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MT EDUCARE LIMITED — Interim / Quarterly Report 2021
Aug 10, 2021
63580_rns_2021-08-10_7e8ec0f4-5922-443e-bbec-5d7fc52dd9f1.pdf
Interim / Quarterly Report
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R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com
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| Ref: MTEL/2021-22/009 | August 10th, 2021 |
|---|---|
| The Manager (CRD) BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai- 400001 |
The Manager – Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (East) Mumbai - 400 051 |
| Scrip Code : 534312 | Symbol: MTEDUCARE |
Dear Sir/ Madam,
Sub: Outcome of Board Meeting held on August 10[th] , 2021
This is to inform you that the Board of Directors of the Company at its meeting held today i.e., on August 10[th] , 2021 at 05.30 p.m. and concluded at 06.30 p.m. has approved:
1) Un-audited Financial Results (Standalone & Consolidated) of the Company for the first quarter of the financial year 2021-22 ended on June 30, 2021 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The copy of the Un-Audited Financial results along with the Limited Review Report by Statutory Auditors of the Company is enclosed herewith
2) The Board has approved notice for convening of 15[th] Annual General Meeting (AGM) on Friday 17[th] September, 2021 through Video Conferencing (VC)/Other Audio Visual Means (OVAM) and approved notice thereof.
3) Appointment of Scrutinizer for the 15[th] Annual General Meeting to be held on Friday 17[th] September, 2021.
4) Pursuant to section 91 of the Companies Act, 2013 and regulation 42 of SEBI (LODR) Regulations, 2015 the register of members & share transfer Books of the Company shall remain closed from 11[th] September, 2021 to 17[th] September, 2021 for the purpose of 15[th] Annual General Meeting of the Company to be held on Friday 17[th] September, 2021.
5) Approval for re-appointment of M/s Joshi Apte & Associates as Cost Auditor for the F. Y 2021-2022 (Brief Profile Attached with the Outcome).
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R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com
Kindly take the same on your records.
Thanking you.
Yours faithfully, For MT Educare Limited
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Ravindra Mishra Company Secretary
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R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com
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Annexure I
A BRIEF PROFILE OF THE COST AUDITORS IS AS BELOW:
Joshi Apte and Associates is one of the leading Cost Auditing firm in India. It consists of 7 partners with varied exposure in Costing, Accounting, ERP implementation, Taxation, GST and other fields related to finance. Partners consist of different educational qualifications like Doctorate, Company Secretary and MBA. It has cliental of large Public Sector Companies, Private Companies and other forms of organizations too. Cliental includes from various industries like Pharma, Construction, Healthcare, Education, Petroleum, Engineering and many other fields. Partners in the firm have worked on Institute of Cost Accountants of India in various capacities like President, Chairman, Central Council Member and Regional Council Member also. Mix blend of experience and educational qualification makes the firm ahead in many aspects from other Cost Auditing Firms in India.
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Independent Auditor’s Review Report on the Quarterly Unaudited Standalone Financial Results of MT Educare Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
To
The Board of Directors of
MT Educare Limited
Re: Limited Review Report for the quarter ended 30 June 2021
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We have reviewed the accompanying Statement of unaudited standalone financial results of MT Educare Limited (the “Company”) for the quarter ended 30 June, 2021 (“the Statement”) being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ”Listing Regulations”).
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This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of Companies Act, 2013, as amended, read with rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
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We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
4. Basis of Qualified Opinion
- a) The Company have recognized net deferred tax assets of Rs. 6,717.44 lakhs based on the estimate that sufficient taxable profits would be available in future years against which deferred tax asset can be utilized. In our opinion, due to uncertainties arising out of the outbreak of COVID -19 and the existence of unutilized tax losses available, it is uncertain that the Company would achieve sufficient taxable profits in future against which deferred tax assets can be utilized. Accordingly, we are unable to obtain sufficient appropriate audit evidence to corroborate the Management’s assessment of recognition of deferred tax assets as at 30 June 2021. Had the deferred tax asset not been recognized, the net loss for the period ended 30 June 2021 would have been higher by Rs. 6,717.44 lakhs.
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b) The Company did not obtain/ receive balance confirmation from most of the customers /creditors and other parties including certain advances other than related parties for the balances as on 30 June, 2021 due to COVID-19 disruption and is in the process of finding amicable resolutions with the parties. We are unable to comment on adjustments or disclosures, if any, that may arise.
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c) The Company has loans, trade receivables and other receivables of Rs 5,285.93 lakhs (net of provisions) from other parties having operations in the education sector outstanding as at 30 June 2021, which are overdue. The management considers that COVID-19 pandemic and the subsequent lockdowns have disrupted the operations of parties in education sector and such outstandings have arisen primarily due to lockdowns and the management considers the same as good and recoverable. Accordingly, owing to the aforementioned overdues, we are unable to comment upon adjustments, if any, that may be required to the carrying value of the outstanding receivables and further provisions, if any, required and the consequential impact on the accompanying standalone financial results.
5. Qualified Conclusion Based on our review conducted as stated above except for the effects/ possible effects of our observation stated in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the applicable Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with rules issued thereunder and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement .
- Material Uncertainty relating to Going Concern The pandemic Covid-19 has caused an adverse impact on the business operations of the Company and its financial health. The operations of the Company was affected for the period ended 30 June, 2021. Further, the Company has defaulted in its debt and other obligations. These indicate the existence of uncertainty that may cast doubt on the Company’s ability to continue as a going concern. The appropriateness of assumption of going concern is dependent upon improvement in cash flows from normal operations in post COVID-19 and timely monetization of assets.
Our opinion is not modified in respect of this matter.
