MIRA
INFORM REPORT
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Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
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Name : |
EVERONN EDUCATION LIMITED |
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Registered
Office : |
No.82, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
19.04.2000 |
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Com. Reg. No.: |
18-58466 |
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Capital
Investment / Paid-up Capital : |
Rs.190.319 Millions |
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CIN No.: [Company Identification
No.] |
L65991TN2000PLC058466 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEE02329F |
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PAN No.: [Permanent Account No.] |
AAACE8362L |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company acts as an education service provider for
computer education, computer literacy, computer-aided learning education in
Government schools through turn-key projects on a BOOT (Build Own Operate and
Transfer) model and teachers' training projects. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 21300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No.82, |
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Tel. No.: |
91-44-23718202 / 03-24715356 / 59 |
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Fax No.: |
91-44-24717845 |
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E-Mail : |
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Website : |
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Corporate Office and
Correspondence Office : |
Everonn House, Plot no.96-99Industrial
Estate Perungudi, Chennai – 600096 |
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Tel. No.: |
91-44-23718202 / 42968400 |
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Fax No.: |
91-44-24962800 |
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Branches : |
Located at :
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DIRECTORS
As on 31.03.2011
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Name : |
Mr. P. Kishore |
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Designation : |
Managing Director |
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Name : |
Mrs. Susha John |
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Designation : |
Whole-time Director |
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Name : |
Mr. R. Sankaran |
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Designation : |
Non-Executive and
Independent Director |
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Name : |
Mr. Joe Thomas |
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Designation : |
Non-Executive and
Independent Director |
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Name : |
Dr. K. M. Marimuthu |
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Designation : |
Non-Executive and
Independent Director |
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Name : |
Mr. Nikhil P Gandhi |
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Designation : |
Non-Executive and Non
Independent Director |
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Name : |
Dr. M. S. Vijay Kumar |
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Designation : |
Non-Executive and
Independent Director |
KEY EXECUTIVES
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Name : |
Dr. Jamshed J Irani |
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Designation : |
Non-Executive
Chairman |
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Name : |
S.Vijayanand |
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Designation : |
Company Secretary |
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Name : |
R. Kothandaraman |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholder |
Total No. of
Shares |
Percentage of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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3583803 |
18.67 |
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|
4116500 |
21.44 |
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Any Others (specify) |
420045 |
2.19 |
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Directors/Promoters
and their Relatives and Friends |
420045 |
2.19 |
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|
8120348 |
42.29 |
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Any Others (specify) |
50 |
-- |
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Directors/Promoters and their Relatives and Friends |
50 |
-- |
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Sub Total |
50 |
-- |
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Total
shareholding of Promoter and Promoter Group (A) |
8120398 |
42.29 |
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(B)
Public Shareholding |
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|
210528 |
1.10 |
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|
61726 |
0.32 |
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8328631 |
27.75 |
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5600885 |
29.17 |
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1551066 |
8.08 |
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2173428 |
11.32 |
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612161 |
3.19 |
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1414614 |
5.95 |
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Clearing
Members |
71017 |
0.37 |
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Hindu
Undivided Families |
78863 |
0.41 |
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|
116320 |
0.61 |
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180636 |
0.94 |
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Directors
and their Relatives and Friends |
125643 |
0.65 |
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|
250 |
-- |
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Foreign
Investors |
568285 |
2.96 |
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Any
Others |
600 |
-- |
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|
5478269 |
28.53 |
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Total
Public shareholding (B) |
11079154 |
57.71 |
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Total
(A)+(B) |
19199552 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
-- |
-- |
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-- |
-- |
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-- |
-- |
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-- |
-- |
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Total
(A)+(B)+(C) |
19199552 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
The Company acts as an education service provider for
computer education, computer literacy, computer-aided learning education in
Government schools through turn-key projects on a BOOT (Build Own Operate and
Transfer) model and teachers' training projects. |
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Products : |
Web
Products
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Chandrasekar Chartered Accountant |
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Address : |
S 616, Manipal
Centre, South Block, 47, |
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Subsidiaries : |
·
Everonn Educational Resources
Solutions Limited ·
Toppers Tutorial Private
Limited ·
Everonn Infrastructure Limited ·
AEG Skill Update Private
Limited ·
Everonn Skill Development
Limited(Indirect Subsidiary) ·
Everonn Business Education
Limited
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
19031900 |
Equity Shares |
Rs.10/- each |
Rs.190.319 Millions |
Notes :
(1) 68,54,748 equity shares were issued as bonus shares by
Capitalization of Securities Premium account on 31/05/2006.
