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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

Apr 08, 12:23
31.95 1.05 (3.40%)
Volume
AVERAGE VOLUME
5-Day
527
10-Day
996
30-Day
7,050
261
  • Prev. Close

    30.90

  • Open Price

    32.40

  • Bid Price (Qty.)

    31.20 (1)

  • Offer Price (Qty.)

    32.55 (22)

NSE Live

Apr 08, 12:22
32.50 1.85 (6.04%)
Volume
No Data Available
4,087
  • Prev. Close

    30.65

  • Open Price

    30.10

  • Bid Price (Qty.)

    31.20 (276)

  • Offer Price (Qty.)

    32.45 (25)

Annual Report

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

Auditor's Report

TO THE MEMBERS OF ADVANI HOTELS & RESORTS (INDIA) LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of ADVANI HOTELS & RESORTS (INDIA) LIMITED, (“the Company”) which comprise of Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the 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 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 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 the Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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.

Auditors’ 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 there under.

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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 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, of the state of affairs of the Company as at 31st March, 2016, and its profit and its 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, 2016 (“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”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 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, the Statement of Profit and Loss and the 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 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, 2016 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2016 from being appointed as a Director in terms of Section 164(2) of the Act.

(f) Our report on adequacy of internal financial controls system over financial reporting of the Company and the operating effectiveness of such controls is given in Annexure “B”.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 25 (m) on Contingent Liabilities of the financial statements.

(ii) The Company did not have any long-term contracts including derivative 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.

The Annexure referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in our report of even date to the members of ADVANI HOTELS & RESORTS (INDIA) LIMITED for the year ended 31st March, 2016. We report that:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) Some of the fixed assets were physically verified during the year by the management in accordance with a phased programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. No material discrepancies between the books records and physical inventory have been noticed.

(c) According to the records of the Company examined by us and the information and explanations given to us, the title deeds of immovable properties are held in the name of the Company.

2 I n our opinion, physical verification of inventories has been conducted by the management at reasonable intervals. The discrepancies noticed on such verification by the management have been properly dealt with in the books of account.

3 The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the Register maintained under section 189 of the Act, hence clause 3 (iii) (a), 3 (iii) (b) and 3 (iii) (c) of the Order are not applicable to the Company.

4 The Company has not given any loans, or made investments or issued any guarantee or provided any security covered under section 185 and 186 of the Act, hence clause 3 (iv) of the Order is not applicable to the Company.

5 The Company has not accepted any deposits from the public within the meaning of Section 73 to 76 of the Act and the rules framed there under. We are informed that the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court has not passed any Order.

6 The Central Government of India has not prescribed the maintenance cost records for any of the products of the Company under sub-section (1) of section 148 of the Act and the rules framed thereunder.

7 (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including provident fund, employees'' state insurance, income-tax, sales-tax, service-tax, customs duty, excise duty, value added tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, there are no arrears of undisputed amounts payable in respect of above statutory dues which were outstanding as on the last day of the financial year for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no cases of non-deposit with appropriate authorities of disputed dues of income-tax, sales-tax, service-tax, customs duty, excise duty, value added tax or cess except the following:

Name of the statute

Nature of dues

Amount (Rs.in lakhs)

Period to which the amount relates

Forum where the dispute is pending

Central Sales Tax Act, 1956

Central Sales tax

12.16

Asst. Year 2005-06 & 2006-07

Asst. Commissioner of Commercial Tax (Value Added Tax)

Income-tax Act, 1961

Income-tax on completion of regular assessment

10.66

Asst. Year 2005-06

Income-Tax Appellate Tribunal

Income-tax Act, 1961

Income-tax on completion of regular assessment

54.47 (Rs.54.18 paid)

Asst. Year 2010-11

Commissioner of Income-tax (Appeals)

Income-tax Act, 1961

Income-tax on completion of regular assessment

79.78

Asst. Year 2011-12

Commissioner of Income-tax (Appeals)

Income-tax Act, 1961

Income-tax on completion of regular assessment

89.13

Asst. Year 2012-13

Commissioner of Income-tax (Appeals)

Income-tax Act, 1961

Income-tax on assessment of TDS

15.13

Asst. Years 2005-06 to 2008-09

Commissioner of Income-tax (Appeals)

Customs Act, 1962

Differential duty on equipment imported under EPCG Scheme and Penalty

42.60

49.60 Plus Interest

2000

Customs, Excise and Service Tax Appellate Tribunal

8. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to banks during the year. The Company has not taken any loan from any financial institution or from government and by way of issue of debentures.

9. I n our opinion on an overall basis and according to the information and explanations given to us, the term loans were applied for the purpose for which the same were obtained. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year.

10. During the course of our examination of the books of account and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instances of fraud by the Company or any fraud on the Company by its officers and employees was noticed or reported during the year, nor have we been informed of any such instance by the management.

11. According to the records of the Company examined by us and the information and explanations given to us, managerial remuneration has been paid / provided by the Company in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Act except that (i) in respect of part of the remuneration of Rs.5.24 lakhs payable / paid to the Chairman & Managing Director (CMD) for the month of March, 2016, which is approved by the shareholders of the Company, an application has been made to the Central Government during the year, which is pending; and (ii) in respect of part of the remuneration of Rs.2.24 lakhs payable / paid to the Executive Director (ED) for the month of March, 2016, which is approved by the shareholders of the Company, the Company is in the process of making an application to the Central Government. We are informed that the CMD and ED are holding the above remuneration in trust for the Company.

12 The Company is not a Nidhi Company hence our comments as required under clause 3 (xii) of the Order is not applicable to the Company.

13 I n our opinion and according to the records of the Company examined by us and the information and explanations given to us, the transactions entered into by the Company during the year with related parties are in compliance with the provisions of Section 177 and 188 of the Act, where applicable and the details thereof have been disclosed in the Financial Statements, etc. as required by the accounting standards.

14 According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

Therefore, clause 3 (xiv) of the Order is not applicable to the Company.

15 According to the records of the Company examined by us and the information and explanations given to us, the Company has not entered into any non-cash transactions referred to in section 192 of the Act with Directors of the Company or persons connected with them during the year.

16 According to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

For J.G.VERMA & CO.

Chartered Accountants

(Registration No.111381W)

J.G.VERMA

Place: Mumbai Partner

Mumbai: May 16, 2016 Membership No. 5005