Nicco Parks & Resorts Ltd

BSE: 526721 | NSE:  | ISIN: INE653C01022 
Market Cap: [Rs.Cr.] 73.94 | Face Value: [Rs.] 1
Industry: Recreation / Amusement Parks

Auditor's Report
INDEPENDENT AUDITOR

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 March 31,2013, and the Statement of Profit and Loss and Cash Flow Statement for the year thenended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in India includingAccounting Standards referred to in sub.section {3C} of section 211 of the Companies Act,1956 ("the Act"). This responsibility includes the design, implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India, Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from materia! misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements, The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management, aswell as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March31, 2013;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report} Order, 2003 ("theOrder") as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issuedby the Central Government of India in terms of sub.section {4A) of section 227 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and5 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 ourknowledge 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 theCompany so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt withby this Report are in agreement with the books of account

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash FlowStatement comply with the Accounting Standards referred to in subsection (3C) ofsection 2II 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 isdisqualified as on March 31, 2013, from being appointed as a director In terms ofclause (g) of sub.section (r) of section 274 of the Companies Act. 1956.

For Singhi and Co.
Chartered Accountants
Firm Regn no. 302049E
Sankar Banerjee
(Partner)
Membership No.: 8230
Place: Kolkata
Date: 8th day of May, 2013

The Annexure referred to in paragraph i of Our Report of even date to the members ofNicco Parks & Resorts Limited on the accounts of the company for the year ended 31stMarch, 2013.

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.

(c) There was no substantial disposal of fixed assets during the year,

(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) (a) The Company has not granted any loans secured or unsecured to the Companies,firms or other parties covered In the register maintained under section 301 of theCompanies Act, 1956. Accordingly the provisions of clause iii (b), (c) and (d) of theorder are not applicable to the company.

(b) The Company has not taken any loans secured or unsecured from companies, firms orother parties covered in the register maintained under section 301 of the Companies Act,1956. Accordingly the provisions of clause 3(iii)(e), (f) and (g) of the Order is notapplicable to the Company.

(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. There is no continuing failure to correct major weakness in theinternal control system.

(v) In respect of transactions entered in the register maintained in pursuance ofsection 301 of the Companies Act, 1956;

(a) To the best of our knowledge and belief and according to the information andexplanations given to us, transactions that needed to be entered into the register havebeen so entered.

(b) According to the information and explanations given to us, the transactions havebeen entered into during financial year at prices, which are reasonable having regard toprevailing market prices, at the relevant time.

(vi) The Company has not accepted any deposit from public within the meaning ofSections 58A and 58AA or any other relevant provisions of the Companies Act, 1956.Accordingly clause (vi) (b) of the Order is not applicable.

(vii) The company has an internal audit system commensurate with its size and nature ofits business.

(viii) The company is not involved in any manufacturing activities and thus theprovisions of clause 4 (vlii) of the Order is not applicable to the company.

(ix) 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, Wealth Tax,Service Tax, Custom Duty, Excise Duty&, Cess and any other statutory dues applicableto it with the appropriate authorities during the year. There are no undisputed statutorydues unpaid for a period of six months from the date they become payable.

Regarding deposit to Investor Education and Protection Fund the Company had, vide itsletter dated 30th January, 2009, had advised the banker to issue pay order in favour ofDepartment of Company Affairs, Kolkata for the total amount lying in the "DividendAccount". But that was not given effect to by the banker. As a consequence the unpaiddividend for the years 2000.01 & 2001.02 totalling Rs 281,550/. could not betransferred to Investor Education & Protection Fund. The Company had filed a writpetition bearing no. WP 8950 of 201O with High Court, Calcutta praying, inter alia, todirect the banker to transfer the amount to Investor Education and Protection Fund .Thecase is pending. Subsequent to that the unpaid dividend for the year 2002.03 amounting toRs 117,840/.lying with the same banker has also become due for such transfer.

(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 12.97 2009.10 Senior Joint Commissioner
Income Tax Act, 1961 Income Tax 5.96 2008.09 Deputy Commissioner of Income Tax
Income Tax Act, 1961 Income Tax 5.02 2009.10 Deputy Commissioner of Income Tax
Finance Act, 1994 Service Tax 103.30 2009.10 & 2010.11 EA Audit Department and Assistant Commissioner

(x) 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.

(xi) The Company has not defaulted in repayment of dues to any financial institutions,banks and debenture holders.

(xii} According to the information and explanations given to us, the Company has notgranted loans or advances on the basis of security by way of pledge of shares, debenturesand other securities.

(xiii) In our opinion, the nature of activities of the company is such that theprovisions of any special statute including chit fund/nidhi/murual benefit fund/societiesare not applicable to it.

(xiv) The Company is not in the business of trading In shares.

(xv) 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.

(xvi) To the best of our knowledge and belief and according to the information andexplanations given to us, term loans availed by the Company were, prima facie, applied bythe Company during the year for the purposes for which the loans were obtained.

(xvii) According to the information and explanations given to us, on an overall basis,funds raised on short term basis have, prima facie, has not been used during the year forlong term Investment.

(xviii} The Company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under Section 301 of the CompaniesAct, 1956, during the year.

(xix) The company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money by public issues during the year and hencethe question of disclosure and verification of end use of such money does not arise.

(xxi) 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 andaccording to the Information and explanations given to us, we have neither come across anyinstance of fraud on or by the Company, noticed or reported during the year, nor have webeen informed of such case by the management.

For Slnghi and Co.
Chartered Accountants
Firm Regn no. 302049E
Sankar Banerjee
(Partner)
Membership No.: 8230
Place: Kolkata
Date: 8th day of May, 2013
   
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Key Information

Key Executives:

SRIKANDATH NARAYAN MENON , Chairman

Rajive Kaul , Director

Sujit Poddar , Director

Anand Chatrath , Director


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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