Shanti Educational Initiatives Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

L. Provisions, Contingent liabilities, Contingent assets and Commitments
General

Provisions are recognized when the company has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the
company expects some or all of a provision to be reimbursed, for example, under an insurance contract,
the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the statement of profit and loss net of any
reimbursement.

Contingent liability is disclosed in the case of:

1. A present obligation arising from the past events, when it is not probable that an outflow of
resources will be required to settle the obligation;

2. A present obligation arising from the past events, when no reliable estimate is possible;

3. A possible obligation arising from the past events, unless the probability of outflow of resources is
remote.

Commitments include the amount of purchase order (net of advances) issued to parties for completion
of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet
date.

M. Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. Earnings
considered in ascertaining the company''s earnings per share is the net profit for the period after
deducting preference dividends and any attributable tax thereto for the period. The weighted average
number of equity shares outstanding during the period and for all periods presented is adjusted for
events, such as bonus shares, other than the conversion of potential equity shares that have changed the
number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the profit or loss for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period is
adjusted for the effects of all dilutive potential equity shares. Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless they have been issued at a later date. The diluted
potential equity shares have been arrived at, assuming that the proceeds receivable were based on
shares having been issued at the average market value of the outstanding shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and that would, if issued, either reduce
future earnings per share or increase loss per share, are included.

N. Use of estimates and judgements

The presentation of the financial statements is in conformity with the Ind AS which requires the
management to make estimates, judgments and assumptions that affect the reported amounts of assets
and liabilities, revenues and expenses and disclosure of contingent liabilities. Such estimates and
assumptions are based on management''s evaluation of relevant facts and circumstances as on the date
of financial statements. The actual outcome may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting
estimates are recognized in the period in which the trades are revised and in any future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
material adjustment within the next financial year are included in the following notes:

• Current tax

• Fair valuation of unlisted securities

O. Statement of cash flows

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

P. Current and non-current classification

The company presents assets and liabilities in the balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

i. Expected to be realized or intended to be sold or consumed in normal operating cycle;

ii. Held primarily for the purpose of trading;

iii. Expected to be realized within twelve months after the reporting period, or

iv. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

i. It is expected to be settled in normal operating cycle;

ii. It is held primarily for the purpose of trading;

iii. It is due to be settled within twelve months after the reporting period, or

iv. There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Operating Cycle

The operating cycle is the time between the acquisition of assets for processing and their realization in
cash and cash equivalents. The company has identified twelve months as its operating cycle.

Q. Foreign currency transaction

The company engaged in foreign transaction of import of Services. The financial statements are
presented in Indian rupee (INR), which is company''s functional and presentation currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the company''s entities at their respective
functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.

R. Fair value measurement

The company measures financial instruments, such as, derivatives at fair value at each balance sheet
date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:

i. In the principal market for the asset or liability, or

ii. In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the company.

The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.

The company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

i. Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or Liabilities.

ii. Level 2 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

iii. Level 3 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the company
determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.

The company''s appointed registered valuer determines the policies and procedures for both recurring
fair value measurement, such as derivative instruments and unquoted financial assets measured at fair
value, and for non-recurring measurement, such as assets held for distribution in discontinued
operations. The Valuation Committee comprises of the head of the investment properties segment,
heads of the company''s internal mergers and acquisitions team, the head of the risk management
department, financial controllers and chief finance officer.

External valuers are involved for valuation of significant assets, such as unquoted financial assets.
Involvement of external valuers is decided upon annually by the by the management. Selection criteria
include market knowledge, reputation, independence and whether professional standards are
maintained. Valuers are normally rotated every three years. The management decides, after discussions
with the company''s external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management analyses the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed as per the company''s accounting policies. For this
analysis, the management verifies the major inputs applied in the latest valuation by agreeing the
information in the valuation.

The management, in conjunction with the Company''s external valuers, also compares the change in the
fair value of each asset and liability with relevant external sources to determine whether the change is
reasonable.

On an interim basis, the Company''s external valuers present the valuation results to the Audit
Committee and the company''s independent auditors. This includes a discussion of the major
assumptions used in the valuations.