(2) On 31/05/2006, Preferential allotment was made to
Directors’ for 1,25,670 equity shares of Rs.10/- each fully paid up at a
premium of Rs.10/- per share.
(3) On 28/06/2006, 2,57,053 equity shares of Rs.10/- each
fully paid up were allotted to Everonn Employees Welfare Trust at par.
(4) On 17/06/2008, 12,69,219 equity shares of Rs.10/- each
fully paid up were allotted at a premium of Rs.710.04/- on preferential basis.
(5) On 09/12/2010, 39,11,500 equity shares of Rs.10/- each
fully paid up were alloted at a premium of Rs.510.87/- on preferential basis.
After 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
19199552 |
Equity Shares |
Rs.10/- each |
Rs.191.996 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
190.319 |
151.204 |
151.204 |
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2] Share Warrants |
64.568 |
0.000 |
76.514 |
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3] Share Application Money |
0.000 |
0.000 |
0.000 |
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4] Employee Stock Option Outstanding |
10.534 |
9.599 |
6.439 |
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3] Reserves & Surplus |
5067.557 |
2395.607 |
1920.327 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5332.978 |
2556.410 |
2154.484 |
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LOAN FUNDS |
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1] Secured Loans |
1482.933 |
839.339 |
481.682 |
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2] Unsecured Loans |
606.356 |
0.000 |
2.830 |
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TOTAL BORROWING |
2089.289 |
839.339 |
484.512 |
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DEFERRED TAX LIABILITIES |
254.499 |
167.859 |
100.566 |
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TOTAL |
7676.766 |
3563.608 |
2739.562 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2267.465 |
1381.676 |
876.619 |
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Capital work-in-progress |
385.000 |
245.944 |
248.174 |
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INVESTMENT |
908.510 |
153.292 |
241.145 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
1720.687 |
1129.255 |
621.498 |
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Cash & Bank Balances |
1216.662 |
384.831 |
401.591 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
1689.534 |
590.136 |
762.140 |
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Total
Current Assets |
4626.883 |
2104.222 |
1785.229
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
12.439 |
14.633 |
155.042 |
|
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Other Current Liabilities |
181.698 |
114.006 |
124.760 |
|
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Provisions |
316.955 |
192.887 |
131.803 |
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Total
Current Liabilities |
511.092 |
321.526 |
411.605
|
|
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Net Current Assets |
4115.791 |
1782.696 |
1373.624
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
7676.766 |
3563.608 |
2739.562 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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|
|
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Income |
3016.293 |
2106.515 |
1213.794 |
|
|
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Other Income |
51.605 |
7.686 |
39.011 |
|
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TOTAL (A) |
3067.898 |
2114.201 |
1252.805 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
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Manpower |
423.592 |
314.750 |
254.166 |
|
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Education and Training Expenses |
826.434 |
610.151 |
291.545 |
|
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|
Administration and
Other expenses |
235.867 |
221.774 |
135.031 |
|
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TOTAL (B) |
1485.893 |
1146.675 |
680.742 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1582.005 |
967.526 |
572.063 |
|
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
192.783 |
103.220 |
51.818 |
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1389.222 |
864.306 |
520.245 |
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
358.879 |
237.834 |
153.244 |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1030.343 |
626.472 |
367.001 |
|
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|
|
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Less |
TAX (I) |
300.690 |
192.443 |
128.578 |
|
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PROFIT AFTER TAX
(G-I) (J) |
729.653 |
434.029 |
238.423 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
717.848 |
471.569 |
233.146 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
32.717 |
109.083 |
0.000 |
|
|
|
Proposed Dividend |
47.999 |
30.241 |
0.000 |
|
|
|
Tax on Dividend |
7.972 |
5.023 |
0.000 |
|
|
|
Transfer to General
Reserve |
700.000 |
43.403 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
658.813 |
717.848 |
0.000 |
|
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
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Commission Earnings |
