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

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 31st March, 2016.

FINANCIAL RESULTS:

The financial results for the year ended 31st 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

PERFORMANCE & OPERATIONS:

BFSI Sector Skill Council of India is a Sector Skill Council formed under the aegis of National

Skill Development Corporation (NSDC). It is jointly promoted by BSE Institute Limited, BSE

Limited, National Stock Exchange of India Limited and Confederation of Indian Industry (CII).

The BFSI Sector Skill Council of India is set up to bring leading organizations of the BFSI

industry together to create strategies and operational plans that will create standardized skill

requirements for the various job roles in the industry. The skill council will also accredit well

equipped service providers who will partner to disseminate the training. The skill council is

seen by its stakeholders and partners as a nation-building activity with far reaching

implications for social development and empowerment through financial inclusion. Great

care is being taken to appropriately address the needs of the various industry verticals as

well as the geographical regions of the country.

Vision of the BFSI SSC

BFSI SSC strives to complement the existing vocational education system in meeting the

entire value chain’s requirements of appropriately trained manpower in quantity and quality

across all levels on a sustained and evolving basis.

Mission of the BFSI SSC

Upgrade skills to international standards through significant industry involvement.

Be a conduit of change through thought leadership, research, market intelligence and

membership engagement.

The National Skill Development Policy clearly specifies National Vocational Qualification

Framework (NVQF) will be created with an open/flexible system which will permit individuals

to accumulate their knowledge and skills, and convert them through testing and certification

into higher diplomas and degrees. The Government has unambiguously stated that the SSCs

will provide their sector specific competency frameworks, which will feed into the NVQF.

Recognizing the needs for our youth to be skilled for fruitful employment, the Government

of India during the current year has launched an ambitious program under the aegis of

Ministry of Skill Development And Entrepreneurship and National Skill Development

Corporation of India (NDSC) i.e. Pradhan Mantri Kaushal Vikas Yojana (PMKVY). The

Government has also provided a budgetary support of Rs. 1500/- Crore for providing

monetary rewards, for encouraging youth to upgrade their skills under the PMKVY Scheme.

NSDC is the nodal Agency to implement Award of Monetary incentives for Skill Certification

through the various Sector Skill Councils (SSC) empanelled with it. As per the scheme, NSDC

would provide a monetary award to those students who have passed the examinations

conducted by the SSC. The monetary award would range between Rs. 7,500/- to Rs.

10,000/- for the BFSI Sector Skill Council of India and would be paid directly to the

candidate. It is mandatory for the candidate to have the UID card to get enrolled in the

scheme.

Under the PMKVY Scheme BFSI Sector Skill Council has affiliated 31 training partners to

provide training under the PMKVY Scheme. BFSI SSC has appointed Confederation of Indian

Industry (CII) as the assessment agency for assessment of the Students enrolled under the

PMKVY Scheme. National Skill Development Corporation (NSDC) has provided BFSI SSC with

a target of training and certifying 9100 Students in the pilot phase of PMKVY, which was

completed in July 2015.

BFSI SSC is ambitious enough in meeting the given targets provided by NSDC.

Recently, BFSI SSC in collaboration with NSDC and Ministry of Skill Development And

Entrepreneurship has participated in various skill development and entrepreneurship which

is as under:

Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-NULM):

To reduce poverty and vulnerability of the urban poor households by enabling them to

access gainful self-employment and skilled wage employment opportunities, resulting in an

appreciable improvement in their livelihoods on a sustainable basis, through building strong

grassroots level institutions of the poor. The mission would aim at providing shelters

equipped with essential services to the urban homeless in a phased manner. In addition, the

mission would also address livelihood concerns of the urban street vendors by facilitating

access to suitable spaces, institutional credit, social security and skills to the urban street

vendors for accessing emerging market opportunities.

The NULM will focus on organizing urban poor in their strong grassroots level institutions,

creating opportunities for skill development leading to market-based employment and

helping them to set up self-employment venture by ensuring easy access to credit.

The core belief of National Urban Livelihoods Mission (NULM) is that the poor are

entrepreneurial and have innate desire to come out of poverty. The challenge is to unleash

their capabilities to generate meaningful and sustainable livelihoods. The first step in this

process is motivating the urban poor to form their own institutions. They and their

institutions need to be provided sufficient capacity so that they can manage the external

environment, access finance, expand their skills, enterprises and assets. This requires

continuous and carefully designed hand holding support. An external, dedicated and

sensitive support structure, from the national level to the city and community levels, is

required to induce social mobilisation, institution building and livelihood promotion.

