th annual report sapthagiri hospitality …...11th annual report sapthagiri hospitality private...

11TH ANNUAL REPORT

SAPTHAGIRI HOSPITALITY PRIVATE LIMITED

FINANCIAL YEAR: 2018-19

FORTUNE PARK DAHEJ, DAHEJ SEZ

MEMBER ITC’s HOTEL GROUP

Annual Reports and Financial Statements

1

Contents Corporate Information ………………………………………………………………………………………………………………………. 2 Notice ………………………………………………………………………………………………………………………………………………. 6 Managing Director’s Review …………………………………………………………………………………......................... 7 Board’s Report ……………………………………………………………………………………………………………………………… 8-14 Auditor’s Report ………………………………………………………………………………………………………………………………. 15-20 Balance Sheet …………………………………………………………………………………………………………………................... 21 Profit & Loss Account …………………………………………………………………………………………….………………………... 22 Cash flow Statement ……………………………………………………………………………………………..………………………… 23-24 Notes on Financial Statement ………………………………………………………………………………..…………………………. 25-35 Annual General Meeting, on Thursday, 12th September, 2019; at 17-18 Sapthagiri Complex, opp. The Gateway Hotel, Nr. Akota Garden, Akota, Vadodara –390 020, at 12:00 noon. Members are requested to kindly bring their copies to the meeting.


2

Corporate Information

BOARD OF DIRECTORS Mr. Vipulkumar P Thakkar Managing Director Mr. Munjal V Thakkar Director Mrs. Vishakha V Thakkar Director FINANCE & ACCOUNTS MANAGER Mr. Bhargav Pancholi MANAGER – ADMIN HR & LIAISONING Mr. Raxit Parmar ACCOUNTS TEAM Mrs. Swati Patel Mrs. Smita Patel COMPANY SECRETARY Kirti Bhavesh Chauhan – ACS 25800 MANAGEMENT TEAM Mr. Namit Sinha General Manager Mr. Ajay Parmar Housekeeping Manager Mr. Ajay Rana F & B Manager Mr. Mayur Vipinchandra Shah Chief Engineer Mr. Shakil Ahmed Executive Chef Mr. Shani Kumar Purchase & Store Manager Mr. Ketan patel Asst Manager - IT STATUTORY AUDITORS REGISTERED OFFICE ISK & Associates 17-18 Sapthagiri Complex, opp. The Gateway Hotel, 5, Laxmi Society, Nr. Akota Garden, Akota, Vadodara –390 020 Off C. G. Road, CIN: U55100GJ2009PTC055855 Navrangpura, Ahmedabad – 380 006, Tel: +91 0265-2323456 Gujarat, INDIA. Email ID: [email protected] [email protected] MAIN BANKERS Union Bank of India HDFC BANK LTD.

mailto:[email protected]

[email protected]


3

Activities

TREE PLANTATION

VISHWAKARMA POOJA


4

BLOOD DONATION CAMP

FIRE SAFETY TRAINING

ANNUAL DAY CELEBRATION


5

CHRISTMAS CELEBRATION


6

Notice

NOTICE IS HEREBY GIVEN that the 11th (Eleventh) Annual General Meeting of the Members of Sapthagiri Hospitality Private Limited, will be held at its Registered Office, 17-18 Saptagiri Complex, Opp. The Gateway Hotel, Nr. Akota Garden, Akota, Vadodara 390020, Gujarat, INDIA on Thursday, 12th September, 2019; at 12:00 noon to transact the following business as ordinary business: ‐ 1. To consider and adopt (a) the audited financial statement of the Company for the financial year ended

March 31, 2019 and the reports of the Board of Directors and Auditors thereon and in this regards, pass the following resolution as an Ordinary Resolution:

“RESOLVED THAT the audited financial statement of the Company for the financial year ended March 31, 2019 and the reports of the Board of Directors and Auditor’s thereon laid before this meeting, be and are hereby considered and adopted.”

Date: 19/08/2019 By Order of the Board of Directors Place: Vadodara Sapthagiri Hospitality Private Limited

Sd/- Vipulkumar P Thakkar

Managing Director Registered Office: 17-18 Sapthagiri Complex, opp. The Gateway Hotel, Nr. Akota Garden, Akota, Vadodara –390 020 Notes: ‐

1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of himself/ herself and the proxy need not be a member of the Company.

