Real-time Stock quotes, portfolio, LIVE TV and more.
-0.6 (-0.53%)
-0.65 (-0.57%) | Auditor's Report (EIH Associated Hotels) | Year End : Mar '12 |
1. We have audited the attached Balance Sheet of EIH Associated Hotels
Limited as at 31st March, 2012, the Statement of Profit and Loss and
also the Cash Flow Statement for the year ended on that date annexed
thereto, in which are incorporated the Branch Accounts audited by us.
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 the 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) Order, 2003, as
amended by the Companies (Auditor''s Report Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956 (''the Act'') and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, we enclose in the Annexure 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:
(i) 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;
(ii) 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;
(iii) 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;
(iv) in our opinion, the Balance Sheet, the Statement of Profit and
Loss and the 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;
(v) on the basis of written representations received from the Directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2012 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Act;
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read in conjunction
with Notes 1 to 43 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 31st March, 2012;
(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 for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 3 of our report of even date)
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) All the fixed assets have not been physically verified by the
Management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. The discrepancies
noticed on such verification which were not material have been properly
dealt with in the books of accounts.
(c) During the year no substantial parts of fixed assets have been
disposed off by the Company.
ii. (a) The inventory has been physically verified by the Management
during the year. In our opinion, the frequency of verification is
reasonable.
(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) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii. (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the Register maintained
under Section 301 of the Act.
(b) In view of our comments in Clause iii(a) above, Clauses iii(b),
iii(c) and iii(d) of paragraph 4 of the aforesaid Order are not
applicable to the Company.
(c) The Company has not taken any loan, secured or unsecured, during
the year from companies, firms or other parties covered in the Register
maintained under Section 301 of the Act.
(d) In view of our comment in paragraph iii(c) above, clauses iii(f)
and iii(g) of paragraph 4 of the aforesaid Order are not applicable to
the Company.
iv. In our opinion and according to the information and explanations
given to us, there is 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 with regard to the sale of
goods and services. Further, there is no continuing failure to correct
major weaknesses in internal control system.
v. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the Register maintained under Section 301
of the Act have been so entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the Register maintained under Section 301 of the Act during the year
cannot be compared in absence of market quotations for similar items.
vi. The Company has not accepted any deposit from the public during
the year under Sections 58A and 58AA of the Act and the Companies
(Acceptance of Deposits) Rules, 1975.
vii. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1)(d) of the Act for the Company.
ix. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, there
are no dues of income tax, wealth tax, service tax, customs duty,
excise duty and cess which have not been deposited on account of any
dispute other than the disputed sales tax as indicated below:
Sl.
No. Name of the Nature of the Forum where Amount
statute dues dispute is (Rupees in
pending Millions)
1 Sales Tax:
a) Orissa Sales Sales Tax i) Sales Tax
Tax Act Tribunal, Orissa 0.39
ii) Orissa High
Court 0.31
b) Uttar Pradesh Sales Tax Uttar Pradesh
Commercial Commercial Tax
Tax Act Appellate
Authority 0.50
Total 1.20
x. The Company has no accumulated losses and has not incurred any cash
loss during the year covered by our Report and the immediately
preceding financial year.
xi. Based on our audit procedures and, according to the information
and explanations given to us, we are of the opinion that the Company
has not defaulted in repayment of dues to financial institutions and
banks.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provisions of Clause (xiii) of
paragraph 4 of the aforesaid Order are not applicable to the Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause (xiv) of paragraph 4 of the aforesaid Order are
not applicable to the Company.
xv. The Company has no guarantee outstanding as regards loan taken by
the Subsidiary Company. Accordingly the provisions of Clause (xv) of
paragraph 4 of the aforesaid Order are not applicable to the Company.
xvi. According to the information and explanations given to us, the
term loans raised by the Company have been applied for the purpose for
which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
xviii. The Company has not raised any money by issue of shares during
the year. Therefore, the provisions of Clause (xviii) of paragraph 4
of the aforesaid Order are not applicable to the Company.
xix. The Company has not issued debentures during the year under audit.
Accordingly, the provisions of Clause (xix) of paragraph 4 of the
aforesaid Order are not applicable to the Company.
xx. The Company has not raised any money by way of public issue during
the year. Therefore, the provisions of Clause (xx) of paragraph 4 of
the aforesaid Order are not applicable to the Company.
xxi. During the course of our examination of the books of account
carried out in accordance with Generally Accepted Auditing Practices,
we have neither come across any instance of fraud on or by the Company
nor have we been informed of any such case by the Management.
For RAY & RAY
Chartered Accountants
R.N. ROY
Partner
Gurgaon Membership Number 8608
28th May, 2012 Firm''s Registration Number 301072E |
|
![]() | |
| Source : Dion Global Solutions Limited | |
![]() | |