BFSI SECTOR SKILL COUNCIL OF INDIA CIN: U80904MH2011NPL222074 Floor 25, P J Towers, Dalal Street, Mumbai – 400 001 Phone: 022:22728045, Fax: 022:22723250 DIRECTORS' REPORT To The Members, Your Directors have pleasure in presenting the Fifth Annual Report on the operations of the Company, together with the Audited Financial Statement of Accounts for the year ended on 31 st March, 2016. FINANCIAL RESULTS: The financial results for the year ended 31 st March 2016 are as follows: (Amount in Rs.) PARTICULARS For the year ended 31-03-2016 For the year ended 31-03-2015 Total income 25,612,949 110,201,454 Total Expenditure 19,643,444 60,258,580 Surplus/(Deficit): before Depreciation & Tax 59,69,505 49,942,874 Less: Depreciation 216,650 29,504 Less: Provision for Tax including Deferred tax 0 0 Surplus/(Deficit): after Depreciation and Tax 5752855 49,913,370 Add: Balance in Surplus/(Deficit) brought forward 51,371,934 1,458,563 Balance carried to Balance Sheet 57,341,439 51,371,934
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BFSI SECTOR SKILL COUNCIL OF INDIA - · PDF fileSurplus/(Deficit): before Depreciation & Tax 59,69,505 49,942,874 Less: Depreciation 216,650 29,504 Less: Provision for Tax including
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4 6 Persons holding shares in the beneficial interest of BSE Institute Limited 6 0.01 - 6 0.01 - -
Total 20,500,000 100 - 20,500,000 100 - -
IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)
(iii) CHANGE IN PROMOTERS' SHAREHOLDING ( SPECIFY IF THERE IS NO CHANGE)
Share holding at the beginning of the Year
Cumulative Shareholding during the year
No. of Shares % of total shares of the company
No of shares % of total shares of the company
At the beginning of the year
There is no Change in promoters shareholding since its incorporation
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)
At the end of the year
IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of GDRs & ADRs)
Shareholding at the end of the year
Cumulative Shareholding during the year
For Each of the Top 10 Shareholders No. of shares % of total shares of the
company
No. of shares % of total shares of the
company
At the beginning of the year
Company doesn’t have any Top 10 Shareholders
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)
At the end of the year (or on the date of separation, if separated during the year)
IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)
(V) Shareholding of Directors & KMP
Shareholding at the Beginning of the year
Cumulative Shareholding during the year (13-10-14 to 31-
03-15)
For Each of the Directors & KMP No. of shares % of total shares of the
company
No. of shares % of total shares of the
company
At the beginning of the year
1) Directors of the Company don’t hold any Equity shares in their name. However, Shri Ambarish Datta one of the Director hold one equity share in the beneficial interest of the BSE Institute Limited. 2) Company doesn’t have any Key Managerial Personnel (KMP)
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)
At the end of the year
V - INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans excluding deposits
Unsecured Loans
Deposits Total Indebtedness
Indebtness at the beginning of the financial year
i) Principal Amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - - - -
Change in Indebtedness during the financial year
Additions - - - -
Reduction - - - -
Net Change - - - -
Indebtedness at the end of the financial year
i) Principal Amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 0 0 0 0
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole time director and/or Manager:
Sr. No Particulars of Remuneration Name of the MD/WTD/Manager Total Amount
1
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income Tax. 1961.
-
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961
- -
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961
- -
2 Stock option - -
3 Sweat Equity - -
4 Commission as % of profit
-
others (specify) - -
5 Others, please specify - -
Total (A) 0 0
Ceiling as per the Act - -
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
B. Remuneration to other directors:
Sr. No Particulars of Remuneration Name of the Directors Total Amount
1 Independent Directors
(a) Fee for attending board committee meetings
- -
(b) Commission - -
(c ) Others, please specify - -
Total (1) - -
2 Other Non Executive Directors
(a) Fee for attending board committee meetings
- -
(b) Commission - -
(c ) Others, please specify. - -
Total (2) - -
Total (B)=(1+2) - -
Total Managerial Remuneration 0 0
Overall Cieling as per the Act. - -
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
Sr. No. Particulars of Remuneration Key Managerial Personnel Total
1 Gross Salary CEO Company Secretary
CFO Total
(a) Salary as per provisions contained in section 17(1) of the Income Tax Act, 1961.
- - - - -
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961
- - - - -
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961
- - - - -
2 Stock Option - - - - -
3 Sweat Equity - - - - -
4 Commission - - - - -
as % of profit - - - - -
others, specify - - - - -
5 Others, please specify - - - - -
Total 0 0 0 0 0
VII PENALTIES/PUNISHMENT/COMPPOUNDING OF OFFENCES
Type Section of the Companies Act
Brief Description
Details of Penalty/Punishment/Compounding fees imposed
Authority (RD/NCLT/Court)
Appeal made if any (give details)
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. DIRECTORS
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
C. OTHER OFFICERS IN DEFAULT
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
INDEPENDENT AUDITORS’ REPORT
To the Members of
BFSI Sector Skill Council of India
We have audited the accompanying financial statements of BFSI Sector Skill Council of India, which
comprise the Balance Sheet as at March 31, 2016, and the Statement of Income and Expenditure for the
year 1st April, 2015 to 31st March, 2016, and a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and
the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal financial
control relevant to the Company’s preparation of the financial statements that give a true and fair
view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company’s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements.
