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Apollo Sindoori Hotels Ltd.

BSE: 532752 Sector: Services
NSE: APOLSINHOT ISIN Code: INE451F01024
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Apollo Sindoori Hotels Ltd. (APOLSINHOT) - Auditors Report

Company auditors report

Limited

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying Standalone Ind AS financial statements of ApolloSindoori Hotels Limited

("the Company") which comprises the Balance Sheet as at 31st March 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

2. 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 of these Standalone IndAS financial statements that give a performance including other comprehensive income cashtrueandfairviewofthefinancialpositionfinancial flows and changes in equity of the Companyin accordance with the accounting principles generally accepted in

India including the Indian Accounting Standards (Ind AS) prescribed under Section 133of the Act.

3. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation andpresentationoftheStandaloneIndASfinancialstatements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditors' Responsibility

4. Our responsibility is to express an opinionontheseStandaloneIndASfinancialstatementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit of the Standalone Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable

assurance about whether the Standalone Ind AS financial

5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the

Standalone Ind AS financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the StandaloneInd AS financialstatements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Ind AS financialstatements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Indian Accounting Standards and accounting principles generally accepted inIndia of the state of affairs of the totalCompany as at 31st March 2018 and its profitcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Other Matters

8. The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 included in theseStandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by another firm of Chartered Accountants and their reports for theyear ended 31st March 2017 and 31st March 2016 dated 11th May 2017 and 27th May 2016respectively expressing statements and unmodified have been restated to complywith Ind AS. Adjustments made to the previously issued said statutory financialinformation for the differences in the accounting principles adopted by the Company ontransition to the Ind AS have been audited by us. Our opinion is not modified in respectof these matters.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 ("the Order")and issued by the Central Govern- ment of India in terms of sub-section 11 of Section 143of the Act we give in the Annexure A a statement on the matters specified in paragraphs3 and 4 of the said Order to the extent applicable.

10. 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 ap pears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss (including Other

Cash Flow Statement and Statement of Changes in Equity dealt with by this report are inagreement with the books of account;

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under Section 133 of the Act;

(e) On the basis of written representations received from the Directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2018 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 with reference tofinancial statements in place and the operating effectiveness of such controls refer toour separate report in Annexure B; and

(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 accord ing to explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements - Refer Note No.40 to the Standalone Ind AS financial statements.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There was no delay in transferring the required amount to the Investor Educationand Protection Fund by the Company during the year.

For P.CHANDRASEKAR LLP
Chartered Accountants
(Firm Regn. No.000580S/S200066)
S.SRIRAM
Place: Chennai Partner
Date: 28th May 2018 Membership No. 205496

Annexure A

To Independent Auditors' Report 31st March 2018 (Referred to in our report of evendate)

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

b) As explained to us these fixed assets have been physically verified by theManagement at regular inter vals; as informed to us no material discrepancies were noticedon such verification.

c) The Company has no immovable property.

ii. According to the information and explanations given to us physical verification ofinventory has been conducted at reasonable intervals and no material discrepancies werenoticed.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not provided any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013.

iv. The Company has compiled with the provisions of Section 185 and 186 of theCompanies Act 2013 in respect of investments made by the Company. The Company has notprovided any loans or guarantee or security to any company covered under Section 185 ofthe Companies Act 2013.

v. The Company has not accepted any deposits from public.

vi. According to the information and explanations given to us the Company is notrequired to maintain cost records pursuant to the Rules prescribed by the CentralGovernment for maintenance of cost records under Section 148(1) of the Act.

vii. According to the information and explanations given to us in respect of statutorydues:

a) Undisputed statutory dues including Provident Fund Employees' State InsuranceIncome Tax Service Tax Sales Tax Customs Duty Excise Duty Value Added Tax Goods andService Tax and Cess have generally been regularly deposited with authorities though therehave been delays in a few cases. According to the information and explanations given tous undisputed amounts payable in respect of Service Tax aggregating to Rs.12.68 lakh werein arrears as at 31st March 2018 for a period of more than six months from the date theybecame payable.

b) Details of statutory dues not deposited as on 31st March 2018 on account of disputesare given below:

Name of the Statute Nature of the Dues Amount (Rs. lakh) Forum where the dispute is pending Period to which the dues belong to
Income Tax Act 1961 TDS demand 129.51 CIT (Appeals) 2014-15

viii. On the basis of verification of records and according to the information andexplanations given to us the Company has not defaulted in repayment of loans or borrowingto a financialinstitution bank Government or dues to debenture holders.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised monies by way of initial public offer or further public offer(including debt instruments) during the year. The term loans availed were applied for thepurposes for which they were raised.

x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given tous by the Management no fraud by the

Company and no fraud on the Company by its officers or employees has been noticed orreported during the year.

xi. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

xii. The Company is not a Nidhi Company and hence compliance with the provisions of theNidhi Rules is not applicable.

xiii. In our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with Sections 177 and 188 of theCompanies Act 2013 where applicable and the details have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected with him which will come under the purview of Section 192of the Companies Act 2013.

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

For P.CHANDRASEKAR LLP
Chartered Accountants
(Firm Regn. No.000580S/S200066)
S.SRIRAM
Place: Chennai Partner
Date: 28th May 2018 Membership No. 205496

Annexure - B to the Independent Auditors' Report - 31st March 2018

(Referred to in our report of even date)

Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (" the Act")

1. We have audited the internal financial controls over financial reporting of ApolloSindoori Hotels Limited ("the Company") as of 31st March 2018 in conjunctionwith our audit of the Standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 ("ICAI").

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the CompaniesAct 2013.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the financial statements based on our audit. We conducted ouraudit in accordance with the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting ("theGuidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the

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 with reference tofinancial statements were in place and if such controls were operated effectively in allmaterial respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. 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.

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 withreference to financial statements.

Meaning of Internal Financial Controls with reference to Financial Statements

6. A company's internal financial controls with reference to financial statements aredesigned 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 controls withreference to financial statements includes those policies and procedures that a) Pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthetrans- actions 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 have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

7. Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financialcontrols withreference to financial internal financial controls with reference to financial statementsmay become inadequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls with reference to financial statements and such internal financialcontrols were operating March 2018 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.

For P.CHANDRASEKAR LLP S.SRIRAM
CHARTERED ACCOUNTANTS Partner
(Firm Regn. No.000580S/ Membership No. 205496
S200066) Place: Chennai
Date: 28th May 2018