TO THE MEMBERS OF
WEST LEISURE RESORTS LIMITED
Report on Audit of the Financial Statements
Opinion
We have audited the financial statements of WEST LEISURE RESORTS LIMITED
("the Company"), which comprise the Balance Sheet as at 31st March, 2022, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of the significant accounting policies and other explanatory information.
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
Companies Act,2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2022, the loss and total
comprehensive loss, changes in equity and its cash flow for the year ended on that date. .
Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit
of the Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (TCAI) together with the ethical requirements that are relevant to our audit of the
financial statements under provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. We
have determined the matters described below to be the key audit matters to be communicated
in our report.
Investments
| The Companys investment portfolio consists of Non-Current investments. |
Our audit procedures for this area included: |
| Total investment portfolio of the Company represents 88.89 per cent of the Companys
total assets. |
• We assessed appropriateness of the pricing methodologies with reference to
Companys accounting and valuation policy; |
| Investments are stated at fair value, determined on an individual investment basis, |
• For unquoted investments, the Company has obtained Valuation report of most of
the investments held by it. According to the said valuation reports, the necessary
adjustments is done in the accounts in the value of these investments. |
Other Information
The Companys Board of Directors is responsible for preparation of the other
information. Other information comprises the information included in the Boards Report
including Annexures thereto but does not include the financial statements and our
auditors report thereon.
Our opinion on the financial statements does not cover the other information and we
will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated.
Responsibilities of Management and those charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to preparation of these Financial Statements that give a
true and fair view of the financial position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind AS and
other accounting principles generally accepted in India. .
This responsibility also includes maintenance of adequate accounting records in
accordance with provisions of the Act for safeguarding 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 accuracy and completeness of the
accounting records, relevant to 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.
In preparing the Financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors is also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section I43(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements in place and
the operating effectiveness of such controls.
• Evaluate appropriateness of accounting policies used and reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit,
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (l,the
Order") issued by the Central Government of India in terms of Sub-section (11) of
Section 143 of the Act, and on the basis of such checks of the books and records of the
Company as we considered appropriate and according to the information and explanations
given to us, we give in the Annexure-A a statement on the matters specified in paragraph 3
of the Order.
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 best
of 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 the
Company so far as appears from our examination of those books of accounts;
c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive
income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the accounting
standards specified under section 133 of the Act;
e) On the basis of written representations made under clause (a &b) received , from
the directors as on 31st March 2022 and taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2022, from
being appointed as a director in terms of sub section (2) of Section 164 of the Act;
f) With respect to adequacy of the internal financial control over financial reporting
of the Company and operating effectiveness of such control, refer to our separate Report
in Annexure B; and
g) With respect to other matters to be included in the Auditors Report in accordance
with the requirements of section 197(16) of the Act:
In our opinion and to the best of our information and according to the explanations
given to us, no remuneration has been paid by the Company to its directors during the
year.
h) With respect to the other matters to be included in the Auditors 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 other than those mentioned in the notes note no. 35 to the accounts;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred, to the Investor
Education and Protection Fund by the Company.
iv. (a) As per the information and explanation given to us by the management, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the company to or in any other person or entity,
including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) As per the information and explanation given to us by the management, no funds have
been received by the company from any person or entity, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries; and
(c) On the basis of above representations, nothing has come to our notice that has
caused us to believe that the above representations contained any material mis-statement.
v. The Company has paid dividend on Equity shares during the year is in accordance with
Section 123 of the Act, as applicable.
vi. Pursuant to Ministry of Corporate Affairs notification dated 24.03.2021 read with
notification dated 01.04.2021requirement of reporting by the auditor on use of accounting
software for maintaining its books of account with audit trail (edit log) facility has
been deferred and shall be applicable for financial years commencing on or after
01.04.2022.
|
For Bhatter & Company |
|
Chartered Accountants |
|
Firm Regd. No. 131092W |
| Place: Mumbai |
D.H. Bhatter |
| Dated: 05th May, 2022 |
Proprietor |
|
Membership No. 01693 |
|
UDIN:-22016937AJPJZH9979 |
ANNEXURE *A TO INDEPENDENT AUDITORS REPORT
Annexure A referred to in Paragraph 1 of Report on Other Legal And Regulatory
Requirements in our report to members of WEST LEISURE RESORTS LIMITED ("the
Company") for the year ended 31st March, 2022.
