Mar 31, 2014
We have audited the accompanying financial statements of Hotel Rugby
Limited, which comprise the Balance Sheet as at 31st March, 2014, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended 31st March, 2014, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true 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, 1956 ("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. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true 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 our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the 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 the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required subject to Note 1 for
share capital regarding equity share issued for consideration other
than cash, note 5 for investment including non- Verification and Note
21 accounts are prepared on going concern concept, give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act ;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
three Directors of the company are disqualified from being appointed as
a Director of the company under section 274 (1) (g) of the Companies
Act, 1956 as at 31st March, 2014 (since two of the subsidiaries (
Public Companies) where they are directors have earlier not filed the
annual accounts and annual return for continuous previous three
financial years which were filed delayed subsequent to the due date and
the disqualification continues for a period of five years since the
year ended 31st March 2009)
Hotel Rugby Limited
Annexure referred to in Paragraph 3 of our report of even date of M/s.
Hotel Rugby Limited for the year ended 31st March 2014.
On the basis of such checks of the books and records as we considered
appropriate and the information and explanations given to us during the
course of the audit, we state as under:
i) (a) There are no fixed assets of the company and therefore the
question of maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets does not
arise.
(b) Since there are no fixed assets, the question of its physical
verification and discrepancies with book records does not arise.
(c) Fixed Assets have been disposed off fully during the earlier years,
thus the going concern concept of the company is effected
ii) In our opinion and according to the information and explanation
given to us the company do not have any inventories during the current
year and thus clause ii(a) pertaining to physical verification, clause
ii(b) pertaining to procedure of physical verification and clause ii(c)
regarding maintenance of proper record of inventories are not
applicable.
iii) (a) In our opinion and according to the information and
explanation given to us the company has granted unsecured loans, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act, The number of party is one. The Maximum
Balance during the current year is Rs.5,86,600/- and the closing
balance as on year end is Nil.
(b) We have been explained that above loan is in the nature of business
advance / deposit and are interest free. Except this, it is not
prejudicial to the interest of the company and other terms & conditions
of the loans are as per the prevailing norms.
(c) As explained to us, receipt of the principal amount and interest if
any are on demand basis & question of regularity cannot be ascertained
therefore.
(d) As explained to us, the amount is receivable on demand basis, so
the question of overdue amount does not arise.
(e) Clause no iii (e), iii (f) and iii (g) is not applicable since the
company has not taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current year
iv) In our opinion and according to the information and explanation
given to us by the management, the internal control systems are
adequate with the size of the company and the nature of its business
and there are no purchase of inventory and fixed assets and sale of
goods and services during the year except other Income.
v) (a) As explained to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered however
updation is required ;and
(b) There are no transactions relating to purchase therefore clause v
(b) is not applicable.
vi) There are no public deposit and therefore the directives issued by
the Reserve Bank of India and the provisions of sections 58A, 58AA or
any other relevant provisions of the Act and the rules framed there
under are not applicable.
vii) According to the information and explanation given to us, the
company has an Internal audit system, through internal controls which
is commensurate with the size of the company and nature of its
business.
viii) To the best of our knowledge and as explained to us, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub section (1) of section 209 of the Act.
ix) (a) There are no arrears for outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanation given to us and the
records of the company examined by us, there are no arrears as on
31.03.2014 of the disputes taxes except that various assessments under
Service Tax are pending finalization. The amount of interest & penalty
levied by the department from the period Oct, 2004 to July, 2006 is Rs.
7,07,394/- and Rs. 16,41,776 respectively.
x) There are accumulated losses at the end of the financial year and is
more than fifty percent of the net worth. The company has incurred cash
loss in the current financial year but not in the immediately preceding
financial year after appropriation items.
xi) Clause xi is not applicable since there are no secured loans during
the current year.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / societies are not applicable to the company.
xiv) The company is not dealing or trading in shares, securities,
debentures and other Investments and as explained by the company and
relied upon by us, the shares and other investments have been held by
the company, in its own name unless otherwise stated.
xv) On the basis of the information and explanation given to us and
records produced before us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
xvi) The company has not taken any term loan in current year; therefore
the question of applicability for the purpose for which the loan is
taken dose not arises.
xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet and Cash Flow of the
company, we report that the company has not utilized the funds raised
on short term basis for long term purpose.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The security or charge has not been created in respect of any
debenture since no Debentures were issued.
xx) During the current year, the company has not raised money through
public issue.
xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanation given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the current
year, nor we have been informed of such case by the management.
