Mar 31, 2015
We have audited the accompanying standalone financial statements of LCC
Infotech Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Profit and Loss Statement, the 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.
Auditors' 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 misstatements. 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 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 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, 2015, and its Loss and its cash flows for the year ended
on that date.
Report on other Legal and Regulatory Requirements
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 Profit and Loss Statement, 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 the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of LCC INFOTECH
LIMITED ("the Company") for the year ended 31 March 2015. We report
that:
(i) In respects of its fixed assets :
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 in the
previous year in accordance with a planned programme of verifying them
at regular intervals which, in our opinion, is reasonable having regard
to the size of the Company and the nature of its assets. As informed,
no material discrepancies were noticed on such verification.
c) There was no substantial disposal of fixed assets during the year.
(ii) In respects of its inventory :
a) The management has conducted physical verification of inventory at
reasonable intervals during the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
iii) As informed, the Company has not granted any loans whether secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
v) The Company has not accepted any deposits from the public.
vi) Maintenance of cost records as specified by the Central Government
under section 148 (1) of the companies act 2013 are not applicable.
vii)a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
c) According to the information and explanation given to us, there are
no dues of income tax, sales-tax, wealth tax, service tax, customs
duty, excise duty and cess which have not been deposited on account of
any dispute.
viii) The Company's accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has incurred cash
losses in the current financial year and in the immediately preceding
financial year.
ix) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that there
are no default in payment of dues to financial institution, bank or
debenture holders.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
xiii) Provision of transfer to the Investor Education and Protection
Fund is not applicable to the company as the company has not been
declaring any dividend which needs to be transferred to the Investor
Education and Protection Fund if remains unclaimed for continuous
period of seven years.
For BUDHIA & CO.
Chartered Accountants
Firm Registration Number: 320163E
M.K.BUDHIA
PROPRIETOR
Membership Number: 055197
Place: Kolkata
Date: May 29, 2015
Mar 31, 2014
We have audited the accompanying financial statements of LCC Infotech
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility 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,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the
Accounting Standards referred to in sub-section (3c) of section 211 of
the Companies Act, 1956 ("the Act") read with general circular 8/2014
dated 4 April 2014, issued by the Ministry of Corporate Affairs. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, 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 said
Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors 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
The Annexure referred to in our report to the members of LCC Infotech
Limited ("the Company") for the year ended 31 March 2014. We report
that:
(i) In respects of its fixed assets :
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 in the
previous year in accordance with a planned programme of verifying them
once in three years which, in our opinion, is reasonable having regard
to the size of the Company and the nature of its assets. As informed,
no material discrepancies were noticed on such verification.
c) There was substantial disposal of fixed assets during the year.
(ii) In respects of its inventory :
a) The management has conducted physical verification of inventory at
reasonable intervals during the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) a) As informed, the Company has not granted any loans, secured or
unsecured during the year to companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956
and hence the requirements of sub clauses (b) to (d) of clause (iii) of
the Order are not applicable.
b) The Company had taken loan from one party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 9.00 lakhs and the year-end
balance of loans taken from such parties was Rs. 9.29 lakhs.
c) The loans taken are re-payable on demand. As informed to us, the
repayment of such loans, to the extent demanded, has been made by the
Company, and thus, there has been no default on the part of the
company. The loan taken is interest free.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business. During the
course of our audit, no major weakness has been noticed in the internal
control system in respect of these areas. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal control system of the company.
(v) a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions in which
Directors are interested as contemplated under Section 299 of the
Companies Act, 1956 and which required to be so entered in the register
maintained under Section 301 of the said Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakhs have been entered
into during the financial year 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) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
(ix) a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
c) According to the information and explanation given to us, there are
no dues of income tax, sales-tax, wealth tax, service tax, customs
duty, excise duty and cess which have not been deposited on account of
any dispute.
(x) The Company''s accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has incurred cash
losses in the current financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that there
are no dues to financial institution, bank or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted 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. 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 bank
or financial institutions.
(xvi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For BUDHIA & CO.
