We have audited the Balance Sheet of NICCO PARKS & RESORTS LIMITED as
at 3ist March, 20i2 and the related Profit and Loss Account 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 mis- statement. 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
As required by the Companies (Auditors'' Report) Order, 2003 issued by
the Central Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, i956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
Further to our comments in the Annexure referred to above, we report
i) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
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
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of Account.
iv) In our Opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the applicable accounting standards
referred to in sub-section (3C) of section 2ii of the Companies Act,
v) On the basis of written representations received from the directors
as on 3ist March, 20i2 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 3ist March,
20i2 from being appointed as a director in terms of clause (g) of
sub-section (i) of section 274 of the Companies Act, i956.
We report that in our opinion and to the best of our information and
according to the explanations given to us, they said accounts read with
Notes thereon give the information required by the Companies Act, i956,
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 Balance Sheet, of the state of affairs of the Company
as at 3ist March, 20i2 and
b) In the case of Profit and Loss Account, of the profit of the company
for the year ended on that date;
c) In the case of Cash Flow Statements, of the cash flows for the year
ended on that date.
Annexure to the Auditors'' Report
(Referred to in paragraph 3 of our report of even date)
As required by the Companies (Auditors'' Report) Order 2003 (as
amended), we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) The fixed assets were physically verified during the year by the
management, the frequency of which in our opinion is reasonable.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) In respect of its inventories:
(a) As explained to us, inventories were physically verified during the
year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
(iii) (a) The Company has not granted any loans secured or unsecured to
the Companies, firms or other parties covered in the register
maintained under section 30i of the Companies Act, i956. Accordingly
the provisions of clause iii (b), (c) and (d) of the order are not
applicable to the company.
(b) The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 30i of the Companies Act, i956. Accordingly the
provisions of clause 3(iii)(e), (f) and (g) of the Order is not
applicable to the Company.
(iv) 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. There is no continuing failure to correct major weakness in
the internal control system.
(v) In respect of transactions entered in the register maintained in
pursuance of section 30i of the Companies Act, i956;
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that needed to
be entered into the register have been so entered.
(b) According to the information and explanations given to us, the
transactions have been entered into during financial year at prices,
which are reasonable having regard to prevailing market prices, at the
(vi) The Company has not accepted any deposit from public within the
meaning of Sections 58A and 58AA or any other relevant provisions of
the Companies Act, i956. Accordingly clause vi (b) of the Order is not
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The company is not involved in any manufacturing activities and
thus the provisions of clause 4 (viii) of the Order is not applicable
to the company.
(ix) According to the information and explanations given to us in
respect of Statutory and other dues:
(a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty &, Cess and any other statutory dues applicable to it with the
appropriate authorities during the year. There are no undisputed
statutory dues unpaid for a period of six months from the date they
Regarding deposit to Investor Education and Protection Fund the Company
had, vide its letter dated 30th January, 2009, had advised the banker
to issue pay order in favor of Department of Company Affairs, Kolkata
for the total amount lying in the Dividend Account. But that was
not given effect to by the banker. As a consequence the unpaid dividend
for the years 2000-01 & 2001-02 totaling Rs 281,550/- could not be
transferred to Investor Education & Protection Fund. The Company had
filed a writ petition bearing no. WP 8950 of 2010 with High Court,
Calcutta praying, inter alia, to direct the banker to transfer the
amount to Investor Education and Protection Fund .The case is pending.
Subsequent to that the unpaid dividend for the year 2002-03 amounting
to Rs 117,840 / - lying with the same banker has also become due for
(b) There are no dues of Income tax /Sales tax/ Wealth tax/Service
tax/Custom Duty/Excise duty/Cess which have not been deposited on
account of any dispute.
(x) The Company does not have accumulated losses as at the end of the
year and the Company has not incurred cash losses during the current
(xi) The Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the nature of activities of the company is such
that the provisions of any special statute including chit
fund/nidhi/mutual benefit fund/societies are not applicable to it.
(xiv) The Company is not in the business of trading in shares.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
Company were, prima facie, applied by the Company during the year for
the purposes for which the loans were obtained.
(xvii) According to the information and explanations given to us, on an
overall basis, funds raised on short term basis have, prima facie, has
not been used during the year for long term investment.
(xviii) The Company has not any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956, during the year at par.
(xix) The company did not have any outstanding debentures during the
(xx) The Company has not raised any money by public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
(xxi) During the course of our examination of the books 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 instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For SINGHI & CO.
Firm Regn no. 302049 E
1-B, Old Post Office Street
Dated, the 9th day of May, 2012.