The Members of
Jetking Infotrain Limited
1. We have audited the accompanying standalone financial statements ofJetking Infotrain Limited (the Company) which comprise the Balance Sheet asat March 31 2019 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to asstandalone financial statements).
2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the Act) in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended (Ind AS) and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2019and loss (including other comprehensive income) changes in equity and its cash flows forthe year ended on that date.
Basis for Opinion
3. We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. We have determined that there are no key audit matters to communicatein our report.
Information Other than the Standalone Financial Statements andAuditor's Report Thereon
5. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theCompany's annual report but does not include the standalone financial statements andour auditor's report thereon.
Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.
Management's Responsibility for the Standalone FinancialStatements
6. The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
7. In preparing the standalone financial statements Management andBoard of Directors are responsible for assessing the Company's ability to continue asa going concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing theCompany's financial reporting process.
Auditor's Responsibility for the Audit of the Standalone FinancialStatements
8. Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.
9. As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the 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 may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal financial control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
10. Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.
11. We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
12. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
Report on Other Legal and Regulatory Requirements
13. As required by the Companies (Auditor's Report) Order 2016(the Order) issued by the Central Government in terms of Section 143(11) ofthe Act we give in Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order.
14. As required by Section 143(3) of the Act based on our audit wereport that:
a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the relevant books of account.
d) In our opinion the aforesaid financial statements comply with theInd AS 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 thedirectors as on March 31 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2019 from being appointed as a director in termsof Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in Annexure A. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.
g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements;
ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
For KNAV & Co.
(Firm's registration number: 120458W)
Membership No. 042557
Date: May 27 2019
Annexure A to the Independent Auditor's Report
(Referred to in paragraph 14(f) under Report on Other Legal andRegulatory Requirements' section of our report to the members of Jetking InfotrainLimited of even date)
Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (theAct)
We have audited the internal financial controls over financialreporting of Jetking Infotrain Limited (the Company) as of March 31 2019 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.
Management's responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the Guidance Note) issued by the Institute of CharteredAccountants of India. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence torespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.
Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India and the Standards onAuditing prescribed under Section 143(10) of the Act to the extent applicable to an auditof internal financial controls. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 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 FinancialReporting
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
In our opinion to the best of our information and according to theexplanations given to us 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 2019 based on thecriteria for internal control over financial reporting established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.
For KNAV & Co.
(Firm's registration number: 120458W)
Membership No. 042557
Date: May 27 2019
Annexure B to the Independent Auditor's Report
(Referred to in paragraph 13 under Report on Other Legal andRegulatory Requirements' section of our report of even date)
1. In respect of its fixed assets:
a) The Company has maintained proper records of fixed assets showingfull particulars including quantitative details and location of fixed assets.
b) The Company has a program of verification to cover all the items offixes assets in a phased manner which in our opinion is reasonable having regards to thesize of the Company and the nature of its assets. Pursuant to the program certain fixedassets were physically verified by the management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.
c) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.
2. a) The management has conducted the physical verification ofinventory at reasonable intervals.
b) The discrepancies noticed on physical verification of the inventoryas compared to book records which have been properly dealt with in the books of accountwere not material.
3. As per the information provided to us the Company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under Section 189 of the Act. Accordingly the provisions of clause 3(iii) of the Order is not applicable to the Company.
4. The Company has not granted any loans made investments or providedguarantees which are covered under section 185 or 186 of the Companies Act 2013 andhence reporting under clause 3 (iv) of the Order is not applicable to the Company.
5. According to the information and explanations given to us theCompany has not accepted any deposit from the public during the period in terms of theprovisions of Sections 73 and 76 or any other relevant provisions of the Act. Accordinglythe provisions of clause 3 (v) of the Oder are not applicable to the Company.
6. In our opinion and according to the information and explanationsgiven to us the Central Government has not prescribed the maintenance of cost recordsunder Section 148(1) of the Act for any of the services rendered by the Company.
7. According to the information and explanations given to us and on thebasis of examination of the records in respect of statutory dues:
(a) the Company has been generally regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxGoods and Service Tax Cess and other material statutory dues applicable to it with theappropriate authorities. As explained to us no undisputed amounts payable in respect ofthe aforesaid dues were outstanding as at March 31 2019 for the period of more than sixmonths from the date of they becoming payable.
(b) there are no dues on account of Income tax Sales tax Service Taxduty of customs duty of excise value added tax and cess which have not been depositedwith the appropriate authorities on account of any dispute except the following dues ofservice tax and income tax:
|Name of the statue ||Nature of dues ||Amount ( र in lakhs) ||Period to which the amount relates ||Forum where the dispute is pending |
|Finance Act 1994 ||Service Tax (Franchisee fee) ||0.58 ||February 01 2004 to April 30 2004 ||Central Excise and Service Tax Appellate Tribunal |
|Finance Act 1994 ||Service Tax (Royalty) ||6.48 ||February 01 2004 to April 30 2004 ||Central Excise and Service Tax Appellate Tribunal |
|Finance Act 1994 ||Service Tax (Franchisee fee) ||0.60 ||May 01 2004 to September 09 2004 ||Bombay High Court |
|Finance Act 1994 ||Service Tax (Royalty) ||10.57 ||May 01 2004 to September 09 2004 ||Bombay High Court |
|Finance Act 1994 ||Service Tax (Franchisee fee) ||0.40 ||September 10 2004 to March 31 2005 ||Bombay High Court |
|Finance Act 1994 ||Service Tax (Royalty) ||14.00 ||September 10 2004 to March 31 2005 ||Bombay High Court |
|Finance Act 1994 ||Service Tax (Franchisee fee) ||0.25 ||April 1 2005 to June 15 2005 ||Assistant Commissioner of Central Excise |
|Finance Act 1994 ||Service Tax (Royalty) ||7.40 ||April 1 2005 to June 15 2005 ||Bombay High Court |
|Finance Act 1994 ||Service Tax (Sale of courseware) ||300.59 ||April 16 2005 to June 30 2010 ||CESTAT Delhi |
|Finance Act 1994 ||Service Tax (Sale of courseware) ||67.46 ||FY 2012-13 FY 2013- 14 and 2014-15 ||Commissioner of Service Tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||73.18 ||AY 2010-11 ||Deputy Commissioner of Income Tax |
|Income Tax Act 1961 ||Income Tax ||1.41 ||AY 2013-14 ||Commissioner of Income Tax |
| ||Total ||482.92 || || |
*excluding penalty and net of amount paid under protest.
8. The Company has not taken any loans or borrowings from financialinstitutions banks and government or has not issued any debenture. Hence reporting underclause 3(ix) of the Order is not applicable to the Company.
9. The Company has not raised any money by way of initial public offeror further public offer (including debt instruments) or term loans and hence reportingunder clause 3 (ix) of the Order is not applicable to the Company.
10. To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company byits officers or employees has been noticed or reported during the year.
11. In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company haspaid/ provided for managerial remuneration in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.
12. The Company is not a Nidhi Company and hence reporting under clause3(xii) of the Order is not applicable to the Company.
13. According to the information and explanations given to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with Sections 177 and 188 of the Act where applicable and details ofsuch transaction have been disclosed in the standalone financial statements as required bythe applicable accounting standards.
14. According to the information and explanation given to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.
15. In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its directors or persons connected with him and hence provisions of section 192 ofthe Companies Act 2013 are not applicable to the Company.
16. The Company is not required to be registered under section 45-I ofthe Reserve Bank of India Act 1934.
For KNAV & Co.
(Firm's registration number: 120458W)
Membership No. 042557
Date: May 27 2019