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Jaro Institute of Technology Management and Research Ltd. के अकाउंट के लिये नोट
Mar 31, 2026
2.9 Provisions and Contingent Liabilities
A provision is recognised when the Company has a present legal or constructive obligation as a result
of a past event, and it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
Provisions (excluding retirement benefits and compensated absences) are determined at present
value based on best estimate required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount cannot be made.
2.10 Income taxes
Income tax comprises of current tax and deferred tax.
(a) Current Tax
Current income tax for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities based on the taxable profit for the period. The tax
rates and tax laws used to compute the amount are those that are enacted or substantially enacted by
the reporting date and applicable for the period. The Company offsets current tax assets and current
tax liabilities where it has a legally enforceable right to set off the recognized amounts and where it
intends either to settle on a net basis, or to realise the asset and liability simultaneously.
(b) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the Balance Sheet and their tax bases. Deferred tax liabilities are recognised for all taxable
temporary differences. Deferred tax assets are recognised for all deductible temporary differences
and incurred tax losses to the extent that it is probable that taxable profits will be available against
which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities
are not recognised if the temporary difference arises from the initial recognition of goodwill or initial
recognition of assets and liabilities (other than in a business combination) in a transaction that affects
neither the taxable profit nor the accounting profit.
The Company recognises deferred tax liabilities for all taxable temporary differences except those
associated with the investments in subsidiaries where the timing of the reversal of the temporary
difference can be controlled and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part
of the deferred income tax asset to be utilised.
2.11 Borrowing Costs
Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing
of funds and is measured with reference to the effective interest rate (EIR) applicable to the respective
borrowing. Borrowing costs include interest costs measured at EIR.
Borrowing costs, allocated to qualifying assets, pertaining to the period from commencement of
activities relating to construction/development of the qualifying asset up to the date of capitalisation
of such asset or upto the date the assets are ready for its intended use are added to the cost of the
assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and
Loss during extended periods when active development activity on the qualifying assets is interrupted.
All other borrowing costs are recognized as an expense in the period which they are incurred.â
2.12 Earnings Per Share (EPS)
Basic earnings per share is computed by dividing the profit/(loss) after tax by the weighted average
number of equity shares outstanding during the year. The weighted average number of equity shares
outstanding during the year is adjusted for the events for bonus issue, bonus element in a rights issue
to existing shareholders, share split and reverse share split (consolidation of shares).
Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend,
interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity shares considered for deriving
basic earnings per
share and the weighted average number of equity shares which could have been issued on conversion
of all dilutive potential equity shares. The calculation of diluted earnings per share does not assume
conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect
on earnings per share.
2.13 Foreign Currency Transactions
(i) Transactions in foreign currencies are translated to the respective functional currencies of Company
at exchange rates at the dates of the transactions.
(ii) Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated into the functional currency at the exchange rate of the reporting date. Non-monetary
assets and liabilities that are measured based on historical cost in a foreign currency are translated at
the exchange rate at the date of the transaction.
(iii) Exchange differences arising on the settlement of monetary items or on translating monetary
items at reporting date at rates different from those at which they were translated on initial recognition
during the period or in previous financial statements are recognised in the Statement of Profit and
Loss in the period in which they arise.
2.14 Treasury share reserve
The Companyâs equity shares held by Jaro Education Welfare Trust, which is consolidated as a part of
the Company, are classified as Treasury shares. Treasury shares are carried at acquisition cost and
presented as a deduction from total equity as âTreasury share reserveâ.
3. Recent accounting pronouncements:
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time.
In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange
Rates, applicable w.e.f. April 1, 2025. The Company has reviewed the amendment and based on its
evaluation has determined that it does not have any significant impact in its financial statements.
In August 2025, MCA notified the following amendments to:
1. Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The amendment
relates to classification of liabilities as current or non-current and non-current liabilities with covenants.
In the context of classifying a liability as current, it removes the requirement of existence of a right to
defer settlement for at least 12 months after the reporting date and instead requires that the said right
should exist on the reporting date and have substance. The amendment also introduces guidance on
classification of liabilities with covenants. The Company has no impact of these amendments in its
classification criteria of current and non-current liabilities.
2. Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable
w.e.f. April 1, 2025 - The amendment in Ind AS 7 requires to inform users of financial statements
of the existence of supplier finance arrangements and explain the nature of the arrangements, the
carrying amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to
add supplier finance arrangements as a factor that may cause concentration of liquidity risk. The
Company has reviewed the amendment and based on its evaluation has determined that it does not
have any significant impact in its financial statements.
3. Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The
amendments provide a temporary mandatory relief from deferred tax accounting for top-up tax and
disclose that they have applied the relief. This relief is immediate and applies retrospectively.â
(B) Rights, preferences and restrictions attached to the equity shares:
The Company has only one class of equity shares having par value of INR 10 per share. Each shareholder is entitled
to one vote per share held. The Company declares and pay dividend in Indian Rupees. The dividend is proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.
During the year ended March 31,2026, the amount of per share dividend is recognised as distributions to equity shareholders
was INR 2 per share (March 31, 2025: Re 1 per share) am in the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.
The distribution will be in proportion to the number of equity shares held by the shareholders.
During the year 2024-25, the Board of Directors of Company has passed a resolution on May 3,2024 and approved the issue
of bonus equity shares in its meeting which was further approved by Shareholders in the meeting held on May 24, 2024
in the ratio of 1 equity shares of INR 10 for every 3 equity share of INR 10 each by capitalization of such sum standing to the
credit of free reserves of the Company.
Pursuant to the provisions of Section 123 of the Companies Act 2013, provisions of the Income Tax Act, 1961 as well as other
applicable provisions. Board of Directors passed a resolution at its meeting held on May 3, 2024 approving payment of
interim dividend of INR 1 per share amounting to INR 151.69 lakhs for shareholders as of the record date, i.e. May 28, 2024.