Chartered Accountants
Firm Registration Number: 320163E
M. K. Budhia
Date: May 29, 2014 Proprietor
Place: Kolkata Membership Number: 055197
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of LCC Infotech
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility 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,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India, including 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 Char- tered
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 appropri- ateness of accounting policies used
and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the loss 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.
Emphasis of Matter
We draw attention to Note 30 to the financial statements, where the
collection from the franchisees have been shown as aggregate of
collection as received by them independently and the expenses as
incurred by the Company over the same have been booked accordingly as
expenditure for generat- ing such revenue resulting the differences
accruing as net income to the Company. Revenue from the operation in
statement of profit and loss of the Company includes Fees collected
from students by the Franchises independently amounting Rs. 862.89
lakhs and Course execution and development expenses shown in the
statement of profit and loss includes Rs. 794.30 lakhs incurred or paid
by the Franchises independently based on the account statement of the
Franchisees. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, 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 said
Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
(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
The Annexure referred to in our report to the members of LCC Infotech
Limited ("the Company") for the year ended 31 March 2013. We report
that:
(i) In respects of its fixed assets :
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 in the
previous year in accor- dance with a planned programme of verifying
them once in three years which, in our opin- ion, is reasonable having
regard to the size of the Company and the nature of its assets. As
informed, no material discrepancies were noticed on such verification.
c) There was no substantial disposal of fixed assets during the year.
(ii) In respects of its inventory :
a) The management has conducted physical verification of inventory at
reasonable intervals during the year.
b) The procedures of physical verification of inventory followed by the
management are rea- sonable and adequate in relation to the size of the
Company and the nature of its business.
c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) a) As informed, the Company has not granted any loans, secured or
unsecured during the year to companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956
and hence the requirements of sub clauses (b) to (d) of clause (iii) of
the Order are not applicable.
e) The Company had taken loan from two parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 3.50 lakhs and the year-end
balance of loans taken from such parties was Rs. 3.15 lakhs.
f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
g) The loans taken are re-payable on demand. As informed to us, the
repayment of such loans, to the extent demanded, has been made by the
Company, and thus, there has been no default on the part of the
company. The loan taken is interest free.
(iv) In our opinion and according to the information and explanations
given to us, there is an ad- equate internal control system
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
(v) a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions in which
Directors are interested as contemplated under Sec- tion 299 of the
Companies Act, 1956 and which required to be so entered in the register
maintained under Section 301 of the said Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakhs have been entered
into during the financial year 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) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Com- panies Act, 1956 for
the products of the Company.
(ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insur- ance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insur- ance,
income-tax, wealth-tax, service tax, sales-tax, customs duty, excise
duty, cess and other undisputed statutory dues were outstanding, at the
year end, for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of income tax, sales-tax, wealth tax, service tax, customs
duty, excise duty and cess which have not been deposited on account of
any dispute.
(x) The Company''s accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has incurred cash
losses in the current financial year. Further, it has not incurred cash
losses in the immediately preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that there
are no dues to financial institution, bank or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted 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. Therefore, the provisions of clause
4(xiii) of the Order are not applicable.
(xiv) In respect of dealing in shares, securities, debentures and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company, in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For BUDHIA & CO.
Chartered Accountants
Firm Registration Number: 320163E
M. K. Budhia
Proprietor
Membership Number: 055197
Place: Kolkata
Date: May 30, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of LCC Infotech Limited
as at 31st March 2012 and also the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date annexed 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.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. These standards require that we
plan and perform the audit to obtain reasonable assur- ance about
whether the financial statements are free of Material misstatement. An
audit in- cludes 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 sig- nificant
estimates made by management, as well as evaluating the 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) (Amendment) order,
2004 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 paragraphs 4 and 5 of
the said order.
4. Reference is invited to the following Notes:
4.1. The collection from the franchisees have been shown as aggregate
of collection as received by them independently and the expenses as
incurred by the Company over the same have been booked accordingly as
expenditure for generating such revenue resulting the differences
accruing as net income to the Company. Revenue from the operation in
Profit & Loss Accounts of the Company includes Fees collected from stu-
dents by the Franchises independently amounting Rs.108004k and Course
execution and development expenses shown in the Profit & Loss Account
includes Rs.94563k incurred or paid by the Franchises independently
based on the account statement of the Franchisees.