For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.

i. Disclosures for valuation methods, significant estimates and assumptions.

ii. Quantitative disclosures of fair value measurement hierarchy.

iii. Investment in unquoted equity shares (discontinued operations).

iv. Financial instruments (including those carried at amortized cost).

S. Exceptional items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary
activities of the company is such that its disclosure improves the understanding of the performance of
the company, such income or expense is classified as an exceptional item and accordingly, disclosed in
the notes accompanying to the financial statements.

T. Rounding off

All amounts disclosed in the financial statements and notes have been rounded off to the nearest Lakhs
as per the requirements of Schedule III, unless otherwise stated.

• Recent accounting pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing
standards under the Companies (Indian Accounting Standards) Rules, as amended from time to time. For
the year ended March 31, 2025, MCA has notified the following amendments applicable from April 1,

2024:

♦ Ind AS 117 - Insurance Contracts, which replaces Ind AS 104 and establishes principles for
recognition, measurement, presentation, and disclosure of insurance contracts.

♦ Amendment to Ind AS 116 - Leases, specifically relating to accounting for sale and leaseback
transactions by seller-lessees.

The Company has evaluated the applicability and impact of these amendments and has determined that
they are not applicable to its operations, as the Company does not engage in insurance business or sale
and leaseback lease transactions under Ind AS. Accordingly, these amendments have no significant
impact on the Company''s financial statements for the year ended March 31, 2025.

In terms of my report attached For and on behalf of the Board of Directors

^{For Nahta Jain} & ^Associates Shanti Educational Initiatives Limited

Chartered Accountants
Firm Regn. No. 106801W

VISHAL CHIRIPAL DARSHAN VAYEDA

(Managing Director) (Whole-Time Director)

(CA. Gaurav Nahta) (DIN- 00155013) (DIN_- 07788073)

Partner
M.No. 116735

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Mar 31, 2024

Details of rights, preferences and restrictions attached to the shares

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

The dividend has not been declared during the year by the Company.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. The Company doesnot have any holding Company.

As per records of the company, including its register of share holders/members and other declaration received from the share holders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.

Nature and purpose of reserves

(ii) Securities premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act. iii) General Reserve

General reserves are created out of profits & kept aside for general purpose and financial strengthening of the company, it doesn''t have any special purpose. iiii) Other Comprehensive Income

a) The fair value change of the equity instruments measured at fair value through other comprehensive income is recognised in equity instruments through Other Comprehensive Income.

b) The remeasurement gain/(loss) on net defined benefit plans is recognised in Other Comprehensive Income net of tax.

(iv) Retained earnines

The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve and also considering the requirements of the Companies Act, 2013.

Term loan received from Piramal Capital and Housing Finance Limited : Secured loan Rs. 75.40 Lacs ( P.Y.: 151.13 Lacs} is secured by way of first charge of equitable mortgage of the immovable property of the company situated at village Vastral, 5chool Buildng Shanti Asiatic School, and additionally secured by personal guarantee of Shri. Brojmohan Chiripal, Shri. Ronak B. Agrawal and Agrawal Education Trust.

32 Financial instruments 1 Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The capital structure of the Company consists of net debt and total equity of the Company.

3 Financial risk management objectives

The Company''s Corporate finance department provides services to business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

4 Market risk

The Company''s activities expose it primarily to the financial risks of changes in interest rates due to variable interest loans. .The Company does not enter into derivative contracts to manage risks related to anticipated sales and purchases.

5 Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts and currency options taken at the time of initiation of the booking by the management. Such decision is taken after considering the factors such as upside potential, cost of structure and the downside risks etc. Quarterly reports are submitted to Management Committee on the covered and open positions and MTM valuation.

5-1 Foreign currency sensitivity

The Company is not materially exposed to USD and EURO currency.

6 interest rate risk management

The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The Company has exposure to interest rate risk, arising principally on changes in interest rates. The Company uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like longterm and short term loans. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.

6.1 Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

7 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company uses publicly available financial information and its own trading records to rate its major customers. The Company''s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.

Trade receivables consist of a large number of customers, spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable.

The Company does not have significant credit risk exposure to any single counterparty. Concentration of credit risk related to the above mentioned company did not exceed 10% of gross monetary assets at anytime during the year. Concentration of credit risk to any other counterparty did not exceed 10% of gross monetary assets at any time during the year.