(E) Nature and purpose of Other Reserves
Securities Premium
Securities Premium has been created consequent to issue of shares at premium. The reserve can be utilised in
accordance with the provisions of the Companies Act 2013.
Retained Earnings
Retained earnings comprises of prior years and current year''s undistributed earnings/(accumulated losses) after tax.
Share Based Payment Reserve
The share based payment reserve is used to recognise the grant date fair value of options issued to employees under
Employee Stock Option Plan.
Treasury Share Reserve
Refer note 2.14 of Material Accounting Policies.
a. Term Loan (Secured)
During the year ended March 31, 2023, the Company had taken car loan from HDFC bank amouting to INR 94.60 Lakhs
which is secured against car purchased. The said car is registered in the name of the Company.
b. Cash credit facility (Secured)
During the year ended March 31,2025, the Company had availed cash credit facility from Union Bank of India amounting
to INR 2,500 Lakhs. This loan is secured against Fixed Deposit amounting to INR 1,275 Lakhs. The Company had taken
cash credit facility for the purpose of Business purpose. The Company has used such borrowings for the purpose as
mentioned in the loan agreement.
c. Cash credit facility (Secured)
During the year ended March 31, 2025, the Company had availed cash credit facility from ICICI Bank amounting to INR
3.000 lakhs. This loan is secured against Land and Building of 1101/02, llth floor, Vikas Centre, CG road, near Basant
Theatre, Vasa, Vihar complex, Chembur, Mumbai, Maharashtra, India, 400074. The Company had taken cash credit
facility for the purpose of Working Capital Management. The Company has used such borrowings for the purpose as
mentioned in the loan agreement.
d. Cash credit (Secured)
During the year ended March 31, 2025, the Company had availed cash credit facility from ICICI Bank amounting to INR
3.000 lakhs. This loan is secured against Fixed Deposit. The Company had taken cash credit facility for the purpose
of working capital management. The Company has used such borrowings for the purpose as mentioned in the loan
agreement.
Note 30: Earnings Per Share (EPS)
Basic earnings /(loss) per share amounts are calculated by dividing the profit / loss for the year attributable to equity
holders by the weighted overage number of equity shares outstanding during the year.
Diluted earnings /(loss) per share amounts are calculated by dividing the profit/loss attributable to equity holders by
the weighted average number of equity shares outstanding during the year plus the weighted average number of equity
shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
(i) The sensitivity analysis have been determined based on reasonably possible changes of the respective
assumptions occurring at the end of the reporting period, while holding all other assumptions
constant. The sensitivity analysis presented above may not be representative of the actual change in
the Defined Benefit Obligation as it is unlikely that the change in assumptions would occur in isolation
of one another as some of the assumptions may be correlated. Furthermore, in presenting the above
sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the
projected unit credit method at the end of the reporting period, which is the same method as applied
in calculating the Defined Benefit Obligation as recognised in the balance sheet.
(ii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from
prior year
B. Compensated absences
The obligation for compensated absences as at the year end amounts to INR 14.36 Lakhs (March 31, 2025: INR
11.28 Lakhs). Expense recognised in profit and loss for the year amounts to INR 3.08 Lakhs (March 31, 2025: INR
0.98 Lakhs).
b. m/s Bennet, Coleman and Co. Ltd. (âPlaintiffâ) has filed a civil suit bearing number 510 of 2023 against the
Company and certain individuals (collectively, the "Defendants") before the High Court of Judicature at
Bombay under sections 43(a) and 43(b) of the Information Technology Act, 2000, as amended, seeking (i)
damages by way of compensation aggregating to INR 717.50 Lakhs at the rate of 21% per annum from the date
of filing of the suit till the actual date of payment to the Plaintiff for unauthorized access and data theft from
the Plaintiff''s computer system and (ii) grant of injunction against the Defendants from the use or access
to the said data, in addition, the Plaintiff has also filed an interim application dated July 17, 2023 to restrain the
Defendants by an order of injunction from accessing and transferring in any manner the confidential information
from the computer systems of the Plaintiff and the Defendants filed an written statement on November 9, 2023
rejecting the claims of the Plaintiff seeking dismissal of the matter. The matter was subsequently transferred to
the Court of Additional Sessions Judge, City Civil Court, Mumbai. The matter was referred to Lok-Adalat by the
Court of Additional Sessions Judge vide order dated February 24, 2026. As neither the plaintiff nor the defendant
appeared for the hearing scheduled on March 14, 2026, the matter has been adjourned to July 10, 2026.
c. Mr. Aksh Sodhie ("Plaintiff"), a learner enrolled in the Master of Science in Data Science program offered by IU
International University of Applied Sciences, Germany, in November 2021, has filed a case against the Company
and certain other parties ("Defendants") alleging non-delivery of the course as promised and unilateral
termination of enrolment without access to the necessary course materials. The Defendants have filed written
statements and applications contesting the claims of the Plaintiff. The matter is currently pending before the
District Judge-02 (West), Tis Hazari Courts, Delhi, and is listed for hearing on April 29, 2026.
> The Company cannot determine the timing of any cash outflows related to the above until the proceedings
are resolved and judgements/ decisions are received from different forums / authorities.
it.The Company has clearly examined all of its ongoing legal cases and has made appropriate provisions
where necessary. The Company believes that the outcome of these cases will not significantly impact its
financial position. Additionally, the Company does not expect any reimbursements in respect of the above
contingent liabilities.
B. Commitments
There are no commitments existing as on March 31, 2026 and March 31,2025.
The Company''s business activities which are primarily education program services and related activities falls
within a single reportable segment as the management of the Company views the entire business activities
as education program services. Accordingly, there are no additional disclosures to be furnished in accordance
with the requirement of ind AS 108 - Operating Segments with respect to single reportable segment. Further, the
operations of the Company are domiciled in India and therefore there are no reportable geographical segments.
