Navneet Futuretech Limited
(Formerly known as Esense Learning Limited) Balance Sheet as at 31st March 2023
CIN: U72200MH2008PTC181531
(Amount in Lakhs) | ||||
Particulars | Note | As at 31st March | As at 31st March | |
2023 | 2022 | |||
I | ASSETS | |||
Non current assets | ||||
(a) Property, Plant and Equipment | 3 | 62 | 43 | |
(b) Intangible assets | 4 | 2,001 | 1,038 | |
(c) Intangible assets under development | 5 | 416 | - | |
(d) Financial Assets | ||||
(i) Investments | 6 | 17,037 | 4,336 | |
(e) Assets for non-current tax (net) | 7 | 118 | 99 | |
(f) Other non-current assets | 8 | 51 | - | |
Total non-current Assets | 19,686 | 5,516 | ||
Current assets | ||||
(a) Inventories | 9 | 54 | 27 | |
(b) Financial Assets | ||||
(i) Trade receivables | 10 | 111 | 312 | |
(ii) Cash and cash equivalents | 11 | 2 | 1 | |
(iii) Other bank balances | 12 | 19 | 14 | |
(iv) Loans and advances | 13 | 2 | 1 | |
(v) Other financial assets | 13 | 53 | 2 | |
(c) Other current assets | 14 | 531 | 157 | |
Total current Assets | 771 | 515 | ||
TOTAL ASSETS | 20,457 | 6,031 | ||
II | EQUITY AND LIABILITIES | |||
Equity | ||||
(a) Equity Share capital | 15 | 25,888 | 2,363 | |
(b) Other equity | 16 | (8,241) | (440) | |
Total equity | 17,647 | 1,923 | ||
LIABILITIES | ||||
Non-Current liabilities | ||||
(a) Financial Liabilities | ||||
(i) Borrowings | 17 | - | 2,472 | |
(ii) Deferred Tax Liability (net) | 18 | 499 | - | |
(b) Provisions | 19 | 100 | 134 | |
(c) Other non-current liabilities | 20 | 273 | 0.08 | |
Total non-current liabilities | 872 | 2,606 | ||
Current liabilities | ||||
(a) Financial Liabilities | ||||
(i) Borrowings | 21 | 596 | 719 | |
(ii) Trade payables | 22 | |||
- Amount due of micro and small enterprises | 47 | 34 | ||
- Amount due of others | 333 | 276 | ||
(iii) Other financial liabilities | 23 | 510 | 187 | |
(b) Other current liabilities | 24 | 391 | 139 | |
(c) Provisions | 25 | 60 | 149 | |
Total current liabilities | 1,938 | 1,503 | ||
TOTAL EQUITY AND LIABILITIES | 20,457 | 6,032 |
The accompanying notes form an integral part of the financial statements.
As per our report of even date attached hereto
For N. A. Shah Associates LLP
Chartered Accountants
Firm Registration Number - 116560W / W100149
Milan Mody
Partner
Membership Number: 103286
Place: Mumbai
Date: 12th May, 2023
For & On behalf of the Board of Navneet Futuretech
(Formerly known as Esense Learning Limited)
Sd/- | Sd/- |
Sanjeev R. Shah | Gnanesh Gala |
Joint Managing Director | Managing Director |
DIN: 02780274 | DIN: 00093008 |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Sd/- | Sd/- |
Chetan S Lad | Kalpesh Dedhia |
Company Secretary | Chief Financial Officer |
Membership Number: A62414 | |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Navneet Futuretech Limited | ||||
(Formerly known as Esense Learning Limited) | ||||
Balance Sheet as at 31st March 2023 | ||||
CIN: U72200MH2008PTC181531 | (Amount in Lakhs) | |||
Particulars | Note | For the year ended | For the year ended | |
No. | 31st March 2023 | 31st March 2022 | ||
I | Revenue from operations | 26 | 1,614 | 1,049 |
II | Other Income | 27 | 25 | 12 |
III Total Income (I + II) | 1,639 | 1,061 | ||
IV | Expenses | |||
Employee benefits expense | 28 | 2,834 | 1,020 | |
Materials consumed for rendering services | 29 | 1 | 1 | |
Purchase of stock-in-trade | 189 | 15 | ||
Changes in inventories of materials & stock-in-trade | 30 | (27) | 36 | |
Finance costs | 31 | 102 | 63 | |
Depreciation and amortization expense | 32 | 1,437 | 1,058 | |
Other expenses | 33 | 1,888 | 771 | |
IV Total expenses | 6,423 | 2,963 | ||
V | Loss before tax (III - IV) | 43 | (4,785) | (1,902) |
VI | Tax expense: | - | - | |
Current Tax | ||||
Deferred Tax | - | |||
- | - | |||
VII Loss for the year (V - VI) | (4,785) | (1,902) |
VIII Other comprehensive income:
- Items that will not be reclassified to profit or loss in subsequent year
- Remeasurement of net Defined Benefit Plan Less: Income tax relating to the above
- Equity instruments through Other Comprehensive Income Less: Income tax relating to the above
- Items that will be reclassified to profit or loss in subsequent year Less: Income tax relating to the above
VIII Other comprehensive income for the year, net of tax
IX Total Comprehensive deficit for the year (VII + VIII) (Total of loss and other comprehensive income for the year)
Earnings per equity share of Rs. 10/- each (Also refer note 37.2)
- Basic
- Diluted
The accompanying notes form an integral part of the financial statements.
