Mar 31, 2014
I. We have audited the accompanying financial statements of Sheraton
Properties and Finn me Limited (" the Company") withhin comprise the
Balance Sheet as at 31st March, 2014, the Statement of Profit and
Lous, and the Cash Flow Statement for fee year then ended and a summary
of significant accounting policies and otiier evplajiatory information.
which we have signed under reference to this report,
Management''s Responsibility Financial Statements
1. The Company''s Management is responsible for tine preparation of
these financial statements that, give a trtie and fair view of the
financial position, financial performance and cash flows of the company
in accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 190 of India ( ihe ''Act")
read with the General Circular 152013 dated |3th September, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act. 201.1 and in accordance with the accounting principles
generally accepted in India. This responsibifiiy i net tides (he
design, implementation and maintenance of interna! control relevant lo
the preparation and presentation of the financial statements that give
a true and fair viyw and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
I: Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with tlie Standards on Auditing issued by i!ie Institure of Chartered
Accountants of India, Those standards require ihat we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements,
4. An audi I involves performing procedure''s to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including die
assessment of the risks of material misstatement of die financial
statements, whether due to fraud or error, in making those- risk
assessments, the auditor considers internal control relevant to the
Company''s .preparation and fair presentation of (he financial
statements in order to design audit procedures that are appropriate in
the circumstances but nol for the purpose of expressing an opinion on
the effective less of the Company''s internal control. An audit also
includes evaluating me appropriateness of accounting polices used and
the reasonableness of the accounting estimates made by management,, as
well as evaluating the overall presentation of the financial
statements,
5. We believe thai the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
Opinion
6. Tri our Opinion and to the best of our information and. according to
the explanations given to us, the accompanying financial statements
give the information required by the- Companies Act, 1956 in the man
iter so required and give a true and fair view in conformity with the
accounting principles generally accepted in India;
i. in Hie case of the Balance Sheet, of the state of affair* of the
Company as at 31*1 March, 2014;
ii. in the case of the'' Statement of Profit and Loss, of the profit for
the year ended on that date; and
iit. in the case of the Cash Flow Statement, of ihe cash flows of the
Company for the year ended on thai date.
Report on Other Legal and Regulatory Requirements
- As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order''-) issued hy the Central Government of India in terms of Section
227(4A) of ihe Companies Act, 1956 and on Ific basis of such checks of
the books and records of die company as we- considered appropriate and
according to the information and explanation given to us, we give in
the Annexure a statement on the matters Specified in paragraphs 4 and 5
of the order.
S. As required by Section 227(3) of the Act, we report that:
a) Wc havic Obtained all the information and explanations, which to the
best of 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 the Company bo far as appears from our examination of diose
books;
c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
statement deah with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash Row statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in'' respect of
Section 133 of the Companies Act, 2013.
j On the basis of written representations received from the Directors
as on 31st March,.2014 and taken on record by the Board of Directors,
none of the directors is disqualified as oh 31st March. 2014 from
being appointed as a Director in terms of Section 274(1) (g) of the
Act.
ANNEXURETO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 7 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date On the basis of
such checks as we considered nippropriatc an J in terms of infonnation
and explanations given to us we state that;-
1. Tho Company has not granted / taken any loans secured or unsecured
to/from companies . firms or other parties covered in the register
maintained under section 301 of the Companies ACT l956,Therefore, the
provisions ofCLauso (iii.a) to (iii.g) of paragraph 4 of the Order are
not applicable and hence not commented upon
2. There is an adequate internal control system commensurate with the
size of the Company and the- nature of its business tor the income by
way of Commission &. purchase of investments,
3. In our opinion and according to the information and explanations
given to us. diere are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act. 1956,
Accordingly, the clause 4 (v){b) of the Order is not applicable.
4. The Company lias not accepted any Deposits from the public during
die year.
5. In our opinion, the company has adeqitate internal audit system
commensurate with the sl/e of the Company and the namre of its
business,
6, According to the records of the Company, mere, were no undisputed
amounts payable in respect of Income Tax, Sales Tax. Wealth Tax. Custom
Duty, Excise Duty and Service Tax which have remained oufsiandins as at
the last day of financial year, for a period of more than. set months
from the date they became .applicable other ihen Professional Tax
amounting to Rs, NIL which have remained outstanding as at the last day
of financial year, for a period of more than six months from the date
diey become applicable,
b) There is no disputed amount payable in respect of Sales Tax, Wealdl
Tax, Custom Duty, Excise Duty, Cess and Service Tax other then the
following.
