F.No. SD-22/18/2018-IC Government of India Ministry of Skill Development and Entrepreneurship Shivaji Stadium Annexe Building, New Delhi-i 10001 Dated) AJanuary, 2019 To, Ms.Shabnam Sinha, Task Team Lead Education, India Education Global Practice, The World Bank Group, 70, Lodhi Estate, New Delhi Subject: Furnishing of Audit reports for FY 2017-18 under the SANKALP Project - reg. Madam, I am directed to refer to your email dated 23.01.2019 on the subject cited above and to inform as under with reference to the Audit reports solicited: Entity Responsibility Remarks/ Comments The C&AG Audit team carried out the audit of FY 2017- 18 during 11.01.2019 to 17.01.2019 and have furnished certain observations which were shared with NSDC and MSDE C&AG their response is awaited. The final report of C&AG will be forwarded as and when the same is received. The Audit Report of NSDC for FY 2017-18 by a C&AG NSDC and Chartered accounting empanelled CA Firm is annexed. NSDF firm empanelled with the As regards, NSDF it is submitted that none of C&AG SANKALP funds were routed through NSDF during FY 2017-18. NSDA C&AG It is confirmed that no funds were released to NSDA during FY 2017-18 under the SANKALP Project. Chartered accounting firm empanelled with the It is confirmed that no funds were released to NSDA All SSDMs C&AG unless they are Itinf ta n und s ee rele to already covered under during FY2017-18 under the SANKALP Project. NSDC audit report 2. This issues with the approval of the Competent Authority. You sfaithfully, Encl. As above. (Lendup Sherpa) Under Secretary to the Govt. of India Tele 011-23450842 V. SANKAR AIYAR& CO. CHARTE RED ACCOUNTANTS Satyam C nemfa Complex, Ranjit Nagar Community Centre New Dli-11O: F 202 -Te (91-11)-25702691, 25704639, 43702919 Fl;t No 3 Tel (91-125705233, 25705232, 45150845 E-ma newde hl@vsa cc in & vsand@vsnl.com I,N]i)Il f-NI)I:NT 'AUIT1ORS'IREPORT' TO TIlL MEMBERS OF NATIONAL SKILL DEVELOPMENT CORPORATION I e have aulidiled the accompan'ing financial statements of National Skill Development Corporation ("the om)l (a (Comvpanr 11 lited by shares) which comprise the Balance Sheet as at 3l March 2018, the Statement of hi( w & IExpenditure, the cash flow statement and a sunmary of significant accounting policies and other Planator 1 inforimation. 1lanagemient's Responsibility for the Financial Statements I he 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 financial statements that give a true and fair view of the financial pwsitinn, financial performance and cash flows of the Company in accordance with the Accounting principles ginerally 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 aciountting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevnting and detecting frauds and other irregularities; selection and application of appropriate accounting policies; miaking judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of .idequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of fhe accounting records, relevant to the preparation and presentation of the financial statements that give a true and I,ti \iew and are free from material misstatement, whether due to fraud or error. 3. