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Asian Hotels (East) Ltd.

BSE: 533227 Sector: Services
NSE: AHLEAST ISIN Code: INE926K01017
BSE LIVE 13:19 | 02 Dec 185.05 -2.95
(-1.57%)
OPEN

185.05

HIGH

185.05

LOW

185.05

NSE LIVE 15:30 | 02 Dec 187.10 -2.90
(-1.53%)
OPEN

190.00

HIGH

190.00

LOW

186.25

OPEN 185.05
PREVIOUS CLOSE 188.00
VOLUME 25
52-Week high 237.00
52-Week low 120.00
P/E 18.38
Mkt Cap.(Rs cr) 211.70
Buy Price 185.05
Buy Qty 79.00
Sell Price 194.95
Sell Qty 10.00
OPEN 185.05
CLOSE 188.00
VOLUME 25
52-Week high 237.00
52-Week low 120.00
P/E 18.38
Mkt Cap.(Rs cr) 211.70
Buy Price 185.05
Buy Qty 79.00
Sell Price 194.95
Sell Qty 10.00

Asian Hotels (East) Ltd. (AHLEAST) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF ASIAN HOTELS (EAST) LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ASIAN HOTELS(EAST) LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 standalone 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 maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting 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 ofthese standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

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

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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well 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 standalone financial statements.

Opinion

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 31st March 2016 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 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 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 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 the Companies (Accounts) Rules 2014; e. On the basis of thewritten representations received from the directors as on 31st March 2016 taken on recordby the Board of Directors none of the directors is disqualified as on 31st March 2016from being appointed as a director in terms of Section 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g. 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 financialpositions in its financial statements as referred in note no. 36 of the financialstatements;

ii. The Company has no material foreseeable losses on long-term contracts includingderivative contracts;

iii. No amount is required to be transferred to the Investor Education and ProtectionFund by the Company.

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No: 000756N
K K Tulshan
Place: Kolkata Partner
Date: 24th May 2016 Membership No: 085033

Annexure A to the Independent Auditor's Report to the members of ASIAN HOTELS (EAST)LIMITED dated 24th May 2016

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the Central Government of India in terms ofsection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of 'Report on Other Legal and Regulatory Requirements' section

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management. No material discrepancies were noticed on such physical verification;

(iii) The Company has granted unsecured loans/advances to Companies or other partiescovered in the register maintained under section 189 of the Companies Act 2013. Withrespect to the said loans/advances we have to state that:

(a) In our opinion the terms and conditions of the grant of such loans/advances are notprejudicial to the Company's interest;

(b) These unsecured loans/advances are repayable on demand. There is no stipulation asto interest.

(c) The total amount overdue for more than ninety days is Nil;

(iv) The Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect of loans investments guarantees or securities wherevertransacted and applicable.

(v) The Company has not accepted any deposits and hence the directives issued by theReserve Bank of India and the provisions of sections 73 to

76 or any other relevant provisions of the Companies Act 2013 and the rules framedhereunder are not applicable.

(vi) According to the information and explanation given to us the Central Governmenthas not prescribed maintenance of cost records under sub- section (1) of section 148 ofthe Companies Act 2013.Therefore the provision is not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities. There are no arrears of outstanding statutory dues as on the lastday of the financial year concerned for a period of more than six months from the datethey became payable.

(b) According to the information and explanation given to us the dues outstanding inrespect of income tax or sales tax or wealth tax or service tax or duty of customs or dutyof excise or value added tax on account of disputes are as follows:

Name of the Statute Nature of Dues Amount (In Rs. ) Forum where dispute is pending Period to which the amount relates
Finance Act 1994 Service Tax 4374245 Commissioner (Appeals) Prior To FY 2004-05
Finance Act 1994 Service Tax 5909585 Service Tax Tribunal FY 2003-04 to FY 2006-07
Finance Act 1994 Service Tax 26753749 Commissioner of Service Tax FY 2007-08 to FY 2009-10
Finance Act 1994 Service Tax 6836585 Commissioner of Service Tax FY 2008-09 to FY 2012-13
Income Tax Act 1961 Income Tax 16906870 CIT (Appeal) FY 2011-12
Income Tax Act 1961 Income Tax 12273270 CIT (Appeal) FY 2012-13
Employees State Insurance Act1948 ESI 2180235 ESIC FY 2004-05

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders if

(ix) No money has been raised by way of initial public offer or further public offer(including debt instruments). Further term loans were applied for the purposes for whichthose are raised.

(x) No fraud by the Company or fraud on the Company by its officers or employees hasbeen noticed or reported during the year;

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

(xii) The Company is not a Nidhi Company hence clause (xii) of the Order is notapplicable to the Company;

(xiii) All transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 as applicable and the details have been disclosed in theseFinancial Statements as required by the applicable accounting standards;

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully & partly convertible debentures during the year under review. Therequirement of section 42 of the Companies Act 2013 need not be complied with.

(xv) The Company has not entered into non-cash transactions with directors and personsconnected with him. In this respect the provisions of section 192 of Companies Act 2013need not be complied with;

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No: 000756N
K K Tulshan
Place of Signature: Kolkata Partner
Date: 24th May 2016 Membership No: 085033

Asian Hotels (East) Limited

Annexure B to the Independent Auditor’s Report to the members of ASIAN HOTELS(EAST) LIMITED dated 24th May 2016

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements’ section

We have audited the internal financial controls over financial reporting of ASIANHOTELS (EAST) LIMITED ("the Company") as of March 31 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

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 accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No: 000756N
K K Tulshan
Place of Signature: Kolkata Partner
Date: 24th May 2016 Membership No: 085033

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