plant & Equipment except Investment Property at the rates and manner, specified in Schedule XIV to the Companies Act, 2013 for the year ending on 31st March2018 and it is provided as per the useful life prescribed under schedule II of the Companies Act, 2013 residual value of the asset is reduced equal to 5% of the original cost.

Pro Rata Basis to result in a more appropriate preparation or presentation of the financial statements. In respect of assets added/sold during the period/year, pro-rata depreciation has been provided at the rates prescribed under Schedule II.

h. Revenue Recognition :-

The company is consistently following “Percentage of Completion Method” to recognize revenue from its works contracts. All other Sale of goods services are recognized at the point of dispatch of goods or provision of services to customers, sales are exclusive of Sales tax, Vat/ Service tax and Freight Charges if any. The revenue and expenditure are accounted on a going concern basis.

Interest Income is Recognized on a time proportion basis taking into account the amount outstanding and the rate applicable i.e. on the basis of matching concept. Dividend from investments in shares / units is recognized when the company receives it, if any.

Other items of Income are accounted as and when the right to receive arises.

i. Accounting for Property-Plant and Equipment :-

Fixed assets are stated at historical cost less accumulated depreciation and impairment losses, if any. Cost includes purchase price and all other attributable cost to bring the assets to its working condition for the intended use. Assets under erection/installation are shown as “Capital Work in Progress”. Expenditure during construction period is shown as “pre-operative expenses” to be capitalized on completion of erection/ installations of the assets.

Intangible assets are stated at acquisition cost, Net of accumulated amortization and accumulated impairment losses, if any. Intangible assets are amortized on a written down value basis over their estimated useful lives.

Furniture : 8 years Office equipment : 5 years Computer : 3 years Motor Car : 8 years Building : 30 years

60

j. Accounting for Investment Property: Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the group, is classified an investment property. Investment Property is measured initially at its cost, or at time of deemed cost date as on March 31, 2017. Subsequent expenditure is capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of property is replaced, the carrying amount of the replaced part is derecognized. Investment Property are depreciated using the Straight-line method over their estimated useful lives. Investment Property shown in balance sheet stated at deemed cost/carry amount less accumulated depreciation. Investment properties have useful life of 60 Years.

k. Accounting for effects of changes in foreign exchange rates :-

i. All transactions in foreign currency are recorded at the rates of exchange prevailing at the date of transaction. Any gain/ loss on account of the fluctuation in the rate of exchange are recognized in the statement of Profit and Loss.

ii. Monetary items in the form of Loans, Current Assets and Current Liabilities in

foreign currencies outstanding at the close of the year are converted in Indian currency at the appropriate rates of exchange prevailing on the date of Balance Sheet. Resultant gain or loss on account of the fluctuation in the rate of exchange is recognized in the statement of Profit and Loss.

iii. Non-monetary items which are non-integral part of the business of the Company are

converted at the rate prevailing at the end of the financial year and the foreign Exchange difference is accumulated in a foreign currency translation reserve.

iv. In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate and the exchange rate at the inception of the contract is recognized as income or expense over the life of the contract. Further, the exchange differences arising on such contracts are recognized as income or assets/liabilities.

l. Accounting for Government Grants :-

Capital subsidiary receivable specific to fixed assets is treated as per accounting standard 12 and other revenue grants is recorded as revenue items.

m. Accounting for Investments :- Property – Plant and Equipment purchased for Investment gain out of the Surplus Funds are classified as Investment in Property under the Investment Category. Investments are classified in Long-term and Short-term. Long term Investments are valued at cost. Provision is also made to recognize any diminution other than temporary in the value of such investments. Short term investments are carried at lower of cost and fair value.

n. Employees Retirement Benefit Plan :-

a. Provident Fund :- Provident fund is a defined contribution scheme as the company pays fixed contribution at pre-determined rates. The obligation of the company is limited to such fixed contribution. The contributions are charged to Profit & Loss A/c.