We report that:
i. In respect of its Property, Plant & Equipment:
(a) (A) The Company is maintaining proper records showing full particulars including
quantitative details and situation of Property, Plant & Equipment;
(B) The Company does not have any Intangible Asset. Accordingly, paragraph 3(i)(a)(B)
is not applicable to the Company;
(b) The Company has a regular programme of physical verification of Property, Plant
& Equipment which is, in our opinion, reasonable having regard to the size of the
Company and the nature of its assets. In accordance with this programme, certain Property,
Plant & Equipment have been physically verified by the management during the year and
no material discrepancies have been noticed on such verification;
(c) As per the information and explanation given to us by the management, the Company
does not own any immovable property as Property, Plant & Equipments. Accordingly, the
provisions of Clause 3(i)(c) of the Order are not applicable to the Company;
(d) As per the information and explanation given to us by the management, the Company
has not revalued its Property, Plant and Equipment during the year and hence provisions of
Clause 3(i)(d) of the Order are not applicable to the Company;
(e) As per the information and explanation given to us by the management, no
proceedings have been initiated or are pending against the Company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder and hence provisions of Clause 3(i)(e) of the Order are not applicable to the
Company.
ii. In respect of its inventories:
(a) As per the information and explanations given to us by the management, the Company
does not have any inventories and hence provisions of Clause 3(ii)(a) of the Order are not
applicable to the Company;
(b) As per the information and explanation given to us by the management, the Company
has not availed any working capital facility from any banks or financial institutions on
the basis of security of current assets and hence provisions of Clause 3(ii)(b) of the
Order are not applicable to the Company;
iii. During the year the Company has not made Investment in, provided any guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured to
companies, firms, limited liability partnerships or other parties and hence provisions of
Clause 3(iii)(a) to (f) of the Order are not applicable to the Company;
iv. The Company has not granted any loans, or provided any guarantee or security to the
parties covered under section 185 of the Act and in respect of investments made, the
Company has complied with provisions of section 186 of the Act;
v. In our opinion and according to the information and explanations given to us, the
Company has not accepted deposits or amounts which are deemed to be deposits from the
public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed
thereunder to the extent notified;
vi. In our opinion and according to the information and explanations given to us,
maintenance of cost records under sub-section (1) of section 148 of the Act has not been
prescribed by the government in respect of any activity of the Company;
vii.(a) According to the records of the Company, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues including income- tax,
professional tax, goods and service tax, cess and any other statutory dues applicable to
it;
(b) Details of dues of income tax which have not been deposited as at 31st
March, 2022 on account of disputes are given below
| Name of statute |
Nature of dues |
Forum where dispute is pending |
Period to which the amount relates (F.Y.) |
Amount (In Rs.) |
| Income Tax |
Income Tax |
Commissioner of Income-Tax (Appeal) |
2014-2015 |
69,750 |
| Income Tax |
Income Tax |
Commissioner of Income-Tax (Appeal) |
2015-2016 |
3,71,180 |
viii. According to the information and explanations given to us, there are no
transactions that are not recorded in the books of accounts and have been surrendered of
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
ix. (a) According to the information and explanations given to us, the Company has not
availed any term loan facility and hence provisions of Clause 3(ix)(a) of the aforesaid
Order are not applicable to the Company;
(b) According to the information and explanations given to us, the company has not
availed any term loan facility and hence provisions of Clause 3(ix)(b) of the aforesaid
Order are not applicable to the Company;
(c) According to the information and explanations given to us, the Company has not
availed any term loan facility and hence provisions of Clause 3(ix)(c) of the aforesaid
Order are not applicable to the Company;
(d) According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the financial statements of the Company,
we report that no funds raised on short-term basis have been used for long-term purposes
by the company;
(e) The Company does not have any subsidiaries, associates or joint ventures.
Accordingly, the provisions of Clause 3 (ix)(e) of the Order are not applicable to the
Company;
(f) The Company does not have any subsidiaries, associates or joint ventures.