|
|
|
|
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Other Earnings |
|
|
|
|
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TOTAL EARNINGS |
114.104 |
67.148 |
14.585 |
|
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|
|
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IMPORTS |
|
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|
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Raw Materials |
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|
|
Stores & Spares |
|
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|
|
Capital Goods |
|
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|
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|
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Others |
|
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TOTAL IMPORTS |
0.000 |
14.305 |
2.220 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
44.71 |
28.70 |
16.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.06.2011 |
|
Net Sales |
668.520 |
|
Total Expenditure |
325.060 |
|
PBIDT (Excl OI) |
343.460 |
|
Other Income |
2.990 |
|
Operating Profit |
346.450 |
|
Interest |
83.690 |
|
Exceptional Items |
0.000 |
|
PBDT |
262.760 |
|
Depreciation |
97.580 |
|
Profit Before Tax |
165.180 |
|
Tax |
548.700 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
110.310 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
110.310 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
23.78 |
20.53 |
19.03
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
34.16 |
29.74 |
30.24
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.95 |
17.97 |
13.79
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.25 |
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49 |
0.45 |
0.42
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.05 |
6.54 |
4.34
|
LOCAL AGENCY FURTHER INFORMATION
Results of operations
The Company's
performance in the year 2010-11 continued its upward trend and showed a healthy
growth. The Company earned a total revenue of Rs.3016.293 Millions in the year
2010-11 as against Rs.2106.515 Millions in the year 2009-10. The Company's
total revenue growth has been 43% over the previous year. The operating profit
for the year 2010-11 is Rs.1530.401 Millions as against Rs.959.842 Millions for
the year 2009-10. There is a significant increase of 59% in the operating
profit when compared to the last financial year. The Company has posted a
profit after tax of Rs.729.653 Millions in the year 2010-11 as against
Rs.434.029 Millions in the year 2009-10, registering a growth of 68% over the
previous year.
Appropriations
The Directors have
recommended a dividend of Rs.2.50/- per Equity Share (25% on par value of
Rs.10/- each) for the financial year ended 31st March, 2011, which
on approval at the ensuing Annual General Meeting, will be paid to all those
Equity Shareholders whose names appear in the Register of Members as on 29th
July, 2011. The total proposed dividend amount including the dividend tax shall
be Rs.55.971 Millions, for the financial year 2010-11. Dividend (including
dividend tax) as a percentage of profit after tax is 7.67% as on March 31,
2011. The register of members and share transfer books will remain closed from
30th July 2011 to 3rd August 2011, (both days inclusive). The Annual General
Meeting of the Company is scheduled to be held on 3rd August, 2011. Rs.0.176
Millions remains unclaimed in the dividend account towards dividend declared
for the financial year 2009-10.
Transfer to Reserves:
The Company
proposes to transfer Rs.700.000 Millions to the General Reserve out of the
profits available for appropriations. An amount of Rs.658.813 Millions
(Previous Year Rs.717.848 Millions) has been proposed to be retained in the
Profit and Loss Account.
OPERATING RESULTS AND BUSINESS OVERVIEW
Instructional and Communication Technology
[ICT]
The Company acts
as an education service provider for computer education, computer literacy,
computer-aided learning education in Government schools through turn-key
projects on a BOOT (Build Own Operate and Transfer) model and teachers'
training projects. The contract is usually for a period of 5 years. The Company
is associated with 16 State Governments for implementing computer education in
Government Schools. The Company is privileged to be the first private player to
set up studio and provide VSAT enabled education to the Government rural
schools. The Company has built a strong brand image with key policy makers for
computer education in schools. During the year, the Company has signed an
agreement with the Haryana State Government for implementing computer education
in 213 Government schools in Haryana. The Company has also signed an agreement
with the State Government of Himachal Pradesh for implementing computer
education in 282 schools and also added 65 schools with the existing contract
of the Government. The Company has also been awarded ICT contract for training
programs in 12 ITI's in Gudchoroli in
The Company is
currently operating in 6628 schools as compared to 5862 schools in the year
2009-10. The revenue from ICT division is Rs.852.700 Millions for the year 2010-11.