7. Emphasis of Matter We draw attention to
- a) Note 8 to the Statement, relating to recoverability of long outstanding vocational trade receivables and unbilled receivables aggregating to Rs. 1,822.00 lakhs (net of provisions) outstanding as at 30 June 2021, which represent amounts recoverable for various Central and State Government/ Agencies projects in education/skill development sector. Based on internal assessment of the management which includes considering the progress of the discussions with the relevant government parties, past trends, contractual rights and evidence of service delivery, the management is of the view that the aforesaid receivable balances (net of provision) outstanding as at 30 June 2021 are good and recoverable.
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- b) Note 12 to the Statement that states that the management has made an assessment of the impact of COVID-19 on the Company’s operations, financial performance, and position as at and for the period ended 30 June 2021 and has concluded that there is no impact which is required to be recognized in the standalone financial results. Accordingly, no adjustments have been made to the financial results. However, the extent of the impact of the COVID-19 pandemic on the Company’s standalone financial results is dependent upon future developments
Our opinion is not modified in respect of these matters.
For MGB & Co LLP Chartered Accountants Firm Registration Number 101169W/W-100035
Sanjay Kothari Partner Membership Number 048215 Mumbai, 10 August 2021 UDIN: 21048215AAAAJC7378
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Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated Financial Results of MT Educare Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
To
The Board of Directors of MT Educare Limited
Re: Limited Review Report for the quarter ended 30 June 2021
-
We have reviewed the accompanying Statement of unaudited consolidated financial results of MT Educare Limited (the “Company”) for the quarter ended 30 June, 2021 (“the Statement”) being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ”Listing Regulations”).
-
This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of Companies Act, 2013, as amended, read with rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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The Statement includes the results of the following entities:
Holding Company
- i. MT Educare Limited
Subsidiaries
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i. MT Educational Services Private Limited
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ii. Lakshya Forrum for Competition Private Limited
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iii. Chitale’s Personalised Learning Private Limited
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iv. Sri Gayatri Educational Services Private Limited
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v. Robomate Edutech Private Limited
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vi. Letspaper Technologies Private Limited
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- vii. Labh Ventures India Private Limited
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5. Basis of Qualified Opinion
-
a) The Group have recognized net deferred tax assets of Rs. 6,923.77 lakhs based on the estimate that sufficient taxable profits would be available in future years against which deferred tax asset can be utilized. In our opinion, due to uncertainties arising out of the outbreak of COVID -19 and the existence of unutilized tax losses available, it is uncertain that the Company and certain subsidiaries would achieve sufficient taxable profits in future against which deferred tax asset can be utilized. Accordingly, we are unable to obtain sufficient appropriate audit evidence to corroborate the Management’s assessment of recognition of deferred tax assets as at 30 June 2021. Had the deferred tax asset not been recognized, the net loss for the period ended 30 June 2021 would have been higher by Rs. 6,923.77 lakhs.
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b) The Group did not obtain/ receive balance confirmation from most of the customers /creditors and other parties including certain advances other than related parties for the balances as on 30 June, 2021 due to COVID-19 disruption and is in the process of finding amicable resolutions with the parties. We are unable to comment on adjustments or disclosures, if any, that may arise.
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c) The Group has loans, trade receivables and other receivables of Rs 11,292.88 lakhs (net of provisions) from other parties having operations in the education sector outstanding as at 30 June 2021, which are overdue. The management considers that COVID-19 pandemic and the subsequent lockdowns have disrupted the operations of parties in education sector and such outstandings have arisen primarily due to lockdowns and the management considers the same as good and recoverable. Accordingly, owing to the aforementioned overdues, we are unable to comment upon adjustments, if any, that may be required to the carrying value of the outstanding receivables and further provisions, if any, required and the consequential impact on the accompanying consolidated financial results.
6. Qualified Conclusion
-
Based on our review conducted as stated above except for the effects/ possible effects of our observation stated in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the applicable Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with rules issued thereunder and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
Material Uncertainty relating to Going Concern
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The pandemic Covid-19 has caused an adverse impact on the business operations of the Group and its financial health. Further, the Group has defaulted in its debt and other obligations. These indicate the existence of uncertainty that may cast doubt on the Group’s ability to continue as a going concern. The appropriateness of assumption of going concern is dependent upon improvement in cash flows from normal operations in post COVID-19 and timely monetization of assets.
Our opinion is not modified in respect of this matter.
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Emphasis of Matter We draw attention to
-
a) Note 8 to the Statement, relating to recoverability of long outstanding vocational trade receivables and unbilled receivables aggregating to Rs. 3,049.92 lakhs (net of provisions) outstanding as at 30 June 2021, which represent amounts recoverable for various Central and State Government/ Agencies projects in education/skill development sector. Based on internal assessment of the management which includes considering the progress of the discussions with the relevant government parties, past trends, contractual rights and evidence of service delivery, the management is of the view that the aforesaid receivable balances (net of provision) outstanding as at 30 June 2021 are good and recoverable.
-
b) Note 12 to the Statement that states that the management has made an assessment of the impact of COVID-19 on the Group’s operations, financial performance, and position as at and for the period ended 30 June 2021 and has concluded that there is no impact which is required to be recognized in the consolidated financial results. Accordingly, no adjustments have been made to the financial results. However, the extent of the impact of the COVID-19 pandemic on the Group’s consolidated financial results is dependent upon future developments
Our opinion is not modified in respect of these matters.
For MGB & Co LLP Chartered Accountants Firm Registration Number 101169W/W-100035
Sanjay Kothari Partner Membership Number 048215 Mumbai, 10 August 2021 UDIN: 21048215AAAAJD9099