Mar 31, 2019
Opinion
1. We have audited the accompanying standalone financial statements of Jetking Infotrain Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2019, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as âstandalone financial statementsâ).
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and loss (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. We have determined that there are no key audit matters to communicate in our report.
Information Other than the Standalone Financial Statements and Auditorâs Report Thereon
5. The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the Companyâs annual report, but does not include the standalone financial statements and our auditorâs report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Managementâs Responsibility for the Standalone Financial Statements
6. The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the standalone financial statements, Management and Board of Directors are responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companyâs financial reporting process.
Auditorâs Responsibility for the Audit of the Standalone Financial Statements
8. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
- Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (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 financial statements.
11. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
12. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
13. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
14. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and 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, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind 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 the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditorâs 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 to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
Annexure A to the Independent Auditorâs Report
(Referred to in paragraph 14(f) under âReport on Other Legal and Regulatory Requirementsâ section of our report to the members of Jetking Infotrain Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Jetking Infotrain Limited (âthe Companyâ) as of March 31, 2019, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorâs responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the criteria for internal control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Annexure B to the Independent Auditorâs Report
(Referred to in paragraph 13 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
1. In respect of its fixed assets:
a) The Company has maintained proper records of fixed assets showing full particulars, including quantitative details and location of fixed assets.
b) The Company has a program of verification to cover all the items of fixes assets in a phased manner which, in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2. a) The management has conducted the physical verification of inventory at reasonable intervals.
b) The discrepancies noticed on physical verification of the inventory as compared to book records, which have been properly dealt with in the books of account, were not material.
3. As per the information provided to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register 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 provided guarantees which are covered under section 185 or 186 of the Companies Act, 2013 and hence, reporting under clause 3 (iv) of the Order is not applicable to the Company.
5. According to the information and explanations given to us, the Company has not accepted any deposit from the public during the period in terms of the provisions of Sections 73 and 76 or any other relevant provisions of the Act. Accordingly, the provisions of clause 3 (v) of the Oder are not applicable to the Company.
6. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under 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 the basis of examination of the records in respect of statutory dues:
(a) the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employeesâ State Insurance, Income-tax, Goods and Service Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. As explained to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2019 for the period of more than six months from the date of they becoming payable.
(b) there are no dues on account of Income tax, Sales tax, Service Tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute except the following dues of service tax and income tax:
Name of the statue |
Nature of dues |
Amount (Rs. 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 1 5, 2005 |
Assistant Commissioner of Central Excise |
Finance Act, 1994 |
Service Tax (Royalty) |
7.40 |
April 1, 2005 to June 1 5, 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 201314 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 financial institutions, banks and government or has not issued any debenture. Hence reporting under clause 3(ix) of the Order is not applicable to the Company.
9. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) or term loans and hence, reporting under clause 3 (ix) of the Order is not applicable to the Company.
10. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.
11. In our opinion and according to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated 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 clause 3(xii) of the Order is not applicable to the Company.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transaction have been disclosed in the standalone financial statements as required by the applicable accounting standards.
14. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence, provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
16. The Company is not required to be registered under section 45-I of the Reserve Bank of India Act, 1934.
For KNAV & Co.
Chartered Accountants
(Firmâs registration number: 120458W)
Khozema Anajwalla
Partner
Membership No. 042557
Place: Mumbai
Date: May 27, 2019
Mar 31, 2018
Independent Auditor''s Report
To
The Members of Jetking Infotrain Limited Report on the standalone financial statements
We have audited the accompanying standalone financial statements of JETKING INFOTRAIN LIMITED (the ''Company''), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other comprehensive income), Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as ''standalone financial statements'')
Management''s responsibility for the standalone financial statements
The Company''s Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (the ''Act'') with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flow statement and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act, read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
Auditor''s responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards, and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs of the Company as at March 31, 2018, and its profit including other comprehensive income, its cash flows and the statement of changes in equity for the year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified 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 and 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, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity and dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act read with relevant rule there under;
(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements;
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
i. In respect of its fixed assets:
a) The Company has maintained proper records of fixed assets showing full particulars, including quantitative details and location of fixed assets.