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. `i e have taken into account the provisions of the Act, the accounting and auditing standards and matters which are Rt'tuired to be inclUded in the audit report under the provisions of the Act and the Rules made there under. \V c onducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Ihose standards require that we comply with ethical requirements and plan and perform the audit to obtain remsonable assurance about whether the financial statements are free of material misstatements. ,\i audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial slatenents. 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 that giV a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the Prpose of expressing an opinion on whether the company has in place an adequate internal financial controls s.Nstem over financial reporting and the operating effectiveness of such controls. \i JrITlit also ncludes evaluating the appropriateness of the accounting principles used and the reasonableness of ihc ,counting estimate made I the company's [)irectors, as well as evaluating the overall presentation of the Iinancil statements. i c hel ieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinioii on the financial statements. Mumbair 2 C C out Chambers, 35, New Marine Lines Mumba 400 020. Tel 022) 22004465 /2206 7440 E-mail, mumbai@vsa.co n Chennai : 41 C ircula Road "Unted India Colony, Kodambakkam, Chennai - 600 024 Tel (044) 2372 5720 E-mail : chennai vsa.o in V. SANKAR AYAR & CO. CONTINUATION SHEET CHARTERED ACCOUNTANTS 'L Opinion I ouI opinion and to the best of our information and according to the explanations given to us, the aforesaid Inanwiol statements give the information required by the Act in the manner so required and give a true and fair view In u ormit wIth the accounting principles generalI accepted in India, of the state of affairs of the Company as at 3 1st March 2018, and its surplus as per statement of income & Expenditure and its cash flows for the year ended on Ihat date. 5. Report on other legal and regulatoryquirements 31 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 heliet Nere necessarv for the purposes of ou audit. h 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, ) he Balance Sheet, and the Statement of Income & Expenditure and the Cash flow statement dealt with by this report are in agreement with the books of account; ) 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 written representations received from the directors as on 31st March 2018 and taken on record bv the Board of Directors, none of the directors are disqualified as on 31.03.2018 from being a ppointed as a director in terms of section 164(2) of the Act. 512 With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Coipanies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and information and according to the explanations given to us: a) The Company does not have any pending litigations, which would impact its financial position. b) The Company did not have any long term contracts requiring provision for material foreseeable losses as required under any applicable law or accounting standards. The Company has not entered into any derivative contracts during the year. c) There were no amounts which were required to be transferred to the Investor Education and Protection fund by the company. 3.3 IThe Companies (Auditor's Report) Order, 2016 as notified by the Central Government does not apply to this (onipany since it is a company licensed to operate under section 25 of the Companies Act, 1956, corresponding to Se,ttion 8 of the Companies Act 2013. '.