Mar 31, 2015
We have audited the accompanying financial statements of M/s.Le
Waterina Resorts & Hotels Ltd., which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statement
The Company,s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 (as amended). This responsibility also
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company;
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, 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 specified under section 143(10) of the
act. 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 qualified 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 and 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, 2015;
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, 2015 issued
by the Central Government of India in terms of section 143(11) of the
Act, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by section 143(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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 (as amended);
e. On the basis of the written representations received from the
directors as on 31 March_taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015 from being
appointed as a director in terms of Section 164(2) of the Act;
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s.Le Waterina Resorts & Hotels Ltd., on the
accounts of the company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1.
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
c. In our opinion and according to the information and explanations
given to us, sale of fixed asset during the year does not affect the
going concern assumption.
a. As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3.
a. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Act, Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b)
of the Order are not applicable.
b. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 189 of the Companies Act, except from
the Managing Director. The unsecured loan from the Managing Director is
interest free and is not prejudicial to the interests of the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 73 to76 of the Companies Act, the Companies (Acceptance
of Deposits) Rules, 2014 (as amended) . Accordingly, the provisions of
clause 3(v) of the Order are not applicable
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub- section (1) of section 148 of the Act, in respect
of Company,s, products/ services Accordingly, the provisions of clause
3(vi) of the Order are not applicable
7.
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees, State Insurance, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us except the company has outstanding statutory dues as on
31st of March, 2015 for Rs.77,74,411/- a period of more than six months
from the date.
b. According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
8. The Company does not have any accumulated loss and has incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders, except repayment of interest
and principal due to M/s.Vijaya Bank amount of Rs.97,34,541/-
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For N.BALASUBRAMANIAN ASSOCIATES
Chartered Accountants
FRN:000355S
A.SRINIVASAN
Partner
MRN:021403
Place : Chennai
Date : 29/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of M/s.Le
Waterina Resorts & Hotels Ltd., which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statement
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. 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 qualified 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 and 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 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 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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s.Le
Waterina Resorts & Hotels Ltd., on the accounts of the company for the
year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation
given to us during the course of our audit, we report that:
1.
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
c. In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2.
a. As explained to us, inventories have been physically verified during
the year by the management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3.
a. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
granted any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii (c) and iii (d) of the order are not applicable to the Company.
b. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956 except
from the Managing Director. The unsecured loan from the Managing
Director is interest free and is not prejudicial to the interest of the
company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5.
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b. As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act have been made at prevailing market prices which are
reasonable. However during the year under audit, the Managing Director
of the
company has reduced his business charges for the current year and
ensuing year in view of the large repairs and renovation expenditure
incurred by the company for upgradation and expansion of the business.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
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 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9.
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2014 for a period of more than six months from the date.
b. According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, the company has raised Rs.1111 lakhs from M/s Vijaya bank
for repairs, renovation, upgradation and expansion of business. Except
for the balance amount kept in separate account with M/s Vijaya Bank,
rest of monies have been spent on the objectives for which loan has
been raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the
Company has not made any preferential allotment of shares during the
year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For N.BALASUBRAMANIAN ASSOCIATES
Chartered Accountants
FRN.000355S
A.SRINIVASAN
Partner
MRN:021403
Place : Chennai
Date : 30-05-2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s.Le
Waterina Resorts & Hotels Ltd., which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statement
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. 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 qualified 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 and 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 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,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s.Le Waterina Resorts & Hotels Ltd., on the
accounts of the company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1.
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
c. In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2.
a. As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3.
a. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
granted any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii (c) and iii (d) of the order are not applicable to the Company.
e. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956 except
from the Managing Director. The unsecured loan from the Managing
Director is interest free and is not prejudicial to the interest of the
company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5.
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b. As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act have been made at prevailing market prices which are
reasonable. However during the year under audit, the Managing Director
of the company has reduced his business charges for the current year
and ensuing year in view of the large repairs and renovation
expenditure incurred by the company for upgradation and expansion of
the business.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
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 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9.
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable except in respect of income tax for Rs.26,04,035/-.
