Mar 31, 2016
Independent Auditor''s Report
To,
The Members,
M/s Virtual Global Education Limited Report on the Financial Statements
We have audited the accompanying financial statements of Virtual Global Education Limited ("the Company") which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of 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 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 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 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 March 31, 2016, and its Profit/Loss and its Cash Flow for the year ended on that date.
Report on Other Legal and 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 sub-section (11) of section 143 of the Act, we give in the "Annexure A" 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 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 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. 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) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. On our observation company has adequate internal financial controls system in place and the operating effectiveness of such controls.
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:
- The Company doesn''t have any disputed dues of Sales Tax/Income Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been deposited except the Income tax demand of 6050564/- and penalty of '' 6050150/- for the A.Y. 1996-97 & '' 304364/- for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.
- The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
- There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
âAnnexure Aâ to the Independent Auditors'' Report
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the financial statements of the Company for the year ended March 31, 2016:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The company has not any immovable properties.
2) The company has engaged in business of Education & Training. Inventory shown in financial statement are only sample Tablet for distribution to trainees.
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 I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence 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 Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
(b) The Company doesn''t have any disputed dues of Sales Tax/Income Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been deposited except the Income tax demand of Rs. 60,50,564/- and penalty of Rs. 60,50,150/- for the A.Y. 1996-97 & Rs. 304364/for the A.Y. 2004-2005 against which the company has filed an Appeal with ITAT, New Delhi, the Company is doing efforts for the early disposal of the case.
7) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
8) 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.
9) 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.
10) 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;
11) 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.
12) 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.
13) 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 PVR - N & Co.
Chartered Accountants
Pradeep Kumar Jindal
Partner
M. No.:082646
F. Regn No.: 004062N
Place: New Delhi
Date: 30th April, 2016
Mar 31, 2015
We have audited the accompanying financial statements of Virtual Global
Education Limited (the "company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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
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 true and fair view 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 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 financial
statements.
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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, 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
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 paragraphs 3 and 4 of the Order,
to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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;
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;
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;
In our opinion, the financial Statements comply with the Accounting
Standards specified under section 133 of the Act, read with rule 7 of
the Companies (Accounts) Rules, 2014;
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;
On our observation company has adequate internal financial controls
system in place and the operating effectiveness of such controls.
with respect to the other matter 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:
The Company has no any pending litigations on its financial statements.
The company has not made any long terms contract including derivative
contracts during the year.
The company has no any amount required to transfer any amount in
investor education and protection fund.
Annexure to the Auditors' Report of Virtual Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE
1. In Respect of Fixed Asset
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services.
Therefore paragraph (2) of the order is not applicable.
3. a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 189 of the Companies Act, 2013.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 189 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under section 189 of the Act, 2013
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 148 (1) of the Act.
9. In respect of statutory dues:
a) According to the information and explanations given to us and the
records of the company examined by us, the company is regular in
depositing the undisputed statutory dues with the appropriate authority
and no dues are outstanding for a period of more than six months from
the date they become payables as on 31.03.2015.
b) The Company doesn't have any disputed dues of Sales Tax/Income
Tax/Customs/ Wealth Tax/Excise Duty/Cess, etc. which have not been
deposited except the Income tax demand of Rs. 6050564/- and penalty of Rs.
6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y. 2004-2005
against which the company has filed an Appeal with ITAT, New Delhi, the
Company is doing efforts for the early disposal of the case.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi /Mutual Benefit Fund/Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. The Company has not made preferential allotment of shares to
parties and Companies covered in the register maintained under Section
189 of the Act during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR - N & Co.
Chartered Accountants
Pradeep Kumar Jindal
Partner
M. No.:082646
F. Regn No. :004062N
Place: New Delhi
Date: 21st May, 2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Virtual
Global Education Limited(the "company"), which comprise the Balance
Sheet as at 31st March , 2014, 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
2. The Company''s 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 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, whether due to fraud or error.
Auditors'' Responsibility
3. 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 31st March, 2014.
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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
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 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 Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under 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 the written representations received from the
directors as on 31st March, 2014, and taken on record by the Board of
Directors, none of the directors of the Company is disqualified as on
March, 31, 2014 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 the Auditors'' Report of Virtual Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE
1. In Respect of Fixed Asset
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services. Therefore
paragraph (2) of the order is not applicable.
