INDEPENDENT AUDITOR'S OPINION
The Members of ACE Edutrend Ltd. Report on the Financial Statements
1. We have audited the accompanying financial Statement of ACE EDUTREND LIMITED(the "company") which comprise the Balance Sheet as at 31st March 2014 theStatement of Profit and Loss Account and Cash Flow Statement for the year then ended anda 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 financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act") (which continue to be applicable in respect ofSection 133 of the Companies Act 2013 in terms of General Circular 15/2013 datedSeptember 132013 of the Ministry of Corporate Affairs) and in accordance with theaccounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith the ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theManagement 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 toprovide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fairview in conformity with the accountingprinciples 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 forthe year ended on that date and
(c) In the case of the Cash Flow Statement of the cash flows of the Company fortheyear 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 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs4 and 5of 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 ourknowledge 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 theCompany so far a sit appears from our examination of those books.
(c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
(d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards notified under the Act (which continueto be applicable in respect of Section 133 of the Companies Act 2013 in terms of GeneralCircular 15/2013 dated September 132013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2014 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Act.
|For PVR-N& Co. || |
|Chartered Accountants || |
|Pradeep Kumar Jindal || |
|Place: New Delhi ||Partner |
|Date: 30th May 2014 ||M. No.:082646 |
|F. Regn No.: 004062N || |
ANNEXURE TO THE AUDITORS' REPORT OF ACE EDUTREND 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 includingquantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical verification of itsfixed assets which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets.
c) There has been no sale of substantial part of the fixed assets during the year andtherefore 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/ fromCompanies firms and other parties covered in the registermaintainedunderSection301 of theCompanies Act 1956.
b) Since there are no such loans the comments regarding terms and conditionsrepayment of the principal amount and interest thereon and overdue amount are notrequired.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its activities. Further on the basis of our examination of the books andrecords of the Company and according to the information and explanations given to us wehave neither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control procedures.
a) Based upon the audit procedures applied by us and according to the information andexplanations given to us by management there are no transactions which are required to beentered in the register maintained under section 301 of the Act.
b) In our opinion and according to the information given to us there are notransactions in pursuance of contracts or arrangements entered in the register maintainedunder Section 301 of the Act 1956 aggregating during the year to Rs. 500000/- (Rupeesfive 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 thesize 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. 7. In respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory dues withappropriate authorities. According to the information and explanations given to us theundisputed amount payable in respect of statutory dues were outstanding as at 31 st March2014 for the period of more than six month from the date of becoming payable except theIncome tax of Rs.8641246/-ason31st March2014.
b) The Company doesn't have any disputed dues of Sales Tax/Income Tax/Customs/WealthTax/Excise Duty/Cess etc. which have not been deposited.
10. The Company has not incurred any cash losses in the financial year and in theimmediately preceding financial year. There are no accumulated losses as at the end of theyear under audit.
11. The Company has no dues payable to a Financial Institution or Bank or DebentureHolders.
12. In our opinion and according to the Information and explanation given to us thecompany has not granted any loans and advances against security by way of pledge ofshares debentures and other securities.
13. In our opinion based on information and explanations given to us company is not achit/nidhi/ Mutual Benefit Fund/ Society and hence compliance with special statute doesarise.
14. In our opinion and according to the information and explanations given to us theCompany 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 thecompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year.
16. In our opinion and according to the information and explanations given to us theCompany has not raised any term loans.
17. According to the information and explanations given to us no funds on short termbasis have been raised by Company.
18. The Company has not made any preferential allotment of shares to parties andCompanies 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 notissued any debentures during the year under consideration.
20. According to the information and explanations given to us the Company has notraised any money byway of public issues during the year under consideration.
21. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the Management.
| ||For PVR- N& Co. |
| ||Chartered Accountants |
| ||Pradeep Kumar Jindal |
| ||Partner |
|Place: New Delhi ||M. No.:082646 |
|Date: 30th May 2014 ||F. Regn No.: 004062N |