| We have audited the accompanying financial statements of M/s Polo
Hotels Ltd. ("the Company"), which comprise of the Balance Sheet as at
31st March , 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation and presentation 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 Companies Act,
2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. These
Standards require that we comply with the 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 the 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 the internal control relevant to the
Company's preparation and fair presentation of the financial statements
that give a true and fair view in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the 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 on the financial
statements.
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 31st March, 2015;
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the Cash Flows of the
Company 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 ("the
Order") issued by the Central Government of India in terms of Sub
Section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143(3) of the Act and Companies (Audit and
Auditors) Rule 2014, we report that:
(a) We have sought and 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 accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act and,
(f) with respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014 in our opinion and to best of our information and according to the
explanation given to us.
i. There are no pending litigation against the company .
ii. The Company did not have any long term contracts including
derivative contracts as such the question of commenting on any material
foreseeable losses does not arise. iii. There has not been any
occasion in the case of the Company during the year under report to
transfer any sums to the Investor Education and Protection Fund. The
question of delay in transferring such sums does not arise.
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the statements for the year ended 31st March,
2015, we report that
1. In respect of fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the management during the year has physically
verified the fixed assets in a phased periodical manner, which in our
opinion is reasonable having regard to the size of the Company and
nature of its assets. According to the information and explanation
given to us no material discrepancies were noticed on such physical
verification.
c) In our opinion and according to the information and explanation
given to us, the company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. In respect of its Inventories:
a) As explained to us, inventories have been physically verified by the
management at reasonable interval during the year.
b) In our opinion and according to the information and explanation
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 according to the information and explanation
given to us, the company has maintained proper records of inventories.
As explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. According to the Information and explanation given to us, the
company has during the year not granted any unsecured loan to any party
covered in the register maintained under Section 189 of the Companies
Act 2013 during the year and in our opinion, hence Para (a) and (b) are
not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits in contravention
of the directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act 2013 and the rules framed there under, where applicable,
have been complied with. No order has been passed by the Company Law
Board or National Company Law Tribunal or RBI or any court or any other
tribunal.
6. According to the information and explanation given to us,
government has not prescribed maintenance of cost records under sub
section (1) of section 148 of the Companies Act, 2013 for the products
of the company.
7A. According to the information and explanation given to us and on the
basis of our examination of the records of the Company is regular in
depositing the undisputed statutory dues including Income Tax, Sales
Tax, Service Tax, Cess and other material statutory dues as applicable
to it with the explanations given to us no undisputed amount payable in
respect of Income Tax, Sales Tax were outstanding at the end of the
period of more than six months from the date they become payable.
7B. According to the information and explanation given to us and the
records of the company examined by us, there are no material dues of
Sales Tax, Service Tax and Cess as March 31, 2015 which have not been
deposited on account of a dispute.
7C. According to information and explanation given to us, there is no
amount which is required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under.
8. The Company has no accumulated losses as at March 31, 2015 and it
has not incurred any cash losses in the financial year ended on that
date or in immediately preceding financial year. Therefore clause is
not applicable.
9. According to information and explanations given to us, the company
has not defaulted in repayment of dues to banks or financial
institutions during the year of audit. Further the Company has not
issued any debentures.
10. The Company has given guarantees for loans taken by others from
banks and financial institutions. According to the information and
explanations given to us, we are of the opinion that the terms and
conditions thereof are not prima facie prejudicial to the interest of
the Company.
11. In our opinion and according to the information given to us, on
overall basis, the term loans have been applied for the purposes for
which the loans were raised.
12. 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
explanations given to us, we have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year, nor have we been informed of such case by the management.
For Ashwani K. Gupta & Associates
Chartered Accountants
Firm Regn. No. 003803N
Panchkula
August 14, 2015 Arvinder Singh
Partner Membership Number : 091721 |