3. a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 2013.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 2013
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
a) According to Records, the Company was not regular in depositing the
undisputed statutory dues, including Income tax with appropriate
authorities. As per the information and explanations given to us, the
undisputed amount payable in respect of statutory dues were outstanding
as at 31st March, 2014 for the period of more than six month from the
date of becoming payable amounting Rs. 8,38,268
b) The Company doesn''t have any disputed dues of Sales Tax/Income
Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited except the Income tax demand of Rs. 6050564/- and penalty of
Rs. 6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y.
2004-2005 against which the company has filed an Appeal with ITAT, New
Delhi, the Company is doing efforts for the early disposal of the case.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no funds
on short term basis have been raised by Company.
18. The Company has made preferential allotment of shares to parties
and Companies covered in the register maintained under Section 301 of
the Act during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR - N & Co.
Chartered Accountants
Sd/-
Pradeep Kumar Jindal
Partner
M. No. 082646
F. Regn No. 004062N
Place: New Delhi
Date: 25.04.2014
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Virtual
Global Education Limited(the "company"), which comprise the Balance
Sheet as at 31st March , 2013, 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
2. The Company''s 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 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.
Auditors'' Responsibility
3. 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 31st March, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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
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 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 Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to the Auditors'' Report of Virtual Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE
1. In Respect of Fixed Asset
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services.
Therefore paragraph (2) of the order is not applicable.
3. a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
a) According to Records, the Company was not regular in depositing the
undisputed Statutory dues, including Income tax with appropriate
authorities. As per the information and explanations given to us, the
undisputed amount payable in respect of statutory dues were outstanding
as at 31st March, 2013 for the period of more than six month from the
date of becoming payable amounting Rs. 8,38,268
b) The Company doesn''t have any disputed dues of Sales Tax/Income
Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited except the Income tax demand of Rs. 6050564/- and penalty of Rs.
6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y. 2004-2005
against which the company has filed an Appeal with ITAT, New Delhi, the
Company is doing efforts for the early disposal of the case.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments .
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. 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 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR - N & Co.
Chartered Accountants
Sd/-
Pradeep Kumar Jindal
Partner
M. No.:082646
F. Regn No. :004062N
Place: New Delhi
Date: 28.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of VIRTUAL GLOBAL
EDUCATION LIMITED, as at 31st March, 2012, and the Profit & Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date together with annexure thereto. These Financial
Statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order 2003 issued by the
Central Government of India in terms of Sub- section (4A) of section
227 of the Companies Act,1956 we enclose in the annexure a statement on
the matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(1) 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.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(4) In our opinion, the Balance Sheet and the Profit and Loss Account
and cash flow comply with the Accounting Standards referred to in
Section 2ii(3C) of the Companies Act, 1956;
(5) On the basis of the written representation received from the
directors as on 31.03.2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said balance sheet and profit & loss
account read with the schedules.and notes to the accounts thereto, give
the information required by the Companies Act 1956, in the manner so
required and also give a true and fair view:
(i) In the case of the Balance-Sheet, of the state of affairs of the
Company as at 31st March, 2012, and
(ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date.
(iii) In the case of cash flow statement of the cash flows of the
company for the year ended on that date.
Annexure to the Auditors' Report of Virtual Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE
1. a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services.
Therefore paragraph (ii) of the order is not applicable.
3.a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, the a disputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2012 for the period
of more than six month from the date of becoming payable.
b) The company doesn't have any disputed dues of Sales Tax/Income
Tax/Customs / Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited except the income tax demand of Rs. 6050564/- and penalty of
Rs. 6050150/- for the A.Y. 1996-97 & Rs. 304364/- for the A.Y.
2004-2005 against which the company has filed an Appeal with CIT
(Appeal), XIX, New Delhi, the company is doing efforts for the early
disposal of the case.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. 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 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR - N & Co.
