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Siddharth Education Services Ltd.

BSE: 540736 Sector: Others
NSE: N.A. ISIN Code: INE930X01012
BSE 00:00 | 15 Nov Siddharth Education Services Ltd
NSE 05:30 | 01 Jan Siddharth Education Services Ltd
OPEN 14.75
PREVIOUS CLOSE 14.75
VOLUME 4000
52-Week high 14.75
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 18.40
Buy Qty 4000.00
Sell Price 14.75
Sell Qty 4000.00
OPEN 14.75
CLOSE 14.75
VOLUME 4000
52-Week high 14.75
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 18.40
Buy Qty 4000.00
Sell Price 14.75
Sell Qty 4000.00

Siddharth Education Services Ltd. (SIDDHARTHEDUCA) - Auditors Report

Company auditors report

To the members of

Siddharth Education Services Limited

Report on the financial statements

We have audited the accompanying financial statements of Siddharth Education ServicesLimited (the "Company") which comprise the Balance sheet as at March 31 2018and the Statement of Profit and Loss for the period then ended the Cash flow Statementfor the year ended March 31 2018 and a summary of significant accounting policies andother 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 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.

Auditors' 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 inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour 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 said financial statements give the information required by the CompaniesAct 2013 in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India.

(a) In the case of Balance sheet of the State of Affairs of the Company as at March31 2018; and

(b) In the case of Statement of profit and loss of the Profit for the Year ended onMarch 31 2018; and

(c) Its cash flow statement for the year ended March 31 2018.

Emphasis of Matters

Nil.

Report on other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure 1 statement on thematters specified in paragraphs 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 obtained all the information and explanations which to the best of ourknowledge and belief 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 the books of account;

c) The Balance Sheet and Statement of Profit and Loss and Cash Flow statement dealtwith by this report are in agreement with the books of account;

d) In our opinion the balance sheet and statement of profit and loss and Cash FlowStatement dealt with by this report comply with the accounting standards referred to insection 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014; and

e) In our opinion the comments or observations don’t have any adverse effect onfunctioning of the company.

f) On the basis of written representations received from the directors as at March31st 2018 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as at March 31st 2018 from being appointed as a director interms of subsection (2) of section 164 of the Companies Act 2013.

g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report.

h) With respect to the matters to be included in the Auditor’ Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company has no pending litigations affecting its financial statements and henceno disclosure in its financial statements.

ii. The Company has not entered into any long-term contracts including derivativecontracts requiring provision under applicable laws or accounting standards for materialforeseeable losses.

iii. There is no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

Date : 28 May 2018 FOR DOSHI MARU & ASSOCIATES
Place : Mumbai (Chartered Accountants)
Reg No. :112187W
SD/-
HIREN JAYANTILAL MARU
Partner
M.No. : 115279

Annexure 1 to the Independent Auditor's Report of even date on financial statements ofSiddharth Education Services Limited

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

(b) The fixed assets of the company have been physically verified by the managementduring the year and no material discrepancies between the book records and the physicalinventory have been noticed. In our opinion the frequency of verification is reasonable.

(c) The title deeds of immovable property is held in the name of the company.

ii. The Company has no inventory and hence Para 3 (ii) of the Companies (AuditorsReport) order 2016 is not applicable to the Company.

iii. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

iv. According to the information and explanations given to us the company has notgranted any loans investments guarantees and security covered under the provisions ofsection 185 and 186 of the Companies Act 2013 and hence this clause is not applicable tothe company.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of Section 73 to Section 76 or any other relevant provisionsof the Act and the rules framed there under apply

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder subsection (1) of Section 148 of the Act for any services rendered by the company.

vii. (a) According to the information and explanations given to us the Company hasbeen regular in depositing undisputed statutory dues.

(b) According to the information and explanations given to us there are no duesoutstanding of income tax sales tax customs duty service tax excise duty cess andgoods and service tax on account of any dispute.

viii. The Company has not defaulted in repayment of loans or borrowing to a financialinstitutions or banks.

ix. Managerial Remuneration had been paid by the company during the year in accordancewith the requisite approvals mandated by the provisions of section 197 read with scheduleV to Companies Act.

x. All the transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 and the details have been disclosed in financialstatements as required by the applicable accounting standards.

xi. The company has not entered into any non cash transactions with Directors orpersons connected with them.

Date : 28 30 th th May 2018 FOR DOSHI MARU & ASSOCIATES
Place : Mumbai (Chartered Accountants)
Reg No. :112187W
SD/-
HIREN JAYANTILAL MARU
Partner
M.No. : 115279

Annexure 2 to The Independent Auditor's Report Of Even Date On The Financial StatementsOf Siddharth Education Services 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 SiddharthEducation Services Limited ("the company") as of 31st March 2018 in conjunctionwith our Audit of the standalone financial statements of the company for the period 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies safeguarding of its assets theprevention 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 deemed to beprescribed under section 143 (10) of the Companies Act2013to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over 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 authorizations of management and directors of the companyand (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea 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 controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance may 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 31st March 2018 based on theinternal financial control over financial reporting criteria 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 Institute ofChartered Accountants of India.

Date : 28 30th May 2018 FOR DOSHI MARU & ASSOCIATES
Place : Mumbai (Chartered Accountants)
Reg No. :112187W
SD/-
HIREN JAYANTILAL MARU
Partner
M.No. : 115279

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