Mar 31, 2015
We have audited the accompanying standalone financial statements of
USHA MARTIN EDUCATION & SOLUTIONS LIMITED ("the Company"), which
comprise the Balance Sheet as at 31 st March, 2015, 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 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 of these standalone financial statements that give a
true and fair view 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
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 asset
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 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 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's 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.
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 31 st March, 2015, and its Loss and its 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, 2015 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 paragraphs 3 and 4 of the Order.
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, 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) I n 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) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31 st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st March,
2015 from being appointed as a director in terms of Section 164 (2) of
the Act.
(f) In our opinion, the company has adequate internal financial
controls over financial reporting of the Company.
(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 does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(ii) The nature of company's activities during the year have been such
that clause 3(ii) of the Order is not applicable.
(iii) As the company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Sec.189 of the Companies Act, 2013 so clause 3(iii) of the Order
is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
(v) As the Company has not accepted deposits, so the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under, were not applicable. Hence,
clause 3(v) of the Order is not applicable.
(vi) The clause relating to maintenance of cost records under
sub-section (1) of section 148 of the Companies Act, 2013 is not
applicable to the company. Hence, clause 3(vi) of the Order is not
applicable.
(vii) (a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and Statutory dues to the extent applicable to it with the
appropriate authorities and there were no arrears of such dues at the
year end which have remained outstanding for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty or Cess to the extent applicable to it.
(c) There is no such amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder so clause 3 (vii) of the Order is not applicable.
(viii) The Company does not have any accumulated loss as at 31 st
March, 2015. The company has incurred cash losses in the financial year
under report, and also there are cash losses in the financial year
immediately preceding such financial year.
(ix) The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders so clause 3(ix) is not
applicable.
(x) 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.
(xi) Since no term loans have been raised by the company, clause 3(xi)
of the order is not applicable.
(xii) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For S. Swarup & Co.
Chartered Accountants
Firm's RegistrationNo.310089E
S. S. Gupta
Place: Kolkata (Proprietor)
Date: 11th May, 2015 Membership No. 017897
Mar 31, 2014
We have audited the accompanying financial statements of USHA MARTIN
EDUCATION & SOLUTIONS LIMITED which comprises the balance sheet as at
31 st March 2014, the Statement of Profit and Loss and Cash Flow of the
Company for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance 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 and in accordance with the accounting principles generally
accepted in India. 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, whetherdue
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 whetherthe financial statements a re 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''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
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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2014;
(ii) in the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
(iii) in the case of Cash Flow Statement, of 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 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 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;
e) on the basis of written representations received from the Directors
as on March 31st, 2014, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31st, 2014, from
being appointed as a Director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956; and
f) 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
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(c) There was disposal of fixed assets during the year, however the
same has noi affected the company as a going concern.
(ii) The nature of company''s activities during the year have been such
that clause 4(ii) of the Order is not applicable.
(iii) t As the company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under sec.301 of the Companies Act, 1956 so clause
4(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct
majorweaknesses in internal control system.
(v) According to the information and explanations provided by the
management, the company has entered therein the contracts or
arrangements that need to be entered into the register maintained
u/s.301 of the Companies Act, 1956. All such transactions have been
made at prices which are reasonable having regard to the prevailing
market prices at the relevanttime.
(vi) The company has not accepted any deposits from the public.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The clause relating to maintenance of cost records under section
209(1 )(d) of the Companies Act, 1956 is not applicable to the company.
(ix) (a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and Statutory dues to the extent applicable to it with the
appropriate authorities and there were no arrears of such dues at the
year end which have remained outstanding for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty or Cess to the extent applicable to it.
(x) The Company does not have any accumulated loss as at 31 st March,
2014. The company has incurred cash losses in the financial year under
report, however no cash losses were incurred in the financial year
immediately preceding such financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management the company has not defaulted in
the repayment of dues to any financial institution or banks. No
debentures have been issued by the company and as such the question of
default on the same does not arise.
(xii) According to the information and explanations given to us and
based on the documents and records produced, 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, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society and therefore the provisions of clause 4
(xiii) of the Order are not applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order a re not applicable.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks orfinancial institutions.
(xvi) Since no term loans have been raised by the company, clause 4
(xvi) of the order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet, we find that the company
has not utilized funds raised on short term basis for long term
investments.