2. The instrument appointing proxy should be deposited at the Registered Office of the Company before 48 hours of the meeting.

3. As per Section 105 of the Companies Act, 2013 and the rules made thereunder, a person can act as proxy on behalf of members not exceeding 50 and holding in the aggregate not more than 10% of the total share capital of the Company carrying voting rights. A member holding more than 10% of the total share capital of the Company may appoint a single person as proxy and such person shall not act as a proxy for any other shareholder.

4. Members desiring any information as regards the Accounts are requested to write to the Company, before 05/09/2019, so as to enable the Management, to reply at the Meeting.


7

Managing Director’s Review

Dear Stakeholders, I am delighted to present to you on behalf of the Board of Directors of Sapthagiri Hospitality Private Limited (Owner of Fortune Park Dahej, Member ITC’s Hotel Group), the Annual Report and Financial Statements of the Company for the year ended 31st March 2019. Our performance once again demonstrates our ability to deliver substantial, sustained value for our shareholders. During the year under review, the company marked total revenue of Rs. 7,55,78,730/-. Further, Company marked earnings of Rs. 1,72,94,916/- before Interest, Taxes, Depreciation and amortization. Hence, there is a notable increase in earnings during Financial year 2018-19.

Further, there is an additional business of Bakery & Confectionary service which started in the financial year and will add to the facilities and service for our valued guests and also, we have started exploring new avenues like wedding business for the future growth. There are few more projects around Dahej which are also in pipeline and we expect a huge business out of the proposed projects. The Indian hospitality industry has emerged as one of the key industries driving the growth of the services sector and, thereby, the Indian economy. The Tourism and Hospitality Sector is witnessing a healthy growth and accounts for 7.5 per cent of the country's GDP. According to a report by KPMG, the hospitality sector in India is expected to grow at 16.1 per cent CAGR to reach Rs 2,796 thousand crore in 2022. The hospitality sector encompasses a wide variety of activities within the services sector and is a major job provider both direct and indirectly. The sector attracts the most FDI (Foreign Direct Investment) inflow and is the most important net foreign exchange earners for the country. At last, before closing, I express my deep sense of appreciation for the contribution made by all the employees to the significant improvement in the operations of the Company and who dedicate their best to the organisation – empowering it to conquer new horizons. I would also like to thank our guests, clients and vendors for their trust and support. I count on your continued support as we aspire to drive profitable growth and maximise value for all our stakeholders in a sustainable manner and also thank for patronage of our hotel by Fortune Park Hotels Limited. With Warm Regards Sd/- Vipulkumar P Thakkar Managing Director


8

Board’s Report

To the Members, Sapthagiri Hospitality Private Limited Your Directors have pleasure in presenting their 11th Annual Report of the Company together with the Audited Financial Statements of the Company for the year ended on 31st March, 2019. Financial Results (In Rs.) (In Rs.)

Particulars for the year ended on

31/03/2019

for the year ended on

31/03/2018

Gross Income 75,578,730 9,67,33,561

Expenditure 5,82,83,815 8,02,01,609

Profit/ Loss before Tax (1,83,09,126) (2,08,54,790)

Provision for Tax: Deferred Tax -- -

Profit/ Loss after Tax (1,83,09,126) (2,08,54,790)

Appropriations - -

Dividend Your directors are unable to recommend any dividend for the year ended 31st March, 2019. Transfer to Reserves No amount has been transferred to reserves. Review of Operations The aggregate of revenue from operations of the Company during the Financial Year is Rs. 7,55,78,730/-. The Profit/loss after interest, taxes, depreciation and amortization is Rs. -(1,83,09,126)/-