b) All fixed assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. a) The management has conducted the physical verification of inventory at reasonable intervals.
b) The discrepancies noticed on physical verification of the inventory as compared to books records, which have been properly dealt with in the books of account, were not material.
iii. As per the information provided to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clause 3 (iii) of the Order is not applicable to the Company.
iv. The Company has not granted any loans, made investments or provided guarantees which are covered under section 185 or 186 of the Companies Act, 2013 and hence, reporting under clause 3 (iv) of the Order is not applicable to the Company.
v. According to the information and explanations given to us, the Company has not accepted any deposit from the public during the period in terms of the provisions of Sections 73 and 76 or any other relevant provisions of the Act. Accordingly, the provisions of clause 3 (v) of the Oder are not applicable to the Company
vi. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of the services rendered by the Company.
vii. According to the information and explanations given to us and on the basis of examination of the records in respect of statutory dues:
(a) the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. As explained to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2018 for the period of more than six months from the date of they became payable. As informed, statutory dues in the nature of duty of customs and duty of excise are not applicable to the Company.
(b) there are no dues on account of sales tax, wealth tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute except the following dues of service tax and income tax:
Name of the statue |
Nature of dues |
Amount (Rs, 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 1 0, 2004 to March 31, 2004 |
Bombay High Court |
Finance Act, 1994 |
Service Tax (Royalty) |
14.00 |
September 1 0, 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 1 6, 2005 to June 31, 2010 |
CESTAT, Delhi |
Finance Act, 1994 |
Service Tax (Sale of courseware) |
67.46 |
FY 2012-13, FY 201314 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.
viii. In our opinion and according to the information and explanations given to us, the Company did not have any outstanding dues to financial institutions, banks or government. The Company has not issued any debentures during the period.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) or term loans and hence, reporting under clause 3 (ix) of the Order is not applicable.
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the period.
xi. In our opinion and according to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transaction have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has re-issued forfeited shares to the promoter group. The requirement of section 42, 62 & 188 of the Companies Act, 2013 have been complied with by the Companies to the extent applicable. The money so received has been used for the purposes for which the funds were raised.
xv. In our opinion and according to the information and explanations given to us, during the period the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence, provisions of section 192 of the Companies Act, 2013 are not applicable.
xiv. The Company is not required to be registered under section 45-I of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of JETKING INFOTRAIN LIMITED (the Company'') as of March 31, 2018, in conjunction with our audit of the standalone financial statements of the Company as of and for the year ended on that date.
Management''s responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor''s responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For KNAV & Co.
Chartered Accountants
(Registration No: 120458W)
Khozema Anajwalla
Partner
Membership No.: 042557
Place: Mumbai
Date: May 25, 2018
Mar 31, 2017
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Jetking Infotrain Limited (âthe Companyâ) which comprise the Balance Sheet as at 31 March 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
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 auditorâs 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 internal control relevant to Companyâs preparation 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 Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2017, its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Sub-section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and 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, the 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 aforesaid standalone financial statements comply with the Accounting Standards 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 the directors as on 31 March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us;
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 26 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
iv. The Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December 2016 and these are in accordance with the books of account maintained by the Company. Refer Note 38 to the financial statements.
ANNEXURE - âAâ TO THE INDEPENDENT AUDITORSâ REPORT (Referred to in paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementsâ of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management according to the regular programme of periodical verification in a phased manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. The discrepancies noticed on such physical verification were not material and the same have been properly dealt with in the books of account.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) (a) As explained to us, the inventories of courseware and other materials have been physically verified by the management at reasonable intervals during the year.