The Chief Operating Decision Maker ("CODM") which is Board of Directors evaluates the Company''s performance and
allocates resources based on an analysis of various performance indicators at operational unit level. Since the Company''s
business is from single business reporting segment, there are no other primary reportable segments. Thus, the segment
revenue, segment results, total carrying amount of segment assets, total carrying amount of segment liabilities, total cost
incurred to acquire segment assets, total amount of charge for depreciation during the year is as reflected in the Financial
Information.
Note 36: Corporate Social Responsibility (CSR)
As per Section 135 of the Companies Act, 2013, during the year, Company is required to comply with the CSR
requirements which is formation of the CSR committee, identification of the CSR projects and funding such projects
for at least two percent of the average net profits of the Company during the three immediately preceding financial
years. The Company has spent the following amount during the year towards corporate social responsibility (CSR)
for activities listed under schedule VII of the Companies Act, 2013
Notes:
to Nature of CSR activities undertaken during the current year include donation to lISc Bengaluru (Support for
HSc Medical school) of Rs 56.00 lakhs and to Khan Foundation (Healthcare) of Rs 51.00 lakhs.
promotion education) of Rs 36.00 lakhs.
(i»u The amount has been spent for the purpose other than towards construction/acquisition of any asset as
approved in the meeting of the Board of Directors.
Note 38: Financial Risk Management
in the course of its business, the Company is exposed primarily to liquidity risk, interest rate fluctuation risk, credit risk and
foreign exchange fluctuation risk
A. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity
risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under
normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. Typically,
the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service
financial obligations.
0) Maturities of financial liabilities
The table below summarises the maturity profile of the Company''s financial liabilities based on contractual
payments at each reporting date:
B. Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: Foreign currency risk, interest rate risk and credit
risk. The details are given below:
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade
receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit
risk is managed through periodic assessment of the financial reliability of customers, taking into account the
financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. Other
financial instruments that are subject to credit risk includes cash and cash equivalents, bank deposits, loans and
security deposits.
The maximum exposure to credit risk at the reporting date is primarily from trade receivables which amounted to
INR 1,368.68 Lakhs and INR 3,621.78 Lakhs as at March 31,2026 and March 31,2025 respectively. The Company provides
impairment allowance using the ECL model on trade receivables by following simplified approach. An impairment
analysis is performed at each reporting date on an individual customer basis.
The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks
with high credit ratings.
The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the
counterparties, taking into account their financial position, past experience and other factors.
The Company does a credibility check on the landlords before taking any property on lease and hasn''t had a single
instance of non-refund of security deposit on vacating the leased property. The Company also in some cases
ensure that the notice period rentals are adjusted against the security deposits and only differential, if any, is paid
out thereby further mitigating the non-realization risk.
(iii) Foreign currency risk
The Company has limited international transactions and thus its exposure to foreign exchange fluctuation risk is
low. The Company has following foreign currency exposures:
Note 39: Capital management policies and procedures
The Company''s objectives when maintaining capital are:
(a) to safeguard the entity''s ability to continue as a going concern, so that it can continue to provide returns for
shareholders and benefits for other stakeholders, and
(b) to provide an adequate return to shareholders by pricing services commensurately with the level of risk.
The Company sets the amount of capital it requires in proportion to risk. The Company manages its capital structure
and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the
underlying assets, in order to maintain or adjust the capital structure. The Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
The Company monitors capital on the basis of gearing ratio. This ratio is calculated as net debt divided by total
equity. Net debt is calculated as the total borrowings less cash and cash equivalents and other bank balances. Total
equity includes all components of equity.
Employee Share Option Plan (ESOP)
The Board vide its resolution dated April 4, 2022 approved âESOP 2022â plan for granting Employee Stock Options
in form of equity shares linked to the completion of a minimum period of continued employment to the eligible
employees of the Company, monitored and supervised by the Board of Directors.
The options granted shall vest in 3 tranches as follows: (l) l/3rd of the options shall vest after at the end of 12 months
from the date of grant, (2) l/3rd of the options shall vest at the end of 24 months from the date of grant and (3) l/3rd
of the options shall vest at the end of 36 months from the date of grant.
The exercisable period of the options is 4 years from the date of grant. When exercisable, each option is convertible
into one equity share. The exercise price of the options is INR 10 per option.
The scheme was amended for granting Employee Stock Options to additional employees of the Company pursuant
to the resolution passed by the Board on July 27, 2024.
Note 42: Additional Regulatory Information
i. Title deeds of Immovable Properties not held in name of the Company
There are no immovable properties held by the Company.
ii. Utilisation of Borrowed funds
(a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities ("Intermediariesâ) with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall lend or invest in party identified by or on behalf of the Company (ultimate
Beneficiaries).
(b) The Company has not received any fund from any party(s) (Funding Party) with the understanding that
the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by
or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
by a registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017
is not applicable.
The Company does not have any Intangible Assets thus, disclosures relating to revaluation of Intangible Assets
is not applicable.
iv. Details of benami property held
The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.
v. Wilful Defaulter
The Company has not defaulted nor been declared wilful defaulter by any bank or financial institution or other
lender.
vi. Relationship with struck off companies
The Company does not have any transactions with the Companies struck off under section 248 of the Companies
Act, 2013 or section 560 of the Companies Act, 1956.
vii. Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
viii. Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.
lx. Compliance with approved Scheme(s) of Arrangements
The Company has not entered into any scheme of arrangements as approved by the competent authority
in terms of Section 230 to 237 of the Companies Act, 2013, thus, the disclosures relating to compliance with
approved scheme of arrangements is not applicable to the Company.
x. Undisclosed income
The Company does not have any undisclosed income which is not recorded in the books of account that has
been surrendered or disclosed as income during the year (previous year) in the tax assessments under the
Income Tax Act, 1961.
xi. Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.
