REPORT BUSINESS OVERVIEW
We provide a wide variety of educational services to K-12 schools which
include designing curriculum, providing teaching aids, supplying methods for imparting
education, organizing extra-curricular activities for students and teacher training, etc.
The Company is already providing services to Witty Kids at Goregaon East, Witty
International School, Borivali (West), Malad West, Udaipur and Bhilwara. The Company has
now started providing services to Witty Kids, Udaipur and Witty International School,
Bhilwara.
INDIAN ECONOMIC OVERVIEW
Union Finance Minister Nirmala Sitharaman announced Union Budget 2023,
allocating Rs. 1,12,899/- lakh crore to the education sector. This includes allocation to
secondary education, higher education and various schemes like the Samagra Shiksha
Abhiyaan. In comparison to the previous budget estimate (BE) of Rs. 1,04,278/- crore, this
is nearly 8.26 crore more or 8.26 percent growth 2022-23.
In Union Budget 2022 the education sector was allotted Rs. 1,04,278/-
crore signifying a rise of Rs 11,054/- crore from 2021. In 2022-23, the Department of
School Education and Literacy was allocated Rs 63,449 crore in or 61% of the Ministrys
total budget. The Department of Higher Education was allocated Rs 40,828/- crore,
accounting for 39 percent of the Ministrys total allocation.
GOVERNMENT INITIATIVES FOR THE SECTOR
• 100% FDI under automatic route is allowed in the Indian
education sector.
• A National Digital Library will be established for children and
young adults, making quality books accessible regardless of geography, language, genre,
level, or device..
• To ensure a skilled workforce for future medical technologies
and research, existing institutions will offer dedicated multidisciplinary courses for
medical devices.
• Over the next three years, the central government will hire
38,800 teachers and support staff for 740 Ekalavya schools that serve 3.5 lakh tribal
students. The budget for Eklavya Model Residential Schools (EMRS) has seen a significant
increase of INR 581.96 crore, rising from INR 1418.04 crore in 2021-22 to INR 2,000 crores
in the 2022-23 financial year. This initiative will provide support to residential schools
aimed at educating tribal students..
• To foster a reading culture and to compensate for learning loss
during the pandemic, the National Book Trust, Childrens Book Trust, and other entities
will be encouraged to supply regional language and English books along with other
materials to physical libraries.
• An integrated online training programme will be set up to
enhance skills for Civil Servants and government employees.
• Selected ICMR lab facilities will be made accessible for outside
research, and a programme to boost pharmaceutical research and innovation will be
launched. Additionally, 157 new nursing colleges will be established alongside the 157
medical colleges established since 2014.
• Under the Mission Karma Yogi initiative, the centre, states, and
Union Territories are executing capacity-building programmes for Civil Servants.
Additionally, an integrated online training platform has been launched to provide
continuous learning opportunities and upgrade the skills of numerous government employees,
promoting a people-centric approach.
• The training of teachers will be revamped through innovative
pedagogy, curriculum delivery, ongoing professional development assessments, and the
implementation of information and communication technology. The District Institute of
Education and Training (DIET) will be transformed into a dynamic institute of excellence
for this purpose.
• 100 labs will be established in engineering institutions with
partnerships between various organisations such as regulators, banks, and businesses to
develop 5G-based applications. These labs will focus on innovative areas such as smart
classrooms, precision agriculture, intelligent transportation systems, and healthcare,
with the aim to maximise the potential for new business models and job opportunities.
• The fourth edition of PM Kaushal Vikas Yojana 4.0 will be
launched.
• 30 Skill India International Centers will be established across
various states to equip the youth for international opportunities.
• To achieve the goals of "Make AI in India" and
"Make AI Work for India", three centres of excellence for artificial
intelligence will be established in top educational institutions.
• The government will offer an R&D grant to one of the IITs to
promote the production of domestically-grown laboratory diamonds and decrease imports.
• The finance minister announced the launch of cutting-edge
courses for Industry 4.0, including coding, AI, IoT, mechatronics, drones, and other
crucial soft skills. Additionally, 30 Skill India International Centers will be
established across the country.
