The Members Cindrella Hotels Limited
(9 Mangoe Lane Kolkata)
We have audited the accompanying financial statements of Cindrella Hotels Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards notified under the Companies Act 1956(the Act) read with the General Circular 15/2013 dated 13th September 2013 of theMinistry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 and inaccordance with the accounting principles generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness of theCompany's internal control.. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement 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.
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:
a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;
b) in the case of the Profit and Loss Account of the profit/ loss for the year endedon that date; and
c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in exercise of the powers conferred bysub-section (11) of section 143 of the Companies Act 2013 (18 of 2013) we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of 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 theCompanies (Accounts) Rules 2014.
(e) On the basis of the 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 adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".
(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 does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
FOR AGARWAL MAHESH KUMAR & CO.
F.R. No. 319154E
M. No. 54394
PLACE: KOLKATA (CAMP)
Dated: 29th Day of May 2015
The Annexure referred to in our report to the members of CINDRELLA HOTELS LIMITED(The Company) for the year ended 31-03-2015
We report that:
|Particulars ||Comment |
|(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; ||Yes |
|(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whet her any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; ||Yes |
|(ii) (a) whether physical verification or inventory has been conducted at reasonable intervals by the management; ||Yes |
|(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business If not the inadequacies in such procedures should be reported; ||Yes |
|(c) whether the company is maintaining proper record s of inventory and whether any material discrepancies were noticed on physical verification and if so whether the same have been properly dealt with in the books of ac- count; ||Yesno material discrepancies were notice on physical verifica- tion |
|(iii) whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act. If so || |
|(a) whether receipt or the principal amount and interest are also regular; and ||No |
|(b) if overdue amount is more than rupees one lakh whether reasonable steps have been taken by the company for recovery of the principal and interest; || |
|(iv) is there 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. Whether there is a continuing failure to correct major weaknesses in internal control system. ||Yes |
|(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? if not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? ||Not Appliable |
|(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained ||Not Appliable |
|year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor ||Yes |
|(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). ||Not |
|(c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time. ||Not |
|(viii) whether in case of a company which has been registered for a period not less than five years its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; ||Not |
|(ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; ||No |
|(x) whether the company has given any guarantee for loans taken by others from bank or financial institutions the terms and conditions whereof are prejudicial to the interest of the company; ||No |
|(xi) whether term loans were applied for the purpose for which the loans were obtained; ||Yes |
|(xii) whether any fraud on or by the company has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. ||Yes |
|FOR AGARWAL MAHESH KUMAR & CO. || |
|For & on Behalf of the Board || |
|CHARTERED ACCOUNTANTS || |
| ||For & on Behalf of the Board |
|[ CA M.K. AGARWAL ] |
|(Sangita Devi Baid) |
|PLACE :: KOLKATA(CAMP) ||DIRECTOR |
|DATED :: 29.05.15 ||(Vivek Baid) |
| ||DIRECTOR |