The Government of India has consolidated 29 existing labour legislations into a united framework comprising four
Labour Code viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational
Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes). These Codes
have been made effective from November 21,2025. The corresponding all supporting rules under these codes are yet
to be notified. On the basis of information available and actuarial valuation, the company assessed the impact of
these changes. The Company has estimated and accounted for incremental liability for own employees aggregating
to INR 10.76 lakhs. The Company continues to monitor the notification of Central / State rules.
During the year ended March 31, 2026, the Company had completed an Initial Public Offer (IPO) of 50,56,179 equity
shares of face value of INR 10 each at an Issue price of INR 890 per share (including a share premium of INR 880 per
share). The issue comprised of a fresh issue of 19,10,112 equity shares aggregating to INR 17,000.00 lakhs and offer for
sale of 31,46,067 equity shares by selling shareholders aggregating to INR 28,000.00 lakhs, totalling to INR 45,000.00
lakhs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited
(NSE) and BSE Limited (BSE) on September 30, 2025.
The utilisation of the IPO proceeds in relation to fresh issue is summarised below:
During the year ended March 31, 2026, the Company has appointed Jaro Education Welfare Trust (âThe ESOP Trust")
to administer the employee stock option scheme. For the said purpose, the ESOP Trust borrowed funds from the
Company and purchased the Company''s shares from open market for allotting the same to eligible employees. Till
March 31, 2026 the ESOP Trust has purchased 3,99,595 number of shares of the Company from open market.
The Company has adopted the accounting policy to consolidate the ESOP Trust in the financial
statements. Consequently, in the financial statements of the Company, the loan given to ESOP
Trust (including interest) is eliminated and investment in own equity shares that are purchased
(i.e. treasury shares) are recognised at cost and disclosed as deduction from equity and reserves.
The Board of Directors have at its meeting held on May 07, 2026, proposed a final dividend of INR 3 per equity share,
however this does not require any adjustment in the financial statements. There are no events or transactions that
have occurred subsequently since the date of Balance Sheet or are pending that would have a material effect on
the financial statements at that date or for the period then ended, other than those reflected or fully disclosed in the
financial statements.
This Financial Statements have been approved for issue by the board of directors at its meeting held on May 07,
2026.
Mar 31, 2025
2.9 Provisions and expenses
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of
economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions (excluding retirement benefits and compensated absences) are determined at present value based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from
past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot
be made.
2.10 Income taxes
Income tax comprises of current tax and deferred tax.
(a) Current Tax
Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on
the taxable profit for the period. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the reporting
date and applicable for the period. The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off the
recognized amounts and where it intends either to settle on a net basis, or to realise the asset and liability simultaneously.
(b) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Balance Sheet and their tax bases. Deferred
tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and incurred
tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or initial recognition of assets
and liabilities(other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit.
The Company recognises deferred tax liabilities for all taxable temporary differences except those associated with the investments in subsidiaries where the
timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
3 Recent accounting pronouncements:
Ministry of Corporate Affairs (âMCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as
issued from time to time. There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the
Companies Act, 2013, which are issued and not effective as at 31 March 2025.
(B) Rights, Preferences and restrictions attached to the equity shares:
The Company has only one class of equity shares having par value of INR10 per share. Each shareholder is entitled to one vote per share held. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
During the year ended 31 March 2025, the amount of per share dividend recognized as distributions to equity shareholders was Nil (previous year: Nil).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Subsequent to 31 March 2024, the Board of Directors of Company has passed a resolution on 3 May 2024 and approved the issue of bonus equity shares in its
meeting which was further approved by shareholders in the meeting held on 24 May 2024 in the ratio of 1 equity shares of INR 10 each for every 3 equity share of
INR 10 each by capitalization of such sum standing to the credit of free reserves of the Company.
Pursuant to the provisions of section 123 of the Companies Act, 2013, provisions of the Income Tax Act, 1961 as well as other applicable provisions, Board of
Directors passed a resolution at its meeting held on 3 May 2024 approving payment of interim dividend of INR 1 per equity share for shareholders as of the record
date i.e.28 May 2024.
16.2 Current Borrowings
a. Cash credit facility (Secured)
The Company had availed cash credit facility from Union bank of India amounting to INR 2,500 lakhs. This loan is secured against Fixed deposit amounting
1,275 lakhs . The Company had taken cash credit facility for the purpose of Business purpose. The Holding Company has used such borrowings for the purpose
as mentioned in the loan agreement.
b. Cash credit facility (Secured)
The Company had availed cash credit facility from ICICI bank amounting to INR 3,000 lakhs. This loan is secured against the Land and Building of1101/ 02,
11th floor,Vikas Centre, CG Rd,Near Basant Theatre,Vasa, vihar complex,Chembur, Mumbai,MAHARASHTRA, India,400074. The Company had taken cash
credit facility for the purpose of Working Capital Management. The Company has used such borrowings for the purpose as mentioned in the loan agreement.
c. Cash credit (Secured)
The Company had availed cash credit facility from ICICI bank amounting to INR 3,000 lakhs. This loan is secured against the fixed deposit. The Company had
taken cash credit facility for the purpose of working capital management. The Company has used such borrowings for the purpose as mentioned in the loan
agreement.
21 Leases - IND AS 116
The Company has lease contracts for Office Premises used in its operations. Lease terms generally ranges between 1 and 5 years.
The Company assesses, whether the contract is, or contains, a lease at the inception of the contract or upon the modification of a contract. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
29 Earnings per share (EPS)
Basic earnings per share amounts are calculated by dividing the profit/loss for the year attributable to equity holders by the weighted
average number of equity shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the profit/loss attributable to equity holders by the weighted average
number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.
*The Board of Directors at its meeting held on 3 May, 2024 has approved issue of bonus equity shares, in the proportion of 1:3, i.e. 1
(one) bonus equity share for every 3 (three) fully paid-up equity shares held as on record date, which are approved by shareholder at
the Extraordinary General Meeting (EOGM) held on 24 May 2024. Consequent to this bonus issue, the number of ordinary shares
outstanding has been increased by number of shares issued as bonus shares in current year and the number of ordinary shares
outstanding for the comparative year has been presented as if the event had occurred at the beginning of the earliest year presented.