5. Further to our comments in the Annexure referred in Paragraph 3
above and subject to the Notes referred in Paragraph 4 above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowl- edge 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 those
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and 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
of the Company 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.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the notes thereon/attached thereto, subject to paragraph
4.1, give the information required by the Companies Act, 1956 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, 2012
ii) in the case of the Profit and Loss Account, of the profit/loss for
the year ended on the date, and
iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner which in our opinion is up to the mark having regard to
the size of the Company and the nature of Fixed Assets. The
discrepancies noticed on such physical verification were not material.
2. (a) The inventory of the Company, has been physically verified by
the management at regular intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its busi- ness.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on such physical verification of inventory as
compared to book records were not material.
3. The Company has not taken any Loan during the year from Companies,
firms or other parties covered in register maintained under section 301
of the Companies Act, 1956. Consequently the requirement of other
clauses is not applicable.
4. In our opinion and according to the information and explanations
given to us, there are ad- equate internal controls procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets. During
the course of our audit, we have not observed any continuing failure to
correct major weakness in inter- nal control.
5. On the basis of our examination of the books of accounts, the
company has not entered into any transactions exceeding Rs. 5 lacs in
respect of any party during the financial year that needs to be entered
into a register maintained under section 301 of the Companies Act,
1956.
6. The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions and the rules
framed thereunder.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the company is not covered under the purview of section
209 (1) (d) of the Companies Act 1956, hence the maintenance of cost
records as prescribed by the Central Government under section 209(1)(d)
of the Companies Act, 1956 is not applicable to the company.
9. According to the information and explanations given to us, in
respect of statutory and other dues. The Company has been regular in
depositing with appropriate authorities undisputed statutory dues
including, Income Tax, Sales Tax, Service Tax, Cess and any other
statutory dues.
10. The Company's accumulated loss is not more than 50% of its net
worth as on 31.3.2012. The Company has not incurred any cash losses in
the current financial year and in the immediately preceding financial
year.
11. According to the records of the company examined by us and the
information and explana- tions given to us the company has not
defaulted in repayment of any dues to financial institu- tions or
banks.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to Chit Fund
nidhi or mutual benefit fund societies are not applicable to the
Company.
14. Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the company is maintaining proper record of the transactions and
contracts of dealing in shares and securities and that timely entries
have been made and the shares and securities have been held by the
company in its own name.
15. According to the information and explanations, given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The Company did not have any term loan outstanding during the
year.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
any parties or companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
company has not issued any debentures.
20. The Company has not raised any money through a public issue during
the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
M.K. BUDHIA
Proprietor
For and on behalf of
BUDHIA & COMPANY
Place: Kolkata Chartered Accountants
Date: 27.08.2012 Membership No. 55197
Mar 31, 2010
1. We have audited the attached Balance Sheet of LCC Infotech Limited
as at 31st March 2010 and also the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date annexed 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in In- dia. These 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 examining, on a test basis, evidence supporting the amounts
and disclo- sures in the financial statements. An audit also includes
assessing the accounting prin- ciples used and significant estimates
made by management, as well as evaluating the 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) (Amendment) order,
2004 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 paragraphs 4 and 5 of
the said order.
4. Reference is invited to the following Notes:
4.1. Note 4 on Schedule 19 regarding non-ascertainment of break up
value of certain unquoted investments and its consequential effect of
the year-end carrying value and of its corresponding effect on the
Company's net worth and results.
4.2. Note 15 on Schedule 19 regarding accounting of royalty income.
4.3. The collection from the franchisees have been shown as aggregate
of collection as received by them independently and the expenses as
incurred by the Company over the same have been booked accordingly as
expenditure for generating such revenue resulting the differences
accruing as net income to the Company. Revenue from the operation in
Profit & Loss Accounts of the Company includes Fees collected from
students by the Franchises independently amounting Rs. 197928k and
Course execu- tion and development expenses shown in the Profit & Loss
Account includes Rs. 183389k incurred or paid by the Franchises
independently based on the account statement of the Franchises.