Being the income tax payable for the year ending on 31s1 March 2012.
b. According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, the company has raised Rs.850 lakhs from M/s Vijaya bank
for repairs, renovation, upgradation and expansion of business. Except
for the balance amount kept in separate account with M/s Vijaya Bank,
rest of monies have been spent on the objectives for which loan has
been raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For N.BALASUBRAMANIAN ASSOCIATES
Chartered Accountants FRN:000355S
A.SRINIVASAN
Partner MRN:021403
Place : Chennai
Date : 30-05-2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s LE WATERINA RESORTS &
HOTELS LIMITED, as on 31.03.2012 and the Profit and Loss Account 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 amount 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.
I. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act 1956, we annex hereto a statement on the matter specified in
paragraphs 4 &5 of the said order.
II. Further to our comments in paragraph I above, we report that
(a) We have obtained all information and explanations required which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examinations of
the books, and
(c) In our opinion, the Balance Sheet and the Profit and Loss account
dealt with by this report comply with the accounting standards referred
to in sub-section [3C] of Section 211 of the Companies Act, 1956.
(d) The company's Balance Sheet and Profit and Loss Account dealt with,
by our above report, are in agreement with the books of account.
(e) In our opinion and to the best of our knowledge and information and
according to the explanation given to us, the said accounts read with
notes and statements thereon, give the information required by the
Companies Act, 1956 in the manner so required and give true and fair
view.
i. In case of Balance Sheet of the state of the companies affairs as at
31- 03-2012: and ii .In case of the Profit and Loss Account for the
profit for the year ended on that date.
ii. As per the written representation as on 31.03.2012 received from
the directors, we are of the opinion that none of the directors are
disqualified from being appointed as director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act 1956.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
auditors to the members of M/s LE WATERINA RESORTS & HOTELS LIMITED,
Formerly known as Harringtons Industries Limited on the accounts for
the year ended 31" March 2012
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. According to he information and explanation given
to us there were no material discrepancies noticed on such
verification.
(c) The company is maintaining proper records of inventory .There were
no material discrepancies noticed on physical verification of stocks as
compared to the book records. In our opinion, the valuation of work in
progress has been physically verified and valued by the management.
(a) In our opinion there loans have been taken/ given from/to
companies, firms or other parties listed in the registers maintained
under section 301 of the Companies Act, 1956 (1 of 1956) are not,
prima-facie prejudicial to the interest of the company.
(b) Loans have been granted to companies, firms or other parties listed
in the registers maintained under section 301 are not, prima-facie
prejudicial to the interest of the company.
(c) In respect of loans and advances in the nature of loans given by
the company, where stipulations have been made, the parties are
repaying the principal amounts and interest as stipulated excepting as
reported in notes on accounts
(d) There are no overdue loan of more than Rs. one lakh during the year
excepting advances to a group of companies for which is company is
contemplating legal action.
1 In our opinion, the company has an adequate internal control
procedure commensurate with its size of the company and nature of its
business, for the purchase of materials for constructions.
(a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions that need to be
entered into the register maintained under section 301 of the companies
act of 1956 has been so entered.
(b) In our opinion and according to the information and explanations
given to us that the transaction made in pursuance of contracts or
arrangements entered in the register maintained under sec 301 of the
companies act of 1956 and exceeding the value of 500,000 in respect of
any party during the year have been made at price which are reasonable
having regard to prevailing market price of the relevant time.
(vi) In our opinion and according to the information and explanations
given to me, the company has not accepted any deposit and loans under
the provisions of Section 58Aand 58AA of the Companies Act, 1956 and
the Companies (Acceptances of Deposits) Rules, 1975.
(vii) In our opinion the Internal Audit System of the company is
adequate, and commensurate to the size of the company and the nature of
its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 for the company's product.
(ix) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Provident Fund,
Investor Education and protection Fund, Employee's State Insurance,
Income tax, Sales tax, Wealth tax, Custom duty and Excise duty, cess
and other statutory dues which are outstanding as on 31a March 2012 for
a period of more than six months from the date they became payable.
(x) According to the information and explanations given to us and on
the examination of the books of account, the company does not have
accumulates losses at the end of the financial year which is not less
than fifty percent of its net worth and it has not incurred any cash
losses in such financial year and also in the financial year
immediately preceding such financial year.
(xi) According to the examination of the books of accounts of the
company there is no such default in repayment of dues to any financial
institution or bank or debenture holders. Further as there is no such
default the question of period of default does not arise.