For R KABRA & CO.
Chartered Accountants
Firm Reg.No.104502W
Place : Mumbai
Date : 06/05/2014
Deepa Rathi
Partner
M. No. 104808
FRN : 104502W
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Hotel Rugby
Limited, which comprise the Balance Sheet as at 31 st March, 2013, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended 31st March, 2013, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true 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, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true 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 our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the 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 the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required subject to Note 1 for
share capital regarding equity share issued for consideration other
than cash, note 6 for investment including non- Verification and Note
No 17 regarding major fixed assets are sold and Note 22 accounts are
prepared on going concern concept, give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
three Directors of the company are disqualified from being appointed as
a Director of the company under section 274 (1) (g) of the Companies
Act, 1956 as at 31st March, 2013 (since two of the subsidiaries (
Public Companies) where they are directors have earlier not filed the
annual accounts and annual return for continuous previous three
financial years which were filed delayed subsequent to the due date and
the disqualification continues for a period of five years since the
year ended 31st March 2009)
On the basis of such checks of the books and records as we considered
appropriate and the information and explanations given to us during the
course of the audit, we state as under:
i) (a) There are no fixed assets of the company and therefore the
question of maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets does not
arise.
(b) Since there are no fixed assets, the question of its physical
verification and discrepancies with book records does not arise.
(c) Fixed Assets have been disposed off fully during the earlier years,
thus the going concern concept of the company effected
ii) In our opinion and according to the information and explanation
given to us the company do not have any inventories during the current
year and thus clause ii(a) pertaining to physical verification, clause
ii(b) pertaining to procedure of physical verification and clause ii(c)
regarding maintenance of proper record of inventories are not
applicable.
iii) (a) In our opinion and according to the information and
explanation given to us the company has granted unsecured loans, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act, The number of party is one. The Maximum
Balance during the current year is Rs.5,86,600/- and the closing
balance as on year end is Rs 5,86,600/-.
(b) We have been explained that above loan is in the nature of business
advance / deposit and are interest free. Except this, it is not
prejudicial to the interest of the company and other terms & conditions
of the loans are as per the prevailing norms.
(c) As explained to us, receipt of the principal amount and interest if
any are on demand basis & question of regularity cannot be ascertained
therefore.
(d) As explained to us, the amount is receivable on demand basis, so
the question of overdue amount does not arise.
(e) Clause no iii (e), iii (f) and iii (g) is not applicable since the
company has not taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current year
iv) In our opinion and according to the information and explanation
given to us by the management, the internal control systems are
adequate with the size of the company and the nature of its business
and there are no purchase of inventory and fixed assets and sale of
goods and services during the year except other Income.
v) (a) As explained to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered however
updating is required ;and
(b) There are no transactions relating to purchase therefore clause v
(b) is not applicable.
vi) There are no public deposit and therefore the directives issued by
the Reserve Bank of India and the provisions of sections 58A, 58AA or
any other relevant provisions of the Act and the rules framed there
under are not applicable.
vii) According to the information and explanation given to us, the
company has an Internal audit system, through internal controls which
is commensurate with the size of the company and nature of its
business.
viii) To the best of our knowledge and as explained to us, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub section (1) of section 209 of the Act.
ix) (a) There are no arrears for outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanation given to us and the
records of the company examined by us, there are no arrears as on
31.03.2013 of the disputes taxes except that various assessments under
Service Tax are pending finalization. The amount of interest & penalty
levied by the department from the period Oct, 2004 to July, 2006 is Rs.
7,07,394/- and Rs. 16,41,776/- respectively.
x) There are accumulated losses at the end of the financial year but
are not more than fifty percent of the net worth. The company has not
incurred any cash loss in the current financial year neither in the
immediately preceding financial year after appropriation items.
xi) Clause xi is not applicable since there are no secured loans during
the current year.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / societies are not applicable to the company.
xiv) The company is not dealing or trading in shares, securities,
debentures and other Investments and as explained by the company and
relied upon by us, the shares and other investments have been held by
the company, in its own name unless otherwise stated.
xv) On the basis of the information and explanation given to us and
records produced before us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
xvi) Except overdraft against Fixed Deposit Receipts for working
capital which was only during certain days during the year, the company
has not taken any term loan in current year; therefore the question of
applicability for the purpose for which the loan is taken dose not
arises.
xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet and Cash Flow of the
company, we report that the company has not utilized the funds raised
on short term basis for long term purpose.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
xix) The security or charge has not been created in respect of any
debenture since no Debentures were issued.
xx) During the current year, the company has not raised money through
public issue.
xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanation given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the current
year, nor we have been informed of such case by the management.