(b) The discrepancies noticed on physical verification of inventory as compared to book records were not material and the same have been properly dealt with in the books of account.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the Paragraph 3 (iii) (a), 3(iii) (b) and 3(iii) (c) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, guarantee or security and investments made.
(v) The Company has not accepted any deposits during the year from the public to which the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 and any other relevant provisions of the Act and the rules framed there under apply.
(vi) In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
(vii) (a) The Company is generally regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, service tax, value added tax, cess and any other material statutory dues with the appropriate authorities. No undisputed amounts payable in respect of aforesaid statutory dues outstanding as on the last day of the financial year for a period of more than six months from the date they became payable. As informed, statutory dues in the nature of duty of customs and duty of excise are not applicable to the Company.
b) According to information and explanations given to us, there are no dues on account of sales tax, wealth tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute except the following dues of service tax and income tax:
Name of statute |
Nature of dues |
Amount* (in Rs.) |
Period to which the amount relates |
Forum where the dispute is pending |
|
Finance 1994 |
Act, |
Service Tax (Franchisee fee) |
58,303 |
1 February 2004 to 30 April 2004 |
Central Excise and Service Tax Appellate Tribunal |
Finance 1994 |
Act, |
Service Tax (Royalty) |
647,853 |
1 February 2004 to 30 April 2004 |
Central Excise and Service Tax Appellate Tribunal |
Finance 1994 |
Act, |
Service Tax (Franchisee fee) |
60,172 |
1 May 2004 to 9 September 2004 |
Bombay High Court |
Finance 1994 |
Act, |
Service Tax (Royalty) |
1,056,913 |
1 May 2004 to 9 September 2004 |
Bombay High Court |
Finance 1994 |
Act, |
Service Tax (Franchisee fee) |
39,648 |
10 September 2004 to 31 March 2005 |
Bombay High Court |
Finance 1994 |
Act, |
Service Tax (Royalty) |
1,399,895 |
10 September 2004 to 31 March 2005 |
Bombay High Court |
Finance 1994 |
Act, |
Service Tax (Franchisee fee) |
24,863 |
1 April 2005 to 15 June 2005 |
Assistant Commissioner of Central Excise |
Finance 1994 |
Act, |
Service Tax (Royalty) |
739,748 |
1 April 2005 to 15 June 2005 |
Bombay High Court |
Finance 1994 |
Act, |
Service Tax (Sale of courseware) |
30,058,840 |
16 June 2005 to 31 March 2010 |
CESTAT, Delhi |
Finance 1994 |
Act, |
Service Tax (Sale of courseware) |
6,746,327 |
FY 2012-13, FY 2013-14 and 201415 |
Commissioner of Service Tax (Appeals), Mumbai |
Income Tax Act 1961 |
Income Tax |
73,17,570 |
AY 2010-11 |
Deputy Commissioner of Income Tax |
|
Income Act, 1961 |
Tax |
Income Tax |
141,300 |
AY 2013-14 |
Commissioner of Income Tax |
|
|
Total |
48,291,432 |
|
|
* excluding penalty and net of amount paid under protest.
(viii) The Company does not have any loans or borrowings from financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable to the Company.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable to the Company.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
For Suresh Surana & Associates LLP
Chartered Accountants
Firmâs Reg. No. 121750W/W-100010
Ramesh Gupta
Partner
Membership No.: 102306
Place: Mumbai
Date: 30 May 2017
Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
Jetking Infotrain Limited ("the Company") which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance 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 the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
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 internal financial control relevant
to the Company''s preparation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on whether the Company has
in place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by the
Company''s Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March, 2015, its profit 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, 2015 (the
"Order"), issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters 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 sought and 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, the 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 aforesaid standalone financial statements
comply with the Accounting Standards 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 the
directors as on 31 March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us;
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements. (Refer Note 26 to the
financial statements).
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 of our report of even date)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of
fixed assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner, which in our opinion is reasonable having regard to the
size of the Company and the nature of its fixed assets. The
discrepancies noticed on such physical verification were not material
and the same have been properly dealt with in the books of account.
