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MT Educare Ltd.

BSE: 534312 | NSE: MTEDUCARE |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE472M01018 | SECTOR: Computers - Software - Training

BSE Live

Sep 24, 16:00
8.90 0.21 (2.42%)
Volume
AVERAGE VOLUME
5-Day
40,972
10-Day
85,437
30-Day
43,374
17,602
  • Prev. Close

    8.69

  • Open Price

    8.50

  • Bid Price (Qty.)

    8.90 (1)

  • Offer Price (Qty.)

    8.99 (10)

NSE Live

Sep 24, 15:56
8.90 0.20 (2.30%)
Volume
AVERAGE VOLUME
5-Day
216,008
10-Day
396,213
30-Day
227,839
186,187
  • Prev. Close

    8.70

  • Open Price

    8.85

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    8.90 (1046)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of MT EDUCARE LIMITED (Earlier MT Educare Pvt. Ltd.), as at 31st March, 2011, the Profit and Loss Account & Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies(Auditor''s Report)(Amender) Order,2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of India and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order. 4. Further to our comments, in the Annexure referred to in Paragraph 3 above, we report that.- i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; ii. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examinations of those books; iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v. On the basis of written representations received from the Directors, as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto, give ,n the prescribed manner the information required by the Companies Act, 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India: '' a) in the case of the Balance Sheet, of the State of the Affairs of the Company as at 31st March. 2011; b) in the case of the Profit & Loss Account, of the Profit for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS'' REPORT REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE i. (a) The Company has maintained location wise records of fixed assets in excel sheet in terms of value and quantity. (b) All fixed assets have not been physically verified by the management during the year but there ,5 an annual programme of verification which, in our opinion, ,5 reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. [Paragraph) (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company clunk the year. paragraph 4(i)(c)] ii. (a) The Company is engaged in providing services and primarily engaged in the business of providing commercial training and coaching. Accordingly it does not hold any physical inventor/, thus the provisions of Paragraph 4(ii) of the order are not applicable to the Company. [Paragraph 400(a)] iii. (a) According to the information and explanations given to us the Company has granted unsecured loan to three parties covered in the register maintained under section 301 of the companies Act 1956. [Paragraph 4(iii)(a)].The Closing Balance as on 31.03.2011 is Rs.21,25,000 and the maximum balance outstanding during the year is Rs 5,29,66,507. Particulars No of Parties Amount (Rs.) Opening balance 2 24,75,000 Loan granted during the year 1 5,04,91,507 Loan Recovered ''during the year 2 5,08,41,507 Closing balance 1 21,25,000 b) Interest is charged on two of the unsecured loans. In our opinion and according to the information and explanations given to us the terms and conditions of such loans are not prima facie prejudicial to the interest of the Company. [Paragraph 4(iii)(b)l (c) In the absence of specified due dates for the repayment of loans ranted, the question of irregularity does not arise [Paragraph 4(iii)(c)] (d) In respect of the aforesaid loans, there is no overdue amount of more than Rupees One lakh [Paragraph 4(iii)(d) (e) The Company has not taken any loans, secured or unsecured from the Companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956.hencethe question of reporting under sub- clause ''e)to (g) does not arise. iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the sale of services. During the course of our audit no major weakness has been noticed in the internal control system in respect of these - areas. The activities of the Company do not involve purchase of inventory and sale of goods. [Paragraph 4(iv) v (a) To the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under Section 301 have been so entered. [Paragraph 4(v)(a)] (b) In our opinion and according to the information and explanations given to us, in respect of lecture services rendered, these being of professional nature, the market values are not readily ascertainable. The transactions made in pursuance of such contract or arrangements are made at prices which are reasonable. [Paragraph 4(v)(b)] vi. The Company has not accepted any deposits from public within the meaning of Sections 58A and 58AA or any other relevant provisions of the Act and the rules framed there under. [Paragraph 4(vi)l vii. In cur opinion, the Company has an internal audit system which ,s commensurate with the size of the Company and the nature of its business. [Paragraph 4(vii)l vi. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (t) of section 209 of the Companies Act, 1956 for the products of the company. [Paragraph 4(viii)] ix. (a) According to information and explanations given to us and according to the books and records examined by us, in our opinion, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, service tax, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, [Paragraph 4(ix)(b)] ''Income tax demand of Rs.57,48,303 pertaining to Assessment year 2007-2008 has not been deposited on account of appeal being filed with Income Tax Tribunal against the order of Commissioner of Income Tax (Appeal) x. As the Company is registered for the period of less than five years, the provision of accumulated losses equal to or more than 50% of net worth and cash losses in such financial year and in the immediately preceding financial year under clause (x) of Paragraph 4 of the order are not applicable to the company. [Paragraph 4(x)] xi. Based on our audit procedures and on the information and explanation given to us, in our opinion the company has not defaulted in repayment of dues to a bank as at the balance sheet date. The company has no dues in respect of a financial institution and has not issued any debentures during the year. [Paragraph 4(xi) xii. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. [Paragraph 4(xii)] xiii. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit/ society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company. [Paragraph 4(xiii) xiv. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. The Company has invested surplus funds in mutual funds. According to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The mutual fund units have been held by the Company, in its own name. [Paragraph 4(xiv) xv. In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Paragraph 4(xv) xvi. In our opinion and according to the information and explanations given to us, the Company has not availed any term loan during the year covered by our report. [Paragraph 4(xvi) xvii According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. [Paragraph 4(xv) xviii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year. [Paragraph 4(xviii) xix. In our opinion and according to the information and explanations given to us, the Company has not issued any debentures during the year covered by our report. [Paragraph 4(xix)[ xx. The Company has not raised any money by public issues during the year and accordingly the provisions of Clause 4 (xx) of the order are not applicable to the Company. [Paragraph 4(xx)] xx,. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. [Paragraph 4(xxi)] For SHAPARIA & MEHTA CHARTERED ACCOUNTANTS FIRM REGISTRATION NO. : 112350W SANJIV B. MEHTA PARTNER MEMBERSHIP NO. : 34950 PLACE : MUMBAI DATED : 19th August, 2011.