Forum where
Particulars Nature Year rs in lacs Dispute is
of the pending
Dues
Income
The Income Tax Tax 1990-91 rs .163.32 High court
Act 1961 Mumbai
7; The Company does not have accumulated losses at the end of the
financial year. Tile company has not incurred cash losses during the
current financial year and in the immediately preceding financial year.
8. In our opinion and according to the information and explanations
given to us,..the company does not have any dues payable to the
financial institutions or bank or debenture holders.
9. The Company has not granted any bans and advances on the basis of
security by way of pledge of shares.
10. The special Statute applicable to Unit Fund Nidhi or Mutual
Benefit /society are not applicable to company.
11. In our opinion and according to the Information and explanations
given to us. the Company has not dealt in shares during the year. All
investments at the close of i!ie year are held in the name of the
company,
12. In our Opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
13. The company Iras not obtained any term loan during the year.
14. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to there are no funds raised on short-term basis
which have been used for long-term investment.
15. The Company has not made any preferential allotment of shares to
any parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
I6, During the course of our examination of the books and records of
the company, and according to information and explanations reported by
the management, no fraud on or by the company was noticed or reported
during tire year.
17. Clauses (i),(ii),{viii>,(xix) and
For and on behalf of
B. L. Dnshardu & Associates
Chartered Accountants
F.R. No,:112615W
Sushaut Mehtu
Partner
M. No.: 112489
Place-: Mumbai
Dated: 30th May 2014
Mar 31, 2012
We have audited the attached Balance Sheet of SHERATON PROPERTIES &
FINANCE LIMITED as at 31st March, 2012 and also the Profit and Loss
account and the cash flow statement for the year ended on that date
annexed thereto. 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.
We 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 the financial
statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956 (hereinafter referred to as the Act), we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order, to the extent applicable.
2. Further to our comments in the Annexure referred to 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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account of
the Company,
d. In our opinion the Balance Sheet and Profit & Loss Account and Cash
Flow Statement 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 representation received from the directors
as on j 1 V March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 f of Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read with the other
notes thereon give the information required, by the Companies Act, 1956
in the manner so required and give a true and fair view;
i) in the case of the Balance Sheet of the State of affairs of the
Company as at 31 st March,2012; and
ii) in the case of Profit and Loss Account of the profit of the Company
for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Referred to in paragraph 1 of our report of even date on the accounts
for the year ended 31st March, 2012 of SHERATON PROPERTIES & FINANCE
LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us we state that:
1. a) The Company had taken interest free loan from one Company listed
in the register maintained under section 301 of the Companies Act,1956
The maximum balance outstanding during the year is Rs 3,00,000/- and
balance outstanding at the year end is Rs 3,00,000/-.
b) The terms on which such loans were taken are prima facie not
prejudicial to the interest of the company.
2. a) The Company had not granted any interest free unsecured loans to
any Individual, firms or companies listed in the register maintained
under section 301 of the Companies Act, 1956.
b) In our opinion and according to the information and explanation
given to us, the other terms and conditions on which loans have been
granted to companies listed in the register maintained under section
301 of the Companies Act, 1956 are not prima facie, prejudicial to the
interest of the companies.
c) The loans granted by the company are at call and no stipulations
have been made regarding repayment of loans.
3. There is an adequate internal control system commensurate with the
size of the Company and the nature of its business for the income by
way of Commission & purchase of investments.
4. In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the clause 4 (v) (b) of the Order is not applicable.
5. The Company has not accepted any Deposits from the public during
the year.
6. In our opinion, the company has adequate internal audit system
commensurate with the size of the Company and the nature of its
business.
7.a) According to the records of the Company, there were no undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty and Service Tax which have remained outstanding as at
the last day of financial year, for a period of more than six months
from the date they became applicable other then Professional Tax
amounting to Rs. 14,300/- which have remained outstanding as at the
last day of financial year, for a period of more than six months from
the date they become applicable
b) There is no disputed amounts payable in respect of Sales Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and Service Tax other then disputed
income tax not deposited disclosed in Note No 4(a) - Schedule E under
the head à Contingent Liabilitiesà and not provided for in the
accounts.
8. The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash loss during the
current financial year but has incurred cash loss in the immediately
preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the company does not have any dues payable to the
financial institutions or bank or debenture holders.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares.
11. The special Statute applicable to Unit Fund Nidhi or Mutual
Benefit /society are not applicable to company.
12. In our opinion and according to the information and explanations
given to us, the Company has not dealt in shares during the year. All
investments at the close of the year are held in the name of the
company.
13. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
14. The company has not obtained any term loan during the year.
15. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us there are no funds raised on short-term basis
which have been used for long-term investment.
16. The Company has not made any preferential allotment of shares to
any parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
17. During the course of our examination of the books and records of
the company, and according to information and explanations reported by
the management, no fraud on or by the company was noticed or reported
during the year.
18. Clauses (i),(ii),(viii),(xix) and (xx) of paragraph 4 of Companies
(Auditors' Report) Order,2003 are not applicable in the case of
company for the current year, since in our opinion there is no matter
to be reported thereon.
FOR AND ON BEHALF OF
B. L DASHARDA & ASSOCIATES CHARTERED ACCOUNTANTS
FRNNO. 112615W
SUSHANT MEHTA,
PARTNER I /M.NO. 112489
Place : MUMBAI
Dated : 25th JULY, 2012.
Mar 31, 2011
We have audited the attached Balance Sheet of SHERATON PROPERTIES &
FINANCE LIMITED as at 31st March, 2011 and also the Profit and Loss
account and the cash flow statement for the year ended on that date
annexed thereto. These financial statements arc the responsibility of
the company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We 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 the financial
statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act. 1956 (hereinafter referred to as the Act), we enclose in
the Annexure a statement on the matters specified in paragraphs 4 & 5
of the said Order, to the extent applicable.
2. Further to our comments in the Annexure referred to 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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet .Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account of
the Company;
d. In our opinion the Balance Sheet and Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in Sub-Section (3C), of Section 211 of the
Companies Act 1956 ;
c. On the basis of written representation received from the directors
as on 31st March. 2011 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 (I) of section 274 of Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read with the other
notes thereon give the information required, by the Companies Act, 1956
in the manner so required and give a true and fair view;
i) in the case of the Balance Sheet of the State of affairs of the
Company as at 31st March.2011; and
ii) in the case of Profit and Loss Account of the Loss of the Company
for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph I of our report of even date on the accounts
for the year ended 31st March, 2011 of SHERATON PROPERTIES & FINANCE
LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us we state that:
1. a) The Company had not taken interest free loan from one Director
listed in the register
maintained under section 301 of the Companies Act,1956 The maximum
balance outstanding during the year is Rs.5,10,034/- and balance
outstanding at the year end is Rs. NIL
b) The terms on which such loans were taken are prima facie not
prejudicial to the interest of the company.
2. a) The Company had granted any interest free unsecured loans to
firms or companies
listed in the register maintained under section 301 of the Companies
Act, 1956.The maximum balance outstanding during the year was Rs
1,85,000/- and the year end outstanding is Rs. NIL.
b) In our opinion and according to the information and explanation
given to us, the other terms and conditions on which loans have been
granted to companies listed in the register maintained under section
301 of the Companies Act,1956 are not prima facie, prejudicial to the
interest of the companies.
c) The loans granted by the company arc at call and no stipulations
have been made regarding repayment of loans.
3. There is an adequate internal control system commensurate with the
size of the Company and the nature of its business for the income by
way of Commission & purchase of investments.
4. In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the clause 4 (v) (b) of the Order is not applicable.
5. The Company has not accepted any Deposits from the public during
the year.
6. In our opinion, the company has adequate internal audit system
commensurate with the size of the Company and the nature of its
business.
7.a) According to the records of the Company, there were no undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty and Service Tax which have remained outstanding as at
the last day of financial year, for a period of more than six months
from the dale they became applicable other then Professional Tax
amounting to Rs.14,300/- which have remained outstanding as at the
last day of financial year, for a period of more than six months from
the date they become applicable
b) There is no disputed amounts payable in respect of Sales Tax, Wealth
Tax, Custom Duty, Excise Duty. Cess and Service Tax other then disputed
income tax not deposited disclosed in Note No 4(a) - Schedule E under
the head u Contingent Liabilities" and not provided for in the
accounts.
8. The Company has no accumulated losses as at 31st March, 2011 but
has incurred cash loss during the current year and the immediately
preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the company does not have any dues payable to the
financial institutions or bank or debenture holders.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares.
11. The special Statute applicable to Unit Fund Nidhi or Mutual
Benefit /society are not applicable to company.
12. In our opinion and according to the information and explanations
given to us, the Company has not dealt in shares during the year. All
investments at the close of the year are held in the name of the
company.
13. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
14. The company has not obtained any term loan during the year.
15. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us there are no funds raised on short-term basis
which have been used for long-term investment
16. The Company has not made any preferential allotment of shares to
any parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
17. During the course of our examination of the books and records of
the company, and according to information and explanations reported by
the management, no fraud on Or by the company was noticed or reported
during the year.
