1 - EMPLoYEE STocK oPTion ScHEME :
During the year 2007, the Company had introduced CORE Employee Stock
Option Scheme – 2007 in accordance with the Securities and Exchange
Board of India (Employee Stock Option and Employee Stock Purchase
Scheme) Guidelines, 1999. The eligibility and number of options to be
granted to an employee is determined on the basis of his/her
experience, seniority, designation/job title, and their performance and
as approved by the Board/Remuneration and Compensation Committee.
2 - rEMiTTAncES in ForEiGn cUrrEncY on AccoUnT oF DiviDEnD
The Company has paid dividend in respect of shares held by
Non-Residents on repatriation basis. This inter-alia includes portfolio
investment and direct investment, where the amount is also credited to
Non-Resident External Account (NRE A/c). The exact amount of dividend
remitted in foreign currency cannot be ascertained. The total amount
remitable in this respect is given herein below:
3 - coMMiTMEnTS
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 878,315,655 (P.Y. Rs. 90,941,865).
4 - conTinGEnT LiABiLiTiES:
(Amount In Rs.)
Particulars As at As at
31st March, 2013 31st March, 2012
Bank Guarantees 1,428,618,390 570,612,151
Corporate Guarantee given
on behalf of Core Education
& Consulting Inc. USA, a wholly
owned 4,182,237,159 1,304,490,750
Total 5,610,855,549 1,875,102,901
b) The income tax assessment of the company have been completed up to
Assessment year 2010-11. The disputed demand outstanding up to the said
Assessment year is Rs. 33,30,924. Based on the decisions of the
appellate authorities and the interpretations of other relevant
provisions, the company has been advised that the demand is likely to
be either quashed or substantially reduced and accordingly no provision
has been made.
5 - oTHEr noTES
(a) In the opinion of the Board of Directors, other current assets have
a value on realization in the ordinary course of the Company''s
business, which is at least to the amount at which they are stated in
the Balance Sheet.
(b) All advances, receivables and payables are subject to confirmation
and reconciliation, if any.
(c) These accounts of Core Education & Technologies Ltd. include
accounts of its two overseas branches.
(d) During the year, company restructured it''s investments in wholly
owned subsidiaries. The investment comprising of 10,00,000 common
shares and 12,19,63,300 preferred stock of Core Education & Consulting
Solutions, Inc., USA and 10,00,000 common shares and 97,58,732
preferred stock of Core Education & Consulting Solutions (UK) Ltd., UK
were transferred to wholly owned subsidiary Core Education & Consulting
Solution Pte Ltd., Singapore. In lieu of transfer the Core Eductation &
Consulting Solution Pte Ltd, Singapore has issued 25,88,394 common
shares and 13,74,40,765 preferred stock to the company, which have been
stated at fair value based on the valuation report dated 5th March,
2012 of M/s. P. Murali & Co.
(d) Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s