b. Leave Encashment :- The Management has decided to apply pay-as-you-go method for payment of leave encashment. So amount of leave encashment will be accounted in the Profit & Loss

61

A/c in the financial year in which the employee retires and provision will not be made on yearly basis.

c. Provision for Gratuity :- As per Accounting Standard- 15 (Employee Benefits) issued by the Institute of Chartered Accountants of India, Company is required to assess its gratuity liability each year on the basis of actuarial valuation and make provision for gratuity liability. However, company has not provided for gratuity liability in the financial statement and has not taken any actuarial valuation report. So same have been not provided in financial statements.

o. Borrowing Cost :-

Borrowing costs directly attributable to the acquisition of qualifying assets are capitalized till the same is ready for its intended use. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing cost is charged to revenue.

p. Related Party Disclosure :-

The Disclosures of Transaction with the related parties as defined in the Accounting Standard are given in notes to accounts.

q. Accounting for Leases :-

The Company has not entered into any lease agreements during the years/period.

r. Earnings Per Share :-

Disclosure is made in the notes to accounts as per the requirements of the Accounting Standard - 20. In determining the Earnings Per share, the company considers the net profit after tax which does not include any post tax effect of any extraordinary / exceptional item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period.

The number of shares used in computing Diluted earnings per share comprises the weighted average number of shares considered for computing Basic Earnings per share and also the weighted number of equity shares that would have been issued on conversion of all potentially dilutive shares.

In the event of issue of bonus shares, or share split the number of equity shares outstanding is increased without an increase in the resources. The number of Equity shares outstanding before the event is adjusted for the proportionate change in the number of equity shares outstanding as if the event had occurred at the beginning of the earliest period reported.

s. Accounting for Taxes on Income :- Current Tax:- Provision for current tax is made after taken into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred Taxes:- Deferred Income Tax is provided using the liability method on all temporary difference at the balance sheet date between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes.

1. Deferred Tax Assets are recognized for all deductible temporary differences to the

extent that it is probable that taxable profit will be available in the future against

62

which this items can be utilized. 2. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to

apply to the period when the assets is realized or the liability is settled, based on tax rates ( and the tax) that have been enacted or enacted subsequent to the balance sheet date.

t. Intangible Assets:-

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The cost which can be capitalised include the cost of materials, direct labour, overhead cost that are directly attributable to preparing the asset for intended use.

u. Discontinuing Operations :- During the years/period, the company has not discontinued any of its operations.

v. Provisions Contingent liabilities and contingent assets :-

Provisions involving substantial degree of estimation in measurement are recognized

when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the Annexure 29. Contingent Assets are neither recognized nor disclosed in the financial statements. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each

Balance Sheet Date.

w. Changes in Accounting Policies in the period/ years covered in the financials :- There are no changes in significant accounting policies for the period/ years covered in the financials.





M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187W




Sd/-

63

Shahana

Text Box

30th

Notes on accounts

Principles of Consolidation: The consolidated financial statements relate to the company and it’s Partnership Firm in which solely investment is made by the company. The consolidated financial statements have been prepared on the following basis:

i. The financial statements of the subsidiary Partnership firm used in the

consolidation are drawn up to the same reporting date as that of the Company for the Partnership Firm (bageshree Farms)

ii. The partnership firm M/s. Bagheshree Farms – Principal Stakeholders is Siddharth Education Services Ltd. only and other partners are operating in nature and share of the profit of other partner is to the tune of 25%, for Discharge of its duties of operation and no material capital contribution form them is expected to the business.

iii. The financial statements of the Company and its Partnership firm have been

combined on a line by-line basis by adding together like items of assets, liabilities, income and expenses, after eliminating intra-group balances, intra-group transactions and resulting unrealized profits or losses, unless cost cannot be recovered.

iv. The consolidated financial statements include the share of profit / loss of the associate Partnership Firm which has been accounted as per Accounting Standard in Consolidated Financial Statements. Accordingly, the share of profit/ loss of each of the associate companies (the loss being restricted to the cost of investment) has been added to / deducted from the cost of investments and accordingly Profit and losses are transferred to the company and Minority Interest in the ratio of profit and loss.