Chartered Accountants
Sd/-
Pradeep Kumar Jindal
Partner
M. No. : 082646
F. Regn No.: 004062N
Place: New Delhi
Date: 14th May, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of BLS GLOBAL EDUCATION
LIMITED, as at 31st March, 2011, and the Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
together with annexure thereto. These Financial Statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order 2003 issued by the
Central Government of India in terms of Sub- section (4A) of section
227 of the Companies Act,1956 we enclose in the annexure a statement on
the matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(1) 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.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(4) In our opinion, the Balance Sheet and the Profit and Loss Account
and cash flow comply with the Accounting Standards referred to in
Section 211(3C) of the Companies Act, 1956;
(5) On the basis of the written representation received from the
directors as on 31.03.2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2011 from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said balance sheet and profit & loss
account read with the schedules and notes to the accounts thereto, give
the information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:
(i) In the case of the Balance-Sheet, of the state of affairs of the
Company as at 31st March, 2011, and
(ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date.
(hi) In the case of cash flow statement of the cash flows of the
company for the year ended on that date.
Annexure to the Auditors' Report of BLS Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE 1.
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services. Therefore
paragraph (ifj of the order is not applicable.
3.
a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
c
a] Based upon the audit procedures applied by us and according to the
information and explanations given to us by management, there are no
transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, no undisputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2011 for the period
of more than six month from the date of becoming payable.
b) The company doesn't have any disputed dues of Sales Tax/Income
Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited except the income tax demand of Rs. 6050564/- and penalty of
Rs. 6050150/- for the A.Y. 1996-97 against which the company has filed
an Appeal with CIT [Appeal), XIX, New Delhi, the company is doing
efforts for the early disposal of the case.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no funds
on short term basis have been raised by Company.
18. 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 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any . money by way of public issues during the
year under consideration.
21. 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
fraud on
- or by the Company, noticed or reported during the year, nor have we
been informed of such case by the Management.
For PVR - N & Co.
Chartered Accoun tan ts
Sd/-
Pradeep Kumar Jindal
Partner
M. No. :082646
F. Regn No. :004062N
Place: New Delhi
Date: 27th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of BLS GLOBAL EDUCATION
LIMITED, as at 31st March, 2010, and the Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
together with annexure thereto. These Financial Statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order 2003 issued by the
Central Government of India in terms of Sub- section (4A) of section
227 of the Companies Act,1956 we enclose in the annexure a statement on
the matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(1) 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.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(4) In our opinion, the Balance Sheet and the Profit and Loss Account
and cash flow comply with the Accounting Standards referred to in
Section 211(3C) of the Companies Act, 1956;
(5) On the basis of the written representation received from the
directors as on 31.03.2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said balance sheet and profit & loss
account read with the schedules and notes to the accounts thereto, give
the information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:-
(i) In the case of the Balance-Sheet, of the state of affairs of the
Company as at 31st March, 2010, and (ii) In the case of the Profit &
Loss Account, of the Profit for the year ended on that date. (iii) In
the case of cash flow statement of the cash flows of the company for
the year ended on that date.
Annexure to the Auditors' Report of BLS Global Education Limited
REFERRED TO IN OUR REPORT OF EVEN DATE 1.
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services. Therefore
paragraph (ii) of the order is not applicable.
3.
a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5.
a) Based upon the audit procedures applied by us and according to the
information and explanations given to us by management, there are no
transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, no undisputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2010 for the period
of more than six month from the date of becoming payable.
b) The company doesn't have any disputed dues of Sales Tax/Income
Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited except the income tax demand of Rs. 6050564/- and penalty of
Rs. 6050150/- for the A.Y. 1996-97 against which the company has filed
an Appeal with CIT (Appeal), XIX, New Delhi.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. 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 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR - N & Co.
Chartered Accountants
Pradeep Kumat Jindal
Partner
M. No. :082646
F. Regn No. :004062N
Place: New Delhi
Date: 28th May, 2010
Mar 31, 2009
We have audited the attached Balance Sheet of TECH DNA SOLUTIONS
LIMITED, as at 31st March, 2009, and the Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
together with annexure thereto. These Financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order 2003 issued by the
Central Government of India in terms of Sub- section (4A) of section
227 of the Companies Act, 1956 we enclose in the annexure a statement
on the matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(1) 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.
(2) 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.
(3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with bv this report are in agreement with the books of accounts.
(4) In our opinion, the Balance Sheet and the Profit and Loss Account
and cash flow statement comply with the Accounting Standards referred
to in Section 211 (3C) of the Companies Act, 1956;
(5) On the basis of the written representation received from the
directors as on 31.03.2009, and taken on record by the Board of
Directors, we report that none of the director is disqualified as on
31st March 2009 from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956.
