Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Jointeca
Education Solutions Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility
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 issued by ICAI and Companies Accounting
Standard Rules, 2006. 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 material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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
the risks of material misstatement of the 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 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
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the 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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. 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;
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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT
The Annexure referred to in our report to the members of Jointeca
Education Solutions Limited (''the Company'') for the year ended 31 March
2013. We report that
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular program of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this program, certain fixed
assets were verified during the year and no material discrepancies were
noticed on such verification. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the
Company and the nature of its assets.
(c) During the year the company has not disposed off/ discarded any
part of its fixed assets.
(ii) In Respect of inventory
(a) The company''s inventory comprises merely computer hardware and
spare parts. The management during the year has physically verified
those stocks. In Our opinion the frequency of such verification was
reasonable
(b) The company has maintained proper records of inventories. As
explained to us and from our observations there was no material
discrepancies noticed on physical verification of inventory as compared
to the book records.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or parties covered in the register maintained under
section 301 of the Act.
(b) Since the company has not granted any loans or advances secured or
unsecured to companies firms or other parties as referred under section
301 of the companies act 1956, hence clauses 4(iii)(b) and (c) of the
companies Auditor report order 2003 are not applicable
(d) The company has not taken any Loan, Secured or Unsecured from
company, Firms and other parties covered in the register maintained
under section 301 of the companies Act 1956, hence requirement of
clause 4(iii)(e) and (f) of the companies Auditor report order 2003 are
not applicable
(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 with regard
to purchase of fixed assets and sale of software product and services.
We have not observed any major weakness in the internal control system
during the course of the audit. During the year there is no transaction
of purchase of inventory.
(v) (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion, and according to the information and explanations
given to us, there are no transaction exceeding the value of Rs
5,00,000 with any party during the year in pursuance of any contract
and arrangement referred to in (v) (a) above.
(vi)The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under Section 209(1) (d) of the Act for any
of the services rendered by the Company.
(ix) 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, Investor Education and
Protection Fund, Income-tax, Sales-tax, Wealth tax, Service tax and
other material statutory dues were deposited by the Company during the
year with appropriate authorities as per relevant statues.
(x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
(xi) The Company did not have defaulted in repayment of dues to any
financial institution, banks or debenture holders during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/ mutual benefit
fund/ society.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
(xv) 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.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) The Company has not raised any funds on short-term basis other
than bank overdraft. We report that no funds raised on short term basis
have been utilised for long term investment.
(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.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has raised money by public issues during the year by
issuing 35,84,000 equity shares of shares of RslO each at a premium of
Rs 5 per share.
(xxi) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For J P Associates
Chartered Accountants
FRN.-004743C
Place: Jhansi
Date: 28 May 2013 Pradeep Vishwari
(Partner)
M. No.: 414666
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