(xviii) No share capital has been raised by the company during the year
and hence the question of making any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956, does not arise.
(xix) No debentures have been issued by the company and hence the
question of creating securities or charge in respect thereof does not
arise.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
S. Swarup&Co.
Chartered Accountants
Firm Registration No. 310089E
Place : Kolkata S. S. Gupta
Date : 28-05-2014 (Proprietor)
Membership No. 17897
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of USHA MARTIN
EDUCATION & SOLUTIONS LIMITED which comprises the balance sheet as at
31st March 2013, the Statement of Profit and Loss and Cash Flow of the
Company for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 the Act. 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(ii) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(iii) in the case of Cash Flow Statement, of 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 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 31st, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956; and
f) 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
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(c) Since there was no significant/substantial disposal of fixed assets
during the year, the same has not affected the company as a going
concern.
(ii) The nature of company''s activities during the year have been such
that clause 4(ii) of the Order is not applicable.
(iii) As the company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under sec.301 of the Companies Act, 1956 so clause
4(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
(v) According to the information and explanations provided by the
management, the company has entered therein the contracts or
arrangements that need to be entered into the register maintained
u/s.301 of the Companies Act, 1956. All such transactions have been
made at prices which are reasonable having regard to the prevailing
market prices at the relevant time.
(vi) The company has not accepted any deposits from the public.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The clause relating to maintenance of cost records under section
209(1)(d) of the Companies Act, 1956 is not applicable to the company.
(ix) (a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and Statutory dues to the extent applicable to it with the
appropriate authorities and there were no arrears of such dues at the
year end which have remained outstanding for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty or Cess to the extent applicable to it.
(x) The Company does not have any accumulated loss as at 31st March,
2013 and has neither incurred cash losses in the financial year under
report nor in the financial year immediately preceding such financial
year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management the company has not defaulted in
the repayment of dues to any financial institution or banks. No
debentures have been issued by the company and as such the question of
default on the same does not arise.
(xii) According to the information and explanations given to us and
based on the documents and records produced, 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, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society and therefore the provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(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) Since no term loans have been raised by the company, clause
4(xvi) of the order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet, we find that the company
has not utilized funds raised on short term basis for long term
investments.
(xviii) No share capital has been raised by the company during the year
and hence the question of making any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956, does not arise.
(xix) No debentures have been issued by the company and hence the
question of creating securities or charge in respect thereof does not
arise.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For S.Swarup & Co.
Chartered Accountants
Firm Registration No. 310089E
S .S. Gupta
Place : Kolkata (Proprietor)
Date : May 7, 2013 Membership No. 17897
Mar 31, 2012
1. we have audited the attached Balance Sheet of USHA MARTIN EDUCATION
& SOLUTIONS LIMITED as at 31st March, 2012, the Statement of Profit &
Loss and the Cash Flow Statements of the Company for year ended on that
date annexed thereto. These financial statements are responsibility of
the company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes (a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statement;
(b) assessing the accounting principles used in the preparation of
financial statements; (c) assessing significant estimates made by the
management in the preparation of the financial statements and (d)
evaluating overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government in terms of Sec.227 (4A) of the Companies Act,
1956, we have given in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order
Further to our comments in the Annexure referred to in paragraph (3)
above, we report that:
a) We have obtained all the information and explanation which, to the
best of our knowledge and belief, were necessary for the purposes of our
audit;
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of the
books of the company;
c) The Balance sheet, Statement of Profit & Loss and Cash flow
Statement dealt with by this report are in agreement with the books of
Accounts;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section 3C of Section 211 of the
Companies Act, 1956;
e) On the basis of written representation received from the directors
as on 31st March, 2012, and taken on record by the Board of Directors,
in our opinion, none of the directors is disqualified as on 31st March,
2012 from being appointed as director u/s 274 (1) (g) of companies Act,
1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto, give a true and fair view in conformity
with accounting principles generally accepted in India:
i) in the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2012;
ii) in the case of Statement of Profit & Loss of the Profit for the
year ended on that date; and
iii) in case of the Cash Flow Statement, of the cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit to the best of
our knowledge and belief. We slate as under;
(i) (a) The company has maintained proper records, showing full
particulars, including quantitative details on the situation of
Fixed assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(c) Since there was no significant/substantial disposal of fixed assets
during the year, the same has not affected the company as a going
concern
ii) The nature of company's activities during the year have been such
that clause 4(iii) of the Order is not applicable.