7.1 Collateral held as security and other credit enhancements

The Company does not hold any collateral or other credit enhancements to cover its credit risk associated with its financial assets.

8 Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

1 Disclosure as per Ind AS 113 - Fair Value Measurements

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the current market condition regardless of whether that price is directly observable or estimated using other valuation techniques.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1- Level 1 hierarchy includes financial instruments measured using quoted prices. This Includes listed equity instruments that have quoted price. Listed and actively traded equity instruments are stated at the last quoted closing price on the National Stock Exchange of India Limited (NSE).

Level 2- The fair value of financial instruments that are not traded in active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3- If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The fair value of the financial assets and liabilities included in Level 3 is determined in accordance witheenerallv accented Dricine models based on Cost Method analvsis usine Net Assets Method.

Valuation Techniques used to determine fair values:

A) Specific valuation technique is used to determine the fair value of the financial instruments which include:

i) For financial instruments other than (ii):- In accordance with generally accepted pricing models based on Cost Method analysis using Net Asset Method.

ii) For financial liabilities (domestic currency loans)appropriate market borrowing rate of the entity as of each balance sheet date used.

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods and its non-derivative financial assets. The tables have been drawn up based on the undiscounted cashflows of financial liabilities based on the earliest date on which the Company can be required to pay.

33 Contingent Liabilities and Commitments
1. Contingent liabilities		Rs. in Lacs
Particulars	As at	As at
	March 31,2024	March 31,2023
(a) Corporate Guarantee Given	00.00	00.00
(b) Show Cause Notice for Service Tax-	116.45	116.45
Total	116.45	116.45
ll. Commitments		Rs. in Lacs
Particulars	As at	As at
	March 31,2024	March 31,2023
Commitments	0.00	0.00
Total	0.00	0.00

35 Segment Information

The Managing Director/ Chief Executive Officer of the Company allocate resources and assess the performance of the Company, thus are the Chief Operating Decision Maker (CODM). Education Institutions is identified as single operating segment for the purpose of making decision on allocation of resources and assessing its performance.

36 In the opinion of Board of Directors

(a) Current assets, non-current loans and advances are realizable in the ordinary course of business, at the value at which they are stated.

(b) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

37 Balance of Trade receivables, Trade payables, loans and advances are subject to confirmation from the respective parties.

38 The figures pertaining to previous periods have been regrouped and restated wherever necessary, to make them comparable.

39 The financial statements are approved by the audit committee as at its meeting and by the Board of Directors on 30.05.2024

40 Post Employment Obligations

a] Defined Contribution Plans

The Company also has defined contribution plan for its employees'' retirement benefits comprising Provident Fund & Leave Encashment. The Company and eligible employees make monthly contribution to the above mentioned funds at a specified percentage of the covered employees salary. The obligation of the Company is limited to the amount contributed and it has no further contractual or any constructive obligation.

The expense recognised during the year towards provident fund and Leave Encashment are as under: b] Defined Benefit Plans:

Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The liability in respect of Gratuity has been determined using Projected Unit Credit Method by an independent actuary.

41 Management expects that the entire transaction price alloted to the unsatisfied contract as at the end of the reporting period will be recognised as revenue during the next financial year.

Loans and Advances, Unsecured loan and Debtors/Creditors are subject to confirmation.

42 Figures have been presented in ''Lacs'' of rupees with two decimals.

43 The figures of previous year have been regrouped or rearranged wherever necessary to conform to current year''s presentation as per Schedule III (Division II) to the Companies Act 2013

44 Other statutory information

1. Details of Benami PrapertyrThe Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

2. Details of Charges: The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

3. Details of crypto currency or virtual currency : The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

4. Utilization of borrowed funds and share premium:

The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries] or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficial

5. Undisclosed Income: The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

6. Willful Defaulter The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

7. Compliance with number of layers of Companies: The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87) of sectior 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

8. Valuation of PP&EJntangible asset and Investment Property : The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year

9. Compliance with approved scheme(s) of arrangements : The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

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Mar 31, 2023

Details of rights, preferences and restrictions attached to the shares

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

The dividend has not been declared during the year by the Company.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company doesnot have any holding Company.