(ii) (a) As explained to us, the inventories of courseware and other
materials have been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and the same have been properly dealt
with in the books of account.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the Paragraph 3 (iii) (a)
and (b) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, we have neither come across nor have been informed
of any continuing failure to correct major weaknesses in internal
control system.
(v) The Company has not accepted any deposits during the year to which
the directives issued by the Reserve Bank of India and the provisions
of Sections 73 to 76 and any other relevant provisions of the Act and
the rules framed thereunder apply.
(vi) In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section sub-section (1) of Section 148 of the Act.
(vii) (a) The Company is generally regular in depositing undisputed
statutory dues including provident fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, value added tax, cess
and any other material statutory dues with the appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory dues
outstanding as on the last day of the financial year for a period of
more than six months from the date they became payable. As informed,
statutory dues in the nature of duty of customs and duty of excise are
not applicable to the Company.
(b) According to information and explanations given to us, there are no
dues on account of sales tax, wealth tax, duty of customs, duty of
excise, value added tax and cess which have not been deposited with the
appropriate authorities on account of any dispute except the following
dues of service tax and income tax:
Name of Nature of Amount*
statute dues (RS.)
Finance Franchisee fee 764,749
Act, 1994
Finance Royalty 2,105,415
Act, 1994
Finance Franchisee fee 130,357
Act, 1994
Finance Royalty 740,384
Act, 1994
Finance Franchisee fee 359,689
Act, 1994
Finance Royalty 787,193
Act, 1994
Finance Franchisee fee 348,093
Act, 1994
Finance Royalty 1,647,454
Act, 1994
Finance Franchisee fee 2,032,496
Act, 1994
Income Tax Income Tax 1,774,480
Act, 1961
Name of Period to which Forum where the
statute the amount relates dispute is pending
Finance 1 February 2004 to Central Excise and Service
Act, 1994 30 April 2004 Tax Appellate Tribunal
Finance 1 February 2004 to Central Excise and Service
Act, 1994 30 April 2004 Tax Appellate Tribunal
Finance 1 May 2004 to Bombay High Court
Act, 1994 9 September 2004
Finance 1 May 2004 to Bombay High Court
Act, 1994 9 September 2004
Finance 10 September 2004 to Bombay High Court
Act, 1994 31 March 2005
Finance 10 September 2004 to Bombay High Court
Act, 1994 31 March 2005
Finance 1 April 2005 to Assistant Commissioner
Act, 1994 15 June 2005 of Central Excise
Finance 1 July 2003 to Bombay High Court
Act, 1994 31 January 2004
Finance 1 July 2003 to Bombay High Court
Act, 1994 31 January 2004
Income Tax AY 2011 - 2012 Assistant Commissioner
Act, 1961 of Income Tax
* including penalty/interest and net of amount paid under protest.
(c) According to the information and explanations given to us, the
Company has transferred the amount required to be transferred to
Investor Education and Protection Fund within time, in accordance with
the relevant provisions of the Companies Act, 1956 and the rules made
thereunder.
(viii) The Company has no accumulated losses as at 31 March, 2015 and
it has not incurred cash losses in the financial year and in the
immediately preceding financial year.
(ix) In our opinion and according to information and explanations given
to us, the Company has no borrowing from financial institutions or bank
or debenture holders. Accordingly, the Paragraph 3 (ix) of the Order is
not applicable to the Company.
(x) According to information and explanations given to us and in our
opinion, the Company has not given any guarantees for loans taken by
others from banks or financial institutions. Accordingly, the Paragraph
3 (x) of the Order is not applicable to the Company.
(xi) Based on information and explanations given to us, the Company has
not obtained term loan during the year. Accordingly, the Paragraph 3
(xi) of the Order is not applicable to the Company.
(xii) During the course of our examination of the books of account and
records of the Company, carried out in accordance with 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 management.
