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Advani Hotels and Resorts (India) Ltd.

BSE: 523269 | NSE: ADVANIHOTR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE199C01026 | SECTOR: Hotels

BSE Live

Mar 30, 16:00
29.90 -1.10 (-3.55%)
Volume
AVERAGE VOLUME
5-Day
1,465
10-Day
1,478
30-Day
7,120
185
  • Prev. Close

    31.00

  • Open Price

    28.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 30, 15:32
29.85 -0.85 (-2.77%)
Volume
AVERAGE VOLUME
5-Day
17,748
10-Day
11,690
30-Day
19,464
12,213
  • Prev. Close

    30.70

  • Open Price

    28.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of ADVANI HOTELS & RESORTS (INDIA) LIMITED, as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. 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. We conducted our audit in accordance with 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. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Central Government of India in terms of sub-Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. 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. 3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement, dealt with by this Report, are in agreement with the books of account. 4. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards referred to in sub-Section (3-C) of Section 211 of the Companies Act, 1956. 5. On the basis of written representations received from the Directors of the Company and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March, 2011 from being appointed as a Director under Clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956. 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the significant accounting policies stated in Schedule K and the other notes appearing thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2011; (ii) in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) During the year under report, the Company has formulated a policy to carry out physical verification of its fixed assets in a phased manner at regular intervals, which in our opinion is reasonable having regard to its size of the Company and nature of fixed assets. The Company has physically verified its fixed assets during the year in accordance with the above policy. No material discrepancies were noticed by the Management on such physical verification as compared to book records. (c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected. 2. (a) The inventories have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable; (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) On the basis of our examination of the inventory records of the Company, we are of the opinion that the Company is maintaining proper records of inventory. Discrepancies, which were noticed on physical verification of inventory as compared to book records, were not material and have been properly dealt with in the books of account. 3. (a) The Company has not granted any loan or advance to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956 except an interest free advance of Rs. NIL (maximum balance Rs. 96,980,573/-) being amount due on current account from one of its erstwhile subsidiaries, out of which Rs. 25,315,947/- has been written off as irrecoverable against the provision made for the same in the previous year. (b) The terms and conditions of above interest free advance given were prima facie not prejudicial to the interest of the Company except to the extent indicated in 3(a) above. (c) According to the information and explanations given to us, there is no stipulation for repayment of the above advance given by the Company to its subsidiary. However, the entire amount except Rs. 25,315,947/- which is considered doubtful by the Management has been recovered during the year. (d) In view of our comment in paragraph 3 (c) above, clause Ml (d) of paragraph of the aforesaid Order is not applicable to the Company. (e) The Company has not taken any loan, secured or unsecured, during the year from companies, firms and other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. In view of the same, our comments on clauses III (f) and (g) of paragraph (4) of the aforesaid Order are not applicable to the Company. 4. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal control system. 5. To the best of our knowledge and belief and according to the information and explanations given to us, (a) the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that Section; and (b) such transactions exceeding the value of Rupees Five lacs in respect of any party during the year have been made at prices, which are reasonable having regard to prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public within the meaning of Section 58A, 58AA and other provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Hence the clause (vi) of the Order is not applicable to the Company. 7. In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and nature of its business. 8. The maintenance of cost records has not been prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956 for any of the products of the Company. 9. (a) According to the records of the Company and the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including provident fund, investor education & protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other applicable statutory dues with the appropriate authorities during the year. The Company''s operations do not give rise to any excise duty liability. (b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of undisputed statutory dues as at 31st March, 2011 which were outstanding for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us and on the basis of our examination of the documents and records, there are no cases of non-deposit with appropriate authorities of disputed dues of income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess except the following: Name of the Nature of dues Amount Period to which statute (Rs. in the amount lakhs) relates Central Sales Central Sales tax 12.16 Asst. Years Tax Act, 1956 2005-06 & 2006-07 Income-tax Act, Income-tax on 10.66 Asst. Year 1961 completion of 2005-06 regular assessment Income-tax Act, Income-tax on 15.13 Asst Years 1961 assessment of TDS 2005-06 to 2008-09 Name of the statute Forum where the dispute is pending Central Sales Tax Act, 1956 Asst. Commissioner of Commercial Tax (Value Added Tax) Income-tax Act, 1961 Income-Tax Appellate Tribunal Income-tax Act, 1961 Commissioner of Income-tax (Appeals) 10. The Company neither had accumulated losses at the end of the financial year nor incurred any cash losses either during the financial year or preceding financial year. 11. According to the records of the Company examined by us and the information and explanations given to us, the Company had not defaulted in repayment of dues to banks as per loan agreements or extended due dates. There were no borrowings from any financial institutions or by way of debentures. 12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company. 14. The Company is not a dealer or trader in shares, securities, debentures, and other investments. 15. According to the information and explanations given to us, the Company had given a guarantee for loan taken by one of its erstwhile subsidiaries from a bank, the terms and conditions whereof, in our opinion, were not prima facie prejudicial to the interest of the Company. The said guarantee has been extinguished during the year. 16. In our opinion on an overall basis, and according to the information and explanations given to us, the term loans taken during the year were applied for the purpose for which the loans were obtained. 17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the Company, we report that funds raised on short term basis have prima facie, not been used during the year for long term investment. 18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 19. The Company has not issued any 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. 20. The Company has not raised money by public issue during the year. Accordingly, the provisions of clause (XX) of paragraph 4 of the aforesaid Order are not applicable to the Company. 21. To the best of our knowledge and belief, and according to the information given to us, no fraud on or by the Company was noticed or reported during the year. For J.G.VERMA & CO. Chartered Accountants Registration No. 111381W J.G. VERMA Partner Membership No. 5005 Mumbai, May 13, 2011