GIRISH HOTEL RESORTS AND HEALTH FARM LIMITED
ANNUAL REPORT 2010-2011
1. We have audited the attached Financial Statements of M/S GIRISH HOTEL
RESORTS AND HEALTH FARM LIMITED as at March 31, 2011 which we have signed
under reference to this report. 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 have 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 financial
statements are free of material misstatements. 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 the
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
3. As required by the Companies (Auditors' Report) Order, 2003 ('the
Order'), as amended, issued by the Central Government of India in terms of
Section 227(4A) of the Companies Act, 1956, we give in Annexure, a
Statement on the matters specified in paragraphs 4 and 5 of the said
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit.
(b) In our opinion, proper books of accounts as required by law have been
kept by the company so far as appears from our examination of the books.
(c) The Balance Sheet, Profit and loss Account and Cash flow dealt with by
this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash flow,
dealt with by this report comply with the Accounting Standards referred to
in sub-section (3C) of Section 211 of the Companies Act, 1956,
(e) On the basis of written representations received from the directors 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.
(f) In our opinion and to the best of our information and according to the
explanation given to us, the said accounts, read together with the notes
thereon, 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:
i) in case of the Balance Sheet, of the state of affairs of the company as
at 31st March 2011; .
ii) In the case of Profit and Loss account, of the profit for the year
ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flow for the year
ended on that date.
For Shirish Dalal & Associates
M.No. : 8996
Date : 01/09/2011
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDITORS' REPORT OF EVEN DATE ON
THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF GIRISH HOTEL RESORTS
AND HEALTH FARM LIMITED.
On the basis of such checks as we considered appropriate and in terms of
the information and explanation given to us, we state that: -
1. a. The Company is maintaining proper records to show full particulars,
including quantitative details and situation of assets.
b. As explained to us, fixed assets, according to the practice of the
company, are physically verified by the management in accordance with the
phased verification program, which, in our opinion, is reasonable having
regards to the size of the company and the nature of its fixed assets. To
the best of our knowledge no material discrepancies have been noticed on
c. The Company has not disposed off substantial part of the assets.
2. Since there are no inventories, clause (ii) of the para 4 of the order
is not applicable to the company.
3. The Company has neither taken nor granted any loans, secured or
unsecured, to any of the parties covered in the register maintained under
section 301 of the Companies Act, 1956 in view of this clause (iii) (b),
(c), (d), (e), (f) and (g) of para 4 of the Order are not applicable to
4. In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchases of fixed assets. Further, on the basis of our examination and
information and according to the explanations given to us, we have neither
come across nor have we been informed of any instances of major weakness in
the aforesaid internal control procedures and continuing failure to
correct major weaknesses in internal control procedure.
5. In our opinion, and according to the information and explanations given
to us, During the year, there are no contracts or arrangements,
particulars of which needs to be entered into register maintained under
Section 301 of the Companies act, 1956. Sub clause (b) is not applicable.
6. The company has not accepted any deposits under the provisions of
section 58A and 58AA of the Act, and the rules framed there under.
7. As explained to us, the Company has no formal system of internal audit
in operation. However responsible officer of the company have always kept
adequate vigilance over day to day transactions of the company and over the
proper maintenance of the basic records and books of accounts of the
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 for the products of the Company.
9. i) According to the information and explanations given to us, and the
records of the company examined by us there are no undisputed statutory
dues in respect of provident fund, Employees state insurance fund, Investor
Education and protection fund, Income Tax, Sales Tax, Wealth Tax, Excise
duty, Service Tax, Cess and other material statutory dues as applicable
during the year.
ii) According to the information and explanations given to us there are no
dues of sales tax, Income Tax, Wealth Tax, Customs duty, Excise Duty,
service tax and cess which have been disputed and lying pending as on 31st
10. There are no losses in the current or previous year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial institution,
bank or debenture holders.
12. Based on our examination of the records and the information and
explanations given to us, 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. In our opinion and according to the information and explanation given
to us, the company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore clause 4(xiii) of the Companies (Auditor Report)
Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not a dealing or trading in shares,
securities, debentures and other investments. Accordingly paragraph 4(xiv)
of the order is not applicable.
15. According to the information and explanations given to us, the company
has not given guarantee for loans taken by others from banks or financial
institution. Accordingly paragraph 4(xv) of the order is not applicable.
16. The company has not obtained any term loan during the year.
17. On the basis of review of utilization of funds, which is based on
overall examination of the balance sheet of the company, related
information as made available to us and as represented to us by the
Management, we are of the opinion that no funds raised on short term basis
have been used for long term assets and vice versa.
18. 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 during the year.
19. The company has not issued debentures during the year and hence
requirement of reporting regarding creation of securities in respect of
debentures issued does not arise.
20. The company has not raised any money by public issue during the year.
21. Based upon the audit procedures performed for the purpose of reporting
the true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the course
of our audit.
For Shirish Dalal & Associates
M.No. : 8996
Date : 01/09/2011