9

Change in Nature of Business During the year under review, there is no change in the business activities/operations of the Company. Material changes and commitment occurred after the end of Financial Year and upto the date of Report No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year and upto the date of this report. However the general manager Mr. Namit Sinha has resigned and in his stead Mr. Arun Khurana has been appointed as the new General manager with effect from 01/06/2019. Furthermore, Mr shakil ahmed resigned as executive chef and in his stead Mr. Prakash Arjun Bodwade has been appointed as executive chef on 17/05/2019; Mr Ketan patel resigned as the Asst. manager IT and Mr. Jyoti prakash das was appointed as Asst. Manager IT on 03/06/2019; also Mr. Dhaneshwar sahoo was appointed as Asst. Manager HR on 31/05/2019 along with Mr. Vipin Rajput being appointed as Front office manager on 31/05/2019. Performance of Subsidiaries, Joint Ventures and Associate Companies The Company does not have subsidiary company or Joint Venture Company or Associate Company. Deposits The Company has not accepted unsecured Loans from Directors and relatives of Directors, (relatives as per the Companies Act, 2013) in the financial year 2018-19. Moreover, Shareholders of the Company have not given any loan or advance or deposit to the Company in the same financial year. The Company has neither accepted nor renewed any deposits during the year under review to which the provisions of the Companies (Acceptance of Deposits) Rules 2014 applies. Loans, Guarantees or Investments made under section 186 of the Companies Act, 2013 Pursuant to provisions of section 186 of the Companies Act, 2013, during the year under review, no loan or guarantee given by the Company and no investments in the securities of any company are made. Share capital During the year under review, The Authorized share capital has been increased from Rs. 38,00,00,000/- to Rs. 39,00,00,000/- and there is no change in issued, subscribed & paid up share capital of the Company. Transfer to Investor Education & Protection Fund. The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no amount required to be transferred to Investor Education & Protection Fund.


10

Particulars of Employees There are no employees in the Company who are drawing remuneration of Rs. 1.02 crore or more when employed for the whole Financial Year and Rs. 8.50 lakhs or more per month. There are no employees who are drawing remuneration more than that of Managing Director and Whole Time Director and holds (by himself along with spouse and dependent children) 2% or more equity shares of the Company. Directors During the year under review, there is no change in the composition of the Board of Directors of the Company. Board Meetings During the year following Board Meetings were convened and held.

Sr. No. Date of Board Meeting Total Number of Directors as on the date of Board Meeting

Attendance

No. of Directors attended

% of Attendance

1 13.06.2018 3 3 100%

2 21.06.2018 3 3 100%

3 03.09.2018 3 3 100%

4 16.10.2018 3 3 100%

5 05.11.2018 3 3 100%

6 12.11.2018 3 3 100%

7 15.12.2018 3 3 100%

8 11.01.2019 3 3 100%

9 11.03.2019 3 3 100%

Director’s Responsibility Statement In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement;

1. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for the year under review;


11

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. That the Directors have prepared the annual accounts on a going concern basis.

5. That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Compliance of Secretarial Standard As per requirement of provisions of Section 118(10) read with SS9 of Secretarial Standard 1, the Company has complied with the Secretarial Standard applicable to the Company. Auditors Pursuant to provisions of Section 139 of the Companies Act, 2013 M/s ISK & Associates, Chartered Accountants, Ahmadabad, the statutory Auditors of the Company, was appointed for five financial years. The term of Auditor will come to an end with the conclusion of the Annual General Meeting held on for the financial year 2019-20. As per the provisions of the Companies (Amendment) Act, 2017 the term of Auditor do not require ratification every year. Explanations on Qualifications/ Adverse Remarks contained in the Audit Report The observation contained in the Auditor’s Report are self explanatory and do not call for further clarification. Risk Management Policy The risk management includes identifying types of risks and its assessment, risk handling and monitoring and reporting. The Company does not have any Risk Management Policy as the elements of risk threatening the Company’s existence are very minimal. Internal Financial Control The Company maintains adequate Internal Financial controls with reference to Financial Statements. Vigil Mechanism As per provisions of Section 177(10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 Vigil mechanism is applicable to the Company, which is listed company or which has accepted deposits from public or which has borrowed from banks and public Financial Institution in excess of Rs. 50 Crores. None of the criteria is applicable to the Company.


