You are here » Home » Companies » Company Overview » Navneet Education Ltd

Navneet Education Ltd.

BSE: 508989 Sector: Services
NSE: NAVNETEDUL ISIN Code: INE060A01024
BSE LIVE 15:40 | 18 Aug 157.15 -0.40
(-0.25%)
OPEN

157.70

HIGH

158.10

LOW

154.65

NSE 15:40 | 18 Aug 157.10 -1.05
(-0.66%)
OPEN

158.00

HIGH

158.00

LOW

154.50

OPEN 157.70
PREVIOUS CLOSE 157.55
VOLUME 4645
52-Week high 193.60
52-Week low 94.00
P/E 23.74
Mkt Cap.(Rs cr) 3,743
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 157.70
CLOSE 157.55
VOLUME 4645
52-Week high 193.60
52-Week low 94.00
P/E 23.74
Mkt Cap.(Rs cr) 3,743
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Navneet Education Ltd. (NAVNETEDUL) - Auditors Report

Company auditors report

To the Members of "Navneet Education Limited"

Report on the Financial Statements

We have audited the accompanying standalone financial statements of NavneetEducation Limited ("the Company") which comprises the Balance Sheet as at31st March 2017 the Statement of Profit and Loss including other comprehensive incomethe Cash Flow Statement the Statement of Changes in Equity for the year ended and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and statement of changes in equity of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of risks of material misstatement of financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by the Company'sdirectors as well as evaluating the overall presentation of financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profit including other comprehensive income its cash flowsand Statement of Changes in Equity for the year ended on that date.

Report on Other Legal & 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 section 143(11) of theCompanies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by the section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and beliefs were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) the Balance Sheet the Statement of Profit and Lossincluding Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisreport are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act.

e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2017 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act; and

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on the financialposition in its financial statements as of 31stMarch 2017- Refer Note 32 tothe financial statements

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the 8thNovember 2016 of the Ministry of Finance during theperiod from 8th November 2016 to 30th December 2016; and suchdisclosures are in accordance with the books of account maintained by the Company.

For GBCA & Associates
Chartered Accountants
(FRN: 103142W)
Sd/-
Haresh K Chheda
Place: Mumbai Partner
Date: 26th May 2017 Membership Number: 38262

(Referred to in Paragraph 1 under the heading of "Report on Other Legal &Regulatory Requirements" of our report of even date to the financial statements ofthe Company for the year ended 31st March 2017)

1 (a) As per the information and explanations given to us the Fixed Assets registershowing full particulars including quantitative details and situation of Fixed Assets iscompiled by the Company.

(b) The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification. In our opinionthe intervals for verification are reasonable having regard to the size of the Company andnature of its assets. Discrepancies noticed on such verification have been properly dealtwith in thebooks of accounts.

(c) The title deeds of immovable properties are held in the name of the company.

2. The inventory has been physically verified by the management at reasonable intervalsduring the year. The procedures of physical verification of the inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business. As per the information and explanations given to us discrepanciesnoticed on physical verification between the physical stocks and book records were notmaterial and the same have been properly dealt with in thebooks of accounts.

3. During the current year the Company has granted loans secured or unsecured toparties covered in the register required to be maintained under Section 189 of the Act.

(a) In our opinion The terms & conditions on which the Company has granted suchloans were not prima facie prejudicial to the interest of the Company.

(b) In the case of a loan granted to the party listed in the register maintained underSection 189 of the Act the principal is repayable on demand and the borrowers have beenregular in payment of interest & principal as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a party listed inthe register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits during the year from the public within themeaning of the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

6. According to information and explanations given to us the company is required tomaintain cost records under section 148(1) for windmill division only. Accordingly thecompany has prepared and maintained such accounts and records applicable to windmilldivision. We have not however made a detailed examination of the records with a view todetermine whether they are accurate or complete.

7. (a) According to the information and explanation given to us and according to thebooks and records as produced and examined by us in our opinion the undisputed statutorydues in respect of provident fund employee's state insurance income tax VAT servicetax duty of customs cess and others as applicable have been regularly deposited by thecompany during the year with appropriate authorities. As on March 31 2017 there are nosuch undisputed dues payable for a period of more than six months from the date theybecame payable.

(b) According to the information and explanation given to us there are no materialdues outstanding of VAT income tax custom duty service tax excise duty and cess whichhave not been deposited on account of any dispute except for the following :

Name of the Statute Nature of Dues Amount (Rs.) in Lakh Period to which the amount relates Forum where dispute is pending
Central Sales Tax Act and local sales tax / VAT Act of various states Sales Tax/ VAT / CST 8.11 2004-05 Sales Tax Appellate Tribunal
1401.62 2007-08
1403.04 2008-09
212.44 2009-10
276.65 2010-11 Departmental
307.75 2011-12 Appellate Authorities
379.49 2012-13
16.68 2013-14
11.24 2014-15

8. According to the information and explanation given to us the Company has notdefaulted in repayment of dues to financial institution banks or debenture holders duringthe year

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe 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 ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For GBCA & Associates
Chartered Accountants
(FRN: 103142W)
Sd/-
Haresh K Chheda
Place: Mumbai Partner
Date: 26th May 2017 Membership Number: 38262

"Annexure B" to the Independent Auditor's Report of even date on thestandalone Financial Statements of Navneet Education Limited.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NavneetEducation Limited ("the Company") as of March 31 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

Commensurate to the size and nature of the business we believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting Because ofthe inherent limitations of internal financial controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For GBCA & Associates
Chartered Accountants
(FRN: 103142W)
Sd/-
Haresh K Chheda
Place: Mumbai Partner
Date: 26th May 2017 Membership Number: 38262