FOR SURESH SURANA & ASSOCIATES LLP
Chartered Accountants
ICAIReg. No. 121750W/W-100010
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Mumbai; Dated: 26th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of JETKING
INFOTRAIN LIMITED ("the Company"), which comprise the balance sheet as
at March 31, 2014 and statement of profit and loss and cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 Principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal
controls relevant to the preparation and fair presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
auditor 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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India: r
(a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31,2014, and
(b) in the case of the statement of profit and loss, of the profit 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
1. As required by 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 said
Order.
2. 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 purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of
those books;
c. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
d. in our opinion, the balance sheet, statement of profit and loss and
the cash flow statement comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Act, read with the General
Circular 15/2013 dated 13 September 2013 of Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013;
e. On the basis of written representations received from the directors
of the Company, as on March 31, 2014 and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2014 from being appointed as a director in terms of clause
(g) of sub- section (1) of Section 274 of the Act.
(Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner, which in our opinion is reasonable having regard to the
size of the Company and the nature of its fixed assets. The
discrepancies noticed on such physical verification were not material
and the same have been properly dealt with in the books of account.
(c) During the year, the Company has not disposed off substantial part
of the fixed assets.
2. (a) As explained to us, the inventories of courseware and other
materials have been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and the same have been properly dealt
with in the books of account.
3. i According to the information and explanations given to us, the
Company has not granted / taken any loans, " secured or unsecured, to /
from companies, firms and other parties covered in the "Register
maintained under Section 301 of the Act. Accordingly, the provisions of
clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)(f), and 4(iii)(g) of the
Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventory, fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act that need to be entered into
register maintained under Section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions exceeding value of five lakhs rupees in
respect of any party have been entered into during the financial year
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed
hereunder.
7. The Company has adequate internal audit system commensurate with
size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Act.
9. (a) The Company is generally regular in depositing the undisputed
statutory dues including provident fund, investor education and
protection funds, employees'' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
material statutory dues as applicable with the appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory
outstanding as on the last day of the financial year for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, service tax, customs duty, wealth
tax, excise duty and cess, which have not been deposited on account of
any dispute except the following dues:
Amount Forum where the
dispute is
In respect of Period to which the
amount relates
(Rs.) pending
Franchisee fee 58,303 1 February 2004 to
30 April 2004 Commissioner Central
Excise (Appeals)
Royalty 647,852 1 February 2004 to
30 April 2004 Commissioner Central
Excise (Appeals)
Franchisee fee 60,172 1 May 2004 to
9 September 2004 Custom Excise &
Service Tax Appellate
Tribunal
Royalty 1,056,913 1 May 2004 to Custom Excise &
Service Tax
9 September 2004 Appellate Tribunal
Franchisee fee 39,648 10 September 2004
to 31 March Custom Excise &
Service Tax
Appellate Tribunal
Royalty 1,399,895 10 September 2004 to Custom Excise &
31 march 2005 Service Tax
Appellate Tribunal
Franchisee fee 24,863 1 April 2005 to 15 Assistant Commiss
-ioner
June 2005 Central Excise
Income Tax 400,940 AY 2009 - 2010 Assistant Commis
-sioner of
Income Tax
Income Tax 1,774,480 AY2011-2012 Assistant Commis
-sioner of
Income Tax
TDS 13,990 AY 2009 - 2010 Deputy Commissioner
of Income Tax (TDS)
TDS 43240 AY 2010-2011 Chief Commissioner
of Income tax
TDS 83,800 AY 2012 - 2013 Deputy Commissioner
of Income Tax (TDS)
TDS 3,990 AY 2013 - 2014 Deputy Commissioner
of Income Tax (TDS)
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year or in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the banks. The
Company does not have any borrowings from financial institutions and by
way of debentures.
