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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

1. Report on the Financial Statements We have audited the accompanying financial statements of MT Educare Limited, which comprise the Balance Sheet as at 31st March, 2015, Statement of Profit and Loss and the cash flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. 2. Management''s Responsibility for the Standalone 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 and presentation of the 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 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. 3. Auditor''s Responsibility Our responsibility is to express an opinion on the 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 but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Board of 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 standalone financial statements. 4. 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 31st March, 2015, and its profit and its cash flow for the year ended on that date. 5. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. 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, Statement of Profit and Loss and the Cash Flow statement 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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- refer note no. 26.1.1 to the 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that: i. (a) The Company has maintained location wise records of fixed assets 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 in a phased manner 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. 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/ pen-drive/ SD Cards/ Tablets on which content is stored, at year end and we have relied on the certificate issued by the Management for the physical count. (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. (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. 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 principal amount and interest thereon are receivable on demand at the discretion of the company. In our opinion and according to the information and explanation given to us, there is no irregularity found in receipt of the principal and interest in current reporting period. (b) In respect of the said loans and interest thereon, there are no overdue amounts of more than Rupees One lakh. 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. v. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits from the public so as to require any compliance of the directives of Reserve Bank of India or the provisions of section 73 or 76 of the Companies Act, 2013. As explained to us, the Company has not received any order passed by the Company Law Board or the National Company Law Tribunal or any court or other forum. 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, prima facie, the prescribed accounts and cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income Tax, Sales Tax/ Value Added Tax, Service Tax and material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Employees'' State Insurance, Wealth Tax, Customs Duty and Excise Duty. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Income Tax, Sales Tax/ Value Added Tax, Service Tax and other material statutory dues were in arrears as at 31st March 2015 for a period of more than six months from the date they became payable. (b) Details of dues of income tax which have not been deposited as on March 31, 2015 on account of any dispute are given below: Rs. in lakhs Nature Nature Amount Period Forum of of Dues Involved to which where the Statute the dispute is amount pending relates The Income 57.48 A.Y. Rectification Income- Tax 2007-08 pending Tax Act, before A.O. 1961 The Income 9.95 A.Y. ACIT Income- Tax 2010-11 Tax Act, 1961 The Income 1.03 A.Y. ACIT Income- Tax 2011-12 Tax Act, 1961 (c) The Company was not required to transfer any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. viii. The Company has no accumulated losses as on 31st March, 2015. The Company has not incurred any cash losses in the Current financial year and in the immediately preceding financial year. ix. 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 and did not have any amount outstanding to financial institutions or debenture holders. x. The Company has given guarantees for loans taken by others from banks and financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of the Company. xi. The Company has raised term loans during the year and the same has been applied for the purposes for which they were raised. xii. During the course of our examination of the books and records of the Company and according to the information and explanations given to us, no material fraud on or by the Company has been noticed by us or reported by the management. For Shaparia Mehta & Associates LLP Chartered Accountants (Firm''s Registration No. 1 12350W / W-100051) Sanjiv Mehta Partner Membership No. 034950 Place: Mumbai Date: May 13, 2015