| 1. We have audited the accompanying financial Statement of ACE EDUTREND
LIMITED (the "company"), which comprise the Balance Sheet as at 31st
March, 2014, the Statement of Profit and Loss Account and Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards notified under the
Companies Act, 1956 ("the Act") (which continue to be applicable in
respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13,2013 of the Ministry of Corporate
Affairs) and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fairview in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
As required by Section 227(3) of the Act, we report that;
(a) We have obtained all the information and explanations which to the
best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated September 13,2013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st March,
2014 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS' REPORT OF ACE EDUTREND LIMITED
REFERRED TO IN OUR REPORT OF EVEN DATE
1. In Respect of Fixed Asset
a) The Company Is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us the Company has a phased program of physical
verification of its fixed assets which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
c) There has been no sale of substantial part of the fixed assets
during the year and therefore, it does not affect the going concern
assumption.
2. The Company is engaged in Educational & Training Services.
Therefore paragraph (2) of the order is not applicable.
3. a) The Company has neither granted nor taken any loan secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
b) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount and interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
activities. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the information and explanations given to us by management, there are
no transactions which are required to be entered in the register
maintained under section 301 of the Act.
b) In our opinion, and according to the information given to us, there
are no transactions in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Act, 1956
aggregating during the year to Rs. 500000/- (Rupees five lacs only) or
more in respect of each party.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and nature of its business.
8. The Company is not required to maintain cost records as prescribed
u/s 209 (1) (d) of the Act.
7. In respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory
dues with appropriate authorities. According to the information and
explanations given to us, the undisputed amount payable in respect of
statutory dues were outstanding as at 31st March, 2014 for the period
of more than six month from the date of becoming payable except the
Income tax of Rs.8641246/-as on 31st March, 2014.
b) The Company doesn't have any disputed dues of Sales Tax/lncome
Tax/Customs/Wealth Tax/Excise Duty/Cess, etc. which have not been
deposited.
10. The Company has not incurred any cash losses in the financial year
and in the immediately preceding financial year. There are no
accumulated losses as at the end of the year under audit.
11. The Company has no dues payable to a Financial Institution or Bank
or Debenture Holders.
12. In our opinion and according to the information and explanation
given to us, the company has not granted any loans and advances against
security by way of pledge of shares, debentures and other securities.
13. In our opinion based on information and explanations given to us
company is not a chit/nidhi/ Mutual Benefit Fund/ Society and hence
compliance with special statute does arise.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans.
17. According to the information and explanations given to us, no
funds on short term basis have been raised by Company.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Act during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us, the
Company has not raised any money by way of public issues during the
year under consideration.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For PVR- N & Co.
Chartered Accountants
Pradeep Kumar Jindal
Partner
Place: New Delhi M. No.:082646
Date: 30th May, 2014 F. Regn No.: 004062N |