12

Conservation of Energy, Technology Absorption and Foreign Earnings and Outgo The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure A and is attached to this Report. Related Parties Transactions The Company has entered into transactions with related parties which are in the ordinary course of business and at arm’s length basis. The particulars of transactions or contracts entered or arrangements made with related parties pursuant to provisions of section 188 of the Companies Act, 2013 is provided in Annexure B in the format AOC2 and attached to this Report. Corporate Social Responsibility (CSR) As per provisions of Section 135 of the Companies Act, 2013 CSR is applicable to the Company which has net profits of Rs. 5.00 Cr. or more or net worth of Rs. 500 Cr. or more or turnover of Rs. 1000 Cr. or more in the immediately preceding financial year. None of the criteria is applicable to the Company and accordingly CSR is not applicable to the Company. However your company regularly organizes blood donation camps and other such activities for the welfare of the society. Significant and material order passed by the Regulators/ courts During the year, no significant and material order was passed by the Regulators or courts. Annual Return The Annual Return will be placed at the website of the Company at www.sapthagirihospitality.com Cost Records Maintenance of Cost records is not applicable to the Company. Disclosure under the Sexual Harassment of Women at workplace (Prevention of, Prohibition and Redressal) Act, 2013 The Company has in place an anti Sexual Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. There were nil complaints filed during the year under review. Acknowledgments The Board takes this opportunity in expressing their gratitude to the bankers of the Company. The Board also acknowledges the continuous support received from its shareholders, stakeholders and employees of the Company. Place: Vadodara Date: 19/08/2019

For Sapthagiri Hospitality Private Limited Sd/-

Vipulkumar P Thakkar Chairman

DIN # 00383851


13

ANNEXURE A

The Report as per Rule 8 of the Companies (Accounts) Rules 2014. A. Conservation of Energy

1. the steps taken or impact on conservation of energy

Company’s operation does not consume significant amount of energy.

2. the steps taken by the company for utilizing alternate sources of energy

Not applicable in view of comment in clause 1.

3. the capital investment on energy conservation equipments

Not applicable in view of comment in clause 1.

B. Technology absorption

1. the efforts made towards technology absorption

Nil

2. the benefits derived like product improvement, cost reduction, product development or import substitution

Nil

3. in case of imported technology (imported during last three years reckoned from the beginning of the financial year) The details of technology imported The year of import Whether technology has been fully

absorbed If not fully absorbed. Areas where

absorption has not taken place, and the reasons thereof.

Nil

4. the expenditure incurred on Research and Development

Nil

C. Foreign exchange earnings and Outgo

During the year, foreign exchange earnings was NIL and foreign exchange outgo was NIL Place: Vadodara Date: 19/08/2019



DIN # 00383851


14

Annexure B

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/ arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto. 1. Details of contracts or arrangements or transactions not at arm’s length basis

Name(s) of the related party and nature of relationship

Nature of contracts/ arrangements/ transactions

Duration of the contracts/ arrangement/ transactions

Salient terms of the contracts or arrangements or transactions including the value, if any

Justification for entering into contracts or arrangements or transactions

date(s) of approval by the Board

Amount paid as advances, if any

Date of special resolution as per first proviso to section 188

NIL

2. Details of material contracts or arrangement or transactions at arm’s length basis

Name(s) of the related party and nature of relationship

Nature of contracts/ arrangements/ transactions

Duration of the contracts/ arrangement/ transactions

Salient terms of the contracts or arrangements or transactions including the value, if any

date(s) of approval by the Board

Amount paid as advances, if any

Munjal Vipul Thakkar - Director

Rent Paid to director 12 months Rs. 3,17,750/- 30.03.2018 --

Place: Vadodara Date: 19/08/2019



DIN # 00383851


15

Independent Auditor’s Report

Independent Auditor’s Report

TO, THE MEMBERS OF SAPTHAGIRI HOSPITALITY PRIVATE LIMITED Report on Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SAPTHAGIRI HOSPITALITY PRIVATE LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and notes to the financial statements, including a summary of 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 accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2019, the profit and its cash flows for the year ended on that date. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibility of Management for Standalone Financial Statements The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of


16

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. In preparing the financial statements, management is responsible for assessing the Company’s 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. Those Board of Directors are also responsible for overseeing the company’s financial reporting process. Auditors’ Responsibilities for the 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 auditor’s 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. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure ‘A’ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. As required by Section 143(3) of the Act, we report that: 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;

a) In our opinion, proper books of account as required by law have been kept by the Company so far as it

appears from our examination of those books;

b) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account;


17

c) 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) Rules, 2014.

d) On the basis of the written representations received from the directors as on 31stMarch, 2019, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act;

e) 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 has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 23 to the Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the

Investor Education and Protection Fund by the Company. For ISK & Associates Chartered Accountants (Firm Registration No. 115764W) Sd/- I S Kadri Partner Membership No. 033991 Ahmedabad Date: 19/08/2019 UDIN : 19033991AAAABA7153


