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Navneet Education Ltd.

BSE: 508989 | NSE: NAVNETEDUL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE060A01024 | SECTOR: Printing & Stationery

BSE Live

Sep 17, 16:00
102.80 -0.60 (-0.58%)
Volume
AVERAGE VOLUME
5-Day
37,226
10-Day
41,514
30-Day
47,549
105,150
  • Prev. Close

    103.40

  • Open Price

    104.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 17, 15:59
102.90 -0.55 (-0.53%)
Volume
AVERAGE VOLUME
5-Day
160,959
10-Day
204,191
30-Day
384,210
991,237
  • Prev. Close

    103.45

  • Open Price

    104.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    102.90 (1391)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying standalone financial statements of Navneet Education Limited (Formerly known as Navneet Publications (India) Limited) (the Company), which comprises the Balance Sheet as at 31st March, 2015, the 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. Management''s responsibility for the 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 these standalone 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 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. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone 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 there under. 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers 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 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 accounting policies used and the reasonableness of accounting estimates made by the Company''s directors, as well as evaluating the overall presentation of 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31, 2015, and its profit and its cash flows for the year ended on that date. Report on Other Legal & 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 section 143(11) of the Companies Act 2013, we give in the Annexure, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by the 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 beliefs were necessary for the purpose of our audit; (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 those books; (c) The Balance Sheet, the 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 standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014. (e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 of the Act; and (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 the financial position in its financial statements as of March 31, 2015 (Refer Note No. 27) ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. To the Members of Navneet Education Limited (Formerly Navneet Publications (India) Limited) ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph 1 under the heading of Report on Other Legal & Regulatory Requirements of our report of even date) 1. (a) As per the information and explanations given to us, the Fixed Assets register showing full particulars including quantitative details and situation of Fixed Assets is compiled by the Company. (b) The fixed assets have been physically verified by the management at regular intervals and no material discrepancies were found on such verification. In our opinion the intervals for verification are reasonable having regard to the size of the company and the nature of its assets. 2. (a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. In respect of inventory lying with third parties, these have substantially been confirmed by them. (b) In our opinion and according to the information and explanation given to us, the procedures for physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its 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 discrepancies noticed on verification between the physical stocks and the book records were stated to not be material. 3. The Company has granted loan to 2 parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). (a) In case of the loans granted to the parties listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of Principal amount and interest. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount. (b) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the parties listed in the register maintained under section 189 of the Act. 4. 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 with regard to purchase of inventories and fixed assets and for sale of goods and services. We have not observed any major weakness or continuing failure in correcting the weakness in the internal control system during the course of the audit. 5. The Company has not accepted any deposits during the year from the public within the meaning of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Thus, paragraph 3(v) of the Order is not applicable. 6. The company is governed by section 148(1) of the Act. Accordingly the company has prepared and maintained such accounts and records. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. 7. (a) According to the information and explanation given to us and according to the books and records as produced and examined by us, in our opinion, the undisputed statutory dues in respect of provident fund, employee''s state insurance, income tax, VAT, wealth tax, service tax, duty of customs, cess and others as applicable have been regularly deposited by the company during the year with appropriate authorities. As on March 31, 2015, there are no such undisputed dues payable for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, there are no material dues outstanding of VAT, income tax, custom duty, wealth tax, service tax, excise duty and cess, which have not been deposited on account of any dispute except for the following: Name of the Nature of Amount in Period to Forum where Statute Dues Lac (Rs.) which the the dispute is amount pending relates Central Sales Tax Sales Tax 8.11 2004-05 Sales Tax Act and Local / VAT Appellate Sales Tax / VAT Act Tribunal of Various States 1,449.90 2007-08 Appeal pending to be filed before Departmental Appellate Authorities 3.40 2007-08 Departmental Appellate Authorities 1,403.04 2008-09 6.00 2005-06 to 2010-11 (c) According to information and explanations given to us, the amounts required to be transferred by the Company to the Investor Education and Protection Fund in accordance with the provisions of the Companies Act, 1956 and the rules made there under have been transferred to such fund within time. 8. The company has neither accumulated losses as at March 31, 2015 nor has it incurred any cash loss during the financial year ended on that date and the immediately preceding financial year. 9. According to information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders during the year. 10. According to information and explanations given to us, the Company has given guarantee for loans taken by subsidiary company from banks. The terms and conditions of the same are not prejudicial to the interest of the company. 11. According to the information and explanations given to us, the Company has not obtained any term loan during the year. Thus paragraph 3(xi) of the Order is not applicable. 12. 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 material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management. For GBCA & Associates (Formerly Ghalla & Bhansali) Chartered Accountants (Firm Registration Number: 103142W) Sd/- Haresh K. Chheda Partner Membership Number: 38262 Place : Mumbai Date : 28th May, 2015