iii) As the company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under sec. 301 of the Companies Act, 1956 so clause
4(iii) of the Order is not applicable.
iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
v) According to the information and explanation provided by the
management, the company has entered therein the contracts or
arrangement that need to be entered into the register maintained
u/s.301 of the companies Ac, 1956. All such transactions have been made
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
vi) The company has not accepted only deposits from the public.
vii) The company has not internal audit system commensurate with its
size and nature of its business.
viii) The clause relating to maintenance of cost records under section
209(1)(d) of the Companies Act, 1956 is not applicable to the company.
ix) a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and
Statutory dues to the extent applicable to it with the appropriate
authorities and there were no arrears of such dues at the year and
which have remained outstanding for a period of more than six months
from the date they became payable.
b) According to the information and explanations given to us, there are
no disputed dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Cess to the extent applicable to it.
x) The company does not have any accumulated loss at 31st March, 2012
and has neither incurred cash losses in the financial year under report
nor in the financial year immediately preceding such financial year.
xi) Based on our audit procedures and as per the information and
explanations given by the management the company has not defaulted in
the repayment of dues to any financial institution or banks. No
debentures have been issued by the company and as such the question of
default on the same does not arise.
xii) According to the information and explanations given to us and
based on the documents and records produced, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xii) In our opinion, the company is not a Chet Fund or a Nidhi /
Mutual Benefit Fund / Society and therefore the provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(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) Since no term loans have been raised by the company, clause
4(xvi) of the order is not applicable.
(xvii) According to the information and explanations given to us and an
overall examinations of the Balance Sheet, we find that the company has
not utilized funds raised on short term basis for long term
investments.
(xviii) No share capital has been raised by the company during the year
and hence the question of making any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956, does not arise.
(xix) No debentures have been issued by the company and hence the
question of creating securities or charge in respect there of does not
arise.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For S.Swarup & Co.
Chartered Accountants
Firm Registration No. 310089E
S.S Gupta
(Proprietor)
Membership No. 17897
Place : kolkata
Date : May 9, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of USHA MARTIN EDUCATION
& SOLUTIONS LIMITED as at 31st March, 2011, the Profit & Loss Account
and also the Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes
(a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statement;
(b) assessing the accounting principles used in the preparation of
financial statements;
(c) assessing significant estimates made by the management in the
preparation of the financial statements and (d) evaluating overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of Sec.227(4A) of the Companies
Act,1956, we have given in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order
Further to our comments in the Annexure referred to in paragraph (3)
above, 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 purposes of
our audit;
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of the
books of the Company;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of Accounts;
d) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section 3C of Section 211 of
the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on 31st March, 2011, and taken on record by the Board of Directors,
in our opinion, none of the directors is disqualified as on 31st March,
2011 from being appointed as director u/s 274(1)(g) of Companies
Act,1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
on thereon and attached thereto, give a true and fair view in
conformity with accounting principles generally accepted in India:
(i) in the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2011;
(ii) in the case of Profit & Loss Account of the Profit for the year
ended on that date; and
(iii) in case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(c) Since there was no disposal of fixed assets during the year, the
same has not affected the company as a going concern.
(ii) The nature of companys activities during the year have been such
that clause 4(ii) of the Order is not applicable.
(iii) As the company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under sec.301 of the Companies Act, 1956 so clause
4(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
(v) According to the information and explanations provided by the
management, the company has entered therein the contracts or
arrangements that need to be entered into the register maintained
u/s.301 of the Companies Act, 1956. All such transactions have been
made at prices which are reasonable having regard to the prevailing
market prices at the relevant time.
(vi) The company has not accepted any deposits from the public.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The clause relating to maintenance of cost records under section
209(1)(d) of the Companies Act, 1956 is not applicable to the company.
(ix) (a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and Statutory dues to the extent applicable to it with the
appropriate authorities and there were no arrears of such dues at the
year end which have remained outstanding for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty or Cess to the extent applicable to it.