Accordingly, the provisions of Clause 3 (ix)(f) of the Order are not applicable to the
Company;
x. (a) Based on our audit procedures and according to the information and explanations
given to us by the management, the Company has not raised any money by way of initial
public offer or further public offer (including debt instruments) and hence provisions of
Clause 3(x)(a) of the Order are not applicable to the Company;
(b) The Company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year under audit and hence provisions
of Clause 3(x)(b) of the Order are not applicable to the Company;
xi. 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 by the Company or on the Company noticed.or reported during the
year, nor have we been informed of any such case by the management. Clause 3(xi){a) to (c)
of the Order is, therefore, not applicable to the Company for the year under audit;
xii. The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to
the Company and hence provisions of Clause 3(xii) (a) to (c) of the Order are not
applicable to the Company;
xiii. The Company has entered into the transaction with the related parties in
compliance with the provisions of the Section 188 of the Act. The details of such related
party transactions have been disclosed in the financial statements as required applicable
Indian Accounting Standard, Related Party Disclosures specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
xiv. (a) In our opinion the Company has an adequate internal Audit system commensurate
with the size and the nature of its business;
(b) We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures;
xv. According to the information and explanations given to us, the Company has not
entered into any non-cash transactions with its directors or the persons connected with
him and hence provisions of Clause 3(xv) of the Order are not applicable to the Company;
xvi.(a) The Company is not required to be registered Section 45-IA of the Reserve Bank
of India Act, 1934 and hence provisions of Clause 3(xvi)(a) of the Order are not
applicable to the Company;
(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities which requires the Company to obtain Certificate of Registration (CoR) from the
Reserve Bank of India as per the Reserve Bank of India Act, 1934 and hence provisions of
Clause 3(xvi)(b) of the Order are not applicable to the Company;
(c) The Company is a Core Investment Company (C1C) as defined in the regulations made
by the Reserve Bank of India and it continues to fulfil the criteria of a CIC;
(d) The Group have 2 CICs (Including "the Company") as part of the Group;
xvii. According to the information and explanations given to us, the company has
incurred cash losses amounting to Rs 10,039,53 hundreds during the year under audit.
Further, it has also incurred cash losses in the immediately preceding financial year
amounting to Rs. 7,154.93 hundreds;
xviii. There has been no resignation of the statutory auditors during the year, and
hence provisions of Clause 3(xviii) of the Order are not applicable to the Company;
xix. According to the information and explanations .given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report that
company is not capable of meeting its liabilities.
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the company as and when they fall due;
xx. According to the information and explanations given to us, the Company does not
come under the ambit of the Section 135 of the said Act. Accordingly, provisions of Clause
3(xx) of the Order are not applicable to the Company;
xxi. According to the information and explanations given to us, the Company need not
prepare consolidated financial statements. Accordingly, provisions of Clause 3(xxi) of the
Order are not applicable to the Company.
|
For Bhatter & Company |
|
Chartered Accountants |
|
Firm Read. No. 131092W |
| UDIN:- 22016937AJPJZH9979 |
|
| Place: Mumbai |
D.H. Bhatter |
| Dated: 05th May, 2022 |
Proprietor |
|
Membership No. 016937 |
ANNEXURE Bf TO INDEPENDENT AUDITORS REPORT
We have audited the internal financial controls over financial reports of WEST
LEISURE RESORTS LIMITED (The Company) as of 31st March 2022 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring orderly and efficient conduct of its
business, including adherence to Companys policies, safeguarding of its assets,
prevention and detection of frauds and errors, accuracy and completeness of the accounting
records, and timely preparation of reliable financial information, as required under the
Companies Act, 2013 (the Act).
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143( 10) of the Act, to the extent applicable to an audit
of internal financial controls . Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial control over financial reporting was
established and maintained and if such control operated effectively in all material
respects.
Our audit involved performing procedures to obtain audit evidence about adequacy of the
internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of risk of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
Acompanys internal financial control over financial reporting is a process designed to
provide reasonable assurance regarding reliability of financial reporting and preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles.
A companys internal financial control over financial reporting includes those policies
and procedures that
(1) pertain to maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31st March 2022,
based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
|
For Bhatter & Company |
|
Chartered Accountants |
|
Firm Regd. No. 13^092W |
| UDIN,- 72016937AJPJZH9979 |
|
| Place: Mumbai |
D.H. Bhatter |
| Dated: 05th May, 2022 |
Proprietor |
|
Membership No. 016937 |
+91-9892691696
