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Tulip Star Hotels Ltd.

BSE: 531088 Sector: Services
NSE: N.A. ISIN Code: INE379C01016
BSE 00:00 | 20 Feb Tulip Star Hotels Ltd
NSE 05:30 | 01 Jan Tulip Star Hotels Ltd
OPEN 64.95
PREVIOUS CLOSE 64.95
VOLUME 1
52-Week high 67.85
52-Week low 44.10
P/E
Mkt Cap.(Rs cr) 30
Buy Price 0.00
Buy Qty 0.00
Sell Price 64.95
Sell Qty 99.00
OPEN 64.95
CLOSE 64.95
VOLUME 1
52-Week high 67.85
52-Week low 44.10
P/E
Mkt Cap.(Rs cr) 30
Buy Price 0.00
Buy Qty 0.00
Sell Price 64.95
Sell Qty 99.00

Tulip Star Hotels Ltd. (TULIPSTARHOT) - Auditors Report

Company auditors report

To

The Members of Tulip Star Hotels Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Tulip StarHotels Limited (the “Company”) which comprise the Balance Sheet as at March312018 and the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(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 thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (“IndAS”) prescribed under section 133 of the Act.

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

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. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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.

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

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 March 312018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Emphasis of matter:

Attention is invited to note number 18note number 19 and note number 20 ofnotesforming part of accounts regarding the quality of the Company's investment in an investeecompany as well as recoverability of its interestfree loan in the said company. TheManagement is of the opinion that notwithstanding the ongoing financial and legal issuesof the investee company taking into account the present value of the investee company'shotel property vis-a-vis its aggregate liabilities there is no permanent diminution inthe book value of the Company's investments nor is there a threat to recovery of interestfree loan in the investee company in the long run. Our opinion on the financial statementsis not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act based on our audit 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 including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the 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 March312018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct.

f) According to the information and explanation given to us the Company has notestablished itsinternal financial control over financial reporting on criteria based on orconsidering the essential components of internal controls stated in the Guidance Note onAudit of Internal Financial Controls over financial reporting issued by the Institute ofChartered Accountants of India. Consequently we are unable to obtain sufficientappropriate audit evidence to provide basis for our opinion whether the Company hadadequate internal financial controls overfinancial reporting and whether such internalfinancial controls were operating effectively as at March 31st 2018.

We have considered the disclaimer reported above in determining the nature timingandextent of audit tests applied in our audit of the financial statements of the Companyand the disclaimer does not affect our opinion on the financial statements of the Company.

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 financial statements — Refer note number 21 of notes forming part ofaccounts;

ii. The Company did not have any long term contracts including derivative contractsthat require provision under any law or accounting standards for which there were anymaterial foreseeable losses.

iii. There was no amount to be transferredto the Investor Education and Protection Fundby the Company.

2. As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government in terms of Section 143(11) of the Act we give theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

For K A M G & Associates
Chartered Accountants
Firm Reg. No. 311027E
Arpit Shah
Partner
Place: Mumbai Membership No. 180949
Date: May 29 2018