Additional Skill Acquisition Programme (ASAP)

Demographic dividend, Development indicators and Market potential have placed India in a

formidable position in the 21st century’s financial landscape. By the year 2020, the country is

poised to become a major human resource hub of the World even ahead of many

developed nations of the present. A huge responsibility rests with the State Governments

towards making the country future ready and a great deal of this depends upon concerted

efforts in raising the quality and standards of the human resources. The Government of

India, realizing this has created a road map for Human Resources Development at all levels

including Education, Research, Industry and Trade.

The Kerala State, by realizing this responsibility, has embarked upon an ambitious project

named State Skill Development Project to equip its young population with skills in cutting

edge sectors in order to effectively alleviate the unemployment problem in the state. The

http://asapkerala.gov.in/index.php/about-asap

project combines both preventive (Additional Skill Acquisition Programme - ASAP) and

curative approaches (Additional Skill Enhancement Programme). On the preventive side, the

General and Higher Education Departments together will implement the Additional Skill

Acquisition Programme (ASAP) to amplify working hands in different sectors of the

economy, by providing additional skill sets to students along with their regular courses. In

the curative part, Additional Skill Enhancement Programme (ASEP), under the leadership of

Labour and Local Self Government Departments, is envisaged to encompass skill

development and grooming initiatives for unemployed persons registered in the

Employment Exchanges across the State.

Bachelor of Vocation (B. Voc) Degree Programme

The education is fundamental to all-round human development. Skills and knowledge are

the driving forces of economic growth and social development for any country. Countries

with higher and better levels of skills adjust more effectively to the challenges and

opportunities of world of work. It is an unique investment for harnessing the country’s

demographic dividend. In India, there is a great demand – supply mismatch and it needs

more skilled workforce for the expanding economy. The contemporary focus on skill

building or skill development in India is derived from the changing demographic profiles in

India.

India, as present, is recognized as one of the youngest nations in the world with over 50%

of the population under 30 years. It is estimated that by about 2025, India will have the 25%

of the total global workforce. The opportunity to reap the benefits of “demographic

dividend” has to be utilized only with the skilled workforce. Evidently, apart from meeting its

own demand, India has the potential to become the worldwide hub for outsourcing skilled

manpower. The Government of India has set-up a target to impart necessary skills to about

500 million people by 2022, in line with the forecast of requirement for skilled manpower in

future. For this purpose, the UGC is implementing three schemes viz. Community Colleges,

B.Voc Degree Programme, and Deen Dayal Upadhyay Centres for Knowledge Acquisition

and Upgradation of Skilled Human Abilities and Livelihood (KAUSHAL).

Deen Dayal Upadhyaya Grameen Kaushalya Yojana or DDU-GKY

It is a Government of India youth employment scheme. It was launched by on 25 September

2014 by Union Minsters Nitin Gadkari and Venkaiah Naidu on the occasion of 98th birth

anniversary of Pandit Deendayal Upadhyaya. It aims to target youth, under the age group of

15–35 years. A corpus of Rs 1,500 crore and is aimed at enhancing the employability of rural

youth. Under this programme, disbursements would be made through a digital voucher

directly into the student’s bank account as part of the government’s skill development

initiative.

BFSI SSC has further reviewed the possibilities of carrying out its activities as per the main

objects of the Company for the above new initiatives of the Government of India.

DIVIDEND:

Your Company being a Section 8 Company under the provisions of the Companies Act,

2013 is not required to declare any dividend.

RESERVES:

Reserves created out of profit of the Company shall be utilized to fund future projects of

the Company.

SHARE CAPITAL:

The paid up Equity Share Capital as on 31st March, 2016 was Rs. 20,500,000/-. During the

year under review, the Company has not issued any shares. It has neither issued employee

stock options nor sweat equity shares and does not have any scheme to fund its employees

to purchase the shares of the Company.

DIRECTORS:

The Directors on the Board bear rich experience and have a proven track record in the field

of educational research and development activities.

In terms of the Section 152 of Companies Act, 2013, Mr. Bhargava Dasgupta, Director of the

https://en.wikipedia.org/wiki/Government_of_India

Company, retires by rotation and being eligible, offers himself for reappointment at the

ensuing Annual General Meeting.