For R KABRA & CO.
Chartered Accountants
Firm Reg.No.104502W
Place : Mumbai
Date : 23.05.2013
Sd/-
Deepa Rathi
Partner
M. No. 104808
Firm Reg.No. 104502W
Mar 31, 2012
1. We have audited the attached Balance Sheet of HOTEL RUGBY LIMITED as
at 31st March 2012 and its Profit & Loss Account and the Cash Flow
Statement for the year ended on that date attached 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 statement. 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.
3. As required by the Companies (Auditors' Report) Order 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956 & its amendments thereto, we enclose herewith in the annexure
a statement on the matter specified therein.
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 purposes 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 the
books;
(c) The Balance Sheet, the Profit and Loss account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account;
(d) In our opinion, the profit and loss account, the balance sheet and
the 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) According to information and explanations given to us and on the
basis of written representations from the Directors of the company,
taken on record by the Board Of Directors, three Directors of the
company are disqualified from being appointed as a Director of the
company under section 274 (1) (g) of the Companies Act, 1956 as at 31st
March, 2012 (since two of the subsidiaries ( Public Companies) where
they are directors have earlier not filed the annual accounts and
annual return for continuous previous three financial years which were
filed delayed subsequent to the due date and the disqualification
continues for a period of five years since the year ended 31st March
2009)
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to :
SR.NO. PARTICULARS
1 Note 16 regarding major fixed assets are sold during the
previous years and accounts are prepared on going concern
concept.
2 Note 1 for share capital regarding equity share issued for
consideration other than cash and note 6 for investments
including non-verification.
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 :
a) In the case of Balance Sheet, of the State of Affairs of the company
as at 31st March, 2012.
b) In the case statement of Profit and Loss Account, of the profit for
the year ended on that date; and
c) In the case statement of Cash Flow, of the cash flows for the year
ended on that date.
Annexure referred to in Paragraph 3 of our report of even date of M/s.
Hotel Rugby Limited for the year ended 31st March 2012.
On the basis of such checks of the books and records as we considered
appropriate and the information and explanations given to us during the
course of the audit, we state as under:
(i) (a) There are no fixed assets of the company and therefore the
question of maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets does not
arise.
(b) Since there are no fixed assets, the question of its physical
verification and discrepancies with book records does not arise.
(c) Fixed Assets have been disposed off fully during the earlier years,
thus the going concern concept of the company effected
(ii) In our opinion and according to the information and explanation
given to us the company do not have any inventories during the current
year and thus clause ii(a) pertaining to physical verification, clause
ii(b) pertaining to procedure of physical verification and clause ii(c)
regarding maintenance of proper record of inventories are not
applicable.
(iii) (a) In our opinion and according to the information and
explanation given to us the company has granted unsecured loans, to
companies, firms or other parties covered in the register maintained '
under section 301 of the Act, The number of party is one. The Maximum
Balance during the current year is Rs.25,60,000/- and the closing
balance as on year end is Rs Nil/-.
(b) We have been explained that above loan is in the nature of business
advance / deposit and are interest free. Except this, it is not
prejudicial to the interest of the company and other terms & conditions
of the loans are as per the prevailing norms.
(c) As explained to us, receipt of the principal amount and interest if
any are on demand basis & question of regularity cannot be ascertained
therefore.
(d) As explained to us, the amount is receivable on demand basis, so
the question of overdue amount does not arise.
(e) Clause no iii (e), iii (f) and iii (g) is not applicable since the
company has not taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current year.
(iv) In our opinion and according to the information and explanation
given to us by the management, the internal control systems are
adequate with the size of the company and the nature of its business
and there are no purchase of inventory and fixed assets and sale of
goods and services during the year except other Income.
(v) (a) As explained to us, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered
however updation is required ;and
(b) There are no transactions relating to purchase therefore clause
v(b) is not applicable.
(vi) There are no public deposit and therefore the directives issued by
the Reserve Bank of India and the provisions of sections 58A, 58AA or
any other relevant provisions of the Act and the rules framed there
under are not applicable.
