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

IEC Education Ltd.

BSE: 531840 Sector: Services
NSE: N.A. ISIN Code: INE172B01017
BSE 00:00 | 15 Apr IEC Education Ltd
NSE 05:30 | 01 Jan IEC Education Ltd
OPEN 1.13
PREVIOUS CLOSE 1.13
VOLUME 1400
52-Week high 1.13
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.18
Buy Qty 250.00
Sell Price 1.23
Sell Qty 300.00
OPEN 1.13
CLOSE 1.13
VOLUME 1400
52-Week high 1.13
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.18
Buy Qty 250.00
Sell Price 1.23
Sell Qty 300.00

IEC Education Ltd. (IECEDUCATION) - Auditors Report

Company auditors report

To THE MEMBERS OF "IEC Education Limited"

Report on the Audit of the Standalone Financial Statements Disclaimer of Opinion

We have audited the Standalone Financial Statements of "IEC EducationLimited" which comprise the Balance Sheet as at 31st March 2019 and theStatement of Profit & Loss and Statement of Cash Flows for the year then ended andnotes to the Financial Statements including a summary of significant accounting policiesand other explanatory information. We do not express an opinion on the StandaloneFinancial statements of the entity. Because of the significance of the matters in theBasis for disclaimer of Opinion section of our report we have not been able to obtainsufficient appropriate audit evidence to provide a basis for an audit opinion on theseStandalone Financial statements.

Basis for Disclaimer of Opinion

The management has not provided appropriate evidence in respect:

(i) The company has Loans & Advances with related parties which is long outstandingamounting to Rs. 2753013036.35. (ii) The company has Sundry Debtor: those are LongOutstanding amounting to Rs. 59089805.54.

(iii) Investment Rs. 7527000/- in subsidiaries whose net worth is either 100% erroredor 50% eroded & are not doing any business their valuation is not substantiated.

(iv) Going Concern

(a) The company has 3419.02 Lacs in investment Loans & Advances & SundryDebtors and net worth of Rs. 3337.65 Lacs as such amounts outstanding & are not beingrecorded for Long is more than net worth.

(b) The company is not doing any business for Long. (c) The company is not paying itsstatutory dues.

We are not satisfied about the appropriateness of the assumption of going concern ofthe management.

As a result we were unable to determine whether any adjustments were necessary inrespect of recorded Loans& Advances & Sundry Debtors & the elements making upthe statement of Profit & Loss.

Key Audit Matters

Except for the matters described in the basis for disclaimer of opinion. We havedetermined that are no Key Audit Matters to communicate in our report.

Other Information Other than the Financial Statements and Auditors Report Thereon

The Company's Board of Directors is responsible for other information.The otherInformationcomprises the informationincluded in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Chairman's Statement andShareholder's Information but does not include the standalone financial statements andour auditor's report thereon. The Board's Report including Annexures to Board's ReportChairman's Statement and Shareholder's Information is expected to be made available to usafter the date of this auditor's report.

Our Opinion on the Standalone financial statements does not cover the other Informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financialstatements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone financial statements or our knowledgeobtained in the course of our audit or otherwise appears to be materially misstated.

Management's Responsibility for Standalone Financial Statements

The Company's Board of directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance cashflows of the Company in accordance with the AS and other accounting principles accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 oftheStandalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error. In preparing the Standalonefinancial statements management is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless management either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone financial Statements

Our responsibility is to conduct an audit of the entity'sStandalone financialstatements in accordance with Standards on Auditing to issue an auditor's report. Howeverbecause of the matters described in the Basis for Disclaimer of Opinion section of we werenot able to obtain sufficient appropriate audit evidence to provide a basis for an auditopinion on these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud any involve collusionforgery Intentional misrepresentations or the override of internal control. omissionsmisrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under Section143(3) (i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty exitsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in theStandalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditors report. However future events or conditions may cause the Company to cease tocontinue as a

Evaluate the overall presentation structure and content of the Standalone financialStatements including the disclosures and whether the Standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalonefinancial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most the audit of the financial statements of the current period andare therefore the key audit matters. We describe these matters in our auditor's reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonable be expected tooutweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by The Companies (Auditors Report) order 2016 ("theorder")issued by Central Government of India in terms of sub section (11) of section143 of the Act we give in"Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the order.

2. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss and theStatement of Cash Flow dealt with by this Report are in agreement with the relevant booksof account. d) In our opinion the aforesaid Standalone financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on 31 March 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2019 from being appointed as a director interms of Section 164(2) of the Act. f) With respect to the adequacy of the InternalFinancial Controls with reference to financial statements of the company and the operatingeffectiveness of such controls refer to our separate Reportin "Annexure B".Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe statements.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of the Section 197(16) of the Act as amended: In ouropinion and to the best of our information and according to the explanations given to usthe remuneration paid by the company to its directors during the year is in accordancewith the provisions of section 197 of the Act. h) With respect to the other matters to beincluded in the Auditor's Report in accordance with rule 11 of the Companies (Audit &Auditors) Rules 2014 as amended in our opinion and to our best of our information andaccording to the explanationsgiven to us: I. The Company has not provided any detail ofpending litigation so we are unable to comment. II. The company does not have anylong-term contracts including derivative contracts which require provision under any lawor accounting Standard for material foreseeable losses.

III. The Company has Share Application and Allotment Money.off Rs.460000requiredtobedisposed

FOR RAKESH VARSHNEY & COMPANY CHARTERED ACCOUNTANTS
CA. RAKESH VARSHNEY DATE: 14.08.2019
M. NO. 096012 PLACE: Delhi
FRN No.019108N
(PARTNER)

.