Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
Schedules forming part of the Financial ... - Thomas Cook India
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44<br />
Annexure to <strong>the</strong><br />
Auditors’ Report<br />
[Referred to in paragraph 3 ot <strong>the</strong> Auditors’<br />
Report <strong>of</strong> even date to <strong>the</strong> members <strong>of</strong><br />
<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited on <strong>the</strong> financial<br />
statements for <strong>the</strong> year ended 31st December,<br />
2011]<br />
1. (a) The Company is maintaining<br />
proper records showing full<br />
<strong>part</strong>iculars, including quantitative<br />
details and situation, <strong>of</strong> fixed<br />
assets.<br />
(b) The fixed assets <strong>of</strong> <strong>the</strong> Company<br />
have been physically verified by<br />
<strong>the</strong> Management during <strong>the</strong> year<br />
and no material discrepancies<br />
between <strong>the</strong> book records and<br />
<strong>the</strong> physical inventory have<br />
been noticed. In our opinion,<br />
<strong>the</strong> frequency <strong>of</strong> verification is<br />
reasonable.<br />
(c) In our opinion and according to<br />
<strong>the</strong> information and explanations<br />
given to us, a substantial <strong>part</strong> <strong>of</strong><br />
fixed assets has not been disposed<br />
<strong>of</strong> by <strong>the</strong> Company during <strong>the</strong><br />
year.<br />
2. (a) The Company has not granted any<br />
loans, secured or unsecured, to<br />
companies, firms or o<strong>the</strong>r <strong>part</strong>ies<br />
covered in <strong>the</strong> register maintained<br />
under Section 301 <strong>of</strong> <strong>the</strong> Act.<br />
Name <strong>of</strong> <strong>the</strong> statute Nature <strong>of</strong> dues Amount<br />
Rupees<br />
(b) The Company has not taken any<br />
loans, secured or unsecured, from<br />
companies, firms or o<strong>the</strong>r <strong>part</strong>ies<br />
covered in <strong>the</strong> register maintained<br />
under Section 301 <strong>of</strong> <strong>the</strong> Act<br />
3. In our opinion and according to <strong>the</strong><br />
information and explanations given<br />
to us, <strong>the</strong>re is an adequate internal<br />
control system commensurate with <strong>the</strong><br />
size <strong>of</strong> <strong>the</strong> Company and <strong>the</strong> nature<br />
<strong>of</strong> its business for <strong>the</strong> purchase <strong>of</strong><br />
fixed assets and for <strong>the</strong> sale <strong>of</strong> services<br />
except in respect <strong>of</strong> Leisure Travel<br />
Outbound Business where <strong>the</strong> internal<br />
control system needs to streng<strong>the</strong>ned<br />
on account <strong>of</strong> certain integration<br />
issues arising post implementation<br />
<strong>of</strong> <strong>the</strong> new Leisure Travel Outbound<br />
Modules. Fur<strong>the</strong>r, on <strong>the</strong> basis <strong>of</strong> our<br />
examination <strong>of</strong> <strong>the</strong> books and records<br />
<strong>of</strong> <strong>the</strong> Company, and according to <strong>the</strong><br />
information and explanations given<br />
to us, we have nei<strong>the</strong>r come across<br />
nor have we been informed <strong>of</strong> any<br />
continuing failure to correct major<br />
weaknesses in <strong>the</strong> aforesaid internal<br />
control system.<br />
4. According to <strong>the</strong> information and<br />
explanations given to us, <strong>the</strong>re are no<br />
contracts or arrangements referred<br />
to in Section 301 <strong>of</strong> <strong>the</strong> Act during<br />
Year to which <strong>the</strong><br />
amount relates<br />
<strong>Thomas</strong> <strong>Cook</strong> (<strong>India</strong>) Limited<br />
<strong>the</strong> year to be entered in <strong>the</strong> register<br />
required to be maintained under that<br />