**Stock options granted to the employees under the ESOP 2022 scheme are considered to be potential equity shares. The same is
considered in the determination of diluted earnings per share to the extent that they are that they are not anti-dilutive. The shares
vested during the year ended 31 March 2025 are anti-dilutive in nature and hence, not considered for the calculation of diluted earning
per share.
Note:
(i) The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period,
while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit
Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore,
in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the projected unit credit method at
the end of the reporting period, which is the same method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.
(ii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
(B) Compensated absences
The obligation for compensated absences as at year end amounts to INR 11.28 lakhs (31 March 2024: INR 10.28 lakhs)
b. M/s Bennet, Coleman and Co. Ltd. (âPlaintiffâ) has filed a civil suit bearing number 510 of 2023 against the Company and certain
individuals (collectively, the âDefendantsâ) before the High Court of Judicature at Bombay under sections 43(a) and 43(b) of the
Information Technology Act, 2000, as amended, seeking (i) damages by way of compensation aggregating to INR 717.50 lakhs at the rate
of 21% per annum from the date of filing of the suit till the actual date of payment to the Plaintiff for unauthorized access and data
theft from the Plaintiffâs computer system and (ii) grant of injunction against the Defendants from the use or access to the said data. In
addition, the Plaintiff has also filed an interim application dated 17 July 2023 to restrain the Defendants by an order of injunction from
accessing and transferring in any manner the confidential information from the computer systems of the Plaintiff and the Defendants
filed an written statement on 9 November 2023 rejecting the claims of the Plaintiff seeking dismissal of the matter. The matter was
subsequently transferred to the Court of Additional Sessions Judge, City Civil Court, Mumbai and is currently pending. As neither the
plaintiff nor the defendant appeared for the hearing scheduled on 20th August 2024, the matter has been adjourned to 3rd December
2024.
Currently, the hearing is in progress and the next date of hearing is scheduled on 25th September 2025.
B Commitments
There are no Commitments existing as on 31 March 2025 & 31 March 2024.
d) Terms and conditions:
(i) All transaction were made on normal commercial terms and conditions and at market rates.
(ii) All outstanding balances are unsecured and repayable in cash.
33 Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Companyâs other components, and for which
discrete financial information is available.The Company has determined its business segment as "Education Program Services" which
includes two business verticals, namely Student Enrolment Services and Program Management Services. Operating segment''s results
are reviewed regularly by the Companyâs Managing Director and CEO to make decisions about resources to be allocated to the
segments and assess their performance.
The Chief Operating Decision Maker ("CODM") which is Board of Directors evaluates the Companyâs performance and allocates
resources based on an analysis of various performance indicators at operational unit level. Since the Company''s business is from
single business reporting segment, there are no other primary reportable segments. Thus, the segment revenue, segment results,
total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets,
total amount of charge for depreciation during the year is as reflected in the Financial Statement.
The Company''s customers are domiciled in India and also the non-current assets are situated in India. Thus, the geographical segment
disclosures of the Company are not given.
As per Section 135 of the Companies Act, 2013, during the year, Company is required to comply with the CSR requirements which is
formation of the CSR committee, identification of the CSR projects and funding such projects for at least two percent of the average
net profits of the Company made during the three immediately preceding financial years The Company has initiated the process for
meeting these compliance requirements and made a donation towards Global Education Trust. The purpose of the trust is to provide
upliftment of education sector and providing employment opportunities.
C Fair value hierarchy
The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
As per Ind AS 107 "Financial Instrument: Disclosure", fair value disclosures are not required when the carrying amounts reasonably
'' '' approximate the fair value. Accordingly fair value disclosures have not been made for the following financial instruments:-
1. Trade Receivables
2. Cash and Cash Equivalents
3. Other Bank Balances
4. Loans
5. Other Financials Assets
6. Borrowings
7. Lease Liabilities
8. Trade Payables
9. Other Financial Liabilities
In the course of its business, the Company is exposed primarily to liquidity risk, interest rate fluctuation risk, credit risk and foreign exchange fluctuation risk.
A Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset. The Companyâs approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking damage to itsreputation.
Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service financial obligations.
B Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: Foreign currency risk, interest rate risk and credit risk. The details are given below :
(i) Interest Rate Risk
The Companyâs exposure to interest rate risk arises from borrowings which have a floating rate of interest, which is MCLR.The risk is managed by the Company
by maintaining an appropriate mix of fixed and floating rate borrowings. The costs of floating rate borrowings may be affected by the fluctuations in the
interest rates.
(ii) Credit Risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade receivables are typically unsecured and are
derived from revenue earned from customers located in India. Credit risk is managed through periodic assessment of the financial reliability of customers,
taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. Other financial
instruments that are subject to credit risk includes cash and cash equivalents, bank deposits, loans and security deposits.
The maximum exposure to credit risk at the reporting date is primarily from trade receivables which amounted to INR 3,621.78 and INR 1,169.10 lakhs as at
31 March 2025 and 31 March 2024 respectively. The Company provides impairment allowance using the ECL model on trade receivables by following simplified
approach. An impairment analysis is performed at each reporting date on an individual customer basis.
The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks with high credit ratings.
The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent
losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other
factors.
The Company does a credibility check on the landlords before taking any property on lease and hasnât had a single instance of non-refund of security deposit
on vacating the leased property. The Company also in some cases ensure that the notice period rentals are adjusted against the security deposits and only
differential, if any, is paid out thereby further mitigating the non-realization risk.
37 Capital management policies and procedures
The Company''s capital comprises equity share capital, securities premium and all other equity reserves
attributable to the equity holders.
