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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 17, 16:00
8.74 -0.18 (-2.02%)
Volume
AVERAGE VOLUME
5-Day
129,903
10-Day
82,518
30-Day
43,662
9,833
  • Prev. Close

    8.92

  • Open Price

    8.91

  • Bid Price (Qty.)

    8.80 (100)

  • Offer Price (Qty.)

    9.40 (1000)

NSE Live

Sep 17, 15:51
8.75 -0.20 (-2.23%)
Volume
AVERAGE VOLUME
5-Day
576,418
10-Day
403,695
30-Day
229,475
311,947
  • Prev. Close

    8.95

  • Open Price

    8.95

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    8.75 (52)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011

Auditor's Report

Report on the Financial Statements 1. We have audited the accompanying Financial Statements of MT Educare Limited, which comprise the Balance Sheet as at 31 March, 2013, and the Statement of Profit and Loss and Cash Flow for the year ended on that date, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 2. Management is responsible for the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of The Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from any material misstatement, whether due to fraud or error. Auditor''s Responsibility 3. Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted the audit in accordance with the standard on auditing issued by The Institute of Chartered Accountants of India. Those Standards required 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. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risk of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor consider internal control relevant to the Company''s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is suficient and appropriate to provide a basis for our audit opinion. Report on other legal and Regulatory Requirements 5. As required by The Companies (Auditors'' Report) Order, 2003 issued by the Central Government of India 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 paragraphs 4 and 5 of the said Order. 6. As required by Section 227(3) of The Companies Act, 1956, 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 examination of those books; (iii) The Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts; (iv) In our opinion, the Balance Sheet, Statement of 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 31 March, 2013 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 March, 2013 from being appointed as a Director in terms of clause (g) of sub- section (1) of Section 274 of The Companies Act, 1956. (vi) Since the central government has not issued any notification as to the rate at which the cess is to be paid under Section 441A of The Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. Opinion 7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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: a) in the case of the Balance Sheet, of the state of afairs of the Company as at 31 March, 2013; b) in the case of the Statement of Profit and 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. Referred to in paragraph 5 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 is an annual programme of verification which, in our opinion, is 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 4(i)(b)] (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year. [Paragraph 4(i)(c)] ii. (a) As explained to us by the Management, the production/ making of content requires various types of media to store the same. The Management has physically verified such media CDs on which content is stored, at year end and we have relied on the certificate issued by the Management for the physical count. [Paragraph 4(ii)(a)] (b) The procedure for physical verification of inventory followed by the Management is reasonable and adequate in relation to the size of the Company and the nature of the business. [Paragraph 4(ii)(b)] (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. [Paragraph 4(ii)(c)] iii. (a) According to the information and explanations given to us the Company has granted unsecured loan to two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The Closing Balance as on 31 March, 2013 is Rs. 3.79 lakhs and the maximum balance outstanding during the year is Rs. 23.27 lakhs. [Paragraph 4(iii)(a)]. No of Amount Particulars ,, Parties (Rs. in lakhs) Opening balance 1 1.79 Loan granted during the year 2 23.27 Loan recovered during the year 1 21.27 Closing balance 1 3.79 b) No Interest is charged on 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)] (c) In the absence of specified due dates for the repayment of loans granted, the question of irregularity does not arise [Paragraph 4(iii)(c)] d) As the loan is payable on demand, 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. Hence, the 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, for the purchase and sale of inventories 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. [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)] vii. In our opinion, the Company has an internal audit system which is commensurate with the size of the Company and the nature of its business. [Paragraph 4(vii)] viii. 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 (1) of Section 209 of the Companies Act, 1956 for the products of the Company. [Paragraph 4(viii)] ix. (a) According to the information & explanations given to us, the Company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it and there is no undisputed amount payable for a period of more than six months from the date they became payable in respect of statutory dues applicable to it. [Paragraph 4(ix)(a)] (b) As at 31 March, 2013, according to the records of the Company and the information & explanation given to us, following are the particulars of disputed dues (provided/considered as contingent liabilities, as appropriate) on account of income tax which have not been deposited. Nature of Statute Nature of Dues Amount Involved Period to which Forum where the dispute is (Rs.in lakhs) the amount relates pending The Income- Tax Act, 1961 Income Tax 57.48 A.Y. 2007-08 Income Tax Appellate Tribunal The Income- Tax Act, 1961 Income Tax 53.77 A.Y. 2009-10 Income Tax Appellate Tribunal The Income- Tax Act, 1961 Income Tax 13.34 AY. 2010-11 ACIT The Income- Tax Act, 1961 Income Tax 15.13 AY. 2011-12 ACIT x. The Company has no accumulated losses as on 31 March, 2013. The Company has not incurred any cash losses in the Current financial year and in the immediately preceding financial years hence clause (x) of Paragraph 4 of the order is 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 no funds raised on short-term basis have been used for long-term investment. [Paragraph 4(xvii)] 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. We have verified the end use of money raised from public issue as disclosed in the notes to the Financial Statements with respect to the prospectus filed with SEBI. [Paragraph 4(xx)] xxi. 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 FRN No. 112350W Sanjiv B. Mehta Partner Membership No.: 034950 Place : Mumbai Date : 15 May, 2013