-l With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiv,eness of such controls, refer to our separate Report in "Annexure A". For V. Sankar Aiyar & Co. Chartered Accountants (Firm Regn. No.: 109298W) (V.Rethinam) Place : New Delhi Partner I ated: Membership No. 10412 V. SANKAR A YAR & CO. CONTINUATION SHEET CHARTERED ACCOUNTANTS Annexure A" referred to in the Independent Auditors' report to the members of National Skill Development Corporation for the year ended 31P March, 2018. K have indited the internal financial controls over financial reporting of the Company as of March 31, 2018 in 'onit tion with our audit of the financial staternents of the Company for the year ended on that date. 11anagement's Responsibility for Internal Financial Controls Tli Conpanv's management is responsible for establishing and maintaining internal financial controls based on the 11intIal Control over financial reporting criteria established by the Company considering the essential components of inteinal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the ( ulidance Note") issued by the hnstitute of Chartered Accountants of India (ICAI). These responsibilities include the design, implenientation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company's policies, the Sateguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the atRcounting records, and the timely preparation of reliable financial information, as required under the Act. Auditors' Responsibility Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting h>Atd on cur aUdit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, P,Itu b ICAl and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and issued by ICAL Those 'ftandards 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 >sablished 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 ) 78 70,47t I0,26,42,83.876 NSDF Fixed Asuts Fundi (pur co,trà i I 4 77,Sì, 84 2% Sanìkalp Fixed Assls Fuind (pur contra) 12 g8,g 12,6543,53,471 8,11,23,70,838 NON-CURRFNT r iABILIT IS ILoi,g-icrunm priisions i 9,5,67 76,224 90,65,867 76,28,294 CURRENT LIABI IT1ES Trade Pava\,bles Mir~ and, Simai Eterprises 14 - Oticr iha M}ir1 and Snall Etpris 2,2, 4 7,4 Oticr ur rent Lia1ibiites i? 22 32,42,4] I , 'tS,5, I1 '1 r,t- rr rn-i- i s , le n,.i 3400l 2,25,34,40,743 88,63,69,294 I otal 23,14,17,02,857 21,80,79,87, S9 N ATIONAL SKILL DVE1 tLOPMLN 1 CORPORA ION Balance Shev as at March 31, 2018 n tin Rpe Note As at As at No. March 31 208 March 31, 2417 ASSETS \ NM URRENTf ASSET 5 SDCF xedut Awet, Fnd . 31353 1 PMK VY-7 Sch,me d dvances (per contra) 10 1687{44 4011' 4s; 87s 'Short-term I oans alnd adtvalnte- 23 4 74 1,7 3 5 >1 Trd, rei be7.7 24 2 I t2i i-3 5> 21,11 JÉther currunt aisse:s 23 '42831,328 I|-t 4 52.475 17,300,37,081 1,07,64,14,328 Total 23,14,172,571 859 Signidkant accountmg porån: Othler n1,tv, fornmng pt11 d te lanutal statemenb11 2h kl 10 Annexure to ur rep,rt '4 exen dale Fi \ Sankar Mivar & co ior and on bh l tilh Board Chartered A c ntalts K ^M FIrm R1 niiitir O 10920SWM{ Pai ir i D rI rN 1412m Datd inancol OHIr ym n % v NA l INAf 'SKIlI DEVIVI-PMLN l CORPORA TIO N Statieneri of icomc, and I \penditue for thc yeair ended March 31 2018 mu\nt in ku Ipe.l Note flor thc year cendd Før the vear ended No. M.Uch 31, 2018 March 3L. 2(117 I u '2 N-, s'208 [15 29 32 Intere,t Incomei - i n i i kPia 2li bi 2 44 72 444 2Ii 7' 727 - n i h ,n \ ur 2 75 - ii lI'11 e I x und l\9 7 7-5 DLvidend incme47 7 Cetr \'aliduin atnd Accreitation Fee' 21 94 1) 9 9< 9 in5 Otheri inm i 98 & 3 I UL2 891 Toal ncm 1. 