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Aruna Hotels Ltd.

BSE: 500016 Sector: Services
NSE: ARUNASUGAR ISIN Code: INE957C01019
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Aruna Hotels Ltd. (ARUNASUGAR) - Auditors Report

Company auditors report

ARUNA HOTELS LIMITED ANNUAL REPORT 2007-2008 AUDITOR'S REPORT To The Shareholders of Aruna Hotels Limited We have audited the attached Balance Sheet of Aruna Hotels Limited, as at 31st March 2008. Profit and Loss Account of the Company and also Cash Flow statement for the year ended on that date annexed hereto. These Financial statements are responsibility of the company's management. Our responsibiliy 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 misstatement. 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 our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of Indian in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. 2. Further to our comments referred to in paragraph (1) above, we report that: (a) We have obtained all the information and explanations which to the best 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 and Profit and Loss Account dealt with by this report are in agreement with the books of account. (d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub- section 3(c) of section 211 of the Company Act, 1956, to the extent applicable. (e) On the basis of written representations received from the directors, as on 31st March 2008 and taken on record by the Board of Directors. We report that none of the directors is disqualified as on 31st March 2008 from being appointed as a director of the Company under clause (g) of sub-section(1) of section 274 of the Companies Act, 1956; (f) In our opinion and to the test of our information and according to ,the explanations given to us, the said accounts read together with toe notes made thereon, give the information as required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet of the State of affairs of the Company as at 31st March 2008; (ii) In the case of the Profit and Loss Account, of the Loss for the period ended on that date; and (iii) In the case of the Cash Flow statement, of the cash flow of the year ended on that date For M/s. S. Viswanathan Chartered Accountants CHELLA K. SRINIVASAN (Partner) M. No.: 23305 Place: Chennai-34 Dated: 28.08.2008 ANNEXURE TO THE AUDITORS' REPORT 1. (a) The Company has maintained proper records showing full particulars including quantitive details situation of fixed assets. (b) The fixed assets of the Company have been physically verified during the year by the Management and no material discrepancies between the book records and the physical inventory have been noticed. (c) During the year, the Company has not disposed off any substantial part of its fixed assets. 11. (a) Physical verification of stocks of finished goods, stores, spare parts and raw materials was conducted by the Management during the period. In our opinion, the frequency of verification was reasonable. (b) The procedures of physical verification of stocks followed by the Management are reasonable and adequate, commensurate to the size of the Company and nature of its business. (c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory, The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of accounts. Ill. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The Company has taken unsecured advance from parties covered in the register maintained under section 301 of the Companies Act, 1956, the maximum amount outstanding during the year is Rs. 1,87,85,711.00 IV. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. V. (a) Based on the audit procedures applied by us and according to the information and explanation, provided to us by the manatlement, we are of the opinion that the particulars of contracts or arrangements referred to, in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion, the transactions made in pursuance of such contracts ors arrangements have been made, at prices which are reasonable have regard to the prevailing Market prices at the relevant time. I. The Company has riot accepted any deposits from the public. II. A firm of Chartered Accountants is appointed ac internal Auditors of the Company for the period under review. In our opinion, the company has internal audit system commensurate with its size and nature of its business. Ill. No cost records have been prescribed by the Central government under section 209(1)(d) of Companies Act, 1956. IV (a) Undisputed statutory dues including provident fund; investors education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, service-tax, customs duty, excise duty, cess have not been regularly deposited with the appropriate authority and there have been delays in large number of cases, the extent of arrears of statutory dues as at the last day of the financial year 2007-2008 outstanding for a period of more than six months from the date they became payable as per the list attached. (As per list attached) Name of Statute Nature of Amount Period to Due Date Date of Dues Rs. which the payment amount relate Income Tax Act, TDS on April 2007- 7th of the 07.05.2008 1961 Advertise- 10602.00 March 2008 next month ment Income Tax Act, TDS on April 2007- 7th of the 07.05.2008 1961 Interes 404122.00 March 2008 next month other than Interes on Securi- ties Income Tax Act, TDS on 418468.00 April 2007- 7th of the 1961 Salaries March 2008 next month 07.05.2008 Income Tax Act, TDS on 45423.95 April 2007- 7th of the 1961 Profes- March 2008 next month 07.05.2008 sional Services Income Tax Act, TDS on 73850.62 April 2007- 7th of the 07.05.2008 1961 Contrac- March 2008 next month tors Income Tax Act, TDS on 19259.00 April 2007- 7th of the 07.05.2008 1961 Commis- March 2008 next month Income Tax Act, TDS on 33140.00 April 2007- 7th of the 28.08.2008 1961 Rent sion March 2008 next month EPF Act EPF 286962.00 April 2007- 15th of the 24.04.2008 March 2008 next month ESI Act ESI 233522.00 April 2007- 21st of the 24.04.2008 March 2008 next month Income Tax Act, Fringe- April 2007- 15th of the 1961 Benefit 114389.76 March 2008 next month 28.08.2008 suceeding the quarter Luxury Tax, Luxury 2593275.00 April 2006- 7th of the 06.05.2008 Payable March 2007 next month Sales Tax Act Sales 406725.00 April 2006- 7th of the 06.05.2008 Tax March 2007 next month Payable Service Tax Act Service 622028.20 April 2006- 7th of the 06.05.2008 Tax March 2007 next month Payable 189061.24 April 2007- 7th of the 06.05.2008 March 2008 next month (b) According to the information and explanations given to us, no disputed amounts payable in respect of Income-Tax, Wealth-Tax, Service-Tax, Customer duty, Excise duty were outstanding, as at 31st March 2008, except the following: Purchase Tax - Rs.104.07 Lakhs and Sales Tax - Rs.41.08 Lakhs on which Appeal is pending before the High Court. X. (a) The accumulated losses of the Company are not more than fifty percent of its net worth. It has not incurred cash loss during the year and has not incurred cash Loss in the immediately preceding financial year. XII. Based on the audit procedures and on the information and explanations given by the Management, we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions or Banks. XII. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. XII. In our opinion, the'terms and conditions in respect of the guarantees given by the Company for loans taken by others from banks and financial institutions are not prima facie prejudicial to the interest of the Company. XIV. The term loan availed during the year has been utilized for the purpose of which it has been raised. XV. Based on audit procedures applied by us and according to the information and explanations provided by the Management, we are of the opinion that the Company has not used the funds raised on short-term basis for long-term investments. XVI. The Company has not made any preferential allotment of shares to parties and companies covered in the Register. maintained under section 301 of the Companies Act, 1956. XVII. No fraud on or by the company had been noticed or reported during the course of our audit. XVIII. Other provisions of Companies (Auditor's Report) Order, 2003 are not applicable. For M/s. S. Viswanathan Chartered Accountants CHELLA K. SRINIVASAN (Partner) M.No.: 23305 Place: Chennai-34 Dated: 28.08.2008

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