Opinion:
In our opinion and to the best of our information and according to the explanations given to us, the
financial statements give the information required by the Act in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India:
a. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,
2016;
b. In the case of the Statement of Income and Expenditure, of the surplus for the year ended
on that date
Report on Other Legal and Regulatory Requirements
1. The company has been exempted from compliance of provisions of COMPANIES
(AUDITOR REPORT) ORDER, 2015 as per clause (iii) of sub-section 2 of section 1 of that
order. As such the requirements of CARO, 2015 issued by the Central Government in terms
of section 143(11) of the Companies Act, 2013 are not applicable.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books
c. The Balance Sheet and Statement of Income and Expenditure dealt with by this Report
are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Statement of Income and Expenditure comply with
the Accounting Standards referred to in subsection (3C) of section 211 of the Companies
Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;
e. On the basis of written representations received from the directors as on March 31, 2016,
and taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2016, from being appointed as a director in terms of sub-section (2) of section
164 of the Companies Act, 2013.
f. With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
For Dalal Doctor and Associates
Chartered Accountants
FRN: 120833W
Sd/-
Amol Khanolkar
(Partner)
Membership No. : 116765
ParticularNote
No.As at 31st March,
2016
As at 31st March,
2015
I EQUITY AND LIABILITIES
(1) Shareholder`s Funds
(a) Share Capital 1.1 20,500,000 20,500,000
(b) Reserve and Surplus 1.2 57,341,438 51,371,933
Sub Total(A) 77,841,438 71,871,933
(2) Current Liabilities
(a) Trade Payables 2.1 2,721,007 262,293
(b) Other Current Liabilities 2.2 13,123,577 5,591,952
Sub Total(B) 15,844,584 5,854,245
TOTAL (A+B) 93,686,022 77,726,178
II ASSETS
(1) Non Current Assets
Fixed Assets
(a) Tangible Assets 3.1 424,480 14,849
Sub Total (A) 424,480 14,849
(2) Current Assets
(a) Cash and Cash Equivalents 3.2 82,668,045 67,987,860
(b) Trade Receivables 3.3 718,800 -
(c) Other current Assets 3.4 9,874,697 9,723,469
Sub Total (B) 93,261,542 77,711,329
TOTAL (A+B) 93,686,023 77,726,178
Significant Accounting Policies 6
For Dalal Doctor & Associates For and on behalf of the Board of Directors
Chartered Accountants BFSI SECTOR SKILL COUNCIL OF INDIA
Firm Reg. No:- 120833W CIN: U80904MH2011NPL222074
Sd/- Sd/- Sd/-
Amol Khanolkar Director Director
Partner
Membership No:- 116765
Place : Mumbai
Date :
BFSI SECTOR SKILL COUNCIL OF INDIA
Balance Sheet As at 31st March, 2016
CIN: U80904MH2011NPL222074
ParticularsNote
No.For the Year Ended 31st
March, 2016
For the Year Ended 31st
March, 2015
Income
Revenue from Operations 4.1 20,073,000 103,851,400
Other Income 4.2 5,539,949 6,350,054
(I) Total Income 25,612,949 110,201,454
Expenses
Operating Expenses 5.1 10,141,315 55,149,300
Employee Cost 5.2 1,735,962 2,358,032
Depreciation and Amortization 216,650 29,504
Other Expenses 5.3 7,549,517 2,751,248 (II) Total Expenses 19,643,444 60,288,084
(III) Surplus/(Deficit) Before Exceptional And Extra ordinary
Items And Tax (I - II) 5,969,505 49,913,370
(IV)Surplus/(Deficit) Before Tax 5,969,505 49,913,370
(V) Tax Expenses
- Current Tax - MAT for the year - -
- MAT credit entitlement - -
(V)Surplus/(Deficit) for the year from Continuing Operation 5,969,505 49,913,370
Total 56,250 626,281 682,531 41,401 216,650 258,051 424,480 14,849
Previous Year 56,250 - 56,250 11,897 29,504 41,401 14,849 0
Note : 3.2 Cash and Cash Equivalents
As at
31st March, 2016
As at
31th March, 2015
Cash and Cash Equivalents :
Cash Balance 9,000
Bank Balances
In Current Accounts 13,881,552 993,321
In Deposits 68,777,493 66,994,539
Total 82,668,045 67,987,860
Note : 3.3 Trade Receivables
As at
31st March, 2016
As at
31th March, 2015
A - Unsecured and considered good
- Outstanding for a period exceeding 6 months - -
- Others 718,800 -
Total 718,800 -
Note : 3.4 Other Current Assets
As at
31st March, 2016
As at
31th March, 2015
Income Tax 6,717,897 6,552,317
Accrued Interest 2,931,800 2,946,152
- MAT credit entitlement 225,000 225,000
Total 9,874,697 9,723,469
Note : 4.1 Revenue from Operations
As at
31st March, 2016
As at
31th March, 2015
Revenue from Assessment Fees 20,073,000 103,851,400
Total 20,073,000 103,851,400
Particulars
Depreciation Net BlockGross Block
Particulars
Particulars
Particulars
Particulars
Particulars
Note : 4.2 Other Income
As at
31st March, 2016
As at
31th March, 2015
Interest :
Interest on Fixed Deposits 5,279,349 6,350,054
Miscelleneous Income 110,072 -
Interest on Income Tax Refund 150,528 -
Total 5,539,949 6,350,054
Note : 5.1 Operating Expenses
ParticularsAs at
31st March, 2016
As at
31th March, 2015