12,30471,,82 Pu c ransfr t NSIl G ran) lund -nancing . iii n i 1 ,77 934 6i2 5 2l 7) N et Revenflue 1,3L06,55,092 1,438 29611 Expeiunditure I'ent-, V! \ iux m i Chargnes 74 34.1)8 2, 14,72 IDn,u e, ihgencv & Alntrn 6( 1474, 3,1,698 1, 2.514 ] I ipk ili Bi iel1 i % c n- 2(f) \p n Ls 81 1, 1,4 1 74t 1 i)c\ ilim ,]xi n is,u l) YRx iit, I4 8ý 1 i ' 11c hxi t1,ý k iein \x 11w l t-i ii t ii 70 I, 2 3( M r - Tutal dexpenxditure 1,87,47,48,252 1,1,40,32,.22 IO- I \dmin ir t i in il Ixp nd I 131011,g St50it 4,.1 . 14 ,7,J , 'i I- L , l Y iPret I ii I ion i ini r cT N l I ru d 4(,1) 7,1 6x 2,559 I ,84,l <"523 \et iUpenses 1,25,21,38,919 1,09,64,57,133 Fxcess. of Iniconme Over Lxpenditure 5,85,16,173 28J,li 478 Earning per equity share (LPS) Ba IT Nbinal< ialueofsharesR -, . 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Grant - State Government Projects Fund Opening halance 11 190 14 51 1020 Add Received during the year (.,'IaL lK,, cik vd7(,41 >4~ Total Recipts 12,58,9,595 270135591 Less: Utilised during the year Grants mn ÄId paidk durint, he I r 4 7 cr 111% Mnam ent ee - I 1n1,1er to o 1 and upmdlI \ t 21 4,00 I otal Utilization 4,170611,828 18984,416 Mlosing Balance 8,41,37,767 85151,095 6. GIrant from Sankalp Project Opening balance Add: Received during the year G ran t Re,eived 1 000 Total Receipts 15,OI0,000 Less: Utilised during the yeai Grnin Aill 1a1id during 1h yar - anklp 16 1,4448 1Iaer tM . wankelp Hwed \ss,ts und (R1 nol, n 12) KO5MWO00 Tota] Utilization 10,46,35,448 Closing Balance 4,J64152 7. Grant from other Snources Opening balance 4.2 1100 Add: Received during the year Erom 111trish Cokun cil - 95. I om in nrataka 1n,1 1 - 25 ~{ )()ý l romi Dtheun 2.0 1 MII Total R ceipts 2,97,52,649 1IM0,,0 less: Utilied during the year G rants in ,\d l.id during thu v, r 55A111 I0s 26,59,000 G a in Å,\ 1 paI: duin the,, year- NI'l[ l 5skub 41 l utal Utili.ation 2,8,5L,649 26,59,000 Cosing Balance SI1,0000 94,21, 0 N AI ONAL SKIl 111) D LHM N (I ORPO RAI 0 (Arnoiun in Rupeesi As on 3It As un 31St Marcl, 2018 March, 2017 S. NSIX ian Fund (per contra) k penfilig bea 73 9, 47 21 99 ', 74 2 \dd ì ranse l rì m Granh, t11U i fr mI T,qi I ess: o,m ripaid during tIh cIr 49 1 2 i 219ì0, 1)2 1, 48ý78 ax I I tl01 0,02,82, 629 777,83,79,437 1pipmnI Pr i iion ]i,7iì 1 63,21,3497[ hr\ isIon tor Doubtful \t 4)56 ìiì4 M 2 i tA,, 1,- Pro\isio for '-uìb -tndard i\wel-s 5 173. 64 i,2 78731 172 '4 64 847,22,94,738 t)60,78,39..818 9. NSID Investent Fund (per contia) Opening balance I2 IS,44,S88 12 82 \did I riì,tr tioi ( ant iToi NSI W1 -1,17 1400I I c,s 1I riea!1r lI N9 (I, Sa fivestmnt > - 241 321394 i m Prlovislun for [LimnuiIon in -au111 ol I tnv stim.nt 9 7 , 4:2 21,21,37,465 22,18,44,888 10> P'MKVY-2 Schemei Adv ance's (per contrai Opening balance I2642 37 \dd: \dvankes duinlg theyer- -S,pkdlal Proje,,t8705 - 0, s5' -'hort eri 1 raming I 7-i.27, N) 515 7084 - I rin ì i and HoL k 1ì 2I2 , -Pr iio o I I iiii I ri ingc w i 153,s, 4,A 48 14341 i7 L .5 l Utiz,ItTiOI during h ihr iimI rin ing 1 2,0, 5 4, 14 -iipecia i rojecl 4,95, i ,2 I oa 1 3,S,70,43,403 L 26,42,83,876 11. NSDM- Feixed Assets tund lper contra) Opelning balance 4 \dd Cumulativ p n V - 2 2111 5717 Addition dirmg Ilhe .,il r f)ý 700 27.22,9ti257 ì8 58 57 I s I )eprì-cii n 7 i ,2. 