Section. Accordingly, <strong>the</strong> question <strong>of</strong><br />
commenting on transactions made<br />
in pursuance <strong>of</strong> such contracts or<br />
arrangements does not arise.<br />
5. The Company has not accepted any<br />
deposits from <strong>the</strong> public within <strong>the</strong><br />
meaning <strong>of</strong> Sections 58A and 58AA<br />
<strong>of</strong> <strong>the</strong> Act and <strong>the</strong> rules framed <strong>the</strong>re<br />
under.<br />
6. In our opinion, <strong>the</strong> Company has an<br />
internal audit system commensurate<br />
with its size and nature <strong>of</strong> its business.<br />
7. (a) According to <strong>the</strong> information and<br />
explanations given to us and <strong>the</strong><br />
records <strong>of</strong> <strong>the</strong> Company examined<br />
by us, in our opinion, <strong>the</strong><br />
Company is regular in depositing<br />
<strong>the</strong> undisputed statutory dues<br />
including provident fund, investor<br />
education and protection fund,<br />
employees’ state insurance,<br />
income-tax, wealth tax, service<br />
tax, customs duty, cess and<br />
o<strong>the</strong>r material statutory dues as<br />
applicable with <strong>the</strong> appropriate<br />
authorities in <strong>India</strong>. As informed<br />
to us sales tax and excise duty are<br />
not applicable to <strong>the</strong> Company<br />
during <strong>the</strong> year.<br />
Forum where <strong>the</strong><br />
dispute is pending<br />
Service Tax Rules, 1994 Service Tax 1,288,637,350 <strong>Financial</strong> Year 2003 to 2011 Various Levels from Assistant<br />
Commissioner to CESTAT<br />
(b) According to <strong>the</strong> information and explanations given to us and <strong>the</strong> records <strong>of</strong> <strong>the</strong> Company examined by us, <strong>the</strong>re are no dues <strong>of</strong><br />
income-tax, wealth-tax, customs duty and cess which have not been deposited on account <strong>of</strong> any dispute. The <strong>part</strong>iculars <strong>of</strong> dues <strong>of</strong><br />
service tax as at 31st December, 2011 which have not been deposited on account <strong>of</strong> a dispute are as follows:<br />
8. The Company has no accumulated<br />
losses as at 31 December, 2011 and it<br />
has not incurred any cash losses in <strong>the</strong><br />
financial year ended on that date or in<br />
<strong>the</strong> immediately preceding financial<br />
year.<br />
9. According to <strong>the</strong> records <strong>of</strong> <strong>the</strong><br />
Company examined by us and <strong>the</strong><br />
information and explanation given<br />
to us, <strong>the</strong> Company has not defaulted<br />
in repayment <strong>of</strong> dues to any financial<br />
institution or bank or debenture<br />
holders as at <strong>the</strong> balance sheet date.<br />
10. The Company has not granted any loans<br />
and advances on <strong>the</strong> basis <strong>of</strong> security<br />
by way <strong>of</strong> pledge <strong>of</strong> shares, debentures<br />
and o<strong>the</strong>r securities.<br />
11. The provisions <strong>of</strong> any special statute<br />
applicable to chit fund / nidhi /<br />
mutual benefit fund / societies are not<br />
applicable to <strong>the</strong> Company.<br />
12. In our opinion, <strong>the</strong> Company is not a<br />
dealer or trader in shares, securities,<br />
debentures and o<strong>the</strong>r investments.<br />
13. In our opinion and according to <strong>the</strong><br />
information and explanations given<br />
to us, <strong>the</strong> Company has not given any<br />
guarantee for loans taken by o<strong>the</strong>rs<br />
from banks or financial institutions<br />
during <strong>the</strong> year.<br />
14. In our opinion, and according to <strong>the</strong><br />
information and explanations given to<br />
us, on an overall basis, <strong>the</strong> term loans<br />
have been applied for <strong>the</strong> purposes for<br />
which <strong>the</strong>y were obtained.