PERFORMANCE:
In the following table, please find brief of financials of the Company:
| PARTICULARS |
Standalone for the year ended 31st
March, 2023 |
Standalone for the year ended 31st
March, 2022 |
Consolidated for the year ended 31st
March, 2023 |
Consolidated for the year ended 31st
March, 2022 |
| Revenue from Operations |
2076.43 |
747.68 |
2076.43 |
747.68 |
| Other Income |
120.26 |
598.64 |
120.26 |
598.64 |
| Total Income |
2196.69 |
1346.32 |
2196.69 |
1346.32 |
| Total Expenses |
2202.21 |
1325.97 |
2202.59 |
1326.51 |
| Operating Profit/(Loss) |
(5.52) |
20.35 |
(5.90) |
19.81 |
| Less: Finance Cost |
555.92 |
441.51 |
555.92 |
441.51 |
| Less: Depreciation |
251.76 |
277.95 |
251.76 |
277.95 |
| Profit/ (Loss) before Tax |
(5.52) |
20.35 |
(5.90) |
19.81 |
| Prior Period Taxation Adjustments |
- |
(9.98) |
- |
(19.57) |
| Deferred Tax |
(40.01) |
3.05 |
40.01 |
(3.05) |
| Profit/(Loss) after Tax for the year |
34.49 |
33.38 |
34.11 |
42.43 |
| Other comprehensive income/(loss) |
10.84 |
8.98 |
10.84 |
8.98 |
| Total Comprehensive Income/(Loss) for the year |
45.33 |
42.36 |
44.95 |
51.41 |
THE FUTURE OF EDUCATION IN INDIA OPPORTUNITIES & THREATS:
Weve put together a list of educational trends that will make learning
more flexible, available, and engaging for both students and instructors. The top five
trends that will have a big impact on education and beyond are listed below:
1. Augmented reality and virtual reality
Technology is developing, and we have reached a brand-new era when
augmented reality (AR) and virtual reality (VR) are quickly gaining traction. Because of
virtual reality and augmented reality technologies, children now have a space where they
can understand complicated ideas and gain practical learning experiences in low-risk
virtual environments. STEM-related classes, simulations of medical procedures, resources
in the arts and humanities, technical education, AR, and VR all have the potential to
improve it. The capacity to communicate knowledge in novel and more interesting ways
online is the second reason why virtual reality and augmented reality technologies are on
their way to becoming one of the most promising additions to the "Edtech" field.
2. Rise of Real and AI together
Artificial intelligence, also known as AI, can communicate with humans
and provide assistance. It has the potential to alter a wide number of sectors, including
education, and to solve some of the most pressing challenges facing education today by
introducing novel approaches to teaching and learning. The use of AI tools and technology
may provide benefits such as faster paper grading, tailored training, intelligent material
delivery, and student access to tutoring programs or Al-based intelligent tutoring systems
(ITS). Realizing that AI should be centered on people is vital. Giving students a
sustainable and high-quality education in the future will be made possible by a mix of
teachers involvement and AI.
3. Personalized Education
Personalizing learning for each students strengths, needs, talents,
and interests is yet another straightforward yet very successful and novel approach to the
learning process. This aids in creating a learning plan specifically for the learner. The
fundamental idea behind introducing customized learning is that every kid learns in a
unique way and at a unique speed. Each student in customized learning receives a learning
plan based on their learning style, prior knowledge, abilities, and interests. It goes
against the one size fits all philosophy that is prevalent in most schools. In order to
ensure that the student obtains hands-on learning on the selected topics and that theyre
expected to learn as they move through their education, the developed plan is kept
project-based.
4. Holistic learning will be the focus
The emphasis now is on supporting a childs whole and holistic
development so they may grow up to be responsible adults with the right skill sets, thanks
to shifting educational environments. Educators are increasingly emphasizing the holistic
learning approach to education, which emphasizes a childs academic success while also
preparing them to confront lifes obstacles. There are several advantages to holistic
education. Students are given the tools they need to improve their academic achievement as
well as develop the soft skills required for a successful professional career. The fact
that holistic learning enhances academic achievement, mental and emotional health, and
problem-solving skills is only one of its many advantages.
5. Education with the Entrepreneurial Mindset
In recent years, there has been a lot of excitement about incorporating
entrepreneurship into schooling. Teachers design their lectures and classes to help
students develop an entrepreneurial mindset and perspective from an early age. If
entrepreneurial ideals are entrenched in the educational process, students will be better
equipped to be obedient members of society. Students who are taught such a mindset are
better able to acquire the skills and information needed to achieve their own unique
goals. As a result, the curriculum designed here aims to build entrepreneurial knowledge,
skills, attitudes, behavior, and drive in a way that assures entrepreneurial success while
also making the student more employable in the future workforce.