Virtual and Technology Enabled Learning
Solutions [Vitels]
The Company
provides Education and Training solutions through satellite based Very Small
Aperture Terminal [VSAT] technology. There has been significant growth in this
division in terms of increase in the number of private schools as customers
from 1017 schools in FY 09-10 to 1455 in FY 10-11, from 1567 colleges in FY
09-10 to 1920 in FY 10-11, and from 46 retail centres in FY 09-10 to 59 in FY
10-11. The Company follows a student pay model in its ViTELS division. The
revenue from ViTELS is Rs.2158.600 Millions in 2010-11.
ViTELS
–iSchool
iSchool model is
an initiative of the Company which combines the orthodox system of learning
with digitized content and state-of-the-art teaching tools to make learning an
interactive and enriching experience. Besides empowering teachers to help
students understand complex and tedious concepts with ease, iSchool model
merges all the technological requirements in schools to emerge as the one stop
technology solution provider for schools, catering all the private schools
across the country and across various boards of education. From digitized
curriculum mapped content and VSAT based education to the school management
system, iSchool's products are specially crafted to address every educational
need of schools. There has been steady increase in the number of schools signed
up under iSchool model with 438 new schools signing up in the FY10-11 reaching
the overall presence to 1455 schools.
ViTELS – Colleges
The College's
business of Everonn also known as Everonn Learning Academy (ELA), an initiative
of the Company which is recognized for its premium educational and training
programs. ELA aims to be the preferred choice for students aspiring for careers
in IT, ITES, Management, Banking and Financial Services as well as many more
verticals. ELA ensures that students receive comprehensive instructions that
help increase their employability and value in the job market. With ELA's
comprehensive programs that provide both subject knowledge and excellent soft
skills, students can be confident of presenting themselves to prospective
employers during interviews, thus making it one step easier to gaining
employment at some of the leading companies in the global market. The growth of
this model showed its momentum in FY 10-11 with the number of colleges
increasing
from 1567 in FY
09-10 to 1920 in FY 10-11.
ViTELS – Retail
Everonn Kompass is
the retail division of the Company which aims at providing a unified collection
of industry specific courses and interactive platforms that are devoted to
transform learning and education all over
ViTELS - Web Products
The Company
diversified into the area of Web- Enabled Learning Solutions in order to offer
complete educational support solutions to the students across
Global
GITT aims to
provide comprehensive and world class training programs for teachers,
principals and other educational professionals to ensure a higher standard of quality
in the education industry. With the Government allocating more funds for
education, the problem of non-availability of trained resources will hopefully
be addressed. It has thus become important to provide teachers with the
necessary training to become more effective in imparting knowledge. With the
growing importance and the need for specialisation across the world, the need
for better trained teachers is now being felt beyond both national and cultural
boundaries, making well trained teachers an invaluable product in a highly
competitive world. Comprehensive courses and content offered by Everonn will
provide segment specific guidance to make candidates the best in their chosen
fields of expertise.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT AND CORPORATE GOVERNANCE REPORT
Company Progress
Everonn Education Limited is a pioneer in using technological breakthroughs to make quality education a
reality even in the most remote parts of the country. The Company is on a
continuous quest for the next technological revolution in learning. Everonn's
passion for enabling cutting-edge education delivery has seen us grow
dramatically in the past two decades. Everonn has been a leader in transforming
education in
Industry Overview
Budget allocation - 2011-12
The growth and development of the Company has a significant impact
on the Education system and standards it is capable of offering.
Strength
Everonn's diverse operations are testament to the Company's firm focus
and strength. From offering the next-generation in school education through
Internet and VSAT, to providing content on the move, via mobile phones, Everonn
is on a constant look out for the next technological revolution in education.
Be it elementary knowledge or the latest in animation and gaming, Everonn is
the one-stop destination for educational excellence. A parallel focus on formal
learning has also enabled the Company to continue raising the bar in the Indian
education scenario. Everonn's presence and success has been possible only
through its unique strength in content creation and technology.