5. Further to our comments in the Annexure referred in Paragraph 3
above and subject to the Notes referred in Paragraph 4 above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowl- edge and belief were necessary for the purposes of
our audit except as indicated in paragraph 4.2 above.
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, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and 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
of the Company 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.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the notes thereon/at- tached thereto, subject to
paragraph 4.1 and 4.2 above, give the information required by the
Companies Act, 1956 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, 2010
ii) in the case of the Profit and Loss Account, of the Loss for the
year ended on the date, and
iii) in the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in phased
manner which in our opinion is respon- sible having regard to the size
of the Company and the nature of Fixed Assets. The discrepancies
noticed on such physical verification were not material.
(c) During the year, Company has not disposed of any substantial/major
part of fixed assets.
2. (a) The inventory of the Company, has been physically verified by
the management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its busi- ness.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on such physical verification of inventory as
compared to book records were not material.
3. The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the other clauses are not applicable.
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
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weakness in
internal control.
5. On the basis of our examination of the books of accounts, the
company has not entered into any transactions exceeding Rs. 5 lacs in
respect of any party during the financial year that needs to be entered
into a register maintained under section 301 of the Companies Act,
1956.
6. The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions and the rules
framed thereunder.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. In our opinion and according to information and explanations given
to us, the maintenance of cost records has not been prescribed by the
Central Government under section 209(1) (d) of the Companies Act, 1956.
Accordingly this clause is not applicable to the Company.
9. According to the information and explanations given to us, in
respect of statutory and other dues.
(a) The Company has been regular in depositing with appropriate
authorities undisputed statutory dues including investor Education and
Protection Fund, Employees' State In- surance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory
dues.
(b) According to the information and explanations given to us, the
following disputed amounts have not been deposited by the company:
Particulars Period to
which the Forum where Amount
amount relates dispute is Rs. in
Thousand
(Financial Year) pending
Income Tax 2000 - 01 C. I. T. - appeal 12064
(c) According to information and explanations given to us, apart from
above, there are no dues of income tax, sales tax, wealth tax, service
tax, custom duty, excise duty and cess which have not been deposited on
account of any dispute.
10. The Company's accumulated loss is not more than 50% of its net
worth as on 31.3.2010. The Company has not incurred any cash losses in
the current financial year and in the immedi- ately preceding financial
year.
11. According to the records of the company examined by us and the
information and explana- tions given to us the company has not
defaulted in repayment of any dues to financial institutions or banks
or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to Chit Fund
nidhi or mutual benefit fund / societies are not applicable to the
Company.
14. Based on the records examined by us and according to information
and explanations given to us, we are of the opinion that the company is
maintaining proper record of the transac- tions and contracts of
dealing in shares and securities and that timely entries have been made
and the shares and securities have been held by the company in its own
name.
15. According to the information and explanations, given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The Company did not have any term loan outstanding during the
year.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
any parties or compa- nies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
company has not issued debentures.
20. The Company has not raised any money through a public issue during
the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
M.K. BUDHIA
Proprietor
For and on behalf of
Kolkata BUDHIA & COMPANY
23rd August, 2010 Chartered Accountants
Membership No. 55197
Mar 31, 2009
1. We have audited the attached Balance Sheet of LCC Infotech Limited
as at 31st March 2009 and also the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the 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. These 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 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
pre- sentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) (Amendment) order,
2004 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 paragraphs 4 and 5 of
the said order.
4. Reference is Invited to the following Notes:
4.1. Note 4 on Schedule 19 regarding non-ascertainment of break up
value of certain unquoted investments and its consequential effect of
the year-end carrying value and of Its corresponding effect on the
Companys net worth and results.
