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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
50,643
10-Day
47,941
30-Day
49,493
105,150
  • Prev. Close

    103.40

  • Open Price

    104.00

  • Bid Price (Qty.)

    102.85 (10)

  • Offer Price (Qty.)

    103.40 (39)

NSE Live

Sep 17, 15:59
102.90 -0.55 (-0.53%)
Volume
AVERAGE VOLUME
5-Day
323,394
10-Day
282,822
30-Day
400,767
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 which comprises the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, 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 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, 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. 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, 2016, 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 2016 (the Order), as amended, issued by the Central Government of India in terms of section 143(11) of the Companies Act 2013, we give in the Annexure A, 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, 2016, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2016, from being appointed as a director in terms of sub-section (2) of section 164 of the Act; and (f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. (g) 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 31st March, 2016 - Refer Note 26 to the financial statements (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 ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in Paragraph 1 under the heading of Report on Other Legal & Regulatory Requirements of our report of even date to the financial statements of the Company for the year ended 31st March, 2016) 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. (c) The title deeds of immovable properties are held in the name of the Company. 2. (a) The management has conducted the physical verification of inventory at reasonable intervals. (b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account, were not material. 3. The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (c) of the Order are not applicable to the Company and hence not commented upon. 4. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013, in respect of loans, investments, guarantees, and security. 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. 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, 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, 2016, 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, service tax, excise duty and cess, which have not been deposited on account of any dispute except for the following : Period to Forum where Name of the Nature of Amount which the the dispute is Statute Dues in Lac (Rs.) amount relates pending Central Sales Sales Tax/ 8.11 2004-05 Appellate Tax Act and VAT/CST Tribunal local sales 1,401.62 2007-08 tax/VAT Act of various states 1,403.04 2008-09 Departmental 212.44 2009-10 Appellate Authorities 0.79 2005-06 to 2010-11 305.18 2010-11 Appeal 340.72 2011-12 Pending to be filed before Departmental Appellate Authorities 8. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institution, banks or debenture holders during the year. 9. Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon. 10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year. 11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act. 12. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company. 13. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards. 14. Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon. 15. Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon. 16. In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon. For GBCA & Associates Chartered Accountants (Firm Registration Number: 103142W) Sd/- Haresh K. Chheda Partner Membership Number: 38262 Place : Mumbai Date : 21st May, 2016