None of the Directors of your Company are disqualified as per provision of Section 164 the

Companies Act, 2013.

Board Meetings held during the year:

During the year under review, Board Meeting were held as per the provisions of the

Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT:

As required by the provisions of Section 134(4) of the Companies Act, 2013, your Directors

confirm the following:

that in the preparation of the annual accounts, the applicable Accounting Standards have

been followed along with proper explanation relating to material departures.

that the Directors have selected such accounting policies and applied them consistently

and made judgment and estimates that were 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

on 31st March, 2015 and of the surplus of the Company for the said financial year;

that the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

that the Annual Accounts for the year ended on 31st March, 2015 have been prepared on

a going concern basis.

that the Directors, had laid down internal financial controls to be followed by the

Company and that such internal financial controls are adequate and were operating

effectively.

that the Directors had devised proper systems to ensure compliance with the provisions

of all applicable laws and that such systems were adequate and operating effectively.

AUDITORS:

M/s. Dalal Doctor & Associates, Chartered Accountants, hold office until the conclusion of

the ensuing Annual General Meeting of the Company. The Company has received a consent

letter from them to the effect that their appointment for the financial year 2016 - 2017, if

approved, at the ensuing Annual General Meeting would be within the limits prescribed in

Section 141(3)(g) of the Companies Act, 2013 and were not disqualified for such

appointment. Accordingly, M/s. Dalal Doctor & Associates, Chartered Accountants, are

proposed to be appointed as Auditors of the Company at the ensuing Annual General

Meeting for a period of 5 years.

EXTRACT OF ANNUAL RETURN:

Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies

Managment and Administration) Rules, 2014, an extract of Annual Return in Form MGT-9 as

on 31st March, 2015 will be filled along with the Annual Report to the Registrar of

Companies.

HOLDING COMPANY:

The Company has ceased to be a wholly owned subsidiary of BSE Institute Limited from

29.04.2013. Further it has become the subsidiary of BSE Limited from 29.04.2013.

SUBSIDIARY COMPANIES, JOINT VENTURE OR ASSOCIATE COMPANIES:

During the year under review, there are no companies which has become/ ceased to

become a subsidiary/joint venture/ associate company.

DEPOSITS:

During the year under review, the Company has not accepted/renewed any Deposits from

the public as covered under the provisions of Section 73 of the Companies Act, 2013 read

with the Rules made thereunder.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED

TO IN 188(1) READ WITH RULE 8(2) OF COMPANIES (ACCOUNTS) RULES, 2014:

Details of transactions with Related Parties are provided in the accompanying financial

statements.

RISK MANAGEMENT POLICY:

The Board is of the opinion that, there are no elements of risk which may threaten the

existence of the Company hence it was not required to implement a risk management

policy.

POLICY ON CORPORATE SOCIAL RESPONSIBILITY:

Your company is not required to constitute a Social Responsibility Committee.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION & REDRESSAL) ACT 2013:

The Company has zero tolerance towards any action on the part of any executive / staff

which may fall under the ambit of ‘Sexual Harassment’ at workplace, and is fully committed

to uphold and maintain the dignity of every women executive / staff working in the

company. The Company has not received any complaint of sexual harassment during the

financial year 2015-16.

PARTICULARS OF EMPLOYEES:

During the year, there was no employee drawing salary in excess of the limit set out under

the Companies Act, 2013, therefore, particulars of the employees are not furnished.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO:

There are no reportable instances in case of research and development and technology

absorption. There were no foreign exchange earnings or outgo during the year under

review.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION OF THE COMPANY:

There is and has never been any change in the nature of business of the Company for the

year under review.

There are no material changes and commitments affecting the financial position of the

Company which has occurred between the end of the financial year of the Company i.e.

March 31, 2016 and the date of the Directors’ Report i.e. 22nd June, 2016.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant and material orders were passed by the regulators or courts or tribunals

impacting the going concern status and Company’s operations in future.

ACKNOWLEDGEMENTS:

Your Directors convey their gratitude to the shareholders, various banks, and financial

institutions for the confidence reposed by them in the Company. The Directors also place on

record their sincere appreciation to the employees for their continuing support and

unstinting efforts in ensuring an excellent all round operational performance.