The covid-pandemic has been a learning experience for educators and
policymakers, and it has established a standard for the foreseeable future. The effective
measures and techniques implemented now will establish the foundation for the Indian
educational systems ability to handle crises in the future without suffering significant
interruption. Its also helped us recognise that learning doesnt have to be a strict,
one-way process. EdTech will play a vital role in society and serve as a solid pillar for
the next generation despite the huge shift brought about by technology and new policy
reforms like the NEP. Its time to welcome the innovative advances that technology is
bringing to education and to look ahead to a successful and forward-thinking future.
RISK & CONCERNS
Your Companys Board of Directors have put in place adequate risk
assessment and risk mitigation measures. The Executive Management has an appropriate
framework that generates confidence of foreseeing and mitigating the risks, which every
manufacturing company faces in the form of fluctuations in the supply and pricing of fuel,
energy and essential raw material. However, no measures are adequate when confronted by
force majeure event like Covid-19.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
An appropriate and adequate system of internal controls exist in your
company to ensure that all assets are safeguarded and protected against loss or from
misuse or disposition, and that the transactions are authorized, recorded and reported
suitably. Internal control systems are ensuring effectiveness of operations, accuracy and
promptness of financial reporting and observance with laws & regulations.
The internal control is supplemented on an ongoing basis, by an
extensive program of internal audit being implemented throughout the period. The internal
audit reports along with management comments thereon are review by the Audit Committee of
the Board comprising of independent and non- executive Directors, on a regular basis.
Implementations of the suggestions are also monitored by the Audit Committee. The internal
control is designed to ensure that the financial and other records of the company are
reliable for preparing financial statements and other data, and for maintaining
accountability of assets.
HUMAN RESOURCES POLICIES:
It is your companys belief that people are at the heart of corporate
& constitute the primary source of sustainable competitive advantage. The trust of
your companys human resource development efforts therefore is to create a responsive and
market driven organization. Your company continues its focus on strengthening
competitiveness in all its business. Your directors look forward to the future with
confidence. The company has followed a conscious policy of providing training to
Management Staff through in-house and external programmes, for upgrading personal and
technical skills in relevant areas of functional disciplines.
RISK MANAGEMENT:
Although the company has long been following the principle of risk
minimization as is the norm in every industry, it has now become a compulsion.
Therefore, in accordance with Regulation 21 of SEBI (Listing Obligation
and Disclosure Requirements) Regulation, 2015, the Board members were informed about risk
assessment and minimization procedures after which the Board formally adopted steps for
framing, implementing and monitoring the risk management plan for the company through
Audit Committee.
The main objective of this policy is to ensure sustainable business
growth with stability and to promote a pro-active approach in reporting, evaluating and
resolving risks associated with the business. In order to achieve the key objective, the
policy establishes a structured and disciplined approach to Risk Management, in order to
guide decisions on risk related issues.
In todays challenging and competitive environment, strategies for
mitigating inherent risks in accomplishing the growth plans of the Company are imperative.
The common risks inter alia are Regulations, competition, Business risk, Technology
obsolescence, Investments, retention of talent and expansion of facilities.
Business Risk, inter alia, further include financial risk, political
risk, fidelity risk, legal risk. As a matter of policy, these risks are assessed and steps
are taken to mitigate the same.
CAUTIONARY STATEMENT:
The statements in report of the Board of Directors and the Management
Discussion & Analysis Report describing the Companys outlook, estimates or
predictions may be forward looking statements within the meaning of applicable securities
laws and regulations. Actual results could differ materially from those expressed or
implied since the Companys operations are influenced by many external and internal
factors beyond the control of the Company. The Company takes no responsibility for keeping
the members updated on changes in these factors except as may be statutorily required from
time to time.
| By Order of the Board |
|
| For VJTF Eduservices Limited |
|
| Dr. Vinay Jain |
Dr. Raina Jain |
| Managing Director |
Whole Time Director |
| (DIN: 00235276) |
(DIN: 01142103) |
| Dated: 05/09/2023 |
|
| Place: Mumbai |
|
+91-9892691696
