a) There is no change in the number of shares outstanding at the
beginning and at the end of the period.
b) The company does not have any holding company.
c) The company has only one class of equity shares having par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one vote
per shares. In the event of liquidation of the company, the holders of
equity shares will be entitled to receive assets of the company. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
d) The company has issued an aggregate of 50,00,000 upto 31/03/2012
(Previous period 50,00,000 upto 31/03/2011) equity shares in the last
five years immediately preceding the balance sheet date to the warrant
holders upon conversion of share warrants into fully paid equity shares
of Rs. 10/- each.
(e) The company has issued an aggregate of 32,60,000 upto 31/03/2012
(Previous period 32,60,000 upto 31/03/2011) equity shares of Rs. 10/-
each without payment being received in cash in the last 5 years
immediately proceeding the balance sheet date pursuant to the scheme of
f) General recurve is primarily created to comply with the requirements
of Section 205 (2A) of the Companies Act, 1956. This is a free reserve
and can be utilized for any general purpose like issue of bonus shares,
payment of dividend,buy back of shares etc.
a) Nature & Securities: Term loan from banks is secured by charge by
way of hypothecation of vehicles purchased under Vehicle Finance
b) Repayment Terms:
35 monthly instalments of Rs. 1,76,140/- from 15-08-2011 35 monthly
instalments of Rs. 1,93,980/- from 05-06-2011
35 monthly instalments of Rs. 1,93,980/- from 05-06-2011
36 monthly instalments of Rs. 1,43,873/- from 15-07-2011
c) The interest rate for above term loan varies from 10.75% to 13.33%
1) Contingent Liabilities not provided for: (in Rs. lac)
Current Year Previous Year
a) Claims against the company not 72.84 72.84 acknowledged as debt
b) Bank Guarantee 0.00 0.80
2) In view of the confirmation not having been obtained from the Trade
receivables, Loans and Advances (both Long-term and Short- term) and
Trade payables the accounts are subject to adjustment on receipt of
confirmation of balance and /or reconciliation of accounts the impact
where of on account cannot be ascertained at this stage.
3) In the opinion of the Board of Directors, the Tangible Fixed Assets,
the Trade receivables and Loans and Advances (both Long-term &
Short-term) have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
4) No provision for doubtful Trade receivable and Long term loans &
advances of Rs. 128.85 lac (Previous year Rs. 128.85 lac) and Rs. 38.03
(Previous year Rs. 69.69) respectively has been made because in the
opinion of management, these amounts are still good in nature and
management is hopeful of their recovery.
5) The Subsidiaries Companies combined made a net Loss of Rs. 8.34 for
the year ended 31st March, 2012. This loss together with the brought
forward loss of Rs. 33.26 has been carried to the Balance Sheet. The
holding CompanyRs.s Share of loss out of Rs. 41.60 has not been dealt with
in the holding Company''s books of accounts.
6) Deferred Tax: In accordance with Accounting Standard (AS)-22 on
Accounting for Taxes on Income Tax issued by the Institute of
Chartered Accountants of India and based on the reasonable certainty
that sufficient future taxable income will be available, the company
has accounted for deferred tax during the year.
7) Related Party Disclosures (Pursuant to Accounting Standard (AS)
-18), are given below:
a) Subsidiary Companies
IEC Leasing & Capital Management Ltd.
IEC Learning and Managements Ltd.
IEC Education and Infrastructure Ltd.
b) Other related parties where transactions have taken place:
Vocational Education Foundation
Vocational Educational Trust IEC College of Engg. & Technology
c) Directors of the Company:
Brig. S.V.S. Chowdhry Non Executive Director
Dr. Naveen Gupta Managing Director
Mr. R.L. Gupta Non Executive Director
Mr. Kailash Nath Non Executive Director
Mr. Sarabjit Singh Saini Non Executive Director
Mr. Rasik Makker Non Executive Director
Mr. H.P Singh Non Executive Director
Dr. A.K. Khare Non Executive Director
Mr. J.K. Bhola Non Executive Director
d) Relative of Directors and their enterprises where transactions have
taken place: Mrs. Shalini Gupta
Mr. Dheeraj Mangal
Note: Figures in brackets represent Previous Year''s amount.
8) There are no transaction which are required to be disclosed under
clause 32 of the Listing Agreement with the Stock Exchange where the
equity shares of the Company are listed.
9) Previous year''s expenditure accounted for under the respective
heads of accounts during the current year is Rs. 5.96 lac (Previous year
Rs. 0.07 lac)
10) Previous year s figures have been regrouped / rearranged wherever