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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 21, 16:00
8.39 0.12 (1.45%)
Volume
AVERAGE VOLUME
5-Day
137,942
10-Day
78,532
30-Day
43,438
22,518
  • Prev. Close

    8.27

  • Open Price

    8.24

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 21, 15:43
8.45 0.20 (2.42%)
Volume
AVERAGE VOLUME
5-Day
611,383
10-Day
345,165
30-Day
231,464
111,563
  • Prev. Close

    8.25

  • Open Price

    8.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the accompanying Financial Statements of MT Educare Limited, which comprise the Balance Sheet as at 31st March 2014, 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 sufficient and appropriate to provide a basis for our audit opinion. Opinion 5. 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 affairs of the Company as at 31st March, 2014; 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. Report on other legal and Regulatory Requirements 6. 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. 7. 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 notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; (v) On the basis of written representations received from the directors, as on 31st March 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2014 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. ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 6 of our report of even date i. (a) The Company has maintained location wise records of fixed assets in terms of value and quantity. [Paragraph 4(i)(a)] (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 off by the Company during the year. [Paragraph 4(i)(c)] ii. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. [Paragraph 4(ii)(a)] (b) The procedure for physical verification of physical 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 one party covered in the register maintained under Section 301 of the companies Act 1956. The Closing Balance as on 31.03.2014 is Rs. 757.46 lakhs and the maximum balance outstanding during the year is Rs. 757.46 lakhs. [Paragraph 4(iii)(a)]. Amount Particulars No.of Amount Parties (Rs In Lakhs) Opening balance 1 333.79 Loan granted during the year 2 268.67 Loan recovered during the year 1 50.00 Closing balance 2 757.46 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 taken unsecured loan from one company covered in the register maintained under Section 301 of the Act. The maximum amount involved during the year and the year-end balance of such loan is Rs. 201.56 Lakhs and Rs. 193.45 Lakhs respectively. [Paragraph 4(iii) (e)] Amount Particulars No.of Amount Parties (Rs In Lakhs) Opening balance 0 0.00 Loan granted during the year 1 368.21 Loan recovered during the year 1 174.76 Closing balance 1 193.45 (f) No Interest is paid 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)(f)] (g) In the absence of specified due dates for the repayment of loans granted, the question of irregularity does not arise. [Paragraph 4(iii)(g)] 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) The Company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it. Details of dues of income tax which have not been deposited as on March 31, 2014 on account of any dispute are given below: Nature of Statute Nature of Amount Dues Involved (Rs Lakhs) The Income-Tax Act,1961 Income Tax 53.65 The Income-Tax Act,1961 Income Tax 9.95 The Income-Tax Act,1961 Income Tax 1.03 The Income-Tax Act,1961 Income Tax 0.10 Nature of Statute Period to which the Forum where the dispute amount relates is pending The Income-Tax Act,1961 A.Y. 2009-10 Income Tax Appellate Tribunal The Income-Tax Act,1961 A.Y. 2010-11 Income Tax Tribunal The Income-Tax Act,1961 A.Y. 2011-12 ACIT The Income-Tax Act,1961 A.Y. 2012-13 DetermindU/S143(1)(a) (b) According to the information and explanations given to us, there are no undisputed amounts payable for a period of more than six months from the date they became payable in respect of statutory dues applicable to it except Service Tax amounting to Rs. 17.02 Lakhs. x. The Company has no accumulated losses as on 31st March, 2014. 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 by public issue from the draft prospectus filed with SEBI, the offer document and as disclosed in the notes to the Financial Statements. [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 FRNNo.: 112350W Jayavanti Shah Partner Membership No:043710 Place:Mumbai Date:14th May,2014.