(x) The Company does not have any accumulated loss as at 31st March,
2011 and has neither incurred cash losses in the financial year under
report nor in the financial year immediately preceding such financial
year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management the company has not defaulted in
the repayment of dues to any financial institution or banks. No
debentures have been issued by the company and as such the question of
default on the same does not arise.
(xii) According to the information and explanations given to us and
based on the documents and records produced, 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, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society and therefore the provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(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) Since no term loans have been raised by the company, clause
4(xvi) of the order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet, we find that the company
has not utilized funds raised on short term basis for long term
investments.
(xviii) No share capital has been raised by the company during the year
and hence the question of making any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956, does not arise.
(xix) No debentures have been issued by the company and hence the
question of creating securities or charge in respect thereof does not
arise.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For S.Swarup & Co.
Chartered Accountants
Firm Registration No. 310089E
S .S. Gupta
Date : May 11, 2011 (Proprietor)
Place : Kolkata Membership No. 17897
Mar 31, 2010
1. We have audited the attached Balance Sheet of USHA MARTIN EDUCATION
& SOLUTIONS LIMITED as on 31st March, 2010, the Profit & Loss Account
and also the Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes (a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statement;
(b) assessing the accounting principles used in the preparation of
financial statements; (c) assessing significant estimates made by the
management in the preparation of the financial statements and (d)
evaluating overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of Sec.227(4A) of the Companies
Act,1956, we have given in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order
Further to our comments in the Annexure referred to in paragraph (3)
above, 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 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 appears from our examination of the
books of the Company;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of Accounts;
d) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub section 3C of Section 211 of
the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on 31st March, 2010, and taken on record by the Board of Directors,
in our opinion, none of the directors is disqualified as on 31st March,
2010 from being appointed as director u/s 274(1 )(g) of Companies
Act,1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto give, in the prescribed manner the
information required by the Act, and read with the Note 2 on Schedule N
regarding non-provision of diminution in the value of certain long-term
investments for reasons indicated therein,
give a true and fair view in conformity with accounting principles
generally accepted in India:
(i) in the case of Balance Sheet of the state of affairs of the Company
as at 31 st March, 2010;
(ii) in the case of Profit & Loss Account ofthe Profit for the year
ended on that date; and
(iii) in case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (This is the Annexure referred to in
our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets were physically verified by the management during
the year. As informed no material discrepancies were noticed on such
verification.
(c) Since there was no disposal of fixed assets during the year, the
same has not affected the company as a going concern.
(ii) The nature of companys activities during the year have been such
that clause 4(ii) of the Order is not applicable.
(iii) As the company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under sec.301 of the Companies Act, 1956 so clause
4(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of fixed assets and for the sale of services.
In our opinion there is no continuing failure to correct major
weaknesses in internal control system.
(v) According to the information and explanations provided by the
management, there have been no contracts or arrangements that need to
be entered into the register maintained u/s.301 of the Companies Act,
1956.
(vi) The company has not accepted any deposits from the public.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The clause relating to maintenance of cost records under section
209(1 )(d) of the Companies Act, 1956 is not applicable to the company.
(ix) (a) As per records produced before us, the company is generally
regular in depositing undisputed statutory dues like Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income- Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and Statutory dues to the extent applicable to it with the
appropriate authorities and there were no arrears of such dues at the
year end which have remained outstanding for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty or Cess to the extent applicable to it.
(x) The accumulated losses of the company are not more than fifty
percent of its net worth. The company has neither incurred cash losses
in the financial year under report nor in the financial year
immediately preceding such financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management the company has not defaulted in
the repayment of dues to any financial institution or banks. No
debentures have been issued by the company and as such the question of
default on the same does not arise.
(xii) According to the information and explanations given to us and
based on the documents and records produced, 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, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society and therefore the provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(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) Since no term loans have been raised by the company, clause
4(xvi) of the order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet, we find that the company
has not utilized funds raised on short term basis for long term
investments.
(xviii) No share capital has been raised by the company during the year
and hence the question of making any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956, does not arise.
(xix) No debentures have been issued by the company and hence the
question of creating securities or charge in respect thereof does not
arise.
(xx) The company has not raised any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For S.Swaryp & Co.
Chartered Accountants
Registration No. 310089E
Place : Kolkata S .S. Gupta
(Proprietor)
Date : May 11, 2010 Membership No. 17897