(xii) In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities, hence no question of adequate documentation required to be
maintained
(xiii) As the company is not a nidhi / mutual benefit fund/societies,
the provision of any such special to chit fund is not a
(xiv) The company is not trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us the
company has not given any guarantee for loans taken by other from any
banks or financial institution.
(xvi) The company has not applied for any term loan. Hence the point of
applying the proceeds of the term loan does not arise.
(xvii) According to the information and explanations given to us the
company has not used the funds raised on short term basis for any long
term investment and vice-versa.
(xviii) In my opinion 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 Act, at a price
prejudicial to the interest of the company.
(xix) The company has not issued any debentures hence there is no need
for creating any securities.
(xx) The company has not made any public issue during the financial
year.
(xxi) According to the examination of books done by us, no fraud on or
by the company has been detected in our audit.
(xxii) On the basis of examination of books of account carried out by
us in accordance with generally accepted auditing practices and
according to the information and explanations given to us, no personal
expenses of the employees or directors have been charged to the profit
and loss account, other than those payable under contractual
obligations or in accordance with the generally accepted business.
practice.
(xxiii) The company is not a Sick Industrial Company within the meaning
of clause (0) of sub-section (1) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
For N. BALASUBRAMANIAN ASSOCIATES
Chartered Accountants
A.SRINIVASAN
Partner
Place : Chennai
Date : 22/08/2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/s LE WATERINA RESORTS &
HOTELS LIMITED, as on 31.03.2011 and the Profit and Loss Account 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 amount 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 in terms of
section 227(4A) of the Companies Act 1956, we annex hereto a statement
on the matter specified in paragraphs 4 &5 of the said order.
II. Further to our comments in paragraph I above, we report that
III.
(a) We have obtained all information and explanations required which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examinations of
the books, and
(c) In our opinion, the Balance Sheet and the Profit and Loss account
dealt with by this report comply with the accounting standards referred
to in sub-section [3C] of Section 211 of the Companies Act, 1956.
(d) The company's Balance Sheet and Profit and Loss Account dealt with,
by our above report, are in agreement with the books of account.
(e) In our opinion and to the best of our-knowledge and information and
according to the explanation given to us, the said accounts read with
notes and statements thereon, give the information required by the
Companies Act, 1956 in the manner so required and give true and fair
view.
i. In case of Balance Sheet of the state of the companies affairs as
at 31- 03-2011: and
ii. In case of the Profit and Loss Account for the profit for the year
ended on that date.
(f) As per the written representation as on 31.03.2011 received from
the directors, we are of the opinion that none of the directors are
disqualified from being appointed as director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act 1956.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
auditors to the members of M/sLE WATERINA RESORTS & HOTELS LIMITED,
Formerly known as Harringtons Industries Limited on the accounts for
the year ended 31s' March 2011
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. According to the information and explanation
given to us there were no material discrepancies noticed on such
verification.
(c) The company has disposed of agricultural lands at Theni during the
year. In our opinion, the sale does not affect the accounting
assumption of going concern.
(a) The inventory has been physically verified by the management .In
our opinion the frequency of verification is reasonable.
(b) The procedure for physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) The company is maintaining proper records of inventory .There were
no material discrepancies noticed on physical verification of stocks as
compared to the book records. In our opinion, the valuation of work in
progress has been physically verified and valued by the management.
(a) In our opinion there loans have been taken/ given from/to
companies, firms or other parties listed in the registers maintained
under section 301 of the Companies Act, 1956 (1 of 1956) are not,
prima- facie prejudicial to the interest of the company.
(b) Loans have been granted to companies, firms or other parties listed
in the registers maintained under section 301 are not, prima-facie
prejudicial to the interest of the company.
(c) In respect of loans and advances in the nature of loans given by
the company, where stipulations have been made, the parties are
repaying the principal amounts and interest as stipulated excepting as
reported in notes on accounts
(d) There are no overdue loan of more than Rs. one lakh during the year
excepting advances to a group of companies for which is company is
contemplating legal action.
1 In our opinion, the company has an adequate internal control
procedure commensurate with its size of the company and nature of its
business, for the purchase of materials for constructions.
(a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions that need to be
entered into the register maintained under section 301 of the companies
act of 1956 has been so entered.
