You are here » Home » Companies » Company Overview » Arambhan Hospitality Services Ltd

Arambhan Hospitality Services Ltd.

BSE: 539403 Sector: Services
NSE: N.A. ISIN Code: INE800S01017
BSE LIVE 09:40 | 18 Jul 33.50 0
(0.00%)
OPEN

33.50

HIGH

33.50

LOW

33.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 33.50
PREVIOUS CLOSE 33.50
VOLUME 5000
52-Week high 51.50
52-Week low 17.10
P/E
Mkt Cap.(Rs cr) 17
Buy Price 31.85
Buy Qty 5000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 33.50
CLOSE 33.50
VOLUME 5000
52-Week high 51.50
52-Week low 17.10
P/E
Mkt Cap.(Rs cr) 17
Buy Price 31.85
Buy Qty 5000.00
Sell Price 0.00
Sell Qty 0.00

Arambhan Hospitality Services Ltd. (ARAMBHANHOSPIT) - Auditors Report

Company auditors report

TO THE MEMBERS OF

Arambhan Hospitality Services Ltd

Report on the Standalone Financial Statements

1. We have audited the accompanying Standalone financial statement of ArambhanHospitality Services Ltd(formerly known as Cawasji Behramji Catering Services Ltd)("the company") which comprises the Balance Sheet as at 31 March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated in thesection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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 and the Order under section 143 (11)of the Act.

5. We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act and other applicableauthoritative pronouncements issued by The Institutes of Chartered Accountant of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

8. Without qualifying our opinion we draw attention towards non-payment ofundisputed Service Tax aged more than 6 months Rs. 182.20 Lacs and non filing of servicetax return for the financial year 2015-16. The ultimate outcome of the matter cannotpresently be determined and no provision for any liability that may result has been madein the Financial Statements.

Opinion

9. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

10. As required by the 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 purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

With respect to the adequacy of the internal financial controls over financialreporting of the f) company and the operating effectiveness of such controls refer to ourseparate report in Annexure A. Our report expresses an unmodified opinion on the adequacyand operating effectiveness of the Company's internal financial controls over financialreporting. g) With respect to the other matters to be included in the Auditor’sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact if any of pending litigations as at March 312016 on its financial position in its financial statements –Refer Note No.32 to thefinancial statement.

ii. The Company does not have any long-term contracts including derivatives contractsas at March 31 2016.

iii There were no amounts which were required to be transferred to the InvestorEducation and Protection fund by the Company.

11. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central

Government of India in terms of Sub-section (11) of section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure B a statement on the matters specifiedin paragraph 3 and 4 of the Order.

For Jagannath H.R & Co.

Chartered Accountants

FRN. 007541S

CA Jagannath H.R

Proprietor

M. No: 200372

Place - Mumbai

Date- 30th May 2016

Annexure A to Independent Auditors’ Report

Referred to in paragraph 9(f) of the Independent Auditors’ Report of even date

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

TO THE MEMBERS OF

Arambhan Hospitality Services Ltd

(formerly known as Cawasji Behramji Catering Services Ltd)

Report on the Internal Financial Controls

1. We have audited the interna1 financial controls over financial reporting of ArambhanHospitality Services Ltd(formerly known as Cawasji Behramji Catering Services Ltd)("the Company") as of March 31 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that a. pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; b. provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and c. provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2016 based on "the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India"

For Jagannath H.R & Co. Chartered Accountants FRN. 007541S

CA Jagannath H.R

Proprietor

M. No: 200372

Place - Mumbai

Date- 30th May 2016

Annexure B to the Independent Auditors' Report

Referred to in Paragraph 10 of the Independent Auditors Report of even date to themembers of Arambhan Hospitality Services Ltd (formerly known as Cawasji Behramji CateringServices Ltd) On the financial statements as of and for the year ended March 31 2016.

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

b) According to the information and explanation given to us the fixed assets arephysically verified by the management according to a phased program design to cover allthe items over a period of 3 years which in our opinion is reasonable having regard tothe size of the Company and nature of its assets. As explained by the Management duringthe year no material discrepancies were noticed on such physical verification.

c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company there is no immovable properties owned by theCompany therefore requirement of this clause is not applicable.

ii) a) The inventory has been periodically verified by the Management. In our opinionthe frequency of such verification is reasonable;

b) The procedures explained to us which are followed by the management for physicalverification of inventories are in our opinion is reasonable and adequate in relation tothe size of the Company and the nature of its business;

c) On the basis of our examination of the statements of Inventory held we are of theopinion that the Company is maintaining proper records of inventory and no materialdiscrepancies were observed between Physical stock and book records.

iii) The Company has not granted any loan secured or unsecured to Companies firmsLimited Liability Partnerships or other parties covered in the registered maintained underSection 189 of the Act. Therefore the provision of clause 3(iii) (iii)(a) (iii)(b) and3(iii)(c) of the order are not applicable.

iv) The company has not granted any loans or provided any guarantees or security to theparties covered under section 185 of the Act. In our opinion and according to theinformation and explanation given to us the company has complied with the provisions ofsection 186 of the act in respect of loans investments made and guarantee/securityprovided by it as applicable.

v) According to the information and explanations given to us the Company has notaccepted any deposit during the year and hence compliance with the provisions of Sections73 to 76 or any other relevant provisions of the Companies Act 2013 and the Companies(Acceptance of Deposits) Rules 2014 as amended with regard to the deposits accepted isnot applicable to the Company.

vi) The requirement of maintenance of cost records under sub-section (1) of section 148of the act in respect of the Company’s activities is not applicable to the Company.

vii) a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employees state insuranceincome-tax sales tax and other material statutory dues as applicable with theappropriate authorities in India except service tax of Rs. 182.20 Lacs which isoutstanding more than 6 months as on 31.03.2016.

According to the information and explanations given to us and records of the b) Companyexamined by us there are no dues outstanding on account of any dispute related to salestax or duty of custom or duty of excise or value added tax or cess and any other statutorydues except dues of Service Tax involving amount of Rs. 6.39 Lacs pending at Commissioner(Appeals) of Central Excise Thane II & Service Tax- I Bandra Mumbai.

viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any bank/Financial Institution. The company has not taken any loans from the Governmentand also it has not issued any debentures as at the end of financial year.

ix) The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments). The term loans obtained by the company havebeen applied for the purpose for which they were raised.

x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi) The Company has paid/ provided for managerial remuneration in excess of limitstipulated under Act As per explanation and information provided by management necessaryapproval from Central government is in process for such violation.

xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order is not applicable.

xiii) The Company has entered in to transactions with related parties in compliancewith the provisions of Sections 177 and 188 of the Act. The details of related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 —‘Related Party Disclosures' specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts Rules) 2014.

xiv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year. Accordingly the provisions ofClause 3(xiv) of the Order are not applicable.

xv) The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable.

xvi) The Company is not required to be registered under section 45- IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company

For Jagannath H.R & Co.

Chartered Accountants

FRN. 007541S

CA Jagannath H.R

Proprietor

M. No: 200372

Place - Mumbai

Date- 30th May 2016