As per our report of even date attached hereto
For N. A. Shah Associates LLP
Chartered Accountants
Firm Registration Number - 116560W / W100149
Milan Mody
Partner
Membership Number: 103286
Place: Mumbai
Date: 12th May, 2023
79 | (10) |
- | - |
4,282 | |
(499) |
- | - |
- | - |
3,862 | (10) |
(922) | (1,912) |
37 | |
(3.11) | (5.56) |
(3.11) | (5.56) |
For & On behalf of the Board of Navneet Futuretech
(Formerly known as Esense Learning Limited)
Sd/- | Sd/- |
Sanjeev R. Shah | Gnanesh Gala |
Joint Managing Director | Managing Director |
DIN: 02780274 | DIN: 00093008 |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Sd/- | Sd/- |
Chetan S Lad | Kalpesh Dedhia |
Company Secretary | Chief Financial Officer |
Membership Number: A62414 | |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Navneet Futuretech Limited
(Formerly known as Esense Learning Limited) Statement of cash flow for the year ended 31st March 2023 CIN: U72200MH2008PTC181531
Particulars | For the year ended | For the year ended |
A CASH FLOW FROM OPERATING ACTIVITES | 31st March 2023 | 31st March 2022 |
(Loss) before Tax | (4,785) | (1,902) |
Adjustments for : | ||
Depreciation and amortization expenses | 1,437 | 1,058 |
(Profit) / Loss on sale of property, plant and equipment | (466) | - |
Interest Income | (14) | |
Bad debts written off | 152 | 1 |
Reversal of Allowance for bad and doubtful debts | (93) | 89 |
Unbilled Revenue | (27) | - |
Finance Cost | 102 | 63 |
Operating Profit before working capital changes: | (3,696) | (702) |
Trade and other receivable | 143 | (33) |
Inventories | (27) | 36 |
Loans and advances and other bank balances | (454) | (146) |
Trade and other Payable | 876 | 348 |
Cash Generated from Operations | (3,158) | (497) |
Income Tax received (i.e. TDS deducted by customers) | (19) | 7 |
Net Cash inflow / (outflow) from / to operating activities | (3,177) | (490) |
B CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment, change in capital work-in- | (2,909) | (1,473) |
progress and intangible assets under development | ||
Sale of property, plant and equipment | 542 | |
Interest Income | 14 | |
Loan / advances to subsidiary | (500) | |
Loan received back from subsdiary | 500 | |
Payment for investment in subsidiary Company | (2,277) | (586) |
Payment for purchase of investment in associate company | (1,867) | |
Payment for purchase of other investments | (4,275) | (3,750) |
Net Cash (outflow) to investing activities | (10,772) | (5,809) |
C CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds from issue of optionally convertible preference shares | - | 4,375 |
Proceeds from Redemption of Optionally Convertible Preference Shares | (6,675) | |
Proceeds from issue of Equity share capital | 23,525 | |
Working capital loan taken | 14,000 | 10,750 |
Working capital loan repaid | (14,300) | (10,850) |
Loan taken from holding company | 1,100 | 2,472 |
Loan repaid to holding company | (3,572) | - |
Expenses towards increase in authorised capital | (204) | - |
Interest paid | (102) | (63) |
Net Cash inflow from financial activities | 13,773 | 6,684 |
Net increase / (decrease) in Cash and Cash Equivalents [A+B+C] | (175) | 385 |
Cash and Cash Equivalents as at the beginning of the year | (18) | (403) |
Cash and Cash Equivalents as at the end of the year | (194) | (18) |
Net increase / (decrease) as mentioned above | (175) | 385 |
Notes:
- The above cash flow statement has been prepared under Indirect Method set out in Ind AS 7 'Statement of Cash Flows'.