(b) In our opinion and according to the information and explanations
given to us that the transaction made in pursuance of contracts or
arrangements entered in the register maintained under sec 301 of the
companies act of 1956 and exceeding the value of 500,000 in respect of
any party during the year have been made at price which are reasonable
having regard to prevailing market price of the relevant time.
(vi) In our opinion and according to the information and explanations
given to me, the company has not accepted any deposit and loans under
the provisions of Section 58Aand 58AA of the Companies Act, 1956 and
the Companies (Acceptances of Deposits) Rules, 1975.
(vii) In our opinion the Internal Audit System of the company is
adequate, and commensurate to the size of the company and the nature of
its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 for the company's product.
(ix) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Provident Fund,
Investor Education and protection Fund, Employee's State Insurance,
Income tax, Sales tax. Wealth tax, Custom duty and Excise duty, cess
and other statutory dues which are outstanding as on 31st March 2011
for a period of more than six months from the date they became payable.
(x) According to the information and explanations given to us and on
the examination of the books of account, the company does not have
accumulates losses at the end of the financial year which is not less
than fifty percent of its net worth and it has not incurred any cash
losses in such financial year and also in the financial year
immediately preceding such financial year.
(xi) According to the examination of the books of accounts of the
company there is no such default in repayment of dues to any financial
institution or bank or debenture holders. Further as there is no such
default the question of period of default does not arise.
(xii) In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities, hence no question of adequate documentation required to be
maintained.
(xiii) As the company is not a nidhi /mutual benefit fund/societies,
the provision of any such special statue to chit fund is not
applicable.
(xiv) The company is not trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us the
company has not given any guarantee for loans taken by other from any
banks or financial institution.
(xvi) The company has not applied tor any term loan. Hence the point of
applying the proceeds of the term loan does not arise.
(xvii) According to the information and explanations given to us the
company has not used the funds raised on short term basis for any long
term investment and vice-versa.
(xviii) In my opinion 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 Act, at a price
prejudicial to the interest of the company.
(xix) The company has not issued any debentures hence there is no need
for creating any securities.
(xx) The company has not made any public issue during the financial
year.
(xxi) According to the examination of books done by us, no fraud on or
by the company has been detected in our audit.
(xxii) On the basis of examination of books of account carried out by
us in accordance with generally accepted auditing practices and
according to the information and explanations given to us, no personal
expenses of the employees or directors have been charged to the profit
and loss account other than those payable under contractual obligations
or in accordance with the generally accepted business practice.
(xxiii) The company is not a Sick Industrial Company within the meaning
of clause (0) of sub-section (1) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
For N.BALASUBRAMANIAN ASSOCIATES
Chartered Accountants
A.SRINIVASAN
Partner
Place : Chennai
Date : 30/08/2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s LE WATERINA RESORTS &
HOTELS LIMITED, as on 31.03.2010 and the Profit and Loss Account for
the year ended on that date annexed 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.
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 amount 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.
I 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, we annex hereto a statement on the matter specified in paragraphs
4 &5 of the said order.
II. Further to our comments in paragraph I above, we report that
(a) We have obtained all information and explanations required which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examinations of
the books, and
(c) In our opinion, the Balance Sheet and the Profit and Loss account
dealt with by this report comply with the accounting standards referred
to in sub-section [3C] of Section 211 of the Companies Act, 1956.
(d) The companys Balance Sheet and Profit and Loss Account dealt with,
by our above report, are in agreement with the books of account.
(e) In our opinion and to the best of our knowledge and information and
according to the explanation given to us, the said accounts read with
notes and statements thereon, give the information required by the
Companies Act, 1956 in the manner so required and give true and fair
view.
i. In case of Balance Sheet of the state of the companies affairs as
at 31- 03- 2010: and
ii. In case of the Profit and Loss Account for the profit for the year
ended on that date.
(f) As per the written representation as on 31.03.2010 received from
the directors, we are of the opinion that none of the directors are
disqualified from being appointed as director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act 1956.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph 1 of the report of even date of the
auditors to the members of M/s IE WATERINA RESORTS & HOTELS LIMITED,
Formerly known as Harringtons Industries Limited on the accounts for
the year ended 31" March 2010
(i)(a) The company has maintained pfoper records showing full
particulars including
quantitative details and situation of fixed assets.
(i)(b) The fixed assets have been physically verified by the management
at reasonable intervals. According to the information and explanation
given to us there were no material discrepancies noticed on such
verification.
