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Shanti Educational Initiatives Ltd.

BSE: 539921 Sector: Others
NSE: N.A. ISIN Code: INE440T01010
BSE LIVE 15:02 | 22 Sep 128.00 -1.20
(-0.93%)
OPEN

128.05

HIGH

133.90

LOW

128.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 128.05
PREVIOUS CLOSE 129.20
VOLUME 20800
52-Week high 141.00
52-Week low 93.00
P/E 101.59
Mkt Cap.(Rs cr) 206
Buy Price 127.35
Buy Qty 800.00
Sell Price 134.00
Sell Qty 800.00
OPEN 128.05
CLOSE 129.20
VOLUME 20800
52-Week high 141.00
52-Week low 93.00
P/E 101.59
Mkt Cap.(Rs cr) 206
Buy Price 127.35
Buy Qty 800.00
Sell Price 134.00
Sell Qty 800.00

Shanti Educational Initiatives Ltd. (SHANTIEDUCAT) - Auditors Report

Company auditors report

To

The Members

Shanti Educational Initiatives Limited

Report on the Standalone Financial Statements

We have audited the a companying standalone financial statements of ShantiEducational Initiatives Limited (‘the company") which comprise the BalanceSheet as at 31 March 2016 the Statement of Profit and Loss and the Cash Flow statementfor the year then ended and a summary of significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 there under.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the 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

I. In the case of the Balance sheet of the state of affairs of the Company as at March31 2016; II. In the case of the Statement of Profit and Loss of the profit for the yearended on that date; and III. In the case of Cash Flow Statement of the cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

f) 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 its financialposition in its financial statements – Refer Note 28 to the financial statements.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For M/S Anil S Shah & Co.

Chartered Accountants

FRN : 100474W

Anil S Shah

Partner

M.No.: 016613

Place : Ahmedabad

Date : 23rd July 2016

Annexure to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2016 we reportthat:

(i) In respect of Fixed Assets

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As per information and explanation given to us the physical verification of itsfixed assets have been carried out by the management at the end of the year which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. According to the information & explanation given to us no materialdiscrepancies were noticed on such verification.

(c) According to the Information and explanation given to us and the records examinedby us as disclosed in Note No. 11 on Fixed Assets and Note No. 12 on Investment based onthe examination of the registered sale deed/purchase deed provided to us we report thatthe title deed comprising all the immovable properties of land and buildings which arefreehold are held in the name of the company except in one case the land amounting Rs.27761160/- the deed is in the form of Banakhat Right as at the Balance sheet date.

(ii) In respect of Inventories as per the information and explanation given to us theinventories have been physical verified by the management at the end of the year which inour opinion is reasonable having regard to the size of the company and the nature of itsactivity. As per the information and explanation given to us no material discrepanciesnoticed on physical verification.

(iii) In respect of Loans and Advances Granted during the year.

The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Hence the provisions of clauses (iii)(a)(iii)(b) and (iii)(c ) of the order are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provision of Section 185 and 186 of the companies Act 2013in respect of loans and investments made.

(v) According to the information and explanation given to us the company has notaccepted deposits from the public.

(vi) As per the information and explanation provided to us the company is not requiredto maintain the cost records as per the provisions of Companies (Cost Records and Audit)Rules 2014 hence Clause (vi) of the Companies (Auditor’s Report) order 2015 is notapplicable.

(vii) In respect of Statutory Dues

According to the information and explanation given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Investor education and protection fund Employees’ stateInsurance income tax Sales Tax Service Tax Custom Duty Excise duty Cess and anyother material statutory dues applicable to it with the appropriate authorities.

(b) According to information and explanation given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding as at March 31 2016 for a period ofmore than six months from the date of becoming payable.

(c) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax service tax duty of customsvalue added tax Cess and other material statutory dues were outstanding as at 31 March2016 for a period of more than six months from the date they became payable.

(d) During the ear no amount is required to transfer to the Investor Education andProtection Fund and hence clause (c) of clause (vii) of the Companies (Auditor’sReport) Order 2015 is not applicable to the Company.

(viii) According to records of the company the company has not borrowed from financialinstitutions or banks or issued debentures till 31st March 2016. Accordinglyparagraph 3(ix) of the Order is not applicable.

(ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

(x) According to the information and explanation given to us no material fraud by thecompany or on the Company by its officers or employees has been notices or reported duringthe course of audit.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

(xiv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made private placement ofshares or fully or partly convertible debenture during the year. The company has madepreferential allotment of shares amounting Rs. 11.70 Crore during the year the companyhas complied with requirement of Section 42 of the Companies Act 2013. Further theCompany has utilised Rs 9.34 Crores pending utilization balance of Rs. 2.36 Crore hasbeen temporarily deposited with NBFC.

(xv) In our opinion and according to the information and explanations given to us during the year the Company has not entered into any non-cash transactions with itsdirectors or directors of the holding subsidiary or associate company as applicable orpersons connected with them and hence provisions of section 192 of the Companies Act 2013are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For M/S Anil S Shah & Co.

Chartered Accountants

FRN : 100474W

Anil S Shah

Partner

M.No.: 016613

Place : Ahmedabad

Date : 23rd July 2016

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF SHANTI EDUCATIONAL INITIATIVES 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 SHANTIEDUCATIONAL INITIATIVES LIMITED ("the Company") as of March 31 2016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

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 itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ 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 risksof material misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for my /our audit opinion on the Company’s internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree 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 2016 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 M/S Anil S Shah & Co.

Chartered Accountants

FRN : 100474W

Anil S Shah

Partner

M.No.: 016613

Place : Ahmedabad

Date : 23rd July 2016