The Company''s objectives when managing capital are to :
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
The Company monitors capital using a ratio of âadjusted net debtâ to âequityâ. For this purpose, adjusted net
debt is defined as total borrowings less cash and bank balances. Total equity comprises all components of
equity.
No changes were made in the objectives, policies or processes for managing capital of the Company during the
current year and previous years.
The ComDanyâs adjusted net debt to equity ratio was as follows:
40 Additional regulatory information
i. Title deeds of Immovable Properties not held in name of the Company
There are no immovable properties held by the Company.
ii. Details of loans given, investment made and guarantee given covered u/s 186(4) of the Companies Act, 2013
There are no loans given, investment made and guarantee given by the Company u/s 186(4) of the Companies Act, 2013
iii. Utilisation of Borrowed funds
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or
in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or
invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
iv. Revaluation of property, plant and equipment (including right-of-use assets) and intangible assets
The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus valuation by a registered valuer as defined under rule 2 of
the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.
The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible Assets is not applicable.
v. Details of benami property held
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
vi. Wilful Defaulter
The Company has neither defaulted nor been declared wilful defaulter by any bank or financial institution or other lender.
vii. Quarterly Returns
Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of account.
viii. Relationship with struck off companies
The Company does not have any transactions with the Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,
1956.
ix. Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
x. Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of
Layers) Rules, 2017.
xi Compliance with approved Scheme(s) of Arrangements
The Company has not entered into any scheme of arrangements as approved by the competent authority in terms of Section 230 to 237 of the Companies Act,
2013, thus, the disclosures relating to compliance with approved scheme of arrangements is not applicable to the Company.
xii Undisclosed income
The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the
year (previous year) in the tax assessments under the Income Tax Act, 1961.
xiii Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
41 Susequent Event
No Significant Subsequent events have been observed which may require an adjustments to the financial statements.
42 Daily backup note
The Company has used an accounting software for maintaining its books of account. The accounting software has daily backup scheduler activated in the system
which keeps records of daily backups of last 15 days. However the logs of daily backup for the period beginning 1 April 2024 and ending on 31 March 2025 is not
available with the Company.
43 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS and as required by Schedule III of the Act.
44 These financial statements have been approved for issue by the board of directors at its meeting held on 21 August 2025.
As per our report of even date attached
For M S K A & Associates For and on behalf of the Board of Directors
Chartered Accountants Jaro Institute of Technology Management and Research Limited
ICAI Firm Registration No: 105047W CIN: U80301MH2009PLC193957
Bhavik L. Shah Sanjay Salunkhe Ranjita Raman Sankesh Mophe Ms. Kirtika Chauhan
Partner Managing Director Director & CEO Chief Financial Officer Company Secretary
Membership No: 122071 DIN-01900632 DIN-07132904 Membership Number: A65797
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025 Date: 21 August 2025
Mar 31, 2024
2.9 Provisions and expenses
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of
economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions (excluding retirement benefits and compensated absences) are determined at present value based on best estimate required to settle the obligation
at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from
past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be
made.
2.10 Income taxes
Income tax comprises of current tax and deferred tax.
(a) Current Tax
Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on
the taxable profit for the period. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the reporting
date and applicable for the period. The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off the
recognized amounts and where it intends either to settle on a net basis, or to realise the asset and liability simultaneously.
(b) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Balance Sheet and their tax bases. Deferred
tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and incurred
tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or initial recognition of assets
and liabilities(other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit.
The Company recognises deferred tax liabilities for all taxable temporary differences except those associated with the investments in subsidiaries where the
timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
3 Recent accounting pronouncements:
Ministry of Corporate Affairs (âMCAâ) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as
issued from time to time. During the year, MCA amended the following Indian Accounting Standards under Companies (Indian Accounting Standards)
Amendment Rules, 2023, applicable from 01 April 2023:
(a) Disclosure of Accounting Policies - Amendments to Ind AS 1
The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their
âsignificantâ accounting policies with a requirement to disclose their âmaterialâ accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the
financial statements.
(b) Recent accounting pronouncements issued but not yet effective
The Ministry of Corporate Affairs (âMCAâ) notifies new standard or amendment to existing standard under Companies (Indian Accounting Standard) Rules as
issued from time to time. During the year ended 31 March 2024, MCA has not notified any new standard or amendment to existing standards applicable to the
Company.
Notes:
(i) During FY 2023-2024, the Company had transferred 49,48,497 shares of subsidiary ''Net Employment Services Private Limited (hereinafter Referred
to as "NESPL")'' to Mr. Sanjay Salunkhe (Director of the Company) on 28 March 2024. Therefore, from 28 March 2024 onwards, NESPL ceased to be
a subsidiary of the Company. The shares were transferred at carrying value of investments held by the Company in NESPL, accordingly there was
no gain /(loss) recorded in Statement of Profit and Loss of the Company.
(ii) During FY 2023-2024, the Company had transferred 1,10,000 shares of subsidiary ''Jaro Education Private Limited (hereinafter Referred to as
"JEPL")'' to Mr. Sanjay Salunkhe (Director of the Company) on 03 October 2023. Therefore, from 03 October 2023 onwards, JEPL ceased to be a
subsidiary of the Company. The shares were transferred at face value of investments held by the Company in JEPL, accordingly there was no gain
/(loss) recorded in Statement of Profit and Loss of the Company.
(B) Rights, Preferences and restrictions attached to the equity shares:
The Company has only one class of equity shares having par value of INR10 per share. Each shareholder is entitled to one vote per share held. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
During the year ended 31 March 2024, the amount of per share dividend recognized as distributions to equity shareholders was Nil (previous year: Nil).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all
pReferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholdeINR
Subsequent to 31 March 2024, the Board of Directors of Company has passed a resolution on 3 May 2024 and approved the issue of bonus equity shares in its
meeting which was further approved by shareholders in the meeting held on 24 May 2024 in the ratio of 1 equity shares of INR 10 each for every 3 equity share of
INR 10 each by capitalization of such sum standing to the credit of free reserves of the Company.