v. Minority Interest in the net assets of the consolidated subsidiaries consist of the amount of equity attributable to the minority stake holders at the date on which investments in the subsidiary companies were made and as increased from time to time or by way of profit transferred in the firm and further movements in their share in the equity, subsequent to the dates of investments. Net profit / loss for the year of the subsidiaries attributable to minority interest is identified and adjusted against the profit after tax of the in order to arrive at the income attributable to stakeholder of the Partnership Firm. Minority interest stakeholder profit is transferred to his accounts and reported as such in the minority interest in the financial statements.

vi. The consolidated financial statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances with certain exceptions as mentioned below and are presented to the extent possible, in the same manner as the Company's separate financial statements.

vii. Cost of Control has been calculated by availing difference between the cost of investment of the Parent Company & Net assets on the date of acquisition of Share in the Subsidiary Partnership firm. As company is the solely investing partner in the partnership Firm so the Capital and Assets figures are the same and no question of Goodwill or Capital Reserve as the case arrived.

64

The above consolidated financial statements are prepared by consolidating following Subsidiaries and associate Companies of the Siddhartha Education Services Limited:

Sr. No.

Name of Company/ Firm

Nature of Relation

Capital investment

% of Capital till F.Y. 2017-18

% of Capital

from F.Y. 2016-17

1 Bageshree Farms Associate Firm 4,87,87,699 75% 75% Investment in Bageshree Farms (Associate Firm):

The Parent Company (Siddharth Education Services Limited) has made an investment in 2017-18 by investing Rs. 1,37,57,200/- .

Additional information pursuant to para 2 of general instructions for the preparation for the

preparation of consolidated financial statements:

Rs. in lakhs

Name of Entity in Associates & Subsidiaries

Net Assets Share in Profit & loss

as % of consolidated net

assets

Amount

As % of consolidated profit / loss

Amount

Bageshree farms

As at 31 March 2017 75% 588.90 75% 21.70 As at 31 March 2018 75% 487.88 75% 264.85 Minority Interest in Associates & Subsidiaries

As at 31 March 2017 25% 3.23 25% 7.23 As at 31 March 2018 25% 91.51 25% 88.28

The financial statements including financial information have been reworked, regrouped,

and reclassified wherever considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in financial statements/ information may not be necessarily same as those appearing in the respective audited financial statements for the relevant period/years.

Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and

Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.

The current maturities of the Secured Long Term Borrowings have been correctly

reclassified Current maturities of Long Term Debt (which is shown in other Current Liabilities) and Long Term Borrowings.

In our opinion, the aforesaid financial statement comply with the accounting

standards specified u/s 133 of the Companies Act, read with Rule 7 of the Companies(Accounts) Rules, 2014 except the non-compliance to AS 15, wherein the company has not provided for its liability for Leave Encashment and Gratuity. In the absence of any data or working, the value of such liability could not be quantified.

During the period ended 31 March 2018, the Company adopted the Accounting Standard (AS)-15 “Employee Benefits” applicable for accounting periods commencing on or after 1

st April 2011. However, the Company adopted the standard with effect from 1st April 2015.

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The cumulative effect of this change was recorded in the year ended 31st March 2018. Accordingly, Employees’ Remuneration and Benefits have been recomputed for the year ended 31 March 2018 in the Financial Information. Provision for Gratuity which was not created as per actuarial valuation has now been and the effect has also been given to gratuity expense in the profit & loss a/c, Balance Sheet and Deferred Tax Asset / Liability Account as on 31.03.2018 and previous year profit and loss accounts is Overstated by provisions required to be made in the accounts.