- For cash flow related notes refer Note 44.
As per our report of even date attached hereto
For N. A. Shah Associates LLP
Chartered Accountants
Firm Registration Number - 116560W / W100149
Milan Mody
Partner
Membership Number 103286
Place: Mumbai
Date: 12th May, 2023
For & On behalf of the Board of Navneet Futuretech
(Formerly known as Esense Learning Limited)
Sd/- | Sd/- |
Sanjeev R. Shah | Gnanesh Gala |
Managing Director | Managing Director |
DIN: 02780274 | DIN: 00093008 |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Sd/- | Sd/- |
Chetan S Lad | Kalpesh Dedhia |
Company Secretary | Chief Financial Officer |
Membership Number: A62414 | |
Place: Mumbai | Place: Mumbai |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Navneet Futuretech Limited
(Formerly known as Esense Learning Limited)
Balance Sheet as at 31st March 2023
CIN: U72200MH2008PTC181531
(A) | Equity Share Capital | (Amount in Lakhs) | ||||||
Balance as at | Changes in equity | Balance at | Changes in equity | Balance as at | ||||
31st March 2021 | share capital during | 31st March 2022 | share capital during | 31st March 2023 | ||||
the year 2020-2021 | the year 2022-2023 | |||||||
2,363 | - | 2,363 | 23,525 | 25,888 | ||||
(B) | Other Equity | (Amount in Lakhs) | ||||||
Particulars | Equity component of | Optionally Convertible | Reserves & Surplus | Other comprehensive income | Total other equity | |||
compulsorily | Preference Shares | Debenture Premium | Retained Earnings | Remeasurements | Equity instrument | |||
convertible debentures | [Refer note (b) below] | [Refer note (a) | of defined | through OCI | ||||
below] | benefit plans | |||||||
Balance as at 31st March 2021 | 22 | 2,300 | 5 | (5,245) | 16 | - | (2,903) | |
Net loss for the year | - | - | - | (1,902) | - | - | (1,902) | |
Optionally convertible preference shares issued | 4,375 | - | - | 4,375 | ||||
Interest accrued on CCD (classified under equity) | - | - | - | (0) | - | - | (0) | |
Expenses for increase in authorised capital | - | - | - | - | - | - | - | |
Re-measurement of the net defined benefit plan | - | - | - | - | (10) | - | (10) | |
Balance as at 31st March 2022 | 22 | 6,675 | 5 | (7,147) | 6 | - | (440) | |
Net loss for the year | - | - | - | (4,785) | - | - | (4,785) | |
Redemption of convertible preference shares | (6,675) | - | - | - | - | (6,675) | ||
Expenses for increase in authorised capital | - | - | - | (204) | - | - | (204) | |
Interest accrued on CCD (classified under equity) | - | - | - | (0) | - | - | (0) | |
Re-measurement of the net defined benefit plan | - | - | - | - | 79 | 3,783 | 3,862 | |
Balance as at 31st March 2023 | 22 | - | 5 | (12,135) | 86 | 3,783 | (8,241) |
Notes:
- 2.18 Lakhs compulsory convertible debentures of Rs. 10/- each, fully paid up at Rs. 12.18 were issued to Mr. Amit Gala (Director) on 2nd January 2017 (coupon rate 0.1%), convertible into equal number of equity shares. Mr. Amit Gala (Director) has irrevocable right to convert the CCD into equity shares at anytime after allotment. At the end of the term, if debenture holder does not exercise right to convert debentures into equity shares, it will get automatically converted into equity shares.
- In the previous year the Company had issued 437.50 Lakhs Optionally Convertible Preference Shares ('OCPS') of Rs. 10 each aggregating to Rs. 4375 Lakhs on a right basis to Holding Company 'Navneet Education Limited' at face value (coupon rate 0%). The Company had an option to convert these OCPS into 1.103 Equity shares of the Company of Rs. 10 each (being face value of the shares) at any time after allotment date but before end of 20 years. In case OCPS are not converted by the Company, they shall be redeemed at par in full not later than 20 years from the date of allotment. In the opinion of the management of the Company, the OCPS would be fully converted into equity and there is no obligation to redeem the OCPS, considering the same, the OCPS have been classified as equity.
- Duirng the year on account of change in management plans and further infusion of equity capital by Holding Company, the management of the Company has decided to redeem 667.50 Lakhs OCPS of Rs. 10 each out of fresh issue of equity shares. Since the redemption of the preference shares is out of the fresh issue of equity shares, no transfer to capital redemption reserve is required to be done in accordance with section 55 of the companies Act 2013.
