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Advani Hotels & Resorts (India) Ltd.

BSE: 523269 Sector: Services
NSE: ADVANIHOTR ISIN Code: INE199C01026
BSE LIVE 15:41 | 09 Dec 49.00 0.50
(1.03%)
OPEN

50.00

HIGH

50.00

LOW

49.00

NSE LIVE 15:31 | 09 Dec 48.95 -0.05
(-0.10%)
OPEN

49.80

HIGH

49.90

LOW

48.70

OPEN 50.00
PREVIOUS CLOSE 48.50
VOLUME 728
52-Week high 66.20
52-Week low 43.40
P/E 28.49
Mkt Cap.(Rs cr) 226.38
Buy Price 49.00
Buy Qty 87.00
Sell Price 0.00
Sell Qty 0.00
OPEN 50.00
CLOSE 48.50
VOLUME 728
52-Week high 66.20
52-Week low 43.40
P/E 28.49
Mkt Cap.(Rs cr) 226.38
Buy Price 49.00
Buy Qty 87.00
Sell Price 0.00
Sell Qty 0.00

Advani Hotels & Resorts (India) Ltd. (ADVANIHOTR) - Auditors Report

Company auditors 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 31stMarch 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underthe Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified 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 bestof 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 theCompany so far as appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements - Refer Note 26 (l) to the financial statements.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For J.G. VERMA & CO.
Chartered Accountants
Registration No.111381W
J.G. VERMA
Partner
Mumbai May 13 2015 Membership No. 5005

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our report of even date to the members of ADVANI HOTELS& RESORTS (INDIA) LIMITED for the year ended 31st March 2015. We report that:

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

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

2. (a) In our opinion physical verification of inventories has been conducted by themanagement at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventories and no materialdiscrepancies were noticed on physical verification.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under section 189 of the Companies Act2013 hence our comments on the receipt of the principal amount and interest andreasonable steps of recovery of the overdue amount are not given.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of our audit we have neither come across nor havewe been informed of any continuing failure to correct any major weaknesses in internalcontrol system.

5. The Company has not accepted any deposits from the public within the meaning ofSection 73 to 76 of the Companies Act 2013 and the rules framed there under. We areinformed that the Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any court has not passed any Order.

6. The maintenance of cost records has not been prescribed for any of the products ofthe Company under sub-section (1) of section 148 of the Companies Act.

7. (a) According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees’ state insurance income-tax sales-tax wealth-tax service taxcustoms duty excise duty value added tax cess and other material statutory duesapplicable to it. According to the information and explanations given to us there are noarrears of undisputed amounts payable in respect of above statutory dues which wereoutstanding as at the last day of the financial year for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us there are no cases ofnon-deposit with appropriate authorities of disputed dues of income-tax sales-tax wealthtax 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 ( 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 Differrential duty on equipment imported under EPCG Scheme and Penalty 42.60 2000 Customs Excise and Service Tax Appellate Tribunal
49.60 Plus Interest

(c) The Company has transferred to Investor Education and Protection Fund (IEPF) inaccordance with the relevant provisions of the Companies Act 1956 and rules made thereunder within time.

8. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses during the financial year or in the immediately precedingfinancial year.

9. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of dues to banksexcept in respect of an instalment of Rs.25 lakhs where there was a delay of one month.The Company has not taken any loan from any financial institution and by way of issue ofdebentures.

10. The Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

11. In our opinion on an overall basis and according to the information andexplanations given to us the term loans were applied for the purpose for which the loanswere obtained.

12. To the best of our knowledge and belief and according to the information given tous 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
Mumbai May 13 2015 Membership No. 5005

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