18. Clauses (i),(ii),(viii),(xix) and (xx) of paragraph 4 of Companies
(Auditors' Report) Order,2003 are not applicable in the case of company
for the current year, since in our opinion there is no matter to be
reported thereon.
FOR AND ON BEHALF OF
B. L DASHARDA & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN NO. 112615W
SUSHANT MEHTA, PARTNER
M.NO. 112489.
Place : MUMBAI
Dated : 25th MAY, 2011.
Mar 31, 2010
We have audited the attached Balance Sheet of SHERATON PROPERTIES &
FINANCE LIMITED as at 31st March, 2010 and also the Profit and Loss
account and the cash flow statement for the year ended on that date
annexed thereto. 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.
We 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 the financial
statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956 (hereinafter referred to as the Act), we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order, to the extent applicable.
2. Further to our comments in the Annexure referred to 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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account of
the Company;
d. In our opinion the Balance Sheet and Profit & Loss Account and Cash
Flow Statement 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 representation received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of Companies Act, 1956. _
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read with the other
notes thereon give the information required, by the Companies Act, 1956
in the manner so required and give a true and fair view;
i) in the case of the Balance Sheet of the State of affairs of the
Company as at 31st March,2010; and
ii) in the case of Profit and Loss Account of the Loss of the Company
for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Referred to in paragraph 1 of our report of even date on the accounts
for the year ended 31st March, 2010 of SHERATON PROPERTIES & FINANCE
LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us we state that:
1. a) The Company has taken interest free loan from one director
listed in the register maintained under section 301 of the Companies
Act, 1956.
b) The terms on which such loans are taken are prima facie not
prejudicial to the interest of the company.
c) The loans are repayable at call.
d) The Company has granted an unsecured loans to one company listed in
the register maintained under section 301 of the Companies Act, 1956.
The loans of Rs. 1,85,000/- was outstanding at the year end. The
maximum amount of loan granted/outstanding to the said company during
the year was Rs. 1,85,000/- e) In our opinion and according to the
information and explanation given to us, the other terms and conditions
on which loans have been granted to companies listed in the register
maintained under section 301 of the Companies Act, 1956 are not prima
facie, prejudicial to the interest of the companies.
f) The loans granted by the company are at call and no stipulations
have been made regarding repayment of loans.
2. There is an adequate internal control system commensurate with the
size of the Company and the nature of its business for the income by
way of Commission & purchase of investments.
3. In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the clause 4 (v) (b) of the Order is not applicable.
4. The Company has not accepted any Deposits from the public during
the year.
5. In our opinion, the company has adequate internal audit system
commensurate with the size of the Company and the nature of its
business.
6. a) According to the records of the Company, there were no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Custom Duty, Excise Duty and Service Tax which have remained
outstanding as at the last day of financial year, for a period of more
than six months from the date they became applicable other then
Professional Tax amounting to Rs. 11,800/- which have remained
outstanding as at the last day of financial year, for a period of more
than six months from the date they become applicable
b) There is no disputed amounts payable in respect of Sales Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and Service Tax other then disputed
income tax not deposited disclosed in Note No 4(a) - Schedule E under
the head " Contingent Liabilities are not provided for in the
accounts",
7. The Company has no accumulated losses as at 31st March 2010 and has
not incurred cash loss during the current year and the immediately
preceding financial year.
8. In our opinion and according to the information and explanations
given to us, the company does not have any dues payable to the
financial institutions or bank or debenture holders.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares.
10. The special Statute applicable to Unit Fund Nidhi or Mutual
Benefit /society are not applicable to company.
11. In our opinion and according to the information and explanations
given to us, the Company has not dealt in shares during the year. All
investments at the close of the year are held in the name of the
company.
12. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
13. The company has not obtained any term loan during the year,
14. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us there are no funds raised on short-term basis
which have been used for long-term investment.
15. The Company has not made any preferential allotment of shares to
any parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
16. During the course of our examination of the books and records of
the company, and according to information and explanations reported by
the management, no fraud on or by the company was noticed or reported
during the year.
17. Clauses (i),(ii),(viii)f(xix) and (xx) of paragraph 4 of Companies
(Auditors' Report) 0rder,2003 are not applicable in the case of
company for the current year, since in our opinion there is no matter
to be reported thereon.
FOR AND ON BEHALF OF
B. L DASHARDA & ASSOCIATES
CHARTERED ACCOUNTANTS
B. L. DASHARDA , PARTNER
M.NO. 13708.