As per records of the company, including its register of share holders/members and other declaration received from the share holders regarding beneficial interest, the

Nature and purpose of reserves

(ii) Securities premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

(ii) General Reserve

General reserves are created out of profits & kept aside for general purpose and financial strengthening of the company, it doesn''t have any special purpose.

(iii) Other Comprehensive Income

a) The fair value change of the equity instruments measured at fair value through other comprehensive income is recognised in equity instruments through Other Comprehensive Income.

b) The remeasurement gain/(loss) on net defined benefit plans is recognised in Other Comprehensive Income net of tax.

(iv) Retained earnings

The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve and also considering the requirements of the Companies Act, 2013.

3 Financial risk management objectives

The Company''s Corporate finance department provides services to business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

4 Market risk

The Company''s activities expose it primarily to the financial risks of changes in interest rates due to variable interest loans. . The Company does not enter into derivative contracts to manage risks related to anticipated sales and purchases.

5 Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts and currency options taken at the time of initiation of the booking by the management. Such decision is taken after considering the factors such as upside potential, cost of structure and the downside risks etc. Quarterly reports are submitted to Management Committee on the covered and open positions and MTM valuation.

5.1 Foreign currency sensitivity

The Company is not materially exposed to USD and EURO currency.

⁶ Interest rate risk management

The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The Company has exposure to interest rate risk, arising principally on changes in interest rates. The Company uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like long term and short term loans. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.

6.1 Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

7 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company uses publicly available financial information and its own trading records to rate its major customers. The Company''s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.

Trade receivables consist of a large number of customers, spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable.

The Company does not have significant credit risk exposure to any single counterparty. Concentration of credit risk related to the above mentioned company did not exceed 10% of gross monetary assets at any time during the year. Concentration of credit risk to any other counterparty did not exceed 10% of gross monetary assets at any time during the year.

7.1 Collateral held as security and other credit enhancements

The Company does not hold any collateral or other credit enhancements to cover its credit risk associated with its financial assets.

8 Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

1 Disclosure as per Ind AS 113 - Fair Value Measurements

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the current market condition regardless of whether that price is directly observable or estimated using other valuation techniques.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1- Level 1 hierarchy includes financial instruments measured using quoted prices. This Includes listed equity instruments that have quoted price. Listed and actively traded equity instruments are stated at the last quoted closing price on the National Stock Exchange of India Limited (NSE).

Level 2- The fair value of financial instruments that are not traded in active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3- If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The fair value of the financial assets and liabilities included in Level 3 is determined in accordance with generally accepted pricing models based on Cost Method analysis using Net Assets Method.

Valuation Techniques used to determine fair values:

A) Specific valuation technique is used to determine the fair value of the financial instruments which include:

i) For financial instruments other than (ii):- In accordance with generally accepted pricing models based on Cost Method analysis using Net Asset Method.

ii) For financial liabilities (domestic currency loans) :- appropriate market borrowing rate of the entity as of each balance sheet date used.

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods and its non-derivative financial assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.

The Accounting Standard Board has issued an exposure draft on Ind AS 116, Leases, with a proposed effective date of 1st April, 2019, subject to notification by Ministry of Corporate Affairs and Ind AS 116 supersedes Ind AS 17 ‘Leases''. Ind AS 116, " Leases" will be applicable on the companies which are preparing their financial statements as per Ind AS.

Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.

C. Lease payments recognised in the Statement of Profit and Loss. Such payments are recognised in the Statement of Profit and Loss under ''Rent, Rates & Taxes'' in Note 28.

37 Segment Information

The Managing Director/ Chief Executive Officer of the Company allocate resources and assess the performance of the Company, thus are the Chief Operating Decision Maker (CODM). Education Institutions is identified as single operating segment for the purpose of making decision on allocation of resources and assessing its performance.

38 In the opinion of Board of Directors

(a) Current assets, non-current loans and advances are realizable in the ordinary course of business, at the value at which they are stated.

(b) The provision forall known liabilities are adequate and not in excess of the amount reasonably necessary. In sample sale, only excise duty payable / GST payable on sample sale value is charged as expenses considering no commercial invoice of samples.

39 Balance of Trade receivables, Trade payables, loans and advances are subject to confirmation from the respective parties.