12. According to the information and explanations given to us, and in
our opinion, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us and in
our opinion, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16. Based on the information and explanations given to us, the Company
has not obtained term loan during the year. Accordingly, the provisions
of clause 4(xvi) of the Order are not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company and cash
flow statement, we report that the funds raised on short-term basis,
have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
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 instances of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the management.
FOR SURESH SURANA & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No. 121750W/W-100010
(Ramesh Gupta)
PARTNER
Membership No. 102306
Place: Mumbai
Dated: May 26, 2014
Mar 31, 2013
We have audited the accompanying financial statements of JETKING
INFOTRAIN LIMITED ("the Company"), which comprise the balance sheet as
at March 31,2013, statement of profit and loss and also cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in sub-section (3C) of Section 211 of the Companies Act,
1956 ("the Act"). 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.
Auditor''s Responsibility
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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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 management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view 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 March 2013;
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.
Emphasis of Matter
We draw attention to Note No. 33 to the financial statements relating
to managerial remuneration paid/payable to directors of the Company, in
excess of the limits prescribed under Section 198 read with Schedule
XIII of the Act, which is subject to approval of the Central
Government. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order 2003,
(hereinafter referred to as the ''Order) issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as the "Act"), and on the basis of such
checks, as we considered appropriate, we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
2. 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 purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section(3C) of Section 211 of the Act;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, 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 (Referred to in paragraph 1 of report
on other legal and regulatory requirements of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner, which in our opinion is reasonable having regard to the
size of the Company and the nature of its fixed assets. The
discrepancies noticed on such physical verification were not material
and the same have been properly dealt with in the books of account.
(c) During the year, the Company has not disposed off substantial part
of the fixed assets.
2. (a) As explained to us, the inventory of courseware and other
materials has been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and the same have been properly dealt
with in the books of account.
3. According to the information and explanations given to us, the
Company has not granted / taken any loans, secured or unsecured, to /
from companies, firms and other parties covered in the Register
maintained under Section 301 of the Act. Accordingly, the provisions of
clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)(f), and 4(iii)(g) of the
Order are not applicable to the Company
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventory, fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5 (a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act that need to be entered into
register maintained under Section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions exceeding value of five lakhs rupees in
respect of any party have been entered into during the financial year
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed
hereunder.
7. The Company has an internal audit system. In our opinion, internal
audit system is required to be further strengthened by expanding its
coverage and scope in order to be commensurate with the size and nature
of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Act.
9. (a) The Company is generally regular in depositing the undisputed
statutory dues including provident fund, investor education and
protection funds, employees'' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
material statutory dues as applicable with the appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory
outstanding as on the last day of the financial year for a period of
more than six months from the date they became payable. (b) According
to the information and explanations given to us, there are no dues of
sales tax, income tax, service tax, customs duty, wealth tax, excise
duty and cess, which have not been deposited on account of any dispute
except the following dues pertaining to service tax under the Service
Tax Act:
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year or in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the banks. The
Company does not have any borrowings from financial institutions and by
way of debentures.
12. According to the information and explanations given to us, and in
our opinion, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing ortrading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us and in
our opinion, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16. Based on the information and explanations given to us, the Company
has not obtained term loan during the year. Accordingly, the provisions
of clause 4(xvi) of the Order are not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company and cash
flow statement, we report that the funds raised on short-term basis,
have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
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 instances of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the management.
