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CORE Education & Technologies
BSE: 512199|NSE: COREEDUTEC|ISIN: INE247G01024|SECTOR: Computers - Software - Training
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Mar 12
Notes to Accounts Year End : Mar '13
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
 
 Guarantees:
 
 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
 
 subsidiary Company 
 
 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
 classification/disclosure.
Source : Dion Global Solutions Limited
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