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IEC Education Ltd.

BSE: 531840 | NSE: | Series: NA | ISIN: INE172B01017 | SECTOR: Computers - Software Medium & Small

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Apr 15, 16:00
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IEC Education is not traded on BSE in the last 30 days

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IEC Education is not listed on NSE

Annual Report

For Year :
2015 2013 2012 2011 2010 2009 2008 2006

Auditor's Report

1) We have audited the attached Balance Sheet of IEC Education Ltd (Formerly IEC Softwares Ltd.) as at 31st March, 2009, the Profit & Loss Account and also the Cash Flow Statement for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based onouraudit. 2) We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion. 3) As required by the Companies (Auditors Report) Order, 2003, (CARO) issued by the Central Government in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraph 4 and 5 of the said order. 4) Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposeofouraudit. (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 such books. (c) The Balance Sheet, Profit & Loss Account and Cash flow Statement dealt with by this report are in agreement with the books of account. (d) In our opinion, the Balance Sheet, Profit & Loss Accounts and Cash Flow statement dealt with by this report are in compliance with the Accounting Standards referred to in sub-section (3c) of Section 211 of the Companies Act, 1956. (e) On the basis of written representations received from the Directors of the Company as on 31st March, 2009 and taken on record by the Board of Directors, we report that the none of the Directors is disqualified as on 31st March, 2009. from being appointed as a director of the Company in terms of clause (g) of sub-section (I) of section 274 of the Companies Act, 1956. (f) In Our opinion and to the best of our information and according to the explanations given to us, the said account subject to: (i) Note No: 4 of Schedule 20 regarding non registration of title deeds in respect of one premise; (ii) Note No: 5 of Schedule 20 regarding adjustments of entries arising out of confirmation / reconciliation of the accounts of parties and banks; (Hi) Note No: 9 of Schedule 20 regarding non provision of debts and advances considered doubtful amounting to Rs. 1,28,84,944.94 and Rs.1,01,03,404.45 respectively, and read together with the notes and the significant accounting policies thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India : I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009. II. ln the case of the Profit & LossAccount, of the Profit of the Company for theye arended on that date and III. ln the case of Cash Flow Statement, of the cash flows of the Company for the year ende don that date. (Referred to in paragraph 3 of our report of even date on the accounts of I EC Education Ltd (Formerly IEC Softwares Ltd) for the year ended 31st March, 2009) I. In respect of its fixed assets: a) The Company has maintained fixed asset register. However in some cases item wise depreciation, location or quantity were not maintained in the fixed asset register. b) The management has not carried out a physical verification of all the fixed assets but there is a regular programme of verification which in our opinion is reasonable having regard to the size of the company and nature of its assets. To the best of our knowledge, no material discrepancies have been noticed on such verification. c) In our opinion and according to the information and explanation given to us, the fixed assets have not been disposed off by the company during the year. U. The nature of the companys business/activities during the year have been such that clause (ii) of paragraph 4 is not Applicable to the company for the year. III. a) During the year, the Company has not granted any loan, Secured or Unsecured to Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act,1956. b) The Company has taken unsecured interest free loans, repayable on demand, from five parties covered in the register maintained under section 301 of the Companies Act,1956. The maximum amounts outstanding during the year were Rs.86,87,635.94 and the year end balance was Rs. 18,81,690.31 c) According to the information and explanation given to us, we are of the opinion that the rate of interest and other terms and conditions on which the interest free loans have been taken by the Company from the parties covered in the .register maintained under section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the Company. d) As maintained in para (iii)(b) above, the loan taken by the companies covered in the register maintained under section 301 of the Companies Act,1956, are repayable on demand. In view of this, we are unable to comment on the regularity of payment of principal and the overdue amount, if any, due to the parties covered in the register maintained under section 301 of the Companies Act, 1956. IV. In our opinion and, according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and nature of its business with regards to purchase of components, plant and machinery, equipments and similar assets and also for training and education Services rendered. V. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section. b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees fivelakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevalent market prices at the relevant time other than transactions of special nature for which competitive quotations are not available. VI. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provision ofsection58A and 58 AAofthe Companies Act, 1956 and the rules framed hereunder, are not applicableto the Company. VII. In our opinion, the Companys present internal audit system is commensurate with the size and nature of its business. VIII. Since the Company is not a manufacturing, mining or processing industry, the Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956. I A-r I IX. According to the information and explanation given to us and the records of the Company examined by us, in our opinion the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor education and protection Fund, Employees state insurance, income tax (other than TDS of Rs. 88124 outstanding for a period of more than Six month as on 31st March 2009), Sales Tax, Service tax,wealth Tax, custom duty, excise duty and cess and any other statutory dues applicable to it, with the appropriate authorities. X. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year. XI. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institutions or bank during the year. XII. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and the advances on the basis of security by way of pledge of shares, debentures and other securities. XIII.- In our opinion, the company is not a Chit Fund or Nidhi/ Mutual benefit fund/ society. Therefore the provision of clauses 4 (xiii) are not applicable to the Company. XIV. In our opinion, the Company is not dealing in or trading in share, securities, debentures and other Investments. Accordingly, the provisions of clause 4 (xiv) are not applicable to the Company. XV. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bankorfinancial institutions duringtheyear. XVI. According to the information and explanation given to us, no term loan has been raised duringtheyear. XVII. According to information and explanation given to us and on an overall examination of Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long-term investment and no long term funds have been prime facie used to finance short term assets. XVIII. During the year Company has allotted 3000000 Equity Shares upon conversion of Share Warrants and 3260000 Equity Shares pursuant to the scheme of amalgamation approved by Honble High Court of Delhi. In our opinion, the price at which shares have been issued upon Conversion of share warrant is not prejudicial to the interest of the Company. XIX. The Company has not raised any loan during the year through issue of debentures; hence the provisions of clause 4 (xix) are not applicable to the Company. XX. The Company has not raised any money through a public issue during the year, hence the provisions of clause 4 (xx) are not applicable to the Company. XXI. Based upon the audit procedures performed and the information and explanation given to us by the management, we reportthat no fraud on or by the Company has been noticed or reported during the course of our audit. For NATH&HARI Chartered Accountants Place :- Delhi Date :-28th August, 2009 Kailash Hari (Partner) M.No.- 82285