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Howard Hotels

BSE: 526761|ISIN: INE931B01016|SECTOR: Hotels
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Mar 14
Auditor's Report (Howard Hotels) Year End : Mar '15
 We have audited the accompanying financial statements of Howard Hotels
 Limited (the Company), which comprise the Balance Sheet as at March
 31, 2015, and the 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
 
 The Company''s Board of Directors is responsible for the matters 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 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)
 rule,2014.This responsibility also includes the maintenance of adequate
 accounting records in accordance with the provisions of the Act for
 safeguarding of the assets of the Company and for preventing the 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 internal
 financial control 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 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 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 that gives true and fair view 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
 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 financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements 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 March 31, 2015;
 
 b) in the case statement of the 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.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s 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.
 
 a) we have sought and 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 aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Companies Act,
 2013 read with Rule 7 of the Companies (Accounts) rules,2014
 
 e) on the basis of written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2015, from being
 appointed as a director in terms of section 164(2) of the Act.
 
 f) With respect to the other matters included in the Auditor''s Report
 and to our best to our information and according to the explanations
 given to 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, 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 REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF HOWARD
 HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2015.WE REPORT THAT:
 
 i) a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets shall be verified in a phased
 manner. Accordingly, the Company has carried out a physical
 verification of fixed assets at the end of the current year. No
 discrepancies were noted on such verification. In our opinion, this
 periodicity of physical verification is reasonable having regard to the
 size of the Company and the nature of its assets.
 
 ii) a) As explained to us, the Inventory has been physically verified
 by the management at regular intervals during the year.
 
 b) 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. No
 discrepancies noticed on verification between the physical stocks and
 the book records.
 
 iii) The company has not granted any loan, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Companies Act, 2013. Accordingly, the clauses
 iii (a) & (b) of the order are not applicable.
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 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. During the course of our
 audit, we have not observed any major weakness in internal controls.
 
 v) In our opinion and according to the information and explanations
 given to us, the company has not accepted any deposits from public
 
 vi) To the best of our knowledge and as explained to us, the Central
 Government has not prescribed maintenance of cost records under clause
 of sub-section (!) of section 148 of the Companies Act, 2013 for the
 services rendered by the Company.
 
 vii) a) According to the information and explanations given to us and
 according to the books and records produced before us, the company is
 regular in depositing with appropriate authorities undisputed statutory
 dues including provident fund, employees'' state insurance, income tax,
 sales tax, wealth tax, service tax, value added taxes and other
 statutory dues with the appropriate authority, as applicable to it.
 
 b) According to the information and explanations given to us, there are
 no dues of sales tax or income tax or wealth tax or service tax or
 value added tax or cess which have not been deposited on account of any
 dispute except as under;
 
 Name of the  Nature of     Amount    Period to which   Forum where
 Statute      Dues         (Rs. in    Amount relates     dispute is
                            lacs)                         pending
 
 Sales Tax    Sales Tax     1.57     2009-10 to           Sales Tax
 Act          Demand                  2012-13             Appellate
                                                          tribunal
 
 Provident    Provident     9.19     01/04/1996 to       Asstt. /Regional
 Fund         Fund Penalty            31/01/2014         Commissioner,
                                                         Provident
                                                           Fund
 
 c) According to the information and explanations provided to us, the
 company is not required to transfer to investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act,1956 (1 of 1956) and rules made there under.
 
 viii) In our opinion, the company does not have any accumulated losses.
 The Company has not incurred cash losses during the financial year
 covered by our audit and in the immediately preceding financial year.
 
 ix) According to the books of accounts and records of the Company,
 during the year under audit, the company has not defaulted in repayment
 of dues to a financial institution, bank or debenture holders.
 
 x) According to the information and explanations given to us, the
 company has not given any guarantee or loans taken by others from banks
 and financial institutions.
 
 xi) According to the information and explanations given to us, the
 company has not availed any term loans during the year under audit.
 
 xii) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 course of our audit.
 
                                                 For P. C. Bindal & Co.
                                                 Chartered Accountants
                                      Firm Registration Number:003824N
 
                                                        Sd/-
                                                 CA. Manushree Bindal
 Place of Signature: Agra (U.P.)                        Partner
 Date: 29.05.2015                                       M. No. 517316
 
 
 
 
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