FOR SURESH SURANA & ASSOCIATES
Chartered Accountants
Firm Registration No.: 121750W
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Place: Mumbai
Dated: May 20, 2013
Mar 31, 2012
1. We have audited the attached balance sheet of Jetking Infotrain
Limited as at 31 March 2012, the statement of profit and loss and also
the cash flow statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) (Amendment) Order
2004, (hereinafter referred to as the 'Order) issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as the "Act"), and on the basis of
such checks, as we considered appropriate, we annex hereto a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 the law have
been kept by the Company so far as appears from our examination of
those books;
c) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the balance sheet, statement of profit and loss and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Act, to the extent applicable;
e) On the basis of written representations received from the directors
of the Company, as on 31 March 2012 and taken on record by the Board of
directors, we report that none of the directors is disqualified as on
31 March 2012 from being appointed as a director in terms of clause (g)
of sub-section (1) of Section 274 of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the significant accounting policies and notes thereon
give the - information required by the Act, in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India:
i. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2012;
ii. in the case of the statement of profit and loss, of the profit of
the Company for the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner, which in our opinion is reasonable having regard to the
size of the Company and the nature of its fixed assets. The
discrepancies noticed on such physical verification were not material
and the same have been properly dealt with in the books of account.
(c) During the year, the Company has not disposed off substantial part
of the fixed assets.
2. (a) As explained to us, the inventory of courseware and other
materials has been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and the same have been properly dealt
with in the books of account.
3. According to the information and explanations given to us, the
Company has not granted / taken any loans, secured or unsecured, to /
from companies, firms and other parties covered in the Register
maintained under Section 301 of the Act. Accordingly, the provisions of
clause 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)(f), and 4(iii)(g) of the
Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventory, fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act that need to be entered into
register maintained under Section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions exceeding value of five lakhs rupees in
respect of any party have been entered into during the financial year
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed
hereunder.
7. The Company has an internal audit system. In our opinion, internal
audit system is required to be further strengthened by expanding its
coverage and scope in order to be commensurate with the size and nature
of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Act.
9. (a) The Company is generally regular in depositing the undisputed
statutory dues including provident fund, investor education and
protection funds, employees' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
material statutory dues as applicable with the appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory
outstanding as on the last day of the financial year for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, service tax, customs duty, wealth
tax, excise duty and cess, which have not been deposited on account of
any dispute except the following dues pertaining to service tax and
income tax under the Service Tax Act and Income Tax Act, respectively:
In respect of Amount Period to which
the amount Forum where
the dispute
is pending
Service tax (Rs.) relates
Commercial 2,063,823 1 April 2005 to
15 June 2005 Custom Excise &
Service Tax Appellate
Training Tribunal
Franchisee fee 58,303 1 February 2004 to
30 April 2004 Commissioner of
Central Excise
(Appeals)
Royalty 647,852 1 February 2004 to
30 April 2004 Commissioner of
Central Excise
(Appeals)
Franchisee fee 60,172 1 May 2004 to 9
September 2004 Custom Excise &
Service Tax Appellate
Tribunal
Royalty 1,056,913 1 May 2004 to 9
September 2004 Custom Excise &
Service Tax Appellate
Tribunal
Franchisee fee 39,648 10 September
2004 to 31 March Custom Excise &
Service Tax Appellate
2005 Tribunal
Royalty 1,399,895 10 September
2004 to 31 March Custom Excise &
Service Tax Appellate
2005 Tribunal
Franchisee fee 24,863 1 April 2005 to
15 June 2005 Assistant
Commissioner
of Central Excise
Royalty 739,749 1 April 2005 to
15 June 2005 Assistant
Commissioner of
Central Excise
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year or in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the banks. The
Company does not have any borrowings from financial institutions and by
way of debentures.
12. According to the information and explanations given to us, and in
our opinion, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us and in
our opinion, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16. Based on the information and explanations given to us, the term
loans have been applied for the purpose for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company and cash
flow statement, we report that the funds raised on short-term basis,
have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
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 instances of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the management.
