Independent Auditor’s Report
to the customers of Inox Leisure Confined
Report on the Standalone Economical Statements
We have audited the accompanying standalone money statements of Inox Leisure Limited (“the Corporation”), which comprise the Balance Sheet as at 31st March, 2015, the Assertion of Revenue and Loss and the Money Movement Assertion for the yr then ended, and a summary of the significant accounting insurance policies and other explanatory info.
Management’s Duty for the Standalone Money Statements
The Company’s Board of Directors is accountable for the matters mentioned in Part 134(5) of the Organizations Act, 2013 (“the Act”) with respect to the preparation of these standalone monetary statements that give a genuine and honest check out of the economic placement, financial general performance and money flows of the Corporation in accordance with the accounting ideas usually accepted in India, together with the Accounting Benchmarks specified under Portion 133 of the Act, examine with Rule 7 of the Organizations (Accounts) Procedures, 2014. This obligation also consists of upkeep of satisfactory accounting documents in accordance with the provisions of the Act for safeguarding the assets of the Company and for protecting against and detecting frauds and other irregularities collection and application of ideal accounting guidelines creating judgments and estimates that are fair and prudent and design and style, implementation and servicing of ample interior economic controls, that were running properly for guaranteeing the precision and completeness of the accounting data, applicable to the planning and presentation of the money statements that give a real and fair see and are totally free from content misstatement, no matter whether thanks to fraud or mistake.
Our duty is to categorical an impression on these standalone money statements centered on our audit.
We have taken into account the provisions of the Act, the accounting and auditing benchmarks and issues which are needed to be bundled in the audit report less than the provisions of the Act and the Principles created thereunder.
We carried out our audit in accordance with the Specifications on Auditing specified underneath Section 143(10) of the Act. Individuals Expectations call for that we comply with moral specifications and plan and carry out the audit to get hold of fair assurance about no matter whether the money statements are absolutely free from materials misstatement.
An audit includes carrying out procedures to acquire audit proof about the quantities and the disclosures in the monetary statements. The procedures selected count on the auditor’s judgment, such as the assessment of the dangers of materials misstatement of the monetary statements, no matter whether owing to fraud or error. In building all those risk assessments, the auditor considers internal fiscal control applicable to the Firm’s preparation of the economical statements that give a correct and reasonable look at in buy to structure audit methods that are correct in the conditions, but not for the purpose of expressing an opinion on whether or not the Company has in put an satisfactory interior economical controls system in excess of money reporting and the operating performance of this kind of controls. An audit also features evaluating the appropriateness of the accounting insurance policies employed and the reasonableness of the accounting estimates built by the Firm’s Administrators, as well as assessing the in general presentation of the money statements.
We consider that the audit proof we have attained is enough and suitable to supply a foundation for our audit opinion on the standalone money statements.
In our feeling and to the very best of our data and according to the explanations specified to us, the aforesaid standalone financial statements give the information essential by the Act in the fashion so demanded and give a accurate and reasonable perspective in conformity with the accounting rules normally approved in India, of the condition of affairs of the Corporation as at 31st March, 2015, its income and its dollars flows for the yr finished on that date.
Report on Other Legal and Regulatory Necessities
1. As essential by the Companies (Auditors Report) Order, 2015 issued by the Central Government of India in terms of sub–section (11) of part 143 of the Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the mentioned Purchase.
2. As needed by Area 143 (3) of the Act, we report that:
(a) We have sought and attained all the information and facts and explanations which to the greatest of our information and belief were needed for the uses of our audit.
(b) In our opinion, appropriate books of account as needed by legislation have been kept by the Organization so significantly as it seems from our assessment of people textbooks.
(c) The Equilibrium Sheet, the Statement of Income and Loss, and the Income Flow Statement dealt with by this Report are in settlement with the guides of account.
(d) In our opinion, the aforesaid standalone economic statements comply with the Accounting Criteria specified under Section 133 of the Act, read through with Rule 7 of the Providers (Accounts) Principles, 2014.
(e) On the basis of the published representations gained from the directors as on 31st March, 2015 taken on history by the Board of Administrators, none of the directors is disqualified as on 31st March, 2015 from currently being appointed as a director in terms of Section 164 (2) of the Act.
