You are here » Home » Companies » Company Overview » Dolphin Hotels Ltd

Dolphin Hotels Ltd.

BSE: 509513 Sector: Services
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Dolphin Hotels Ltd. (DOLPHINHOTELS) - Auditors Report

Company auditors report

DOLPHIN HOTELS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To the members of DOLPHIN HOTELS LIMITED, HYDERABAD. 1. We have audited the attached Balance Sheet of DOLPHIN HOTELS LIMITED, HYDERABAD (A.P) as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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 that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors' Report) Order, 2003 (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. ii) 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. iii) The Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account. iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. v) On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that, none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with the Schedules annexed therewith and subject to Note No. 1 and 3 of Schedule 19B give the information 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: a) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2011; b) in the case of the profit and loss account, of the Profit of the Company for the year ended on that date; and c) in the case of cash flow statement, of the cash flows for the year ended on that date. for BRAHMAYYA & CO., Chartered Accountants Firm's Registration Number: 000513S (P. CHANDRAMOULI) Place: Hyderabad, Partner Date : 06.09.2011. Membership No. 25211 Annexure to the Auditor's Report Referred to in paragraph 3 of our report of even date. 1.a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) As explained to us, the management has physically verified most of the fixed assets during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of the assets. No material discrepancies were noticed on such verification. c) During the year the Company has not disposed off any substantial part of fixed assets that would affect the going concern status of the Company. 2.a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification between the physical stocks and book records were not material. 3.a) During the year, the Company has neither granted nor taken any loans, secured or unsecured to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. b) In view of our comment in paragraph 3(a) above, (III) (b), (c), (d), (e) and (f) of paragraph 4 of the aforesaid order are not applicable to the Company. c) However, as the terms of repayment have not been stipulated in respect of loans taken in earlier years, we are not in a position to make any specific comment regarding the repayment of principal and also interest. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5.a) In our opinion and according to the information and explanations given to us, 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 to be maintained under that section b) In respect of transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lakhs entered in to during the year ,in the absence of any comparable quotes, we are unable to comment whether the transactions were made at prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public. Hence the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, do not apply to this Company. 7. In our opinion, the Company has an internal audit system. However the scope in our opinion needs to be enlarged so as to make it commensurate with the size and nature of the Company's business. 8. The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for the activities of the Company. 9. a) According to the records of the Company, apart from certain instances of delays, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears as at March 31, 2011 for a period of more than six months from the date they became payable except the following. S. Nature of the dues Amount Date of Payment No. (Rs.) 1. Sales Tax 6,56,015 Not yet paid 2. AP VAT 1,13,380 Not yet paid 3. Fringe Benefit Tax 42,857 Not yet paid 4. Property Tax 9,91,556 Not yet paid c) According to the records of the Company and the information and explanations given to us, the dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess, which have not been deposited on account of dispute are as follows: Sl. Nature of Amount Period to Forum where dispute No. the dues Rs. which the is pending amount relates 01 Sales Tax 1,78,248 1990-91 AP STAT, Visakhapatnam 02 Sales Tax 1,44,816 1997-98 AP STAT, Visakhapatnam 03 Sales Tax 8,81,831 1998-99 AP STAT, Visakhapatnam 04 Sales Tax 91,204 1999-00 AP STAT, Visakhapatnam 05 Sales Tax 4,44,056 2001-02 AP STAT, Visakhapatnam 06 AP VAT 13,08,862 2009-10 Commissioner of Commercial Taxes, A.P. 10. The accumulated losses of the Company as at the end of the financial year under reference are more than fifty percent of net worth of the Company The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institutions and banks. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. 14. The Company has maintained proper records for transactions and contracts relating to dealing or trading in other investments. As explained to us timely entries have been made therein and the other Investments have been held by the Company in its own name to the extent applicable. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 16. According to the information and explanations given to us the Company has not obtained any term loans during the year. 17. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long- term investment. 18. During the year, 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. 19. During the year, the Company has not issued any debentures, therefore the question of creating security or charge in respect thereof does not arise. 20. During the year, the Company has not made any public issue and therefore the question of disclosing the end use of money raised by public issue does not arise. 21. Based upon the audit procedures performed and according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year. for BRAHMAYYA & CO., Chartered Accountants Firm's Registration Number: 000513S (P. CHANDRAMOULI) Place: Hyderabad, Partner Date : 06.09.2011. Membership No. 25211