(vii) According to the information and explanation given to us, the
company has an Internal audit system, through internal controls which
is commensurate with the size of the company and nature of its business
(viii) To the best of our knowledge and as explained to us, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of subsection (1) of section 209 of the Act.
(ix) (a) There are no arrears for outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanation given to us and the
records of the company examined by. us, there are no arrears as on
31.03.2011 of the disputes taxes except that various assessments under
Income Tax and Service Tax are pending finalization.
(x) There are accumulated losses at the end of the financial year which
are more than fifty percent of the net worth. The company has not
incurred any cash loss in the current financial year neither in the
immediately preceding financial year after appropriation items.
(xi) Clause xi is not applicable since there are no secured loans
during the current year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The provisions of special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) The company is not dealing or trading in shares, securities,
debentures and other Investments and as explained by the company and
relied upon by us, the shares and other investments have been held by
the company, in its own name unless otherwise stated.
(xv) On the basis of the information and explanation given to us and
records produced before us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) Except overdraft against Fixed Deposit Receipts for working
capital which was only during certain days during the year, the company
has not taken any term loan in current year; therefore the question of
applicability for the purpose for which the loan is taken dose not
arises.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet and Cash Flow of the
company, we report that the company has not utilized the funds raised
on short term basis for long term purpose.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The security or charge has not been created in respect of any
debenture since no Debentures were issued.
(xx) During the current year, the company has not raised money through
public issue.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanation given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the current
year, nor we have been informed of such case by the management.
For R. KABRA & Co.
Chartered Accountants
sd/-
Deepa Rathi
Partner
MNo: 104808
FirmReg.No.104502W
Place: MUMBAI
Date : 30.05.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of HOTEL RUGBY LIMITED as
at 31st March 2011 and its Profit & Loss Account and the Cash Flow
Statement for the year ended on that date attached 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 statement. 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.
3. As required by the Companies (Auditors' Report) Order 2003 issued by
the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956 & its amendments thereto, we enclose herewith in the annexure
a statement on the matter specified therein.
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. purposes 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 the
books;
(c) The Balance Sheet, the Profit and Loss account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account;
(d) In our opinion, the profit and loss account, the balance sheet and
the 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) According to information and explanations given to us and on the
basis of written representations from the Directors of the company,
taken on record by the Board Of Directors, three Directors of the
company are disqualified from being appointed as a Director of the
company under section 274 (1) (g) of the Companies Act, 1956 as at 31st
March, 2011 (since two of the subsidiaries (Public Companies) where
they are directors have earlier not filed the annual accounts and
annual return for continuous previous three financial years which were
filed delayed subsequent to the due date and the disqualification
continues for a period of five years since the year ended 31st March
2009)
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to :
SR.NO. PARTICULARS
1 Note No. (I) (b) (ii) regarding major fixed assets are sold
and accounts are prepared on going concern concept.
2 Note under schedule 1 for share capital regarding equity
share issued for consideration other than cash and schedule
4 for investments including non- verification.
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 :
a) In the case of Balance Sheet, of the State of Affairs of the company
as at 31st March, 2011.
b) In the case of Profit and Loss Account, of the profit for the year
ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in Paragraph 3 of our report of even date of M/s.
Hotel Rugby Limited for the year ended 31st March 2011.
On the basis of such checks of the books and records as we considered
appropriate and the information and explanations given to us during the
course of the audit, we state as under:
(i) (a) There are no fixed assets of the company and therefore the
question of maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets does not
arise.
(b) Since there are no fixed assets, the question of its physical
verification and discrepancies with book records does not arise.
(c) Fixed Assets have been disposed off fully during the earlier years,
thus the going concern concept of the company effected
(ii) In our opinion and according to the information and explanation
given to us the company do not have any inventories during the current
year and thus clause ii(a) pertaining to physical verification, clause
ii(b) pertaining to procedure of physical verification and clause ii(c)
regarding maintenance of proper record of inventories are not
applicable.
(iii)(a) In our opinion and according to the information and
explanation given to us the company has granted unsecured loans, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act, The number of party is one. The Maximum
Balance during the current year is Rs.48,94,000/- and the closing
balance as on year end is Rs 25,60,000/-.
(b) We have been explained that above loan is in the nature of business
advance / deposit and are interest free. Except this, it is not
prejudicial to the interest of the company and other terms &Ã
conditions of the loans are as per the prevailing norms.
(c) As explained to us, receipt of the principal amount and interest if
any are on demand basis & question of regularity cannot be ascertained
therefore.