Content
The quality of content created by the Company and the breadth of
coverage in terms of grades covered, types of syllabi and subjects are key factors
to the Company's mission of providing quality and affordable education to the
students across the country. The quality of the content is ensured to be in
conformity with accepted standards by Everonn's strong content development team
which consists of subject experts possessing long years of academic and
industry related experience. The content so created is constantly upgraded to
suit the requirements of the educational institutions and expectations of the
student community. The instructional material generated is based on long
process of research, best practices and proven educational techniques.
Technology
Technology plays a pivotal role in imparting quality education that
makes a world of difference. It is today, a critical tool in gaining a definitive
competitive edge. Everonn is one of the pioneers in using VSAT (Very Small
Aperture Terminal) technology to deliver classes to students in even the
remotest locations. This unique delivery mechanism ensures reach to a wide
spread network of government schools, private schools and colleges, and in the
process renders technology as becoming omnipresent. The technical experts of
the Company ensure that Everonn's state-of-the-art studios are fully equipped
with the requisite audio, video and computer systems, which enable instructors
to effectively impart their instruction and interact with students. The Technology-Enabled Virtual Classrooms focuses on
developing technical and managerial competence among students through the
development of specialized knowledge and skills through instructions from the
best in the field, delivered over a unique virtual platform. This virtual
learning platform at Everonn blends the strengths and advantages of traditional
methods of education with cutting-edge technology. Using a powerful interface,
it enables a student to share in participatory sessions with other students and
instructors all over the country. Everonn's virtual initiative platform thus
redefines the very concept of classroom education, retaining all its benefits
while improving its reach and enhancing collaborative group learning. Everonn
becomes
SUSBSIDIARIES
Everonn Educational Resources Solutions Limited
(EduRes)
The Company focuses on providing best-in-class resources, quality
products/services at most competitive prices to schools and colleges by
leveraging its relationship with various vendors. It aims to provide bestin-
class resources to educational institutions across
Toppers Tutorial Private Limited
The Company is engaged in the business of coaching and training
students for IIT-JEE and other entrance exams. The Company aims at imparting
coaching programme designed specifically to suit the needs of students aspiring
for the entrance exams. Our blended format of teaching helps students to grasp
abstract concepts with ease. Digitally enabled lecture platforms allow
faculties to use animation, video, audio and other presentation tools to
enhance the learning process. This virtual platform blends the strengths and
advantages of traditional methods of education with cutting edge technology.
Everonn Skill Development Limited (ESDL)
The Company aims at imparting industry relevant skills to youth to
make them industry ready and skilled personnel using world class content and
practices. The Company offers programs in Textile and Apparel, Retail, Tourism
and Hospitality, Automotive, Healthcare, Construction, IT and ITES, Basic
Engineering, and Media and Entertainment and other life skills. Global
accreditation, world class curriculum, Foreign Universities tie ups, well
designed courseware and VSAT enabled lectures sets the company a notch above
others. The Company partners with Christiani (Germany); Tafe Queensland (
Australia); Canadian College (Vancouver); Interactive Design Institute Limited
(Scotland); Dassault Systemes (France). Ignou, Future Group, Rai, Sipcot, Sun
Animatics and many other notable names in the world. The Company caters to the
skill development needs of school and college students as well as new
professionals through courses that enable them to develop or upgrade their talents
in a given field. The Company has joined hands with the National Skill
Development Corporation's (NSDC) mission with the launch of
Everonn Business Education Limited (EBEL)
The Company caters to the needs of the business education market in
Everonn School Limited (ESL)
Everonn School Limited (ESL) is a wholly owned subsidiary of Everonn
Education Limited and caters to the school education segment. Everonn School
Limited plans to set up Kindergarten to Class 12 schools across the nation
covering all blocks, districts and metros. These schools will follow various
curricula - State Board, CBSE, IB, ICSE etc.
