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Nicco Parks & Resorts Ltd.

BSE: 526721 Sector: Services
NSE: N.A. ISIN Code: INE653C01022
BSE 00:00 | 20 Sep 23.20 0.20
(0.87%)
OPEN

24.10

HIGH

24.15

LOW

22.55

NSE 05:30 | 01 Jan Nicco Parks & Resorts Ltd
OPEN 24.10
PREVIOUS CLOSE 23.00
VOLUME 2410
52-Week high 50.75
52-Week low 20.00
P/E 12.96
Mkt Cap.(Rs cr) 109
Buy Price 23.25
Buy Qty 90.00
Sell Price 24.15
Sell Qty 101.00
OPEN 24.10
CLOSE 23.00
VOLUME 2410
52-Week high 50.75
52-Week low 20.00
P/E 12.96
Mkt Cap.(Rs cr) 109
Buy Price 23.25
Buy Qty 90.00
Sell Price 24.15
Sell Qty 101.00

Nicco Parks & Resorts Ltd. (NICCOPARKS) - Auditors Report

Company auditors report

To The Members of

Nicco Parks & Resorts Limited

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying standalone Ind AS financial statements of NICCOPARKS & RESORTS LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2018 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standard) Rules 2015 as amended and other accounting principles generallyaccepted in India.

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 and presentation of the standalone INDAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative announcements issued by Institute of Chartered Accountants of India. ThoseStandards and pronouncements require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone Ind ASfinancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS 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 standalone Ind ASfinancial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

6. 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 accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit (including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

Other Matter

7. The corresponding financial information of the Company as at and for the year ended31st March 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedfinancial statements for the years ended 31st March 2017 and 31st March 2016 preparedin accordance with the Companies (Accounting Standards) Rules 2006 (as amended) whichwere audited by us on which we expressed an unmodified opinion vide our audit reportdated 10th May 2017 and 18th May 2016 respectively which is also explained in Note no 50to the attached financial statements. These financial statements have been adjusted fordifferences in accounting principles to comply with Ind AS and such adjustments ontransition to Ind AS which has been approved by the Company's Board of Directors have beenaudited by us.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

8. 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 "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

9. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31stMarch 2018 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements as stated in note 38(b) to the financialstatement;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8th November 2016 to 30th December 2016have not been made since they do not pertain to the financial year ended 31st March 2018.

For Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
(Ankit Dhelia)
Place: Kolkata Partner
Date: 17th May 2018 Membership No. 069178

Annexure - A to the Independent Auditor's Report

(Referred to in paragraph 8 with the heading ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date in respect to Statutory Audit of NiccoParks & Resorts Limited for the year ended 31st March 2018)

We report that:

i. In respect of its fixed assets:

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

b) As explained to us fixed assets have been physically verified during the year bythe management at reasonable intervals and no material discrepancies have been noticed onsuch physical verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties being"Leasehold Land" are held in the name of the Company.

ii. As explained to us inventories were physically verified during the year by themanagement at reasonable intervals and no material discrepancies were noticed on suchverification.

iii. The Company has not granted any loan to parties covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly paragraph 3(iii) of the Orderis not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto loans and investments made.

v. According to information and explanations given to us the Company has not acceptedany deposits from public during the year. Accordingly paragraph 3(v) of the Order is notapplicable.

vi. The Government has not specified maintenance of the cost records under section148(1) of the Companies Act 2013 in regard to the activities of the company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositingundisputed statutory dues including provident fund employee's state insurance incometax sales tax service tax duty of customs duty of excise value added tax cess andother statutory dues with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of provident fundemployees' state insurance income tax sales tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues were in arrears as at 31stMarch 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us the dues of sales taxincome tax duty of customs duty of excise service tax and value added tax which havenot been deposited on account of any dispute and the forum where the dispute is pending ason 31st March 2018 are as under :-

Name of the statute Nature of dues Amount Rs. in Lakhs Year Forum where dispute is pending
WBVAT Act 2003 Value Added Tax 3.23 2009-10 Appellate & Revisional Board WBCT
WBVAT Act 2003 Value Added Tax 290.70 2010-11 Additional Commissioner
Income Tax Act 1961 Income Tax 3.37 2012-13 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 2.78 2013-14 Commissioner of Income Tax (Appeals)

viii. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment of duesto banks or financial institutions. There were no debentures outstanding at any timeduring the year.

ix. The company had not raised any money by way of term loans initial public offer orfurther public offer (including debt instruments) during the year. Accordingly paragraph3(ix) of the Order is not applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

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

For Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
(Ankit Dhelia)
Place: Kolkata Partner
Date: 17th May 2018 Membership No. 069178

Annexure - B To The Independent Auditor's Report

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

We have audited the internal financial controls over financial reporting of NICCO PARKS& RESORTS LIMITED ("the Company") as of 31st March 2018 in conjunction withour audit of the financial statements of the Company for the year ended on that 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITOR'S 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 accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement 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 controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that(1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a 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 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
(Ankit Dhelia)
Place: Kolkata Partner
Date: 17th May 2018 Membership No. 069178