40 The figures pertaining to previous periods have been regrouped and restated wherever necessary, to make them comparable.

41 The financial statements are approved by the audit committee as at its meeting and by the Board of Directors on 16.05.2023

42 Management expects that the entire transaction price alloted to the unsatisfied contract as at the end of the reporting period will be recognised as revenue during the next financial year.

Loans and Advances, Unsecured loan and Debtors/Creditors are subject to confirmation.

44 Figures have been presented in ''Lacs'' of rupees with two decimals.

The figures of previous year have been regrouped or rearranged wherever necessary to conform to current year''s presentation as per Schedule III (Division II) to the Companies Act 2013

45

46 Other statutory information:-

1. Details of Benami Property:The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

2. Details of Charges: The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

3. Details of crypto currency or virtual currency : The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

4. Utilization of borrowed funds and share premium:

The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficial

5. Undisclosed Income: The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

6. Willful Defaulter: The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

7. Compliance with number of layers of Companies: The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

8. Valuation of PP&E,Intangible asset and Investment Property : The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year

9. Compliance with approved scheme(s) of arrrangements : The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

10. Company has given any loan and guarantees during the year and in previous year hence disclosure under section 186(4) of the companies Act 2013 is as under:

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Mar 31, 2018

Corporate information

SHANTI EDUCATIONAL INITIATIVES LIMITED (“the company”) is a public company domiciled in India and incorporated on May 12, 1988 under the companies Act, 1956, as Chiripal Enterprises, and commencement of business was issued on July 12, 1988. Further the name was changed to Chiripal Enterprise Ltd to Shanti Educational Initiatives Ltd, vide fresh certificate of incorporation dated April 16, 2010 CIN number is L80101GJ1988PLC010691.The Company is engaged in the business of providing educational services and activities. The Company caters only to domestic market.

Pursuant to Initial Public Offer (IPO), 44,00,0000 equity shares of Rs.10 each were allotted at a price of Rs.90/-per equity share consisting of fresh issue of 800,00,00 equity shares and offer for sale of 36,00,0000 equity shares by the selling shareholders. The equity shares of the company were listed on the SME platform of BSE Limited (BSE) on 14^th June, 2016.

1.1 During the previous year Company has made public issue of 44,00,000 Equity Sh ares for Rs. 10/- each for cash at a price of Rs 90/- per share (including premium of Rs.80/-) under SME platform consisting of 36,00,000 shares by the selling shareholders aggregating to 3240.00 lakhs and fresh issue of 8,00,000 equity shares aggregating to Rs720.00 lakhs listed at BSE.

1.2 Terms attached to Equity Share

The Company has only one class of Equity Shares having a par value of Rs. 10/- per share.

Each holder of Equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of the equity shares would 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 the equity shares held by the shareholders.

2.1 Sec ured loan Rs. 47592538/- ( P.Y - Nil ) is secured by way of first charge of equitable mortgage of the immovable property of the company situated at village Vastral , School Buildng Shanti Asiatic School, and additionally secured by personal guarantee of Shri. Brojmohan Chiripal, Shri. Ronak B. Agrawal & Agrawal Education Trust. ( Refer Note No : 11.6 )

EMI : Amt Rs. 772500/Last Installment Due On : 10-Aug-2025 No. of Installments : 96

Mode of Payment : Monthly_

Note 3.1 : Balance confirmation not called for, are subject to confirmation and reconciliation, if any.

Note 3.2 : In absence of required information regarding suppliers / buyers fall within definition of section 16 of Micro, Small and Medium Enterprises Development Act, 2006, the amount outstanding and interest due thereon to Micro, Small and Medium Enterprises is not ascertainable as on Balance Sheet date.

Note 4.1 In absence of required information regarding suppliers / buyers fall within definition of section 16 of Micro, Small and Medium Enterprises Development Act, 2006, the amount outstanding and interest due thereon to Micro, Small and Medium Enterprises is not ascertainable as on Balance Sheet date.

Note 4.2 : Balance confirmation not called for, are subject to confirmation and reconciliation, if any.

Note 5.1 : Depreciation has not been provided for the assets which are acquired but not put to use.

