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CORE Education & Technologies
BSE: 512199|NSE: COREEDUTEC|ISIN: INE247G01024|SECTOR: Computers - Software - Training
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Auditor's Report (CORE Education & Technologies) | Year End : Mar '15 |
We have audited the accompanying financial statements of Core Education and Technologies Limited (the Company), which comprise the Consolidated Balance Sheet as at 31/03/2015, the Consolidated Statement of Profit and Loss, for the year then ended, and Consolidated Cash Flow statement and a summary of the 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 and financial performance 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 of 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. Auditor''s 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 thereunder. 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. 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 aforesaid 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, of the state of affairs of the Company as at 31/03/2015, and its Loss for the year ended as on that date. Report on Other Legal and Regulatory Requirements This report doesn''t include a statement on the matters specified in paragraph 3 and 4 of the Companies (Auditor''s Report) Order, 2015, issued by the department of company affairs, in terms of sub section 11 of section 143 of the companies Act, 2013 since in Our opinion and according to the information and explanation given to us, the said order is not applicable to the company. 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 purposes of our audit. (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. (c) The Balance Sheet, the Statement of Profit and Loss, and dealt with by this Report are in agreement with the books of account. (d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31/03/2015 taken on record by the Board of Directors, none of the directors is disqualified as 31/03/2015 from being appointed as a director in terms of Section 164 (2) of the Act. (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 has disclosed the impact of pending litigations on its financial position in its financial statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. The Annexure referred to in our report to the members of Core Education and Technologies Limited the Company'') for the year Ended on 31st March, 2015. We report that: i. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, all the fixed assets have not been physically verified by the management in a phased periodical manner. ii. In respect of its inventories: The inventories of the Company comprises of software work-in progress, being Intangible in nature this clause is not applicable to the company iii. In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013: a) The Company has not granted any loans for the parties covered under Section 189 of the Companies Act, 2013 b) Since no loans have been granted this clause is not applicable to the Company. iv. In our opinion and according to the information and explanations given to us, the Company needs to strengthen the internal control system commensurate with its size and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system. v. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015 are not applicable to the Company. vi. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1)(d) of the Companies Act, 2013 and are of the opinion that, the cost audit is not applicable to the Company. vii. In respect of statutory dues: a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have not been regularly deposited with the appropriate authorities. The undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31st, 2015 for a period of more than six months from the date of become. b) According to records of company, there are pending dues of sales tax which have not been deposited within the due date of becoming payable. The tabular format of pending statutory dues is as under:- Statutory Dues Total Amount Due for more than 6 months TDS on Professional Fees 18,263,949 17,784,327 TDS on Salary 11,510,105 11,499,652 TDS on Rent 8,494,845 8,494,845 TDS on Contract 9,891,506 9,801,370 TDS on Non Resident 8,326,773 8,326,773 TDS on Brokerage/ Commission 33,694 33,694 TDS on Interest 54,640,370 47,475,916 Profession Tax 857,250 857,250 VAT 32,033,899 32,033,899 c) According to the records of the Company, there are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time. viii. The Company has incurred financial/cash losses in the immediately preceding previous year and also in this financial year. As a result of it the net worth of the Company is negative. ix. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has defaulted in repayment of dues to financial institutions, banks and debenture holders. Details are as under:- The delay in repayment of the dues to bank/ financial institutions/ debenture holders and other parties are as follows: Sr. No. Particulars Principal Interest Total 1 Banks More than 180 days - - - Less than 180 days 96,389,487 - 96,389,487 2 Debenture Holders More than 180 days - - - Less than 180 days - - - 3 Financial Institution More than 180 days - - - Less than 180 days - - - 4 Others More than 180 days - - - Less than 180 days - - - Further the Company has continuing default in respect of following dues to bank/ financial institutions/ debenture holders and other parties as at year ended: Sr. Particulars Principal Interest Total No. 1 Banks More than 180 days 5,539,379, 560 721,458,451 6,260,838,011 Less than 180 days 236,443,056 264,010,569 500,453,625 2 Debenture-holders More than 180 days 237,000,000 270,971,161 507,971,161 Less than 180 days 369,000,000 85,278,216 454,278,216 3 Lease obligations More than 180 days - - Less than 180 days - - - 4 Financial Institution More than 180 Days 5,024,756,154 498,142,450 5,522,898,604 Less than 180 Days 124,444,772 292,280,074 416,724,846 Total x. The Company has given guarantees of '' 5,643,039,1 70 for loans taken by its wholly owned subsidiaries viz. Core Education and Consulting Solutions INC., USA and Core Education and Consulting Solutions (UK) Ltd from bank and/or financial institutions. In our opinion and according to information and explanations given to us, the terms and conditions though not formalized are not prejudicial to the interest of the Company. xi. The Company has not raised new term loans during the year. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised. xii. In our opinion and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Aniket Kulkarni & Associates Firm Registration No. 130521W (Chartered Accountants) Aniket Kulkarni Place: Mumbai Proprietor Date: 17th August, 2015 M.No. 127246 |
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Source : Dion Global Solutions Limited | |
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