(d) As explained to us, the amount is receivable on demand basis, so
the question of
overdue amount does not arise.
(e) Clause no iii (e), iii (f) and iii (g) is not applicable since the
company has not taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current year.
(iv) In our opinion and according to the information and explanation
given to us by the management, the internal control systems are
adequate with the size of the company and the nature of its business
and there are no purchase of inventory and fixed assets and sale of
goods and services during the year except other Income.
(v) (a) As explained to us, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered
however updation is required ;and
(b) There are no transactions relating to purchase therefore clause
v(b) is not applicable.
(vi) There are no public deposit and therefore the directives issued by
the Reserve Bank of India and the provisions of sections 58A, 58AA or
any other relevant provisions of the Act and the rules framed there
under are not applicable.
(vii) According to the information and explanation given to us, the
company has an Internal audit system, through internal controls which
is commensurate with the size of the company and nature of its business
(viii) To the best of our knowledge and as explained to us, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub section (1) of section 209 of the Act.
(ix) (a) There are no arrears for outstanding statutory dues as at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanation given to us and the
records of the company examined by us, there are no arrears as on
31.03.2011 of the disputes taxes except that various assessments under
Income Tax and Service Tax are pending finalization.
(x) There are accumulated losses at the end of the financial year which
are more than fifty percent of the net worth. The company has not
incurred any cash loss in the current financial year neither in the
immediately preceding financial year after appropriation items.
(xi) Clause xi is not applicable since there are no secured loans
during the current year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The provisions of special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) The company is not dealing or trading in shares, securities,
debentures and other Investments and as explained by the company and
relied upon by us, the shares and other investments have been held by
the company, in its own name unless otherwise stated.
(xv) On the basis of the information and explanation given to us and
records produced before us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) Except overdraft against Fixed Deposit Receipts for working
capital which was only during certain days during the year, the company
has not taken any term loan in current year; therefore the question of
applicability for the purpose for which the loan is taken dose not
arises.
(xvii)According to the information and explanation given to us and on
an overall examination of the Balance Sheet and Cash Flow of the
company, we report that the company has not utilized the funds raised
on short term basis for long term purpose.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The security or charge has not been created in respect of any
debenture since no
Debentures were issued.
(xx) During the current year, the company has not raised money through
public issue.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanation given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the current
year, nor we have been informed of such case by the management.
For R.KABRA & Co.
Chartered Accountants
R.L.KABRA
Partner
M No: 16216
Firm Reg.No.104502W
Place : MUMBAI
Date : 29-8-2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of HOTEL RUGBY LIMITED
as at 31st March 2010 and its Profit & Loss Account and the Cash Flow
Statement for the year ended on that date attached thereto. These
financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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 statement. 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.
3. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956 & its amendments thereto, we enclose herewith in the annexure
a statement on the matter specified therein.
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 purposes 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 the
books;
(c) The Balance Sheet, the Profit and Loss account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account;
(d) In our opinion, the profit and loss account, the balance sheet and
the 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) According to information and explanations given to us and on the
basis of written representations from the Directors of the company,
taken on record by the Board Of Directors, three Directors of the
company are disqualified from being appointed as a Director of the
company under section 274 (1) (g) of the Companies Act, 1956 as at 31"
March, 2010 (since two of the subsidiaries ( Public Companies) where
they are directors have not filed the annual accounts -and annual
return for continuous previous three financial years which was filed
delayed subsequent to the due date and the disqualification will
continue for a period of five years since the year ended 31st March
2009).
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to :
SR.NO. PARTICULARS
1 Note No.(l)(e) (i) & (ii) of Schedule 13 - regarding uncertainity
about discharge of retirement benefit as per accounting standard 15.
2 Note No. (I) (b) (ii) regarding major fixed assets sold and accounts
are .still prepared on going concern concept.
3 Note No. 7 (a) Regarding non inclusion of Balance Sheet of subsidiary
companies as required u/s 212(1) of the Companies Act,1956, pending
renewal of exemption.
4 Note under schedule 1 for share capital regarding equity share issued
for consideration other than cash and schedule 5 for investments
including non- verification.
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 :
a) In the case of Balance Sheet, of the State of Affairs of the company
as at 31st March, 2010.
b) In the case of Profit and Loss Account, of the profit for the year
ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in Paragraph 3 of our report of even date of M/s.