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said balance sheet and profit & loss
account read with the schedules and notes to the accounts thereto, give
the information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:-
(i) In the case of the Balance-Sheet, of the state of affairs of the
Company as at 31 st March, 2009, and
(ii) In the case of the Profit & Loss Account, of the Profit for the
year ended on that date.
(iii) In the case of cash flow statement of the cash flows of the
company for the year ended on that date.
Annexure to the Auditors' Report of Tech DNA Solutions Limited Referred
to in our Report of even date
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Software Services and Software Products.
The Company does not hold any physical inventory and therefore
paragraph (ii) of the order is not applicable.
3. a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
9. In respect of statutory dues:
(a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, no undisputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2009 for the period
of more than six month from the date of becoming payable.
(b) The company doesn't have any disputed dues of Sales Tax/Income
Tax/Customs/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does not arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and 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 during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by the Company.
18. 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 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the management.
For PVRN & CO.
Chartered Accountants
(Pradeep Kumar Jindal)
Partner
PLACE: NEW DELHI
DATED: 30TH DAY OF JUNE, 2009
Mar 31, 2007
We have audited the attached Balance Sheet of TECH DNA SOLUTIONS
LIMITED, as at 31st March, 2007, and the Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
together with annexure thereto. These Financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order 2003 issued bv
the Central Government of India in terms of Sub- section (4A) of
section 227 of the Companies Act, 1956 we enclose in the annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that:
(1) 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,
(2) 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.
(3) The Balance Sheet and Profit & Loss Account and Cash Flow
dealt with by this report are in agreement with the books of accou.
(4) In our opinion, the Balance Sheet and the Profit and Loss Account
and cash flow- comply with the Accounting Standards referred to in
Section 211(3C)ofthe Companies Act, 1956;
(5) On the basis of the written representation received from the
directors as on 31.03.2007, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31s' March 2007 from being appointed as a director in terms of clause
(g) of Sub-section (1) of Section 274 of the Companies Act, 1956
(6) In our opinion and to the best of our information and according to
the explanations given to us, the said balance sheet and profit & loss
account read with the schedules and notes to the accounts thereto, give
the information required by the Companies Act, 1956, in the manner so
required and also give a true and fair view:-
(i) In the case of the Balance-Sheet, of the state of affairs of the
Company as at 31st March, 2007, and (ii) In the case of the Profit &
Loss Account, of the Profit for the year ended on that date. (iii) In
the case of cash flow statement of the cash flows of the company for
the year ended on that date.
Annexmfe to the Auditors' Report of TechDNA Solutions Limited
Referred to in our Report of even date
1 (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets ,
b) As explained; to us the Company has a phased program of
physical verification of its fixed assets which, in our opinion,
is reasonable having regard to the size I of the Company and the
nature of its assets.
c) There has been no sale of substantial part of the Fixed assets
during the year and therefore, it qloes not affect the going concern assumption.
2. The Company is engaged in Software Services and Software Products.
The Company ' does not hold any physical inventory and therefore
paragraph (ii) of the order is not applicable,
3. a) The Compariy has neither granted nor taken any loan secured or
unsecured, to/ from " Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, ihere are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further , on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct , major weaknesses in the
aforesaid internal control procedures.
5 a) Based upon the audit procedures applied by us and according to the
information and explanations given to us by management, there are no transactions which are required to be entered in the register maintained
under section 301 of the Act.
b) In our opinion., and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/-[Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7 In our opinion, the Internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintained accounts and records as
prescribed U/S 209 (1)(d)oftheAct. '
9. In respect of statutory dues:
(a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, no undisputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2007 for the period
of more than six month from the date of becoming payable.
(b) The company doesn't have any disputed dues" of Sales Tax/Income
Tax/Costoms/Wealth Tax /Excise Duty/Cess, etc. which have not been
deposited.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion 'and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arises.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and invernents.
15. In our opinion and 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 during the year
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According of the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in theVegister maintained under Section
301 of the Act during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. 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 fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management.
PLACE: NEW DELHI BY ORDER OF THE BOARD
DATED: 3OTH JUNE, 2007 DIRCETOR