Preschool:
The Company plans to set up pre-schools under its brand name "Kinderstand". Kinderstand is a new age
preschool custom built for busy parents who wish the very best for their young
ones. Taking into account the time constraints of working parents, we offer
flexible and fun learning modules for children in a creative and conducive
setting. The chief goal lies in being able to prepare the child to count
numbers, learn the alphabets, draw shapes and rattle rhymes while playing hide
and seek, hop, skip and jump, as a measure to develop the student in a well-rounded
and balanced academic andother activity based learning format. The Company
currently has 9 pre- school centres which include one own centre in Chennai and
one franchisee centre each in Gobichettipalayam and Puducherry.
K-12 CBSE Schools:
Kenbridge Schools Kenbridge schools forms a
network of K-12 English medium CBSE Schools which offer high quality,
technology enabled education to students at the district level. These schools
will have state-of-the-art infrastructure, technology enabled classrooms,
quality teachers and unique teaching methods that will make these children as
competent as their city counterparts. The Company has signed agreement with the
land owners and proposed to set up Kenbridge schools in
International Schools: Winfinity World Schools
The Company proposes to set up international schools under the brand
name "
Everonn Medical Education Limited (EMEL)
Everonn Medical Education Limited sets up Integrated Academic
Medical Centres and Centres of Excellence (CoE), managing existing institutions
and providing services and advanced medical content to educational institutions
and hospitals. The Company aims to produce a skilled workforce of physicians,
nurses and paramedics to ease the shortage of healthcare professionals. With
the support of strong and knowledgeable domestic and international partners of
proven excellence, the Company will revamp existing standards and impart
world class medical education and healthcare delivery in
encouraging private groups to play a key role in helping solve the
macro-problem. The Government is now also seeking the Public-Private
Partnership (PPP) route to set up medical, nursing and para-medical colleges.
In the next few years, the Company would establish a nation-wide presence and
become the largest medical education provider in the country.
Everonn Technical Education India Limited (ETEIL)
The Company was incorporated as a wholly owned subsidiary of Everonn
Education Limited with an objective to impart quality education, advance
knowledge and research in science and technology through an innovative and
comprehensive curriculum to foster excellence and create highly skilled
industryready professionals and scholars. The Company was formed to cater to
the rising demand for skilled, industry ready engineering graduates in
Everonn Infrastructure Limited
Everonn Infrastructure Limited is a complete solution provider to
meet the infrastructural needs of educational institutions. The Company's
services include everything from design and construction of buildings to
distribution
of educational aids. Its other areas of expertise include school
transportation services, disseminating curriculum
books and educational aids, health services and certification.
Equipped to provide exemplary services at all levels - infrastructure,
personnel and resources, Everonn Infrastructure Limited has also built strong
relationship with service providers, government bodies and allied Companies to
provide best-in-class consultancy services to meet all client requirements.
CORPORATE SOCIAL RESPONSIBILITY
As part of its commitment to uphold the social cause, Everonn
instituted the Everonn India Foundation. Through this initiative, the Company
is committed to uphold its commitment towards establishing quality education
networks across rural
OPPORTUNITES
Our Company believes that the inefficiencies in the current
education system, such as lack of infrastructure, low literacy rates, high
dropout rates and lack of adequately trained teachers, provide a huge opportunity
for private players to plug the gap by addressing the demand through a mix of
products and services which will become known for excellence and effectiveness.
The Indian middle class is willing to pay for quality education, as it is
strongly believed to be an important pre-requisite for securing a job with good
pay. As the quality of education in government schools needs improvement, this
creates a tremendous opportunity for private players offering quality
education. The propensity to pay for this is increasing with time, thus
creating a huge and growing market. In addition to the above, this sector is
fairly insulated from any potential market downturn. Low levels of enrolment at
the tertiary level provides a huge market for private players in vocational
training.
players addressing the demand for education.
OUTLOOK
Strong macro growth drivers can be witnessed in terms of burgeoning
middle class with increasing income levels and an unmet demand for quality
education all of which indicate favourable demographics for
of accelerated evolution in the Indian Education Sector.