Hotel Rugby Limited for the period ended 31st March 2010.
On the basis of such checks of the books and records as we considered
appropriate and the information and explanations given to us during the
course of the audit, we state as under:
i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) A substantial portion of fixed assets has been physically verified
by the management during the current period & in our opinion the
frequency of verification is reasonable having regard to the size of
the company and the nature of its assets. No material discrepancies
were noticed on such verification.
(c) Fixed Assets have been disposed off fully during the current year
and also substantial fixed assets have been sold during the earlier
years, thus the going concern concept of the company effected
(ii) In our opinion and according to the information and explanation
given to us the company do not have any inventories during the current
period and thus clause ii(a) pertaining to physical verification,
clause ii(b) pertaining to procedure of physical verification and
clause ii(c) regarding maintenance of proper record of inventories are
not applicable.
iii) (a) In our opinion and according to the information and
explanation given to us the company has granted unsecured loans, to
companies, firms or other parties covered.in the register maintained
under section 301 of the Act, The number of party are two. The Maximum
Balance during the current year is Rs.48,94,000 and the closing balance
as on year end is Rs 48,94,000.
(b) We have been explained that above loan is in the nature of business
advance / deposit and are interest free. Except this, it is not
prejudicial to the interest of the company and other terms & conditions
of the loans are as per the prevailing norms.
(c) As explained to us, receipt of the principal amount and interest if
any are on demand basis & question of regularity cannot be ascertained
therefore.
(d) As explained to us, the amount is receivable on demand basis, so
the question of overdue amount does not arise.
(e) Clause no iii ( e), iii (f) and iii (g) is not applicable since the
company has not taken unsecured loans, from companies, firms or other
parties covered in the register maintained under section 301 of the Act
during the current period .
(iv) In our opinion and according to the information and explanation
given to us by the management, the internal control systems are
adequate with the size of the company and the nature of its business
and there are no purchase of inventory and fixed assets and sale of
goods and services during the period except other IncomeA
(v) (a) As explained to us, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered
however updation is required ;and
(b) There are no transactions relating to purchase therefore clause
v(b) is not applicable.
vi) There are no public deposit and therefore the directives issued by
the Reserve Bank of India and the provisions of sections 58A, 58AA or
any other relevant provisions of the Act and the rules framed there
under are not applicable.
(vii) According to the information and explanation given to us, the
company has an internal audit system, through internal controls which
is commensurate with the size of the company and nature of its business
viii) To the best of our knowledge and as explained to us, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub section (1) of section 209 of the Act.
ix) (a) There is general delay by the company in depositing undisputed
statutory dues including Income Tax, Service Tax, and other statutory
dues with the appropriate authorities. There are no arrears for
outstanding statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable. In some assessment years, the Company has requested to
settle undisputed demand to be appropriated against refunds of other
years.
(b) According to the information and explanation given to us and the
records of the company examined by us, there are no arrears as on
31.03.2010 of the disputes taxes except that various assessments under
Income Tax, Sales Tax, Service Tax and Luxury tax are pending
finalization.
(x) There are accumulated losses at the end of the financial year which
are more than fifty percent of the net worth. The company has not
incurred any cash loans in the current financial year neither in the
immediately preceding financial year after appropriation items.
xi) clause xi is not applicable since there are no secured loans during
the current year.
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / societies are not applicable to the company.
xiv) The company is not dealing or trading in shares, securities,
debentures and other investments and as explained by the company and
relied upon by us, the shares and other investments have been held by
the company, in its own name unless otherwise stated.
(xv) On the basis of the information and explanation given to us and
records produced before us, the company has not given any guarantee for
loans taken by others from bank orfinancial institutions.
(xvi) Except overdraft against Fixed Deposit Receipts for working
capital which was only during certain days during the year, the company
has not taken any term loan in current period, therefore the question
of applicability for the purpose for which the loan is taken dose not
arises.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet and Cash Flow of the
company, we report that the company has not utilized the funds raised
on short term basis for long term purpose.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The security or charge has not been created in respect of any
debenture since no debentures were issued.
(xx) During the current period, the company has not raised money
through public issue.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanation given to us, we have neither come across any instances of
fraud on or by the company noticed or reported during the current
period, nor we have been informed of such case by the management.
For R.KABRA & Co.
Chartered Accountants
Place : MUMBAI R.L.KABRA
Date : 31" August, 2010 Partner
M No : 16216
Firm Reg.No.104502W
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