INDEPENDENT AUDITORS REPORT
To the Members
Ed & Tech International Limited (Formerly Known as Visu International Limited)
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Ed & TechInternational Limited (Formerly known as Visu International Limited) ("theCompany") which comprises the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements
The Companys 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 and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with rule 7 of Companies(Accounts) Rules 2014. This responsibility includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are 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.
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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 anddisclosures in the financial statements. The procedures selected depend on theauditors 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 Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Companys Directors as well as evaluating theoverall 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 financial statements:
Basis for Modified Opinion:
The Company does not carry any operations during the year and immediately precedingyear. Also the Company does not have any Asset to discharge its liabilities in the normalcourse of business. Hence these conditions and events that may cast significant doubt onthe entitys ability to continue as a going concern.
In our opinion and to the best of our information and according to the explanationsgiven to us except the above paragraph in respect of basis of modified opinion theaforesaid financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March 2016its Loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("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 a statement on the matters Specified inparagraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act we further 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 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;
d) in our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014 .
e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.
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; and g) With respect to other matters to beincluded in the Auditors Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its notes to financial statements. ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses. iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by thecompany during the year ended 31st March 2016.
For P. Murali & Co.
Firm Registration No : 007257S
P. Murali Mohana Rao
Date : 28-05-2016
Annexure A to the Auditors Report
Annexure referred to in Independent Auditors Report to the Members of Ed & TechInternational Limited (Formerly known as Visu International Limited) on the standalonefinancial statements for the year ended 31st March 2016 we report that: i.The Company does not have any Fixed Assets. Hence this clause is not applicable to theCompany. ii. The company does not have inventory. Hence this clause is not applicable tothe company.
iii. 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. Therefore the provisions of Clause 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said order are not applicable to the company. iv.The Company has not granted any loans or made any Invetments or provided any guarantee orsecurity to the parties covered under section 185 and 186 of the Act.
Therefore the provisions of clause 3(iv) of the said order are not applicable to thecompany. v. The Company has not accepted any deposits from the public covered underSection 73 to 76 of the Companies Act 2013 and rules framed there under to the extentnotified. vi. 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. vii. (a)According to the information and explanations given to us and based on the records of thecompany examined by us the company is regular in depositing the undisputed statutorydues including Provident Fund Employees State Insurance Income-tax Service TaxCustom Duty Excise Duty and other material statutory dues as applicable with theappropriate authorities in India ; (b) There were no undisputed amounts payable in respectof Provident Fund Employees State Insurance Income-tax Service Tax CustomDuty Excise Duty and other material statutory dues in arrears as at 31st March2016 for a period of more than 6 months for the date they became payable.
(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes except given below in respect of Income Tax:
|S.No. ||Name of the Statute ||Assessment Year ||Amount in Rs. |
|1 ||Income Tax ||2009-2010 ||3707534 |
|2 ||Income Tax ||2007-2008 ||3834829 |
viii. In our opinion and according to the information and explanations given to usthe company has defaulted in repayment of dues to banks as at the balance sheet date. Allbank outstanding dues have become NPA and respective outstanding dues have beentransferred to ASREC & ARCIL by the Banks for recovery proceedings.
ix. The Company has not raised any moneys by way of initial public officer furtherpublic offer (including debt instruments) and term loans. Accordingly the provisions ofthis clause are not applicable to the Company.
x. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our Audit.
xi. The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandate by the provisions of section 197 read with schedule V to theAct.
xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the Provisions of clause 3(xii) of the order are not applicable to the company.
xiii. The Company has entered into transactions with related parties in compliance withthe provisions of section 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under Accountingstandard (AS) 18 related party disclosures specified under section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2014.
xiv. The Company has not made any preferential allotment of private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3(xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the Order arenot applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of The ReserveBank of India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the Company.
For P. Murali & Co.
Firm Registration No 007257S
P. Murali Mohana Rao
Annexure B to the Independent Auditors Report
Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of theSection 143 of the Companies Act 2013 (The Act)
We have audited the internal financial controls over financial reporting of Ed &Tech International Limited (Formerly Known as Visu International Limited) (thecompany) as of 31st March 2016 in conjunction with our audit ofstandalone financial statements of the company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 companys 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 Act.
Our responsibility is to express an opinion on the companys 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 deed to be prescribed undersection 143(10) of the Act to the extent applicable to an Audit of Internal FinancialControls both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. These standards and guidance note require that we comply with ethicalrequirements and plan and performed 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 Auditors Judgment including the assessment of the risk ofmartial 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 and the companys internal financial controlsystem over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys 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 Companys internal financial control overfinancial reporting includes these policies and procedures that (1) pertain to themaintenance of records that in reasonable detailed 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 principles and that receipts andexpenditures of the Company are being made only in accordance with authorization ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acqusition use or disposition of theCompanys assets that could have a material effect on the financial statements.
Inherent Limitation of Internal Financial Controls over Financial Reporting
Because of the inherent limitation 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 deducted.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 in adequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
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 31st 2016based on the internal 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 the Institute OfChartered Accountants of India.
For P. Murali & Co.
P. Murali Mohana Rao