Schedules forming part of the Financial ... - Thomas Cook India

44
Annexure to the
Auditors’ Report
[Referred to in paragraph 3 ot the Auditors’
Report of even date to the members of
Thomas Cook (India) Limited on the financial
statements for the year ended 31st December,
2011]
1. (a) The Company is maintaining
proper records showing full
particulars, including quantitative
details and situation, of fixed
assets.
(b) The fixed assets of the Company
have been physically verified by
the Management during the year
and no material discrepancies
between the book records and
the physical inventory have
been noticed. In our opinion,
the frequency of verification is
reasonable.
(c) In our opinion and according to
the information and explanations
given to us, a substantial part of
fixed assets has not been disposed
of by the Company during the
year.
2. (a) The Company has not granted any
loans, secured or unsecured, to
companies, firms or other parties
covered in the register maintained
under Section 301 of the Act.
Name of the statute Nature of dues Amount
Rupees
(b) The Company has not taken any
loans, secured or unsecured, from
companies, firms or other parties
covered in the register maintained
under Section 301 of the Act
3. 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 and the nature
of its business for the purchase of
fixed assets and for the sale of services
except in respect of Leisure Travel
Outbound Business where the internal
control system needs to strengthened
on account of certain integration
issues arising post implementation
of the new Leisure Travel Outbound
Modules. Further, on the basis of our
examination of the books and records
of the Company, and according to the
information and explanations given
to us, we have neither come across
nor have we been informed of any
continuing failure to correct major
weaknesses in the aforesaid internal
control system.
4. According to the information and
explanations given to us, there are no
contracts or arrangements referred
to in Section 301 of the Act during
Year to which the
amount relates
Thomas Cook (India) Limited
the year to be entered in the register
required to be maintained under that
Section. Accordingly, the question of
commenting on transactions made
in pursuance of such contracts or
arrangements does not arise.
5. The Company has not accepted any
deposits from the public within the
meaning of Sections 58A and 58AA
of the Act and the rules framed there
under.
6. In our opinion, the Company has an
internal audit system commensurate
with its size and nature of its business.
7. (a) According to the information and
explanations given to us and the
records of the Company examined
by us, in our opinion, the
Company is regular in depositing
the undisputed statutory dues
including provident fund, investor
education and protection fund,
employees’ state insurance,
income-tax, wealth tax, service
tax, customs duty, cess and
other material statutory dues as
applicable with the appropriate
authorities in India. As informed
to us sales tax and excise duty are
not applicable to the Company
during the year.
Forum where the
dispute is pending
Service Tax Rules, 1994 Service Tax 1,288,637,350 Financial Year 2003 to 2011 Various Levels from Assistant
Commissioner to CESTAT
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of
income-tax, wealth-tax, customs duty and cess which have not been deposited on account of any dispute. The particulars of dues of
service tax as at 31st December, 2011 which have not been deposited on account of a dispute are as follows:
8. The Company has no accumulated
losses as at 31 December, 2011 and it
has not incurred any cash losses in the
financial year ended on that date or in
the immediately preceding financial
year.
9. According to the records of the
Company examined by us and the
information and explanation given
to us, the Company has not defaulted
in repayment of dues to any financial
institution or bank or debenture
holders as at the balance sheet date.
10. The Company has not granted any loans
and advances on the basis of security
by way of pledge of shares, debentures
and other securities.
11. The provisions of any special statute
applicable to chit fund / nidhi /
mutual benefit fund / societies are not
applicable to the Company.
12. In our opinion, the Company is not a
dealer or trader in shares, securities,
debentures and other investments.
13. In our opinion and according to the
information and explanations given
to us, the Company has not given any
guarantee for loans taken by others
from banks or financial institutions
during the year.
14. In our opinion, and according to the
information and explanations given to
us, on an overall basis, the term loans
have been applied for the purposes for
which they were obtained.