| To The Members of Agnite Education Limited.
The Directors have pleasure in presenting the Twentieth Annual Report
of the Company along with the Audited Statement of accounts for the
period ended 30th September 2011.The Report also includes Management
Discussion and Analysis in accordance with the guidelines on Corporate
Governance.
(Rs.in Cr)
Particulars Period ended Year ended
30th September 2011 31st March 2010
Income from operations 47.87 409.86
Other income 2.31 0.20
Total Revenue 50.18 410.06
Total expenditure before Interest
& Depreciation 49.60 351.23
Operating profit / Loss PBIDT 0.58 58.83
Interest 0.08 54.09
Depreciation / Amortization 1.57 2.11
Profit before tax (107) 2.63
Provision for tax 0.32 0.40
Profit after tax (PAT) (1.39) 2.23
Surplus brought forward 487.08 484.85
Balance carried to Balance sheet 482.05 487.08
During the year, your Company has transformed itself into a Company
devoted to provide online education at a global scale. To offer better
education globally through a series of on-line solutions and provide
the best possible education and training, the Company had decided to
change its name from Teledata Informatics Ltd to Agnite Education
Limited.
Lines of Business:
Educational Solutions: Agnite Education Limited has developed solutions
and services by partnering with key institutions and has positioned
itself to offer subject matter expertise in key areas. The solutions
offered by Agnite are as below:
Tuition Edge - Tuition Edge offers holistic education in the field of
High School Studies, Preparatory Studies, Professional Studies and
General Studies.
Skill Set - Through Skill Set, Agnite focuses to offer skill
development programme by focusing on Trade Skills, Office Skills and
Soft Skills.
Distance Learning for Educational Institutions Products
Agnite offers a varied range of products and software solutions for
educational/ training institutions.
Monitor SIS - is a highly customizable product capable of providing high
- quality and cost effective solutions specific to the school's needs.
Web EIM - is a complete solution to the Enterprise Resource Planning
(ERP) requirements for educational institutions. Web EIM brings
students, staffs, parents, educational administrators and financial
managers together using standard browser based access.
Directors' Responsibility Statement
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your Directors confirm that:
in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
they had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent, so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for that period;
They had taken proper and sufficient care for the maintenance of
adequate accounting records, in accordance with the provisions of this
Act, for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities, and they had prepared the
annual accounts on a going concern basis.
Corporate Governance
The disclosure requirements on corporate governance prescribed under
clause 49 of the listing agreement is annexed herewith as part of the
report.
Directors
Gp.Capt. K. Balasubramanian IAF (Retd), Director is retiring by
rotation and has conveyed his acceptance to continue as a Director of
the company.
Mr. M.S. Ramakrishnan has resigned from the position of Director of the
Company with effect from 01st October 2010. Financial Year
The Company has received approval from the Registrar of Companies,
Chennai vide their letter dated 22nd July 2011 for the purpose of
extension of financial accounting year from 01st March 2010 to 30th
September 2011. Consecutively, the extension for conducting the Annual
General Meeting was granted by the Registrar of Companies, Chennai for
3 months i.e. upto 30th March 2012 vide their letter dated 22nd July
2011.
CEO Certification
The Managing Director has submitted a Certificate to the Board Meeting
regarding the Financial Statements and other matters as required and
Clause 49 (V) of the Listing Agreement.
Fixed Deposits
Your Company has not accepted fixed deposits and as such, no amount of
principal or interest was outstanding as at the Balance Sheet date.
Particulars of Employees
None of the employees of the company are falling under the information
to be furnished as per section 217 (2A) of the Companies Act 1956.
Auditors
M/s N.R. Krishnamoorthy and Company Chartered Accountants, retire at
the ensuing Annual General Meeting and have confirmed their eligibility
and willingness to accept Office as Statutory Auditors if re-appointed.
Subsidiaries
The financial statements of the subsidiaries of your Company are drawn
up in accordance with the applicable Accounting Standards and forms
part of the Consolidated Financial Statements in the Annual report.
Your Company believes that the consolidated accounts present a full and
fair view of state of affairs and financial conditions. The financial
information relating to the subsidiary companies are not appended to
this report.
As per Section 212 of the Companies Act, 1956, we are required to
attach the Director's Report, Balance Sheet and Profit and Loss Account
of our subsidiaries. The Ministry of Corporate Affairs, Government of
India vide its circular no. 2/2011 dated February 8, 2011 has provided
an exemption to companies from complying with section 212, provided
such companies publish the audited consolidated financial statements in
the Annual Report. Accordingly, the Annual Report 2010-11 does not
contain the financial statements of our subsidiaries. The audited
annual accounts and related information of our subsidiaries, where
applicable, will be made available upon request. These documents will
also be available for inspection during the business hours at our
registered office in Chennai, India.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
The particulars prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 are set out separately, which
forms a part of this report.
Acknowledgements
Your directors extend their gratitude to customers, alliance partners
and employees for their continued valuable support. The unrelenting
contribution made by our employees to ensure customer care deserves a
special acknowledgement. Your directors place on record their
appreciation for the excellent continued co-operation from Bankers,
vendors and various Government and Non-Government Agencies including
SEBI, Stock Exchanges, Registrar of Companies, STPI, RBI & others and
look forward to their continued support in the future.
For and on behalf of the Board of Directors
Sd/- Sd/-
K. Padmanabhan N. Sakthivel
Managing Director Director
Place: Chennai
Date: 16.03.2012
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