In year 2016-17 As per revised Accounting Standard 10 “ Property, Plant & equipment”

read with Accounting Standard 13 “ Investment” & as per the MCA Notification No. G.S.R. 364 (E) dated 30th March, 2016, Company charge Depreciation on two assets in shown in Annexure-17 Deemed Cost/ carry amount less accumulated depreciation.

Share Issue Expenses:

Expenditure on share issues is directly written off to the profit and loss account in the year it is incurred as no future benefit is expected to be derived from these expenses. The Company had incurred the following expenses at the time of issue of shares:

i. Brokerage Charges ii. Professional Fees to company secretaries, auditors, legal advisors and others. iii. Payment to merchant bankers. iv. Printing and Distribution expenses of prospectus, application forms, publicity material,

etc. v. Fee paid to Ministry of Corporate affairs, securities and Exchange Board of India, etc.

Related Party Disclosure :-

The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are as follows:

i) Key Management Personnel: (1) Vinay Bhagwat (2) Reena Kulkarni

ii) Transactions With Related Parties:

(1) Remuneration Paid to Key Managerial Personnel

(a) Vinay Bhagwat - Rs. 12,00,000. (b) Reena Kulkarni - Rs.7,78,000.

iii) Balance Amount Payable as on 31st March,2018 (a) Vinay Bhagwat - Rs. (12,30,486). (b) Reena Kulkarni - Rs.6,68,365.

Secured Loans:

The company has availed secured loans and Term loans against mortgage / hypothecation of various fixed assets from Deutsche bank amounting to Rs.7,65,74,253.44 and from Shriram City Union Finance amounting to Rs.16,89,823.00 are outstanding as on 31st March 2018

Auditors remuneration for the year is as follows:- Statutory Audit Fees: Rs. 2,50,000/- (previous year Rs.1,50,000/-) Deferred tax Assets and Liabilities are as under : -

Components of which are as under

Particulars Amount Rs. 31-3-2018

Amount Rs, 31-3-2017

A Deferred Tax Asset Block of assets ( Depreciation) Net Differed Tax Asset (Liability) (8,69,317) (7,30,180)

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Earning Per Shares Particulars Year Ended

on 31st March, 2018

Year Ended on 31st March, 2017

Profit / (Loss) after tax attributable to Equity Shareholders (A)

26350273 10336924

Basic Earning Per Shares 11599500 2.27 3.22 Weighted Number of Equity Share outstanding During the year (B) (In Nos.)

No. of Shares

Weighted No. of Shares

1. Opening Equity Shares as at 31/03/2017

3206650 3206650

2. Prefential Allotement on 31/7/2018 1039100 692733 3. Bonus Issue @ 1:1 on 01/08/2017 4245750 2830500 4. Public Issue on 30/09/2017 3108000 1554000 Total No. of Shares 11599500 8283883

Diluted Earning Per Shares (A/B) 3.18 3.22 Notes forming part of accounts in relation to Micro and small enterprise:

Based on information available with the company, on the status of the suppliers being Micro or small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act, 2013 with regard to the payments made/due to Micro and small Enterprises are given below :

Sr. No.

Particulars Year Ended Year Ended

Principal Interest Principal Interest I Amount due as at the date of

Balance sheet Nil Nil Nil Nil

Ii Amount paid beyond the appointed date during the year

Nil Nil Nil Nil

iii Amount of interest due and payable for the period of delay in making payments of principal during the year beyond the appointed date

Nil Nil Nil Nil

Iv The amount of interest accrued and remaining unpaid as at the date of Balance sheet

Nil Nil Nil Nil





M. No. 115279 (DIN: 07883432) (DIN: 00026243)FRN: 0112187W




Sd/-

67

Shahana

Text Box

30th


SIDDHARTH EDUCATION SERVICES LIMITED Regd. Off.: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane -400601

Email: [email protected], Website: www.siddharthacademy.in

ATTENDANCE SLIP

(To be handed over at the entrance of the meeting venue) Name of the Member(s) / Proxy*:.................................................................................................................... (*Strike off whichever is not applicable) Registered Address:....................................................................................................................................................... ………………………………………………………………………………………………………………………………………… E-mail Id: .................................................. Folio No. /DP ID & Client ID:..........................................