Note 5.2 : Land at surat Rs. 19090890/- ( At Cost) given as additional collateral security for credit facility availed by others. (Refer

Note No. 6.1(1))

Note 6.1 : Office at Mumbai mortgaged as security for credit facility availed by director and director’s relatives. (Refer Note

No.6.1(3))

Note 6.2 : The capital work in progress is carried out on lease hold land._

Note 6.3 : The capital work in progress on land the lease/ownership agreement yet not executed.._

Note 6.4 : Land at Vastral Rs. 14857605/- ( At Cost ) is mortgage to DHFL ( Refer note No : 4 & 4.1 )_

Note : 7 Contingent Liabilities and Commitments

1. Not provided for in the Accounts in respect of Corporate Guarantees given

2. The estimated amount of contract remaining to be executed on capital account is not ascertainable in view of terms and conditions of MOU yet not renewed/revived. (Refer Note No. 14.1)

3. The company has given its property as additional collateral/ mortgaged security to financial institution credit facilities availed stated as below,

4. The estimated amount of capital contract remaining to be executed on capital account and not provided for Rs. 48,904,770/- (P.Y. 146,587,766/-) against which advance have been paid Rs. 46266933/- (P.Y. 96,513,338/-)

Note: 8 Provision for income tax aggregating Rs.70,00,000/-(P.Y.Rs.1,25,00,000/-) has been made on estimated basis for the accounting for the year ended on 31.03.2018. The actual tax liabilities of the company will be determined on the basis of taxable income of the company for F.Y 2017-18. (Asst. Year 2018-19).

Note: 9 Expenses includes following payments to Directors

Employment cost includes managerial remuneration paid / payable during the year in accordance with the provisions Companies Act, 2013.

Note: 10 Related Party

The Company has identified the following related parties under Accounting standard - 18 on related parties, issued by the institute of chartered accountants of India.

a) Other related parties with whom transaction have taken place during the year Associates /Enterprise which has significant influence

i. CHIRIPAL INDUSTRIES LTD

ii. NANDAN DENIM LTD

iii. NAVSARJAN PROJECTS LTD

iv. SHANTI EXPORTS PVT. LTD

v. SHANTI INNOVATION & RESEARCH FOUNDATION

vi. VRUNDAVAN FURNISHING PVT. LTD.

vii. VISHAL FABRICS LIMITED

viii. CHIRIPAL POLY FILMS LIMITED

ix. TRIPOLI MANAGEMENT PVT. LTD.

x. CHIRIPAL CHARITABLE TRUST

xi. AGRAWAL EDUCATION TRUST

xii. MILESTONE EDUCOM TRUST

xiii. S. D. EDUCATION TRUST

b) Key Management Personnel

i. JAIPRAKASH D. CHIRIPAL - ( RESIGN W.E.F 07.10.2017)

ii. VINEETA V. CHIRIPAL-(RESIGN AS MD W.E.F 20.04.2017 AND C.E.O W.E.F 01.06.2017)

iii. RONAK B. AGARWAL ( W.E.F 07.10.2017)

iv. JAYESH PATEL

v. DIMPLE PADHIAR (RESIGN W.E.F 09.04.2018)

vi. BHAVYA BAJPAI (APPOINTED W.E.F 30.05.2018)

vii. SURUCHI SOMANI

viii. CHITRANJAN AJAIB SINGH

ix. DARSHAN VAYEDA (APPOINTED W.E.F 20.04.2017)

c) Relatives of Key Managerial Personnel

i. BRIJMOHAN D. CHIRIPAL

ii. VEDPRAKASH D. CHIRIPAL

iii. JYOTIPRASAD D. CHIRIPAL

iv. Jaiprakash D. Chiripal

v. Vishal V Chiripal

vi. Akshita Chiripal

Note: 11 Deferred Taxes

In accordance with the Accounting Standard 22 “Accounting for Taxes on Income issued by the ICAI, the company has accounted for deferred taxes during the year.

Tax Impact for the above purpose has been arrived by applying a tax rate of 25.75% ( P. Y. 30.90% ) being the rate prevailing for the Indian Companies under the Income Tax Act, 1961

Note: 12 Impairment of assets

The company has not recognized any loss on impairment in respect of assets of the Company as is required in terms of Accounting Standard 28 on Impairment of Assets issued by The Institute of Chartered Accountants of India, since in the opinion of the management the reduction in value of any assets, to the extent required, has already been provided for in the books.

