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Howard Hotels Ltd.

BSE Live

May 14, 16:00
4.53 -0.22 (-4.63%)
Volume
AVERAGE VOLUME
5-Day
193
10-Day
347
30-Day
312
460
  • Prev. Close

    4.75

  • Open Price

    4.97

  • Bid Price (Qty.)

    4.53 (100)

  • Offer Price (Qty.)

    4.94 (6336)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Howard Hotels is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

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