PERFORMANCE OF THE COMPANY
The financial performances are covered in the Directors’ Report and
the same can be referred to in the said report. Internal control
systems and their adequacy: The Internal Control
System of the Company is well structured and is commensurate with the size,
scale and complexity of its operations. The same is being constantly assessed
and strengthened with new/revised standard operating procedures, tighter
internal and Information Technology (IT) controls. The Company has proper and
adequate system of internal controls that all assets are safeguarded and
protected against losses from unauthorized use or disposition and all the
transactions are authorized, recorded and reported correctly. The Audit
Committee of the Company deals with the significant control issue raised by
Internal and External Auditors and instructs further areas to be covered. The
management duly considers suggestions and recommendations made by the Statutory
Auditors, Internal Auditors and Independent Audit Committee of the Board of
Directors and takes appropriate steps and necessary actions suggested by them.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31.06.2011
(Rs. In Million)
|
Particulars |
30.06.2011 Quarter Ended (Unaudited) |
|
1. Income from operation |
668.523 |
|
2. Other Operating Income |
0.000 |
|
Total Income
(1+2) |
668.523 |
|
Expenditure |
|
|
1. (Increase)/decrease in Stock in Trade |
0.000 |
|
2. Consumption of Raw Materials(Including project bought outs) |
0.000 |
|
3. Purchase of traded goods |
0.000 |
|
4. Employees Cost |
108.612 |
|
5. Depreciation |
97.581 |
|
6. Other Expenditure |
216.452 |
|
Total Expenditure |
422.645 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
245.878 |
|
Other Income |
2.996 |
|
Profit/(Loss) before Interest and Exceptional items |
248.874 |
|
Interest |
83.691 |
|
Profit / (Loss) after interest before Exceptional items |
165.183 |
|
Exceptional Items |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
165.183 |
|
Tax Expenses |
54.873 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
110.310 |
|
Extraordinary Items |
0.000 |
|
Net Profit/(Loss) for the period |
110.310 |
|
Paid Up Equity Share Capital ( Face Value of the share
Rs.10/- each ) |
191.996 |
|
Reserves (Excluding Revaluation Reserves) |
5280.192 |
|
Earning / loss per
share |
|
|
A ) EPS BEFORE
Extraordinary items for the year to date and for the previous year (not
annualized) |
|
|
-Basic |
5.75 |
|
-Diluted |
5.57 |
|
B ) EPS BEFORE Extraordinary items for the year to date and for the previous year (not annualized) |
|
|
-Basic |
5.75 |
|
-Diluted |
5.57 |
|
Public Share
Holding |
|
|
- Number of Shares |
11079154 |
|
- Percentage of shareholding |
57.71% |
|
Promoters and Promoter
group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
4930849 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
60.72% |
|
- Percentage of shares(as a % of the total share capital of the company) |
25.68% |
|
b) Non-encumbered |
|
|
- Number of Shares |
3189909 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
39.28% |
|
- Percentage of Share (as a % of the total share capital of the company) |
16.61 |
Notes :
·
The
Above Results Have Been Reviewed By The Audit Committee And Taken On Record At
The Meeting Of The Board Of Directors Held On 10th August 2011.
·
The
Results For The Quarter Ended 30th June 2011 Have Been Subjected To Limited
Review By The Statutory Auditors.
·
The
Company Is Presently Operating Only In Education Segment.
·
Provisions
/ Adjustments, If Any, Arising On Account Of Revised As-15 On Employee Benefits
Issued By The
·
The
Weighted Average Number Of Equity Shares Outstanding During The Period Has Been
Considered For Calculating The Earning Per Share In Terms Of The Accounting
Standard As – 20.
·
Given
The Seasonal Nature Of The Industry, The Results Of Any Quarter May Not Be A
True Indicative Of Quarter To Quarter / Annual Performance.
·
The
Figures Of The Previous Financial Year Have Been Regrouped / Re-Arranged
Wherever Necessary.
·
During
The Quarter, 1,67,652 Equity Shares Were Issued To M/S. Ht Media Limited At A
Price Of Rs.620.33/- On 23rd May 2011, Consequent To Conversion Of 1,04,00,000
Nos. Zero Coupon Fully Convertible Debentures.
·
One
(1) Investor Complaint Was Pending To Be Resolved At The Beginning Of The
Quarter. No Complaint Was Received During The Quarter And One (1) Complaint Was
Resolved During The Quarter. No Complaint Was Pending To Be Resolved At The End
Of The Quarter.