FOR SURESH SURANA & ASSOCIATES
Chartered Accountants
Firm Registration No.: 121750W
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Place: Mumbai
Dated: 28 May 2012
Mar 31, 2010
1. We have audited the attached balance sheet of Jetking Infotrain
Limited as at 31 March 2010, the profit and loss account and also the
cash flow statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) (Amendment) Order
2004, (hereinafter referred to as the Order) issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as the "Act"), and on the basis of such
checks, as we considered appropriate, we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 the law have
been kept by the Company so far as appears from our examination of
those books;
c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
e) On the basis of written representations received from the directors
of the Company, as on 31 March 2010 and taken on record by the Board of
directors, we report that none of the directors is disqualified as on
31 March 2010 from being appointed as a director in terms of clause (g)
of sub-section (1) of Section 274 of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
thereon in Schedule 14, give the information required by the Act, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
i. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2010;
ii. in the case of the profit and loss account, of the profit of the
Company for the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) Fixed assets have been physically verified by the management
according to the regular programme of periodical verification in a
phased manner, which in our opinion is reasonable having regard to the
size of the Company and the nature of its fixed assets. The
discrepancies noticed on such physical verification were not material
and the same have been properly dealt with in the books of account.
(c) During the year, the Company has not disposed off substantial part
of the fixed assets.
2. (a) As explained to us, the inventory of courseware and other
materials has been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and the same have been properly dealt
with in the books of account.
3. According to information and explanations given to us, the Company
has not granted /taken any loans, secured or unsecured, to / from
companies, firms and other parties covered in the Register maintained
under Section 301 of the Act. Accordingly, the provisions of clause
4(iii)(a), 4(iii)(b), 4(iii)(c), 4(iii)(d), 4(iii)(f), and 4(iii)(g) of
the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of inventory, fixed assets and for the sale of goods
and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act that need to be entered into
register maintained under Section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions exceeding value of five lakhs rupees in
respect of any party have been entered into during the financial year
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed
hereunder.
7. The Company has adequate internal audit system commensurate with
size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under section 209(1 )(d) of the Act.
9. (a) The Company is generally regular in depositing the undisputed
statutory dues including provident fund, investor education and
protection funds, employees state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
material statutory dues as applicable with the appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory
outstanding as on the last day of the financial year for a period of
more than six months from the date they became payable, except in
respect of income tax ofRs. 413,025.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, service tax, customs duty, wealth
tax, excise duty and cess, which have not been deposited on account of
any dispute except the following dues pertaining to service tax under
the Service Tax Act:
In respect of Amount (Rs.) Period to which
the amount relates Forum where the
dispute is
pending
Commercial
Training 5,627,834 10 September 2004
to 31 March 2005 Commissioner of
Central Excise
Commercial
Training 2,747,893 1 April 2005 to
15 June 2005 Commissioner of
Central Excise
Franchisee fee 128,033 1 July 2003 to
31 January 2004 Assistant
Commissioner of
Central Excise
Royalty 1,481,277 1 July 2003 to
31 January 2004 Assistant Commis
sioner of Central
Excise
Franchisee
fee 40,722 1 February 2004
to 30 April 2004 Joint Commissioner
of Central Excise
Royalty 647,852 1 February 2004
to 30 April 2004 Joint Commissioner
of Central Excise
Franchisee fee 58,376 1 May 2004 to
9 September 2004 Tribunal
Royalty 1,056,913 1 May 2004 to
9 September 2004 Tribunal
Franchisee fee 299,113 10 September 2004
to 31 March 2005 Tribunal
Royalty 1,162,895 10 September 2004
to 31 March 2005 Tribunal
Franchisee fee 231,488 1 April 2005 to
15 June 2005 Assistant
Commissioner of
Central Excise
Royalty 526,748 1 April 2005 to
15 June 2005 Assistant
Commissioner of
Central Excise
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year or in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the banks. The
Company does not have any borrowings from financial institutions and by
way of debentures.
12. According to the information and explanations given to us, and in
our opinion, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us and in
our opinion, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16. Based on the information and explanations given to us, the term
loans have been applied for the purpose for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company and cash
flow statement, we report that the funds raised on short-term basis,
have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
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 instances of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such cases by the management.
FOR SURESH SURANA & ASSOCIATES
Chartered Accountants
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Firm Registration No.: 121750W
Place: Mumbai
Dated: 30 May 2010