Your Directors also wish to place on record their immense appreciation for the assistance

and co-operation received from various government and statutory authorities.

FOR AND ON BEHALF OF THE BOARD

Sudhakar Rao

Chairman

(DIN – 00267211)

PLACE: MUMBAI

DATE: 22nd June, 2016

ANNEXURE-I to Directors Report

Form No. MGT-9 EXTRACT OF ANNUAL RETURN

As on the financial year ended on March 31, 2016

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I REGISTRATION & OTHER DETAILS

i. CIN U80904MH2011NPL222074

ii. Registration Date 16th September, 2011

iii. Name of the Company BFSI SECTOR SKILL COUNCIL OF INDIA

iv. Category/Sub-category of the Company Limited Company/ Limited by Shares /Non-Government Company

v.

Address of the Registered office & contact details

25th Floor, P. J. Towers, Dalal Street, Fort, Mumbai -400001, Maharashtra, India

vi. Whether listed company (Yes /No) No

vii.

Name, Address & contact details of the Registrar & Transfer Agent, if any.

Not Applicable

II PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company

Sr. No Name & Description of main products/services NIC Code of the Product /service

% to total turnover of the company

1. Skill Development 8522 100%

III PARTICULARS OF HOLDING , SUBSIDIARY & ASSOCIATE COMPANIES

Sr. No. Name & Address of the Company CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE

% OF SHARES HELD

APPLICABLE SECTION

1. BSE LIMITED Add: 25th Floor, P. J. Towers, Dalal Street, Fort, Mumbai - 400001, Maharashtra, India

U67120MH2005PLC155188 Holding 51.21 2(46)

Note: Company doesn’t have any Subsidiary or Associate Company

IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

I Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change during the year

Demat Physical Total % of Total

Shares

Demat Physical Total % of Total Share

s

A. Promoters

(1) Indian

a) Individual/HUF - 6 6 .01 - - 6 .01 -

b) Central Govt.or State Govt. - - - - - - - - -

c) Bodies Corporates - 20,499,994 20,499,994 99.99 - 20,499,994 20,499,994 99.99 -

d) Bank/FI - - - - - - - - -

e) Any other - - - - - - - - -

SUB TOTAL:(A) (1) - 20,499,994 20,499,994 100 - 20,499,994 20,499,994 100 -

(2) Foreign

a) NRI- Individuals - - - - - - - - -

b) Other Individuals - - - - - - - - -

c) Bodies Corp. - - - - - - - - -

d) Banks/FI - - - - - - - - -

e) Any other… - - - - - - - - -

- - - - - - - -

SUB TOTAL (A) (2) - - - - - - - - -

- - - - - - - -

Total Shareholding of Promoter (A)= (A)(1)+(A)(2) - - - - - - - - -

- - - - - - - -

- - - - - - - -

B. PUBLIC SHAREHOLDING - - - - - - - -

- - - - - - - -

(1) Institutions - - - - - - - -

a) Mutual Funds - - - - - - - - -

b) Banks/FI - - - - - - - - -

C) Cenntral govt - - - - - - - - -

d) State Govt. - - - - - - - - -

e) Venture Capital Fund - - - - - - - - -

f) Insurance Companies - - - - - - - - -

g) FIIS - - - - - - - - -

h) Foreign Venture Capital Funds - - - - - - - - -

i) Others (specify) - - - - - - - - -

SUB TOTAL (B)(1): - - - - - - - - -

(2) Non Institutions

a) Bodies corporates - - - - - - - - -

i) Indian - - - - - - - - -

ii) Overseas - - - - - - - - -

b) Individuals - - - - - - - - -

i) Individual shareholders holding nominal share capital upto Rs.1 lakhs - - - - - - - - -

ii) Individuals shareholders holding nominal share capital in excess of Rs. 1 lakhs - - - - - - - - -

c) Others (specify) - - - - - - - - -

SUB TOTAL (B)(2): - - - - - - - - -

Total Public Shareholding (B)= (B)(1)+(B)(2) - - - - - - - - -

C. Shares held by Custodian for GDRs & ADRs - - - - - - - - -

Grand Total (A+B+C) - 20,500,000 20,500,000 100 - 205,00,000 205,00,000 100 -

IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

(ii) SHARE HOLDING OF PROMOTERS

Sr. No.