9 1 8 L `ú, \ut \',ALIu of aI-,, i AI durinig Ilh vvrmi 1i Aal19,43,77,865 1,84,02256 . .........I.. NAIO0N.AI S K Il I lW E FÅ PME>0 NT I 4R PO RA l 1O0N imunt in Rupei' As on 31 st As on 31st Narch. 2018 March, 2017 12 SANKALP Fixed Assets fund {per contra) Opening balance \dd: .\ddllien dinIIg thC year 018 (5 KI00 1oa1l 8,85,00,000- 1 Long-Term Provisions Prn Ision for mloe enft I eave enashment 1,28,44 Io550 At il ik 19,7 121 2477 74 90,(15,867 76,2294 14. Trade Payables [See note helowl 1 r,ide P,]\ a able, N liro n Iinterp risks and imill ni rp is, O0,Te than \fler] Enllturpriscs anld small I nlterpIriseý 'w I') s,0, 1 9 ,2,k7s 202,72,43,191 b8,62,47,040 Acor ding to tie reoird- ä\ ilable is ith fih C ompan thir ix wre no duts Ims able b, cftfltis as of tiniakl sL1tmatimI dtiie that are lid as N licro d Sma F1 nterpiisl unde thei liro, Simtll 0nd \lediui m Fnterris J 1 dlopmei nt At, I 200, diuing fhic pu rijd i leIn ceii,, Iosuis, it,an, rIelting ti am1 uniiits unpiid as it ti perd i i tog,the I sith the iintrc,t pklid pay ibl as reuired uni,der tih siid Act hi1 n mot beei given. 15. Other C urrent 1iabilitics Ot ri, ('urren i c iiblities 5 -d1- -17, 22,52,43,411 19,9,4561; 1ou Short-Term Provisions IPro\ i, ion i,okr, inmpl,,vci b,encfit, -Co pensted aibsiIns- L,i , en,ashmint v04,141 2 ,7o, n 9,54,141 2,76,6136 1x .. �, �_.� _ �� . ��� � т �„ i .!� � ^ ,, N '! . . . о � г '.. � � ^ � � ' `г � ° - _. � �,'. �` �.; `� 4 а' _ . 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I�_„гз12�2�1. ,'129г't�C4, У�. 1И�.������iьt•н iгi ч�i€`« 61iч� 4'soILl�7fi,и11 �.ь} 1)lc 1 гп�Т1L1��. •� и!_4гt^,. 1}iClt` 1� л I,kь:1llь.•:,�I �чУI,а�1гг. L��fnr� tiг�[ !и1 � . '���ч1. � , '� � , , � , � .,. �'j 1�' ... . :. . , -.г ; I . `�.__т --_. s �. 14 VI 1< )\x l ;k[ il 1 )F V VI OV NIE \i )IZ P( Wd, H0\ I SMOUM in Rupmå As en = As on Nfarch, 201S Maich. 2017 20 Long- Verm [ oans and Uvance, samn jmý- n"' 1,4\ .,j ',1 - 111ýý ,, 5" 'ý2. ;2, t: I dom av M", - 11,55553411 14j) h,.001 21 Okher \on Cmient AýscK 3,42,67,7c,4 22 uId CKh EWå a IW Kbn= with ImW 1.2 is, 14,71 11-00 k,lill 111,1111111X d K- diall fin- 11)'ntli, ý7ý ,i 1,ý ýISS W,7 Other ý'ank hålances It, 1, l t11 I CrIIA11 LI 5ýý i tý L,1 m ot "ý thj11 t,, "11 " ilý' ýrith' 11 rvd11'1i11ý11g liý,ltldltý tý't lk- fflän 4 1 -7 t, (A'Ijf' SI 24,1 .... . ... .......... -- Cheqnc, in hand ý( d, i (,()I i - 7,24,17,80,qO3 12,S3.47.40,51)3 23 Short- I errn Lcianý anif ýUnm,curcdä - Conýidereilgootjj l m. 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("ins -24 111, 19.11-574 lntcr(-,i i-rucd mul kluc .6 29.48'7ý'; lillerv,1 '11111 liol doc - 44, ýIiA- 32 f eaýcs (AS-19) 11,, Ica c jcl)Kll% Tc, iý9:ii,("i 111 (11t, c iol tile N K-a, i, Ivs. 15, 0,49,1) 14 ý1'1c\ iotis l'af 1\ý ,,, 2,2 ý' , 1 52), i c Cu o i V1,11IN 11,1' tälvn ot l icv p rum iýcs or l OS 111 mi th, p',ra t illg It,.] I 1w lutlin, Icam, pm flicill, oý opcldllrlr ICAS,1 [ p,ro\ sions ol sc,tion 451.\, 451 ad 5C'of the R\11 \[t 11'4 (2o1e 1(3)ý 38 11lsureki of (CSR EWsenduture: For the year ended For flhi vear, ended March 31, 201_8 Manc 201-7 alGo-s amuvntl rirted to be [I,pentl by the, Compa dj ur Ing 1th( yePAr:S 5L00w- h \mtt,unt pent d ring the it e' a i 39 PrVious yea fiu W hv n rwclaviädå whrvrncsay ocoruodt urn arlgue \[nea ure rtti t' tRi tot eken dali l o; \ sankar ;\gar & C o 1- '111nd un behlalt of thek lNyard uctes \ nruntarnt C.\i HruRgn N\o, 1092OMV l Tit i i cn i LN 1. n 1an pan 2-2 tt