| Report on the Financial Statements
We have audited the accompanying financial statements of Total
Hospitality Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015 and the Statement of Profit and Loss for the year
then ended and the Cash Flow Statement and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
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 standalone 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.]
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
of 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.
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 misstatements.
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, but not for the
purpose of expressing an opinion on the effectiveness of the entity's
internal control. 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 aforesaid 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 Statement of Profit and Loss, 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.
Report on Other Legal and Regulatory Requirements
1. 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 and the 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) Rule, 2014.;
e. on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Companies
Act, 2013.
f. With respect to the other matters to be included in the Auditor's
report in accordance with Rule 11 of the Companies(Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
I. The Company does not have any pending litigations which would
impact its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
To
The Members of TOTAL HOSPITALITY LIMITED
1. In respect of its Fixed Assets
The Company does not have any Fixed Assets during the financial Year.
2. In respect of its inventories
The Company does not have any Stock of Inventories during the Financial
Year.
3. In respect of its Loan- Secured or Unsecured
a) Based on our scrutiny and as per information and explanations
provided to us by the management, the company has not granted any loans
to firm or other persons covered in the registers maintained under
Section 301 of the Companies Act, 1956.
b) Since the aforesaid loans are repayable on demand without any
defined re-payment schedule, Therefore, we have no comments to offer
regarding regularity re-payment of the said oloan or otherwise. In view
of herewith, we have no comments to offer under sub-clause b) tothis
clause.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and its nature of business
with regard to the purchases, fixed assets and sales. During our course
of audit, no major weakness was noticed by us in the existing internal
control system in vogue.
5. According to the Information and Explanation given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause(v) of paragraph 3 of the CARO 2015are not
applicable to the Company.
6. We have been informed by the management that the maintenance of
cost records has not been prescribed by the Central govt. under Section
(1) of Section 148 of the Companies Act, 2013.
7. In respect of its Statutory Dues
a) According to the books and records as produced and examined by us in
accordance with Generally Accepted Auditing Practices in India and also
based on management representations, undisputed statutory dues in
respect of provident fund, employee state insurance, income tax, wealth
tax, service tax, sales tax, value added tax, excise duty, cess and
other material statutory dues have generally been regularly deposited
by the company subject to certain exceptions during the year with the
appropriate authorities in India.
b) According to information and explanation given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
c) According to the records of the Company, there are no amounts that
are due to be transferred to the Investor Education and Protection Fund
in accordance with relevant provisions of the Companies Act, 1956(1 of
1956) and rules made there under.
8. The Company does not have accumulated losses, hence our comments as
regards erosion of net worth of the Company are not applicable.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank or
others during the year under audit.
10. As per the information and explanation given to us, the Company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. As observed by us, the Company has not raised any Loans including
Term Loans from Banks during the Financial Year.
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit
and even upto the date of our audit.
For GAUR JAIN & Co.
Chartered Accountants
Sd/-
ANKIT JAIN- FCA
Firm Reg No. 022957N
Partner
Place:Panchkula Membership No. 509416
Date :03.08.2015 Chartered Accountant |