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Nicco Parks & Resorts Ltd

BSE: 526721 | NSE: ISIN: INE653C01022
Market Cap: [Rs.Cr.] 207.56 Face Value: [Rs.] 1
Industry: Recreation / Amusement Parks

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Auditor's Report

To,

The Members of,

Nicco Parks & Resorts Limited

Report on the Financial Statements

We have audited the accompanying financial statements of NICCO PARKS & RESORTSLIMITED (the company), which comprise the Balance Sheet as at 31st March, 2015, andthe Statement of Profit and Loss and Cash Flow Statement for the year then ended, and asummary 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 Section134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation ofthese 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 accountingprinciples generally accepted in India, including the Accounting Standards specified underSection 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign, implementation and maintenance of adequate internal financial controls, that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords, relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement, whether due to fraud orerror.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act, the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal financial control relevant to the company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company’s Directors, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us, the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India, of the state of affairs of the Companyas at 31st March, 2015, and its profit and its 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 ("theOrder"), issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act, 2013, we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31stMarch, 2015 taken on record by the Board of Directors, none of the directors isdisqualified as on 31st March, 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its financial statements [Refer Note 2.27(b)].

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

iii. There was no delay during this year in transferring amounts, required to betransferred, to the Investor Education and Protection Fund by the Company. In thisconnection reference is invited to Note 2.8(a) of the Financial Statements.

For Singhi & Co.,
Chartered Accountants
Firm’s Registration No. 302049E
(Sankar Bandyopadhyay)
(Partner)
1-B, Old Post Office Street, Kolkata (Membership No. 08230)
Date: 16th day of May, 2015

Annexure to the Independent Auditors' Report

The Annexure referred to in paragraph 1 with the heading "Report on other Legaland Regulatory requirement" of our Report of even date to the members of Nicco Parks& resorts Limited 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 theinformation and explanation given to us during the course of our audit, we report that:

(i) In respect of its Fixed Assets:

a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets;

b) The fixed assets were physically verified during the year by the management, thefrequency of which in our opinion is reasonable. According to the information andexplanations given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its Inventories:

a) As explained to us, inventories were physically verified during the year by themanagement at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us, theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured to companies, firmsor other parties covered in the register maintained under section 189 of the CompaniesAct, 2013. Hence, clause iii (b) to (c) of the Order are not applicable.

(iv) 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 andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. During the course of our audit, we have not observed any continuingfailure to correct major weakness in the internal control system.

(v) The Company has not accepted any deposit from public within the meaning of Sections73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Rules framedthereunder. Accordingly clause (v) of the Order is not applicable.

(vi) The Central government has not specified maintenance of the cost records undersection 148(1) of the Companies Act, 2013 in regard to the activities of the company.

(vii) According to the information and explanations given to us in respect of Statutoryand other dues:

a) The Company has generally been regular in depositing undisputed statutory dues,including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, WealthTax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax & Cess and any otherstatutory dues applicable to it with the appropriate authorities during the year. Thereare no undisputed statutory dues unpaid for a period of six months from the date theybecome payable.

b) According to the information and explanations given to us, the dues of Sales Tax,Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess and Service Tax which have notbeen deposited on account of any dispute and the forum where the dispute is pending are asunder:

Name of the Statute Nature of the Dues Amount (Rs. in lakhs) Year to which amount relates Forum where dispute is pending
WBVAT Act 2003 Value Added Tax 3.23 2009-10 Appellate & Revisional Board, WBCT
WBVAT Act 2003 Value Added Tax 290.70 2010-11 Additional Commissioner
Income Tax Act, Income Tax 5.96 2008-09 Deputy Commissioner of
1961 Income Tax 5.02 2009-10 Income Tax
Finance Act, 1994 Service Tax 103.30 2009-10 & 2010-11 EA Audit Department and Assistant Commissioner

c) There was no delay during this year in transferring amounts, required to betransferred, to the Investor Education and

Protection Fund by the Company. In this connection reference is invited to Note 2.8(a)of the Financial Statements.

(viii) The Company does not have accumulated losses as at the end of the year and theCompany has not incurred cash losses during the current financial year and immediatelypreceding financial year.

(ix) Based on our audit procedures and according to the information and explanationsgiven to us, we are of the opinion that Company has not defaulted in repayment of dues tobanks or financial institutions. There were no debentures outstanding at any time duringthe year.

(x) According to the information and explanations given to us, the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

(xi) Based on information and explanations given to us and records of the Companyexamined by us, in our opinion, the term loans have been applied for the purpose for whichthey were obtained.

(xii) To the best of our knowledge and belief and according to the information andexplanations given to us, no fraud on or by the company has been noticed or reportedduring the year.

For Singhi & Co.,
Chartered Accountants
Firm’s Registration No. 302049E
(Sankar Bandyopadhyay)
(Partner)
1-B, Old Post Office Street, Kolkata (Membership No. 08230)
Date: 16th day of May, 2015

   

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Key Information

Key Executives:

Rajive Kaul , Director

Sujit Poddar , Director

Anand Chatrath , Director

Pallavi Priyadarshini Kaul , Vice Chairperson


Company Head Office / Quarters:

Jheel Meel Sector IV,
Salt Lake City,
Kolkata,
West Bengal-700106
Phone : West Bengal-91-033-66285549/66285509 / West Bengal-
Fax : West Bengal-91-033-23572116 / West Bengal-
E-mail : niccopark@niccoparks.com
Web : http://www.niccoparks.com

Registrars:

R & D Infotech Pvt Ltd
7A Betala Road,1st Floor, ,Kolkata - 700 026

 
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