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West Leisure Resorts Ltd.

BSE: 538382 Sector: Services
NSE: N.A. ISIN Code: INE266P01017
BSE 00:00 | 26 Mar West Leisure Resorts Ltd
NSE 05:30 | 01 Jan West Leisure Resorts Ltd
OPEN 65.40
PREVIOUS CLOSE 65.40
VOLUME 9
52-Week high 65.40
52-Week low 65.40
P/E 11.33
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 65.40
CLOSE 65.40
VOLUME 9
52-Week high 65.40
52-Week low 65.40
P/E 11.33
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

West Leisure Resorts Ltd. (WESTLEISURE) - Auditors Report

Company auditors report

TO THE MEMBERS OF WEST LEISURE RESORTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of WEST LEISURE RESORTSLIMITED ("the Company") which comprise the Balance Sheet as at 31 March2016 the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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 preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 Thisresponsibility also includes maintenance of adequate accounting records in accordance withprovisions of the Act for safeguarding assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to preparation and presentation of the financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report underprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with Standards on Auditing specified under section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including assessment of risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating appropriateness of the accounting policies used and reasonableness ofthe accounting estimates made by Company's directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by 'the Companies (Auditor's Report) Order 2016' issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure A a statement on the matters specifiedin paragraphs 3 of the Order.

2. 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 appears from our examination of those books of accounts;

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with in the Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct;

f) With respect to adequacy of the internal financial control over financial reportingof the Company and operating effectiveness of such control refer to our separate Reportin Annexure B.

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 according to the explanations given to us wereport that:

i) The Company does not have any pending litigations which would impact its financialposition;

ii) The Company did not have any long-term contracts including derivatives contractsfor which 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.

FOR RAJENDRA K. GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Regd No. 108373W
RAJENDRA KUMAR GUPTA
Place: Mumbai PARTNER
Date: 2605.2016 Membership No. 009939

ANNEXURE 'A' TO AUDITOR'S REPORT

Annexure referred to in Paragraph 1 of Report on Other Legal And RegulatoryRequirements in our report to members of WEST LEISURE RESORTS LIMITED ("theCompany") for the year ended 31st March 2016

We report that;

i. The Company has no fixed assets;

ii. The Company is engaged in trading of steel bars and due to the nature of theactivity it does not hold inventory of these items at any point of time; hence therequirement under paragraph 3 (ii) of the Order is not applicable;

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act') hence paragraph 3 (iii) of theOrder is not applicable;

iv. The Company has in respect of investments made complied with provisions ofsections 185 and 186 of the Act;

v. The Company has not accepted any deposits from public during the year and henceparagraph 3 (v) of the Order is not applicable;

vi. The Central Government has not specified under sub-section (1) of section 148 ofthe Act for the Company to maintain cost records and hence paragraph 3 (vi) of the Orderis not applicable;

vii. (a) According to the information and explanations given to us and according to therecords - of the Company the Company is regular in depositing with appropriateauthorities undisputed statutory dues including income-tax profession tax cess and anyother statutory dues applicable to it;

(b) According to the information and explanations given to us no undisputed amounts inrespect of the statutory dues referred above were outstanding as at 31st March2016 for a period of more than six months from the date they became payable;

viii. The Company has not borrowed any money from any financial institution or bank orthrough debentures hence paragraph 3 (viii) of the Order is not applicable;

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans hence paragraph 3 (ix) of theOrder is not applicable;

x. According to the information and explanations given to us by the Management wereport that no fraud on or by the Company has been noticed or reported during the courseof the audit;

xi. The Company has not given any managerial remuneration covered by provisions ofsection 197 read with Schedule V to the Act hence paragraph 3 (xi) of the Order is notapplicable;

xii. The Company is not a nidhi company and so Nidhi Rules 2014 are not applicable tothe Company hence paragraph 3 (xii) of the Order is not applicable;

xiii. According to the information and explanations given to us by the Management wereport that all transactions with related parties are in compliance with sections 177 and188 of the Act and details thereof have been disclosed in the Financial Statements;

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and hence paragraph3 (xiv] of the Order is not applicable;

xv. According to information and explanations given to us by the Management theCompany has not entered into any non-cash transactions with the directors or personsconnected with them and hence paragraph 3 (xv) of the Order is not applicable;

xvi. The Company is not required to be registered under section 45IA of Reserve Bank ofIndia Act 1934 and hence paragraph 3 (xvi) of the Order is not applicable.

FOR RAJENDRA K GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Regd. No 108373W
RAJENDRA KUMAR GUPTA
Place: Mumbai PARTNER
Date: 2605.2016 Membership No. 009939

ANNEXURE 'B' TO AUDITOR'S REPORT

We have audited the internal financial controls over financial of WEST LEISURERESORTS LIMITED ('the Company') as of 31st March 2016 in conjunction with our audit ofthe 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 (TCAI'). These responsibilitiesinclude design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies safeguarding of its assetsprevention and detection of frauds and errors accuracy and completeness of the accountingrecords and timely preparation of reliable financial information as required under theCompanies Act 2013 (the Act).

Auditors' 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 oflnternal 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 Act to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial control over financial reporting was establishedand maintained and if such control 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 risk 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 processdesigned 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 control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

FOR RAJENDRA K. GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Regd. No. 108373W
RAJENDRA K. GUPTA
Place: Mumbai PARTNER
Date: 26.05.2016 Membership No. 009939