FRN NO. 112615W
Place : MUMBAI
Dated :31st MAY, 2010
Mar 31, 2009
We have audited the attached Balance Sheet of SHERATON PROPERTIES &
FINANCE LIMITED as at 31st March, 2009 and also the Profit and Loss
account and the cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the company's management. Our responsibility is to express an opinion
on laics financial statements based on our audit.
We 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 the financial
statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 (hereinafter referred to as the Act), we enclose in
the Annexure a statement on the matters specified in paragraphs 4 & 5
of the said Order, to the extent applicable.
2. Further to our comments in the Annexure referred to 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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet ,Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account of
the Company;
d. In our opinion the Balance Sheet and Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in Sub-Section (3C), of Section 211 of the Act;
e. On the basis of written representation received from the directors
as on 31st March, 2009 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2009 from being appointed as a director in terms of clause (g) of
sub-section (I) of section 274 of Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, they said Accounts, read with the other
notes thereon give the information required, by the Companies Act, 1956
in the manner so required and give a true and fair view;
i) in the case of the Balance Sheet of the State of affairs of the
Company as at 31st March,2009; and
ii) in the case of Profit and Loss Account of the Profit of the Company
for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred in paragraph 1 of our report of even date on the accounts for
the year ended 31st March, 2009 of SHERATON PROPERTIES & FINANCE
LIMITED.
on the basis of such checks as we considered appropriate and in terms
of information and explanations given to us we state that:
1. a) The Company has taken interest free loan from one director
listed in the register maintained under section 301 of the Companies
Act, 1956.
b) The terms on which such loans are taken are prima facie not
prejudicial to the interest of the company.
c) The loans are repayable at call.
d) The Company has granted an unsecured loans to one company listed in
the register maintained under section 301 of the Companies Act, 1956.
The loans of Rs.1,85,000/- was outstanding at the year end. The
maximum amount of loan granted/outstanding to the said company during
the year was Rs.1,85,000/-
e) In our opinion and according to the information and explanation
given to us, the other terms and conditions on which loans have been
granted to companies listed in the register maintained under section
301 of the Companies Act, 1956 are not prima facie, prejudicial to the
interest of the companies.
f) The loans granted by the company are at call and no stipulations
have been made regarding repayment of loans.
2. There is an adequate internal control system commensurate with the
size of the Company and the nature of its business for the income by
way of Commission & purchase of investments.
3. In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered into a
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the clause 4 (v) (b) of the Order is not applicable.
4. The Company has not accepted any Deposits from the public during
the year.
5. In our opinion, the company has adequate internal audit system
commensurate with the size of the Company and the nature of its
business.
6. a) According to the records of the Company, there were no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Custom Duty, Excise Duty and Service Tax which have remained
outstanding as at the last day of financial year, for a period of more
than six months from the date they became applicable other then
Professional Tax amounting to Rs.9,300/- which have remained
outstanding as at the last day of financial year, for a period of more
than six months from the date they become applicable
h) There is no disputed amounts payable in respect of Sales Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and Service Tax other then disputed
income tax not deposited disclosed in Note No 4(a) - Schedule E under
the head " Contingent Liabilities" being claim against the company not
acknowledged as debts.
7. The Company has no accumulated losses as at 31st March,2009 and has
not incurred cash loss during the current year and the immediately
preceding financial year.
8, In our opinion and according to the information and explanations
given to us, the company does not have any dues payable to the
financial institutions or bank or debenture holders.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares.
10. The special Statute applicable to Unit Fund Nidhi or Mutual
Benefit /society are not applicable to company.
11. In our opinion and according to the information and explanations
given to us, the Company has not dealt in shares during the year. All
investments at the close of the year are held in the name of the
company.
12. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
13. The company has not obtained any term loan during the year.
14. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us there are no funds raised on short-term basis
which have been used for long-term investment.
15. The Company has not made any preferential allotment of shares to
any parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
16. During the course of our examination of the books and records of
the company, and according to information and explanations reported by
the management, no fraud on or by the company was noticed or reported
during the year.
17. Clauses (i),(ii),(viii),(xix) and (xx) of paragraph 4 of Companies
(Auditors' Report) Order,2003 are not applicable in the case of company
for the current year, since in our opinion there is no matter to be
reported thereon.
FOR AND ON BEHALF OF
B. L DASHARDA &ASSOCIATES
CHARTERED ACCOUNTANTS
B.L DASHARDA PARTNER
M.NO. 13708
Place : MUMBAI
Dated : 30th JUNE, 2009.