Assessment fees 9,678,120 55,149,300
Centre Validation Fess- Expense 280,795 0
Trainer Certification Expenses 182,400 0
Total 10,141,315 55,149,300
Note : 5.2 Employee Benefit Expenses
As at 31st March,
2016As at
31th March, 2015
Salaries 1,735,962 2,358,032
Total 1,735,962 2,358,032
Note : 5.3 Other Expenses
As at
31st March, 2016
As at
31th March, 2015
Events Fees 874,160 -
Rent, Rates and Taxes 847,836 560,042
Auditors Remuneration 397,611 336,883
Professional Fees 2,733,231 164,212
Travelling Expenses 2,089,647 408,014
General Expenses 607,032 1,282,097
Total 7,549,517 2,751,248
Particulars
Particulars
Particulars
SCHEDULE 6 Notes to the accounts forming part of the Balance sheet as at 31st March, 2016 and Income and Expenditure account for the Year ended 31st March, 2016 1. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of Accounting The accompanying financial statements have been prepared and presented under the historical cost convention in accordance with generally accepted accounting principles and the provisions of the Companies Act, 1956.
b) Use of Estimates:
The preparation of the financial statement requires the Management to make estimates and assumptions that affect the reported balances of assets and liabilities (including contingent liabilities) and disclosures relating to liabilities as at the date of financial statements and reported amount of income and expenses during the period.
c) Revenue Recognition: The Revenue in respect of Assessment Fees received is recognized on conducting the assessment / completion of GFMA Star program. In case of student not appeared for assessment revenue is recognized on receipts of fees.
d) Government Grants Government Grants and subsidies are recognized when there is reasonable assurance that the conditions attached to them will be complied, and grant/subsidy will be received.
e) Employee Benefits: Employee benefits are accrued in accordance with Accounting Standard-15 (Revised) “Employee Benefits”
(1) Provident Fund: Eligible employees receive benefits from a provident fund, which is a defined benefit plan. Aggregate contribution along with interest thereon is paid on cessation of services. Both the employee and the company make monthly contributions to the Holding Company’s Provident Fund Trust.
f) Provision, Contingent Liability and Contingent Assets:
Provisions Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if (a) The Company has a present obligation as a result of a past event, (b) A probable outflow of resources is expected to settle the obligation; and (c) The amount of the obligation can be reliably estimated.
Contingent liability Contingent liability is disclosed in case of: (a) A present obligation arising from past events, when it is not probable that an outflow of resources
will be required to settle the obligation, (b) A present obligation when no reliable estimate is possible; and
(c) A possible obligation arising from past events where the probability of outflow of resources is not remote.
Contingent Assets Contingent Assets are neither recognized, nor disclosed. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.
2. NOTES ON ACCOUNTS
1. In the opinion of the company, current assets, loans and advances are of the value stated, if realized in the ordinary course of business. Provision for all known liabilities have been made and is adequate and not in excess of the amounts considered necessary. No personal expenses have been charged to the revenue account
2. The Company has no contingent liabilities or contract remaining to be executed on capital accounts.
3. In accordance with the Accounting Standard – 22 relating to “Accounting for Taxes on Income”, the
management is of the opinion, due to uncertainty of the future income deferred tax assets has not been recognized.
4. Auditors’ Remuneration:
Particulars For the year ended 31st March,2016
For the year ended 31st March,2015
Payment to auditors
- Audit Fees 150,000 125,000
- Others 197,127 173,000
- Service Tax 50,483 38,883
Total 397,611 336,883
5. Related Party Disclosure
A. Transactions with related party
Sr. No.
Name of Concern Nature of Relationship
Amount Transaction Rs.
Amount Closing Rs. Receivable/(Payable)
1. National Stock Exchange of India Ltd
Significant Influence 14,34,760/- 12,32,840/-
2. BSE Institute Limited (Debtors)
Significant Influence 40,701,98/- (23,19,998)/-
3. BSE Institute Limited (Creditor)
Significant Influence 56,41,992/- 45,77,414/-
B. Key Managerial Personnel
Sr. No.
Name of Person Nature of Relationship
1. Mr. Sudhakar Rao Director
C. Transactions with Key Personnel
Name Particulars For the year ended 31st
March,2016 For the period ended 31st
March, 2015
Mr. Sudhakar Rao Sitting Fees NIL NIL
6. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the
current year’s classification/disclosure.
For Dalal Doctor & Associates For and on behalf of the Board of Directors