For & On behalf of the Board | ||
As per our report of even date attached hereto | ||
of Navneet Futuretech Limited | ||
For N. A. Shah Associates LLP | (Formerly known as Esense Learning Limited) | |
Sd/- | Sd/- | |
Chartered Accountants | ||
Firm Registration Number - 116560W / W100149 | ||
Sanjeev R. Shah | Gnanesh Gala | |
Joint Managing Director | Managing Director | |
DIN: 02780274 | DIN: 00093008 | |
Milan Mody | Place: Mumbai | Place: Mumbai |
Partner | Date: 12th May, 2023 | Date: 12th May, 2023 |
Membership Number: 103286 | Sd/- | |
Place: Mumbai | Sd/- | |
Date: 12th May, 2023 | Chetan S Lad | Kalpesh Dedhia |
Company Secretary | Chief Financial Officer | |
Membership Number: A62414 | ||
Place: Mumbai | Place: Mumbai | |
Date: 12th May, 2023 | Date: 12th May, 2023 |
Navneet Futuretech Limited
(Formerly known as Esense Learning Limited)
Notes on financial statements for the year ended 31st March 2023
CIN: U72200MH2008PTC181531
4 Intangible assets | 10,48,62,597 | 12,25,06,724 | (Amount in Lakhs) | ||||
Description of Assets | Contents | Technology Platform | Trade Mark | Software | Total | ||
Self generated | Acquired | ||||||
Gross Block as at 31st March 2021 | 1,506 | - | 262 | 382 | 132 | 2,283 | |
Additions during the year 2021-2022 | 1,235 | - | 277 | - | - | 1,513 | |
Deduction / adjustments for 2021-2022 | - | - | - | - | - | - | |
Gross Block as at 31st March 2022 | 2,741 | 540 | 382 | 132 | 3,795 | ||
Additions during the year 2022-2023 | 598 | 451 | 1,225 | 1 | 148 | 2,422 | |
Deduction / adjustments for 2022-2023 | (984) | - | - | (123) | (1,107) | ||
Gross Block as at 31st March 2023 | 2,355 | 451 | 1,765 | 383 | 157 | 5,110 | |
Depreciation upto 31st March 2021 | 1,037 | 163 | 382 | 132 | 1,714 | ||
Depreciation for the year 2020-2021 | 850 | 192 | - | - | 1,042 | ||
Deduction / adjustments for 2020-2021 | - | - | - | - | - | ||
Depreciation upto 31st March 2022 | 1,887 | 355 | 382 | 132 | 2,756 | ||
Depreciation for the year 2022-2023 | 387 | 79 | 783 | 1 | 148 | 1,397 | |
Deduction / adjustments for 2022-2023 | (695) | (227) | (123) | (1,045) | |||
Depreciation upto 31st March 2023 | 1,579 | 79 | 911 | 383 | 157 | 3,109 | |
Net Block as at 31st March 2022 | 854 | - | 185 | - | (0) | 1,039 | |
Net Block as at 31st March 2023 | 776 | 371 | 854 | - | 0 | 2,001 |
- New contents have been developed & capitalised as it meets the criteria of Ind AS 38 'Intangible Assets'. Also the Company has developed & capitalised technology platforms to Harshad has take support these contents and to support other products available for teachers and students in accordance with Ind AS 38. As at year end, certain contents and technology
platform modules are under development and hence cost incurred upto year end is grouped as intangible assets under development in note 5.
Impairment test for costs of contents and technology platform, capitalized or booked as under development (considered as single CGU), has been carried out by the management based on the projections as approved by the management. The value in use of the future projections is higher than the carrying value of the contents and - Disclosures on impairment test
- Impairment loss recognised / (reversal) in the Statement of Profit & Loss and in the other comprehensive income is Rs. Nil (Previous year: Rs. Nil).
- Assumptions used to determine the recoverable amount of content / technology platform, are prepared based on market estimates and management judgements (i.e. Growth rate, EBIT, discount rate etc.)
- The management has carried out sensitivity analysis of discount rate and growth rate considered to arrive at value in use and accordingly to the same also, there is no provision for impairment required.
4.3 Details of remaining amortization period and carrying value of intangible assets is as under: | |||||
Description | Carrying amount as at | Remaining useful life as at | |||
[Amount in Rs.] | [in months] | ||||
31-Mar-23 | 31-Mar-22 | 31-Mar-23 | 31-Mar-22 | ||
Content | 776 | 854 | 12 to 24 | 12 to 24 |
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Navneet Education Ltd. published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 09:00:01 UTC.