Shareholders Name Shareholding at the beginning of the year

Shareholding at the end of the year

% change in share holding during the year

NO. of shares

% of total shares of the company

% of shares pledged encumbered to total shares

No. of shares

% of total shares of the company

% of shares pledged encumbered to total shares

1. BSE Limited 10,000,000 48.78 10,000,000 48.78

2. National Stock Exchange of India Limited 10,000,000 48.78 10,000,000 48.78

3 BSE Institute Limited 4,99,994 2.43 - 4,99,994 2.43 - -

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 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


Company doesn’t have any Top 10 Shareholders


At the end of the year (or on the date of separation, if separated during the year)


(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


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)


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 - -


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. - -


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 - - - - -



C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -



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 :


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

(VI) Surplus/(Deficit) Brought Forward 51,371,933 1,458,563

(VII) Surplus/(Deficit) For the Year 57,341,438 51,371,933

Significant Accounting Policies 6


Chartered Accountants

Firm Reg. No:- 120833W

Sd/- Sd/- Sd/-

Amol Khanolkar Director Director

Partner


Place : Mumbai

Date :


Income and Expenditure Account For the year ended 31st March, 2016

CIN: U80904MH2011NPL222074


Note : 1.1 Share Capital

As at

31st March, 2016

As at

31th March, 2015

Authorized

50,000,000 (PY 50,000,000) Equity Shares of Re. 1/- each 50,000,000 50,000,000

Issued Subscribed and paid - up 20,500,000 20,500,000

20,500,000 (PY 20,500,000 )Equity shares of Re. 1 each fully paid - up

Total 20,500,000 20,500,000

1 (A) Reconciliation of number of shares outstanding

No. of shares Amount

Opening share capital as at 1st April 2015 20,500,000 20,500,000

Equity Face Value Re. 1/- fully paid up

Adjustments During the year - -

Closing share capital as at 31st March 2016 20,500,000 20,500,000

Equity Face Value Re. 1/- fully paid up

Details of shareholding as at 31st March 2016

20,500,000 (PY 20,500,000) Equity Shares of Re. 1 each

Each equity shares is entitled to one voting right only

1(c). List of Shareholders holding more than 5% shares as at

No. of Shares held % of Holding No. of Shares held % of Holding

10,000,000 49% 10,000,000 49%

BSE Ltd 10,000,000 49% 10,000,000 49%

Note : 1.2 Reserves and Surplus

Opening Balance

as at 1st April,

2015

AdditionsDeductions /

Adjustments

Closing Balance

as at

31stMarch,2016

51,371,933 5,969,505 - 57,341,438

Total 51,371,933 5,969,505 - 57,341,438

Details of Income and Expenditure Account is as given below.

As at

31st March, 2016

As at

31th March, 2015

Surplus/(Deficit) after Tax 5,969,505 49,913,371

Balance brought forward 51,371,934 1,458,564

Surplus/(Deficit) available for appropriation 57,341,439 51,371,934

Appropriation - -

Surplus / (Deficit )carried to Balance Sheet 57,341,439 51,371,934

Note : 2.1 Trade Payables

As at

31st March, 2016

As at

31th March, 2015

Trade Payables

Others 2,721,007 262,293

Total 2,721,007 262,293

As at 31st March , 2015

National Stock Exchange of India Ltd

As at 31st March , 2016

Particulars

Particulars

Name of Shareholder

Particulars

Surplus/(Deficit) as per Statement of Income and Expenditure Account

Particulars

Particulars

Note : 2.2 Other Current Liabilities

As at

31st March, 2016

As at

31th March, 2015

Other Payables

- Others 3,549,138 1,874,952

- Advances Received from Training Partners 9,574,439 3,717,000

Total 13,123,577 5,591,952

Note : 3.1 Fixed Assets

As at

01st April, 2015

Addition /

(Disposal)

As at

31st March, 2016

As at

01st April, 2015For the year

As at

31st March, 2016

As at

31st March, 2016

As at

31st March, 2015Tangible Assets

Computers 56,250 558,781 615,031 41,401 204,824 246,225 368,806 14,849

Furniture & Fixture - 67,500 67,500 - 11,826 11,826 55,674 -

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.


Chartered Accountants Firm Reg. No:- 120833W

Sd/-

Amol Khanolkar Sd/- Sd/-

Partner Director Director


Place : Mumbai Date :

Documents

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