·
The
Promoters / Persons From Promoter Group Of The Company Have Pledged A Total Of
49,30,489 Equity Shares Held By Them. The Total Pledged Shares Amount To 25.68%
Of The Total Paid Up Capital Of The Company. Out Of Which, 3,47,000 Equity
Shares Were Pledged During The Quarter Ended 30th June 2011.
·
The
Company Has Thirteen Subsidiaries During The Quarter Ended 30th June 2011. Out
Of Which Ten Subsidiaries Are Wholly Owned Subsidiaries, One Company Is An
Indirect Wholly Owned Subsidiary And 2 Companies Are Subsidiary Companies.
FIXED ASSETS
·
Land
·
Building
·
Plant
and machinery
·
Electrical
Fittings
·
Furniture
and Fixtures
·
Vehicles
·
Software
·
Knowledge
Resources and Content
WEBSITE DETAILS
PROFILE
Subject
has been a leading presence in the Indian education industry for over two
decades and is listed on both the BSE and NSE. As
Subject’s
Educating India initiative will revolutionize and transform the educational
landscape of
Subject’s
unrivalled reach in providing a blend of traditional and digitized content to
the schools, colleges and retail segments has helped the company offer quality
education to students even in the most remote parts of
Subject
today is the largest VSAT education network in the World.
HISTORY
A pioneer in using technological breakthroughs to make quality education
a reality even in the most remote parts of the country, Everonn is on a
continuous quest for the next technological revolution in learning. Everonn’s
passion for enabling cutting-edge education delivery has seen us grow
dramatically in the past two decades. As the timeline below shows, Everonn has
been a leader in transforming education in
1987
Everonn, then Systems International, begins providing computer education
at schools
2000
Everonn Systems India Limited is established in
Chennai
2004
Everonn pioneers satellite-based education delivery through the VSAT
platform and its virtual and real-time classrooms
2007
Everonn goes public, with the company’s stock becoming oversubscribed
145 times
2007
Everonn sees tremendous organic and inorganic growth and enters the
Internet arena with its Web products and online entrance exam tutorials
2008
Everonn begins signing MoUs with leading universities and strategic
partners
2008
Dr. A.P.J. Abdul Kalam, Former President of
2009
Everonn enters into the student guidance arena with counselling services
for those wishing to study abroad
2009
Everonn becomes the first education company to provide education on the
move through mobile phones
2009
Everonn announces a change in registered name to Everonn Education
Limited to emphasise operational focus
2009
Everonn launches the Educating India Initiative to help establish
educational institutions across the nation
2009
Everonn enters the pre-school segment with the launch of its brand,
Kinderstand
2009
Everonn’s Global School of Business is launched at Chennai
PRESS RELEASE
Everonn
Education Limited Listed Among Top Finalists for the 2011 Microsoft Learning
Competency Innovation Partner of the Year Award
Chennai, 20th July, 2011: Everonn has been selected as a finalist for the Microsoft
Learning Competency Innovation Partner of the Year Award. The Learning
Competency Innovation Partner of the Year Award honors partners practicing
leading-edge learning solutions such as bringing a new solution to market,
building a new platform, or creating a new business model that they have
incorporated successfully.
Awards
were presented in multiple categories, with winners chosen from a set of more
than 3,000 entrants worldwide. This award recognizes Everonn Education Limited
as developing an exceptionally creative way for them to engage as partners in
training.
“We
are proud to recognize this outstanding group from our highly valued worldwide
partner network as our 2011 Partner Award finalists," said Jon Roskill,
corporate vice president, Worldwide Partner Group, Microsoft Corp. “We applaud
the unique perspective and creativity each of these companies brings to solving
customer business and technology challenges. Our strong partnership along with
their commitment to customers plays an essential role in our mutual, long-term
success."
Everonn
has been a Certified Partner for Learning Solutions (CPLS) for Microsoft for 3
years and has the privilege of being the first MASP (Microsoft Academy Service
Partner) in
The
Microsoft Partner Awards recognize Microsoft partners that have developed and
delivered exceptional Microsoft-based solutions over the past year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.67 |
|
|
1 |
Rs.76.51 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.