Note : 13 Lease

Operating lease : - Rental is expensed with reference to lease terms and other considerations.

Notes:-

1. The company has taken on lease office situated at 602 to 606 Mondeal Square, Prahladnagar, S.G. Highway, Ahmedabad. The total Lease rent paid on the same amounting to Rs. 215,630/- p.m. w.e.f. 1.11.2017.

2. The company has taken on lease land situated at Survey No. 256/P, Makraba, Ahmedabad. The total lease rent paid on the same amounting to Rs. 30000/- p.m. w.e.f. 01.10.2015 (Lease agreement yet not renewed)

The minimum lease rentals payable in respect thereof are as follows,

*Not later than one year Rs. 29,47,560/-

*Later than one year and not later than five years Rs. 1,47,37,800/-

(Excluding Yearly escalation)

Later than five years Rs. Not ascertainable.

Note : 14 During the F.Y 2015-16, the company had raised the money by way of preferential allotment of share including premium amounting to Rs. 11.70 Cr. As authorized by the Board of Director’s of the company, then utilised the part of money amounting to Rs. 5.00 Cr for acquisition of land for construction of school building in terms of the agreement with Shanti Export Private Limited. However, during the current financial year the said amount of Rs. 5.00 Cr is received back and is pending for utilization at the end of the year, in addition to the pending utilization as on 31.03.2017 Rs. 2,36,04,160/- and as on 31.03.18 Rs. 7,36,04,160/- is pending yet not utilized.

Note : 15 During the previous financial year company came up with IPO (Initial Public Offer) of 44,00,000 Equity shares at Rs.90 per share (including premium of Rs.80) consisting of OFS (Offer for sale) of 36,00,000 Equity shares aggregating to Rs.32.40 crores and Fresh Issue of 8,00,000 Equity shares aggregating to Rs.7.20 crores, the details thereof is as under.

Note : 16 Others

a. The Previous year figures have been regrouped /rearranged to make them comparable with the current period’s figures with previous year’s figures.

b. In the opinion of the Board, all the current assets, Loans and advances have a value on the realization in the ordinary course of the business at least equal to the amount at which they are stated.

c. Balances of sundry debtors, sundry creditors and loans and advances etc., are subject to confirmation and reconciliation, and consequential adjustment, if any.

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Mar 31, 2016

1. During the year Company has issued 1300000 Equity Shares for Rs. 90/- per share (including premium of Rs.80/- under preferential allotment vide board resolution dt.31.12.2015

2. Terms attached to Equity Share

The Company has only one class of Equity Shares having a par value of Rs.10/- per share.

Each holder of Equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of the equity shares would 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 the equity shares held by the shareholders.

3. The details of Shareholders holding more then 5%shares

4. As per the records of the Company including its Register of Shareholder/members, the above shareholding represent both legal & beneficial ownership of the shares

Note 5. : Balance confirmation not called for, are subject to confirmation and reconciliation, if any.

Note 6 : In absence of required information regarding suppliers / buyers fall within definition of section 16 of Micro, Small and Medium Enterprises Development Act, 2006, the amount outstanding and interest due thereon to Micro, Small and Medium Enterprises is not ascertainable as on Balance Sheet date.

Note 7: Benefits : Defined plan and long term employment benefit Gratuity (Defined Benefit Plan)

The following tables summaries the components of net benefit expenses recognized in statement of Profit and Loss and the funded status and amounts recognized in the balance sheet for the respective plans, the figures are as per Acturial Valuation Report provided to us as on 31st, March 2016.

Net Employee benefit expense (recognized in employee cost)

Note 8. In absence of required information regarding suppliers / buyers fall within definition of section 16 of Micro, Small and Medium Enterprises Development Act, 2006, the amount outstanding and interest due thereon to Micro, Small and Medium Enterprises is not ascertainable as on Balance Sheet date.

Note 9. : Balance confirmation not called for, are subject to confirmation and reconciliation, if any.

Note 10 : Depreciation has not been provided for the assets which are acquired but not put to use.