(f) With regard to the other matters to be involved in the Auditor’s Report in accordance with Rule 11 of the Organizations (Audit and Auditors) Regulations, 2014, in our viewpoint and to the ideal of our information and according to the explanations offered to us:
i. The Enterprise has disclosed the impression of pending litigations on its financial position in its economic statements – Refer Take note no. 9 and 36 to the money statements
ii. The Firm did not have any long–term contracts like by-product contracts, for which there had been any materials foreseeable losses and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Instruction and Protection Fund by the Corporation.
Annexure to Independent Auditor s Report
Annexure to Impartial Auditor’s Report to the customers of Inox Leisure Constrained on the standalone monetary statements for the yr ended 31st March 2015 – referred to in paragraph 1 less than the heading “Report on Other Authorized and Regulatory Demands” of our report of even date.
In phrase of the Firms (Auditors Report) Get, 2015 (“the Purchase”), on the foundation of information and facts and clarification offered to us and the publications and information examined by us in the standard class of audit and these checks as we viewed as appropriate, to the very best of our information and belief, we point out as beneath:
1. The Company has preserved good information displaying whole particulars such as quantitative specifics and condition of fixed belongings. The preset property have been physically verified by the management at reasonable intervals and no materials discrepancies have been found on these kinds of verification.
2. The inventories had been physically confirmed by the management at reasonable intervals all through the calendar year. The techniques of physical verification followed by the management are acceptable and sufficient in relation to the sizing of the Enterprise and the mother nature of its small business. The Enterprise has taken care of right documents of its inventories and no material discrepancies ended up found on bodily verification of inventories as as opposed to ebook documents.
3. The Corporation has granted unsecured mortgage to one particular company lined in the sign-up preserved under segment 189 of the Firms Act. The celebration is regular in compensation of principal and payment of desire and there are no overdue amounts.
4. In our impression, there are typically suitable inside manage techniques commensurate with the dimensions of the Corporation and character of its business enterprise for acquire of stock and set assets and for the sale of merchandise and services. All through the system of our audit, no key weakness has been seen in the inside manage devices in regard of these regions.
5. The Enterprise has not approved any deposits in just the this means of sections 73 to 76 of the Businesses Act, 2013 and the Principles framed thereunder and for this reason the provisions of clause 3(v) of the Buy are not relevant to the Company.
6. The Central Authorities has not prescribed routine maintenance of price tag documents below area 148(1) of the Businesses Act, 2013 for the routines of the Firm.
7. The Company is frequently regular in depositing with correct authorities undisputed statutory dues together with provident fund, employee’s point out insurance, income–tax, sales tax , wealth tax, support tax, responsibility of customs, price extra tax, cess, amusement tax and other substance statutory dues applicable to it. No payments had been owing in regard of duty of excise. There are no undisputed amounts payable in respect of such statutory dues which were in arrears as at 31st March 2015 for a period of additional than six months from the date they develop into payable.
There are no dues of profits tax, wealth tax, duty of excise or cess, which have not been deposited on account of disputes.
The sum expected to be transferred to Investor Schooling & Defense Fund in accordance with the applicable provisions of the Firms Act, 1956 and regulations built thereunder has been transferred to this sort of fund inside of time.
8. The Enterprise does not have amassed losses. The Company has not incurred income losses all through the existing yr and in the right away preceding fiscal 12 months.
9. The Company has not defaulted in compensation of dues to banking institutions and the Corporation did not have any borrowings from economic establishments or by way of debentures.
10. The Company has not offered any guarantee for loans taken by other individuals from banking institutions and money establishments.
11. In our impression, the phrase personal loan availed in the course of the year by the Firm was used for the purpose for which it was lifted.
12. No fraud on or by the Firm has been observed or noted all through the calendar year. Nevertheless, soon after the finish of the year the Enterprise has detected a fraud perpetrated by an worker of the Enterprise in respect of travelling costs, as in-depth in take note no. 40 to the economical statements. Further more, as defined in the stated observe, pending completion of the investigation of the make any difference, the volume concerned is not nevertheless ascertained.
For Patankar & Associates,
Chartered Accountants Firm’s Registration No. 107628W
M Y Kulkarni
Membership No. 35524
Date: 25th May possibly, 2015