Pursuant to the provisions of section 123 of the Companies Act, 2013, provisions of the Income Tax Act, 1961 as well as other applicable provisions, Board of
Directors passed a resolution at its meeting held on 3 May 2024 approving payment of interim dividend of INR 1 per equity share for shareholders as of the record
date i.e.28 May 2024.
- As per records of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial ownerships of shares.
- The Company had previously issued certain shares to its employees pursuant to a share-based payment plan. During FY 2021-22 and FY 2022-23, Dr. Sanjay
Salunkhe (Promoter) initiated the purchase of 7,150 and 11,400 shares respectively from some of its employees/ex-employees for a consideration that was
discharged through a bank transfer during that period. However, transfer of these shares in dematerialized form from these employees/ex-employees to Dr.
Sanjay Salunkhe was not concluded upto 31 March 2024. The transfer of these shares was completed by August 2024. The number of shares held by Dr. Sanjay
Salunkhe as on 31 March 2023 and 31 March 2024 has been updated to reflect the actual number of shares held by him in dematerialized form on those dates.
D) The Company has not issued any bonus shares or shares for consideration other than cash during the period of five years immediately preceding the reporting
date.
(D) Nature and purpose of Other Reserves
Securities Premium
Securities premium has been created consequent to issue of shares at premium. The reserve can be utilised in accordance with the provisions of the Companies
Act 2013.
Retained Earnings
Retained earnings comprises of prior years and current year''s undistributed earnings/(accumulated losses) after tax.
Share Based Payment Reserve
The share based payment reserve is used to recognise the grant date fair value of options issued to employees under Employee Stock Option Plan.
17.2 Non-current Borrowings
a. Secured Term Loans
During the year ended 31 March 2023, the Company had taken car loan from Kotak Mahindra Bank having balance of INR 40.00 lakhs is secured against Car
purchased. The said car is registered in the name of the Ms. Ranjita Raman (Key Management Personnel) - however an agreement exist that if the director
leaves the organization, the net carrying amount of the vehicle will be adjusted against the full & final settlement of the director.
b. Secured Emergency credit line (ECL)
During the year ended 31 March 2023, the Company had taken Working Capital Term Loan under ECL facility from Bank of Maharashtra of INR 81.00 lakhs
and is secured having collateral security as M/s. Net Education Entrepreneurship & Leadership Limited (erstwhile step-down subsidiary) Land and Building
situated at Karla village, Taluka Maval, Pune district and additional charge of Mr. Sanjay Salunkhe''s Vikas Centre office.
During the year ended 31 March 2023, the Company had made an excess repayment of Axis Bank ECL facility of INR 5 lakhs.
c. Unsecured term loans includes loan from Banks and NBFCs taken for the purpose of Working Capital management.
17.3 Current Borrowings
a. Cash credit facility (Secured)
The Company had availed cash credit facility from Bank of Maharashtra amounting to INR 2,500 lakhs. This loan is secured against the Land and Building of
M/s. Net Education Entrepreneurship & Leadership Limited (erstwhile step-down subsidiary) and additional charge of Mr. Sanjay Salunkhe''s Vikas Centre
office. The Company had taken cash credit facility for the purpose of Working Capital Management. The Company has used such borrowings for the purpose
as mentioned in the loan agreement.
30 Earnings per share (EPS)
Basic earnings per share amounts are calculated by dividing the profit/loss for the year attributable to equity holders by the weighted
average number of equity shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the profit/loss attributable to equity holders by the weighted average
number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.
*The Board of Directors at its meeting held on 3 May 2024 has approved issue of bonus equity shares, in the proportion of 1:3, i.e. 1
(one) bonus equity share for every 3 (three) fully paid-up equity shares held as on record date, which are approved by shareholder at
the Extraordinary General Meeting (EOGM) held on 24 May 2024. Consequent to this bonus issue, the number of ordinary shares
outstanding is increased by number of shares issued as bonus shares in current year and comparative year presented as if the event had
occurred at the beginning of the earliest year presented.
**Stock options granted to the employees under the ESOP 2022 scheme are considered to be potential equity shares. The same is
considered in the determination of diluted earnings per share to the extent that they are that they are not anti-dilutive. The shares
vested during the year ended 31 March 2024 are anti-dilutive in nature and hence, not considered for the calculation of diluted earning
per share.
Note:
(i) The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period,
while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit
Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore,
in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the projected unit credit method at
the end of the reporting period, which is the same method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.
(ii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
(B) Compensated absences
The obligation for compensated absences as at year end amounts to INR 10.30 lakhs (31 March 2023: INR 7.46 lakhs)
b. M/s Bennet, Coleman and Co. Ltd. (âPlaintiffâ) has filed a civil suit bearing number 510 of 2023 against the Company and certain
individuals (collectively, the âDefendantsâ) before the High Court of Judicature at Bombay under sections 43(a) and 43(b) of the
Information Technology Act, 2000, as amended, seeking (i) damages by way of compensation aggregating to INR 717.50 lakhs at the rate
of 21% per annum from the date of filing of the suit till the actual date of payment to the Plaintiff for unauthorized access and data
theft from the Plaintiffâs computer system and (ii) grant of injunction against the Defendants from the use or access to the said data. In
addition, the Plaintiff has also filed an interim application dated 17 July 2023 to restrain the Defendants by an order of injunction from
accessing and transferring in any manner the confidential information from the computer systems of the Plaintiff and the Defendants
filed an written statement on 9 November 2023 rejecting the claims of the Plaintiff seeking dismissal of the matter. The matter was
subsequently transferred to the Court of Additional Sessions Judge, City Civil Court, Mumbai and is currently pending.
B Commitments
There are no Commitments existing as on 31 March 2024 & 31 March 2023.
d) Terms and conditions:
(i) All transaction were made on normal commercial terms and conditions and at market rates.