(i)(c) The company has not disposed of any substantial part of the
fixed asset during the year, which has the effect of affecting the
accounting assumption of going concern.
(ii)(a) The inventory has been physically verified by the management
.In our opinion the
frequency of verification is reasonable.
(ii)(b) The procedure for physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
(ii)(c) The company is maintaining proper records of inventory .There
were no material discrepancies noticed on physical verification of
stocks as compared to the book records. In our opinion, the valuation
of work in progress has been physically verified and valued by the
management.
(iii)(a) In our opinion there loans have been taken/ given from/to
companies, firms or other parties listed in the registers maintained
under section 301 of the Companies Act, 1956 (1 of 1956) are not,
prima-facie prejudicial to the interest of the company.
(iii)(b) Loans have been granted to companies, firms or other parties
listed in the registers maintained under section 301 are not,
prima-facie prejudicial to the interest of the company.
(iii)(c) In respect of loans and advances in the nature of loans given
by the company, where stipulations have been made, the parties are
repaying the principal amounts and interest as stipulated.
(iii)(d) There are no overdue loan of more than Rs. one lakh during the
year excepting advances to a group of companies for which is company is
contemplating legal action.
(iv) In our opinion, the company has an adequate internal control
procedure commensurate
with its size of the company and nature of its business, for the
purchase of materials for constructions.
(v)(a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions that need to be
entered into the register maintained I under section 301 of the
companies act of 1956 has been so entered.
(v)(b) In our opinion and according to the information and
explanations given to us that the transaction made in pursuance of
contracts or arrangements entered in the register maintained under sec
301 of the companies act of 1956 and exceeding the value of 500,000.00
in respect of any party during the year have been made at price which
are reasonable having regard to prevailing market price of the relevant
time.
(vi) In our opinion and according to the information and explanations
given to me, the
company has not accepted any deposit and loans under the provisions of
Section 58Aand 58AA of the Companies Act, 1956 and the Companies
(Acceptances of Deposits) Rules, 1975.
(vii) In our opinion the Internal Audit System of the company is
adequate, and commensurate to the size of the company and the nature
of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 for the companys product.
(ix) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Provident Fund, Investor
Education and protection Fund, Employees State Insurance, Income tax,
Sales tax, Wealth tax, Custom duty and Excise duty, cess and other
statutory dues which are outstanding as on 31st March 2010 for a period
of more than six months from the date they became payable.
(x) According to the information and explanations given to us and on
the examination of the books of account, the company does not have
accumulates losses at the end of the financial year which is not less
than fifty percent of its net worth and it has not incurred any cash
losses in such financial year and also in the financial year immediately
preceding such financial year.
(xi) According to the examination of the books of accounts of the
company there is no such default in repayment of dues to any financial
institution or bank or debenture holders. Further as there is no such
default the question of period of default does not arise.
(xii) In our opinion and according to the information and explanations
given to us the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities, hence no question of adequate documentation required to be
maintained.
(xiii) As the company is not a nidhi / mutual benefit fund/societies,
the provision of any such special statue to chit fund is not
applicable.
(xiv) The company is not trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us the
company has not given any guarantee for loans taken by other from any
banks or financial institution.
(xvi) The company has not applied for any term loan. Hence the point of
applying the proceeds of the term loan does not arise.
(xvii) According to the information and Explanations given to us the
company has not used the funds raised on short term basis for any long
term investment and vice-versa.
(xviii) In my opinion 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 Act, at a price
prejudicial to the interest of the company.
(xix) The company has not issued any debentures hence there is no need
for creating any securities.
(xx) The company has not made any public issue during the financial
year.
(xxi) According to the examination of books done by us, no fraud on or
by the company has been detected in our audit.
(xxii) On the basis of examination of books of account carried out by
us in accordance with generally accepted auditing practices and
according to the information and explanations given to us, no personal
expenses of the employees or directors have been charged to the profit
and loss account, other than those payable under contractual
obligations or in accordance with the generally accepted business
practice.
(xxiii) The company is not a Sick Industrial Company within the meaning
of clause (0) of sub- section (1) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
For N.BALASUBRAMANIAN ASSOCIATES
Chartered Accountants
Place : Chennai A.SRINIVASAN
Date : 02.09.2010 Partner
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