Note 11. : Land at surat Rs. 19090890/- ( At Cost) given as additional collateral security for credit facility availed by others. (Refer Note No. 28.3(1)) Note 11.3 : Office at Mumbai mortgaged as security for credit facility availed by director and director''s relatives. (Refer Note No.28.3(3))

Note 12. : The capital work in progress is carried out on lease hold land.

Note 13 : The capital work in progress on land the lease/ownership agreement yet not executed..

Note 14. : The company has advanced money for acquisition /purchase of assets as per MOU executed and terms and condition as stated there in.

Note 15 : Balance confirmation not called for, are subject to confirmation and reconciliation, if any

Note 16. : Misc. Income includes Rs.532151/- income tax refund pertaining to A.Y. 2014-15.

Note 17. : During the period excess Gratuity Provision of earlier written back on the basis of approved acturial valuation report

18. The estimated amount of contract remaining to be executed on capital account is not ascertainable in view of terms and conditions of MOU. (Refer Note No. 14.1)

19. The estimated amount of capital contract remaining to be executed on capital account and not provided for Rs. 146587766/- (P.Y. Nil) against which advance have been paid Rs. 98537245/-(P.Y. Nil)

Note :20 Provision for income tax aggregating Rs.12500000/-(P.Y.Rs.2900000/-) has been made on estimated basis for the accounting for the year ended on 31.03.2016. The actual tax liabilities of the company will be determined on the basis of taxable income of the company for F.Y 2015-16.

(Asst. Year 2016-17).

Note: 21 Expenses includes following payments to Directors

Employment cost include managerial remuneration paid / payable during the year in accordance with the provisions Companies Act, 2013.

Note: 22 Deferred Taxes

In accordance with the Accounting Standard 22 "Accounting for Taxes on Income issued by the ICAI, the company has accounted for deferred taxes during the year.

Tax Impact for the above purpose has been arrived by applying a tax rate of 30.90% being the rate prevailing for the Indian Companies under the Income Tax Act, 1961

Note: 23 Impairment of assets

The company has not recognized any loss on impairment in respect of assets of the Company as is required in terms of Accounting Standard 28 on Impairment of Assets issued by The Institute of Chartered Accountants of India, since in the opinion of the management the reduction in value of any assets, to the extent required, has already been provided for in the books.

Note : 24. Lease

Operating lease : - Rental is expensed with reference to lease terms and other considerations.

Notes:-

1. The company has taken on lease office situated at 602 to 606 Mondeal Square, Prahladnagar, S.G. Highway, Ahmedabad. The total Lease rent paid on the same amounting to Rs. 188340/- p.m. w.e.f. 1.11.2015.

2. The company has taken on lease land situated at Survey No. 256/P, Makraba, Ahmedabad. The total lease rent paid on the same amounting to Rs. 30000/- p.m. w.e.f. 01.10.2015

3. The company has taken on lease land situated at Survey No. 697 Makarba, Ahmedabad. The total lease rent paid on the same amounting to Rs. 30000/- p.m. w.e.f. 01.01.2016

4. The company has taken on lease land situated at Survey No. 698 Makarba, Ahmedabad. The total lease rent paid on the same amounting to Rs. 30000/- p.m. w.e.f. 01.01.2016

The minimum lease rentals payable in respect thereof are as follows,

Not later than one year Rs. 3340080/Later than one year and not later than five years Rs. 3340080/Later than five years Rs.9920160/-(Yearly escalation not considered)

Note :25. During the year company has raised money by way of Preferential allotment of shares, including premium as stated below, amounting to Rs.11.70 Crore, the company has complied the provision of section 42 for the Preferential Allotment. Further, the Company has passed necessary resolution authorizing the board to utilize the money for the object for which preferential allotment was made at the end of the year Rs.2.36crores remains unutilized as stated below,

Note : 26. Others

a. The Previous year figures have been regrouped/rearranged to make them comparable with the current period''s figures with previous year''s figures.

b. In the opinion of the Board, all the current assets, Loans and advances have a value on the realization in the ordinary course of the business at least equal to the amount at which they are stated.

c. Balances of sundry debtors, sundry creditors and loans and advances etc., are subject to confirmation and reconciliation, and consequential adjustment, if any.