18

Annexure ‘A’ to Independent Auditor’s Report

(Referred to in Paragraph 1 under “Report on other Legal and Regulatory Requirements” section of our report of even date) i. In respect of Company’s fixed assets:

a) As informed to us, the company is in the process of compiling data for updating the Fixed Assets Register and records showing full particulars including quantitative details and situation of Fixed Assets.

b) As explained to us, fixed assets were physically verified during the year by the management in a

phased periodical manner. However as the fixed assets records are not up to date no comparison with the book records has been made.

c) According to information and explanations given to us and on the basis of our examination of

the records of the Company, the title deeds of immovable properties are held in the name of the company.

ii. As explained to us, the inventories were physically verified during the year by the Management at

reasonable intervals. As explained to us, the discrepancies noticed on physical verification of inventory as compared to book records which were not material, have been properly dealt with in the books of account.

iii. According to the information and explanation given to us, the Company has not granted any loans,

secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Act. In view of this, sub-clause (a), (b) and (c) of clause (iii) of paragraph 3 of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations give to us, the company has not given any loans and guarantees and has not made any investments to which the provisions of Section 185 and 186 of the Act are applicable.

v. In our opinion and according to the information and explanations given to us, the Company has not

accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 3 of the Order are not applicable to the Company.

vi. To the best of our knowledge and belief and according to the information and explanations given to us,

the Central Government has not prescribed maintenance of cost records under section 148(1) of the Act and the Companies (cost records and audit) Rules 2014, as amended, for any services rendered by the company.

vii. According to the information and explanation given to us in respect of statutory dues:


19

a) The Company has generally been regular in depositing undisputed dues including Provident Fund, Income-Tax, Goods & Service Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of the Provident Fund, Income-Tax, Goods & Service Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues in arrears as at March 31, 2019 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us and on the basis of our examination of the records of the company, the following disputed statutory dues have not been deposited/ paid by the company to the appropriate authorities:

Sr. No.

Name of the Statue

Nature of dues

Forum where dispute/appea

l is pending

Period to which the amount relates

Amount (Rs.)

1 Income Tax Act, 1961

Tax Deducted at Source

Assistant Commissioner of Income Tax (CPC)

F.Y. 2011-12 to F.Y. 2016-17

14,755/-

2 Income Tax Act, 1961

Interest on TDS


F.Y. 2011-12 to F.Y. 2016-17

29,576/-

3 Income Tax Act Late Fees of TDS Return


F.Y. 2012-13 to F.Y. 2016-17

12,400/-

4 Gujarat Value Added Tax Act, 2003

Value Added Tax

Commercial Tax Officer, Bharuch

F.Y. 2017-18

27,98,803/-

viii. According to the information and explanation given to us, the Company has not defaulted in repayment

of Term loans to Bank. The Company has not obtained any borrowings from any financial institutions or

government by way of debentures.

ix. Term Loans obtained by the company have been applied for the purpose for which they were obtained.

The Company did not raise any money by way of public offer (including debt instruments) and term

loans during the year.

x. According to the information and explanations given to us, no material fraud by the Company or on the

Company by its officers or employees has been noticed or reported during the course of our audit.

xi. The company is a private company and therefore, the provisions of section 197 read with Schedule V to

the Act are not applicable to the company. Accordingly, paragraph 3(xi) of the Order is not applicable.


20

xii. In our opinion and according to the information and explanations given to us, the Company is not a

nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable. xiii. According to the information and explanations given to us and based on our examination of the records

of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the

Act where applicable and details of such transactions have been disclosed in the financial statements as

required by the applicable accounting standards.

xiv. According to the information and explanations, give to us and based on our examination of the records

of the Company, the Company has not made preferential allotment or private placement of shares or

fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us and based on our examination of the records

of the Company, the Company has not entered into non–cash transactions with directors or persons

connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45–IA of the Reserve Bank of India Act

1934.

For ISK & Associates Chartered Accountants (Firm Registration No. 115764W) Sd/- I S Kadri Partner Membership No. 033991 Ahmedabad Date: 19/08/2019 UDIN : 19033991AAAABA7153


21

Balance Sheet as on 31.03.2019


22

Profit & Loss for the year ended 31st March, 2019


23

Cash Flow for the year ended 31st March, 2019


24


25

Notes to Financial Statements for the year ended 31st March 2019


26


27


28


29


30


31


32


33


34


35

th annual report sapthagiri hospitality …...11th annual report sapthagiri hospitality private...

Documents