I/We, being the member(s)holding....................................... shares of the above named company, hereby record my/our presence at the 13th Annual General Meeting of the Company, to be held on Sunday, the 30th day of September, 2018 at 09.30 a.m. at 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane - 400601 and at any adjournment thereof. Signature of the Member/Proxy*: ....................................................................................... (*strike out whichever is not applicable) NOTES: 1) Members/Proxies are requested to bring the duly signed attendance slip to the meeting and hand it over at the

entrance. 2) Corporate members intending to send their authorized representatives to attend the meeting are requested to

send, to the Company, a certified copy of the Board Resolution authorizing their representative to attend and vote on their behalf at the meeting.

3) For the convenience of Members, persons other than Members/Proxies will not be admitted

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SIDDHARTH EDUCATION SERVICES LIMITED Regd. Off.: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane -400601

Email: [email protected], Website: www.siddharthacademy.in

FORM NO. MGT 11 PROXY FORM

[Pursuant to Section 105 (6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014]

Name of the Member (s): .......................................................................................................................................................... Registered Address :..................................................................................................................................................................................... ........................................................................................................................................................................................ E-mail Id: .......................................................... Folio No. /DP ID & Client ID: .................................................. I/We, being the member (s) of....................................shares of the above named company, hereby appoint 1) Name: ..................................................... E-mail Id: ............................................................. Address: ............................................................................................................................................................ …………………….…………………………………… Signature: ……………………………or failing him/her 2) Name: .................................................... E-mail Id: ............................................................. Address: ............................................................................................................................... …………………….………………………………. Signature: ……………………………or failing him/her

as my/our Proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 33rdAnnual General Meeting of the Company, to be held on Sunday, the 30th day of September, 2018 at 09.30 a.m. at 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane - 400601 any adjournment thereof in respect of such resolutions as are indicated overleaf:-

Signed this________________day of ______________ 2018. Signature of Shareholder:........................................

NOTES:

1) Please put an ‘X’ in the appropriate column against the respective resolutions. If you leave the ‘For’ or ‘Against’ column blank against any or all the resolutions, your Proxy will be entitled to vote in the manner as he/she thinks appropriate.

2) Pursuant to the provisions of Section 105 of the Companies Act, 2013, a person can act as a proxy on behalf of not more than fifty (50) members and holding in the aggregate not more than ten percent (10%) of the total Share Capital of the Company carrying voting rights. A member holding more than ten percent (10%) of the total Share Capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as proxy for any other member.

3) This form of Proxy in order to be effective should be duly completed, stamped, signed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the meeting.

Resolution No.

Description

For Against

Ordinary Business: 1. Adoption of Financial Statements of the Company on a standalone and

consolidated basis, for the financial year ended 31st March, 2018 including audited Balance Sheet and the Statement of Profit & Loss for the year ended on that date along with the Reports of the Directors’ and Auditors’ thereon.

2. To appoint a director in place of Mrs. Reena Vinay Bhagwat (DIN: 07883432), who retires by rotation and being eligible offers himself for re-appointment.

Special Business: 3. Ratification for appointment of Mr. Ajit K. Sharma (DIN: 03223934) as a Non -

Executive Independent Director

4 Appointment of Mr. Dilip Prabhune (DIN: 01779383) As A Whole Time Director 5 Appointment of Mr. Sujay Shripad Godse (DIN: 07050882) As A Non – Executive

Independent Director

6 Approval For Increase In The Limits of Borrowing of Funds U/S 180(1)(C) of The Companies Act 2013.

Affix Revenue Stamp

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Book - Post / Courier To,

IF UNDELIVERED PLEASE RETURN TO M/s.Siddharth Education Services Limited

Reg.Office:- 101, 1ST Floor, Chirag Arcade, Behind Nagrik Stores, E.R. Road, Thane- 400601

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