4.2. Note 15 on Schedule 19 regarding accounting of royalty Income.
4.3. The collection from the franchisees have been shown as aggregate
of collection as received by them independently and the expenses as
incurred by the Company over the same have been booked accordingly as
expenditure for generating such revenue resulting the differences
accruing as net income to the Company. Revenue from the operation in
Profit & Loss Accounts of the Company includes Fees collected from
students by the Franchises independently amounting Rs. 200076k and
Course execu- tion and development expenses shown in the Profit & Loss
Account includes Rs. 182635k incurred or paid by the Franchises
independently based on the account statement of the Franchises.
5. Further to our comments in the Annexure referred in Paragraph 3
above and subject to the Notes referred in Paragraph 4 above, we report
that:
a) We have obtained all the information and explanations, which to the
best of our knowl- edge and belief were necessary for the purposes of
our audit except as indicated in paragraph 4.2 above.
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, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and 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
of the Company and taken on record by the Board of Directors, we report
that none of the direclors 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.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the notes thereon/at- tached thereto, subject to
paragraph 4.1 and 4.2 above, give the information required by the
Companies Act, 1956 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, 2009
II) In the case of the Profit and Loss Account, of the Loss for the
year ended on the date, and
III) in the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date
ANNEXURE TO THE AUDITORS REPORT 1 (a) The Company has maintained proper
records showing full particulars including quantitative details and
situation of its fixed assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification (n phased
manner which fn our opinion is respon- sible having regard to the size
of the Company and the nature of Fixed Assets. The discrepancies
noticed on such physical verification were not material.
(c) During the year, Company has not disposed of any substantial/major
part of fixed assets.
2 (a) The inventory of the Company, has been physically verified by the
management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its busi- ness.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on such physical verification of inventory as
compared to book records were not material.
3 The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the other clauses are not applicable.
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
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weakness in
internal control.
5 On the basis of our examination of the books of accounts, the company
has not entered into any transactions exceeding Rs. 5 lacs in respect
of any party during the financial year that needs to be entered into a
register maintained under section 301 of the Companies Act, 1956.
6 The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions and the rules
framed thereunder.
7 In our opinion, the Company has an internal audit system commensurate
with the size of the Company and nature of its business.
8. In our opinion and according to information and explanations given
to us, the maintenance of cost records has not been prescribed by the
Central Government under section 209(1) (d) of the Companies Act, 1956.
Accordingly this clause is not applicable to the Company.
9. According to the information and explanations given to us, in
respect of statutory and other dues.
(a) The Company has been regular in depositing with appropriate
authorities undisputed statutory dues including investor Education and
Protection Fund, Employees State In- surance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues
except Provident Fund of Rs. 27,855/- outstanding for the year 2007-08
as at 31" March 2009.
(b) According to the Information and explanations given to us, the
following disputed amounts have not been deposited by the company:
Particulars Period to which the Forum where Amount
amount relates dispute is Rs. in Thousand
(Financial Year) pending
Income Tax 2000 - 01 C.I.T. - appeal 12064
(c) According to Information and explanations given to us, apart from
above, there are no dues of income tax, sales tax, wealth tax, service
tax, custom duty, excise duty and cess which have not been deposited on
account of any dispute.
10. The Companys accumulated loss is not more than 50% of its net
worth as on 31.3.2009. The Company has not incurred any cash losses in
the current financial year and in the immedi- ately preceding financial
year.
11. According to the records of the company examined by us and the
information and explana- tions given to us the company has not
defaulted in repayment of any dues to financial institutions or banks
or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to Chit Fund
nidhi or mutual benefit fund / societies are not applicable to the
Company.
14. Based on the records examined by us and according to information
and explanations given to us, we are of the opinion that the company is
maintaining proper record of the transac- tions and contracts of
dealing in shares and securities and that timely entries have been made
and the shares and securities have been held by the company in its own
name.
15. According to the information and explanations, given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The Company did not have any term loan outstanding during the
year.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
any parties or compa- nies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
company has not issued debentures.
20. The Company has not raised any money through a public issue during
the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
M.K. BUDHIA
Proprietor
For and on behalf of
Kolkata BUDHIA & COMPANY
28th October 2009 Chartered Accountants
Membership No. 55197
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