(ii) All outstanding balances are unsecured and repayable in cash.
34 Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Companyâs other components, and for which
discrete financial information is available.The Company has determined its business segment as "Education Program Services" which
includes two business verticals, namely Student Enrolment Services and Program Management Services. Operating segment''s results
are reviewed regularly by the Companyâs Managing Director and CEO to make decisions about resources to be allocated to the
segments and assess their performance.
The Chief Operating Decision Maker ("CODM") which is Board of Directors evaluates the Companyâs performance and allocates
resources based on an analysis of various performance indicators at operational unit level. Since the Company''s business is from
single business reporting segment, there are no other primary reportable segments. Thus, the segment revenue, segment results,
total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets,
total amount of charge for depreciation during the year is as reflected in the Financial Statement.
The Company''s customers are domiciled in India and also the non-current assets are situated in India. Thus, the geographical
segment disclosures of the Company are not given.
35 Corporate Social Responsibility (CSR)
As per Section 135 of the Companies Act, 2013, during the year, Company is required to comply with the CSR requirements which is
formation of the CSR committee, identification of the CSR projects and funding such projects for at least two percent of the average
net profits of the Company made during the three immediately preceding financial years The Company has initiated the process for
meeting these compliance requirements and made a donation towards Global Education Trust. The purpose of the trust is to provide
upliftment of education sector and providing employment opportunities.
C Fair value hierarchy
The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
As per Ind AS 107 "Financial Instrument: Disclosure", fair value disclosures are not required when the carrying amounts reasonably
'' '' approximate the fair value. Accordingly fair value disclosures have not been made for the following financial instruments:-
1. Trade Receivables
2. Cash and Cash Equivalents
3. Other Bank Balances
4. Loans
5. Other Financials Assets
6. Borrowings
7. Lease Liabilities
8. Trade Payables
9. Other Financial Liabilities
37 Financial risk management
In the course of its business, the Company is exposed primarily to liquidity risk, interest rate fluctuation risk, credit risk and foreign exchange fluctuation risk.
A Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset. The Companyâs approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking damage to itsreputation.
Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service financial obligations.
B Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: Foreign currency risk, interest rate risk and credit risk. The details are given below :
(i) Interest Rate Risk
The Companyâs exposure to interest rate risk arises from borrowings which have a floating rate of interest, which is MCLR.The risk is managed by the Company
by maintaining an appropriate mix of fixed and floating rate borrowings. The costs of floating rate borrowings may be affected by the fluctuations in the
interest rates.
(ii) Credit Risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade receivables are typically unsecured and are
derived from revenue earned from customers located in India. Credit risk is managed through periodic assessment of the financial reliability of customers,
taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. Other financial
instruments that are subject to credit risk includes cash and cash equivalents, bank deposits, loans and security deposits.
The maximum exposure to credit risk at the reporting date is primarily from trade receivables which amounted to INR 1,169.08 & INR 691.70 lakhs as at 31
March 2024 and 31 March 2023 respectively. The Company provides impairment allowance using the ECL model on trade receivables by following simplified
approach. An impairment analysis is performed at each reporting date on an individual customer basis.
The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks with high credit ratings.
The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent
losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other
factors.
The Company does a credibility check on the landlords before taking any property on lease and hasnât had a single instance of non-refund of security deposit
on vacating the leased property. The Company also in some cases ensure that the notice period rentals are adjusted against the security deposits and only
differential, if any, is paid out thereby further mitigating the non-realization risk.
38 Capital management policies and procedures
The Company''s capital comprises equity share capital, securities premium and all other equity reserves
attributable to the equity holders.
The Company''s objectives when managing capital are to :
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
The Company monitors capital using a ratio of âadjusted net debtâ to âequityâ. For this purpose, adjusted net
debt is defined as total borrowings less cash and bank balances. Total equity comprises all components of
equity.
No changes were made in the objectives, policies or processes for managing capital of the Company during the
current year and previous years.
The Companyâs adjusted net debt to equity ratio was as follows:
iii. Utilisation of Borrowed funds
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or
in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or
invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
iv. Revaluation of property, plant and equipment (including right-of-use assets) and intangible assets
The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus valuation by a registered valuer as defined under rule 2 of
the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.
The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible Assets is not applicable.
v. Details of benami property held
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
vi. Wilful Defaulter
The Company has neither defaulted nor been declared wilful defaulter by any bank or financial institution or other lender.
vii. Quarterly Returns
Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of account.
viii. Relationship with struck off companies
The Company does not have any transactions with the Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,
1956.
ix. Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
x. Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of
Layers) Rules, 2017.
xi Compliance with approved Scheme(s) of Arrangements
The Company has not entered into any scheme of arrangements as approved by the competent authority in terms of Section 230 to 237 of the Companies Act,
2013, thus, the disclosures relating to compliance with approved scheme of arrangements is not applicable to the Company.
xii Undisclosed income
The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the
year (previous year) in the tax assessments under the Income Tax Act, 1961.
xiii Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
42 Susequent Event
No Significant Subsequent events have been observed which may require an adjustments to the financial statements.
43 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS and as required by Schedule III of the Act.
44 These financial statements have been approved for issue by the board of directors at its meeting held on 26 September 2024.
As per our report of even date attached
For M S K A & Associates For and on behalf of the Board of Directors
Chartered Accountants Jaro Institute of Technology Management and Research Limited
ICAI Firm Registration No: 105047W CIN: U80301MH2009PLC193957
sd/- sd/- sd/- sd/- sd/-
Siddharth Iyer Sanjay Salunkhe Ranjita Raman Sankesh Mophe Ms. Kirtika Chauhan
Partner Managing Director Director & CEO Chief Financial Officer Company Secretary
Membership No: 116084 DIN-01900632 DIN-07132904 Membership Number: A65797
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 26 September 2024 Date: 26 September 2024 Date: 26 September 2024 Date: 26 September 2024 Date: 26 September 2024
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