lhe Members,
M/s Jointcca Education Solutions Limited Mathura
Opinion
We have audited the standalone financial statements of M/s Jointccu Education Solutions
Limited ("the Company"), which comprises the balance sheet as at March 31. 2021,
and the statement of Profit and Loss, 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
In our opinion and to the best of our information and according to the explanations
given to us. the aforesaid financial statements give a true and fair view of in conformity
with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31st. 2d?. I and loss, and its cash flows for the year ended on this
date.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing (SAs) specified
under.scetion I43i. 10) of the Companies Act, 2013. Our responsibilities under those
Standards arelurlhcr described in the Auditors Responsibilities for the Audit of the
Financial Statcmcntsseciiou of our report. We are independent of the Company in accordance
with the Code ofLihics issued by the Institute of Chartered Accountants of India together
with the cthicalrcquiremenis that are relevant to our audit of the financial statements
under the provisions of the Companies Act. 2013 and we have fulfilled our other ethical
responsibilities in aceordanccwitli these requirements and the ICALs Code of Lillies. We
believe that the audit evidence wehavo obtained is sufficient and appropriate to provide a
basis for our qualified opinion.
Emphasis of Matter
We draw attention to the fact that no confirmation of the amount of trade receivables
of INR 15.25.281 in Schedule 2.10 and short term loans and advances of INR 17.30,000 in
Schedule 2.12 have been furnished to us. hence we are unable to comment whether flic
amount is recoverable or not. I lowever our opinion is not modified in respect of this
mailer.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters suited in Section
134(5) of the Companies Act. 2013 ("the Act") with respect to the preparation of
these standalone
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.
In preparing the financial statements, management is responsible for assessing the
Companys 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 also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors 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 financial statements.
Rcporl on Other Legal and Regulatory Requirements
!. As required by the Companies (Auditors Report) Order, 2016 (‘‘The
Order"), as amended, 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.
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 appears from our examination of those hooks;
(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 aforesaid 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 31st
March. 2021 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 st March, 2021 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
(g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 1 1 of the Companies (Audit and Auditors) Rules. 2014. in our opinion
and to the best of our information and according to the explanations given lo us:
I. The Company does not have any pending litigations which would impact its financial
position.
II. The Company did not have any long-term contracts including derivative contracts lor
which there were any material foreseeable losses.
III. Tliere were no amount which were required to be transferred to the Investor
Education and Protection Fund by the Company.
"ANNEXURE A" TO THE AUDITORS REPORT
Referred to in paragraph 1 under the heading ‘Report on Other Legal &
Regulatory Requirements of our report of even date to the financial statements of the
Company for the year ended March 31, 2021:
1. FIXED ASSETS
a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets;
b) According to the documents and explanations provided to us. the fixed assets have
been physically verified by the Management and no material discrepancies have been noticed
on such verification as stated by the Management;
c) In our opinion, the Company has not disposed of any substantial part of its fixed
assets so as to affect its going concern status.
2. INVENTORIES
a) There is no closing inventory with the Company.
3. As explained to us, 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.
4. The Company has a loan oflNR 65,13,857 from a NBFC and 1NR 20,54,270 from Mr Vishal
Mishra (Director) and 5,00,000 as inter- corporate deposit as at 31st March
2021. Further, the Company has advanced moneys to few of the employees as imprest in cash
and subsequently recovered from them in cash.
5. 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 Companies Act, 2013
in respect of loans, investments, guarantees, and security.
6. The Company has not accepted any deposits from the public and hence the directives
issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other
relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with
regard to the deposits accepted from the public are not applicable.
7. To the best of our knowledge and as explained, the maintenance of Cost Records has
not been specified by the Central Government under sub-section (1) of Section 148 of the
Act. in respect of the activities carried on by the company.
8. STATUTORY DUES
a) According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company is regular in depositing
undisputed statutory dues including Income Tax, GST, Service Tax, except for Provident
Fund, Employees State Insurance with the appropriate
authorities. Further, 1NR 46,395 in respect oflncome Tax is outstanding as at March 31.
2021 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us. there are no dues of
income tax. sales tax, service tax, duty of customs, duty of excise, value added tax
outstanding on account of any dispute.
9. In our opinion and according to the information and explanations given to us, the
Company has not defaulted in the repayment of dues to banks.
10. Rased upon the audit procedures performed and the information and explanations
given by tire management, during the year, the company has not raised moneys by way of
initial public offer or further public offer including debt instruments and term Loans.
i I. Based upon the audit procedures performed and the information and explanations
given by the management, we report that no fraud by the Company or on the company by its
officers or employees has been noticed or reported during the year.
12. Based upon the audit procedures performed and the information and explanations
given by the management, the managerial remuneration has been paid or provided in
accordance with the requisite approvals mandated by the provisions of section 197 read
with Schedule V to the Companies Act.
13. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of
clause 4 (xii) of the Order are not applicable to the Company.
14. In our opinion, all transactions with the related parties are in compliance with
section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the
Financial Statements as required bv the applicable accounting standards.
15. Based upon the audit procedures performed and the information and explanations
given by the management, during the year, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year under review.
16. Based upon the audit procedures performed and the information and explanations
given by the management, the company has not entered into any non-cash transactions with
directors or persons connected with him. Accordingly, the provisions of clause 3 (\v) of
the Order are not applicable to the Company and hence not commented upon.
"ANNEXURK B" TO THE AUDITORS REPORT
Report oit the Internal Financial Controls 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 Jointeca
Education Solutions Limited ("the Company") as of March 31, 2021 in conjunction
with our audit of the standalone financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining 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
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 companys 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 Companies Act, 2013,
Auditors Responsibility
Our responsibility is to express an opinion on the Companys 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
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of interna) financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance atom 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 auditors judgement, including the assessment of the risks of
materia) misstatement of (he 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 Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys 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 Companys internal financial control over financial
reporting includes those policies and procedures that (I) 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
companys 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, 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 31.2021.
17. In our opinion, the company is not required to be registered under section 45 1A of
the Reserve Bank of India Act. 1934 and accordingly, the provisions of clause 3 (xvi) of
the Order are not applicable to the Company and hence not commented upon.
|
For S.B. Ciupta &Co. |
|
Chartered Accountants |
|
Firms Registration No: 000992C |
| Place : Mathura |
CA Sunil Kumar Singhal |
| Date : 28.06.202 t |
Partner |
|
(Membership No. 0706i l) |
+91-9892691696
