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Company Information

Home » Market » Company Information

Foods & Inns Ltd.

May 23
174.00 +3.60 (+ 2.11 %)
 
VOLUME : 1579
Prev. Close 170.40
Open Price 164.90
TODAY'S LOW / HIGH
164.90
 
 
 
185.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
89.00
 
 
 
217.45
Foods & Inns Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 279.43 Cr. P/BV 4.46 Book Value ( ₹ ) 39.01
52 Week High/Low ( ₹ ) 217/89 FV/ML 1/1 P/E(X) 37.86
Bookclosure 20/04/2018 EPS ( ₹ ) 4.60 Div Yield (%) 0.17
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2016-03 

INDEPENDENT AUDITORS’ REPORT

To the Members of Foods and Inns Limited Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Foods and Inns Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of 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 fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by 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, 2016, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 purpose of our audit.

b. 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.

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

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure A; and

g. 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, if any, of pending litigations on its financial position in its standalone financial statements

- Refer Note 29 of the standalone financial statements;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as required under the applicable law or accounting standards.

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

2. 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 B, a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.

Referred to in paragraph 2 under the heading of “Report on Other Legal and Regulatory Requirements” of our Independent Auditors' Report of even date to the members of the Company on the standalone financial statements for the year ended March 31, 2016.

Report on the Companies (Auditor’s Report) Order, 2016, issued in terms of Section 143(11) of the Companies Act, 2013 (“the Act”) of Foods and Inns Limited (“the Company”)

i. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b. The fixed assets have been physically verified by the management according to a phased programme designed to cover all the fixed assets over a period of three years, which in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. Pursuant to the programme, a portion of the fixed assets have been physically verified by the management during the year, and no material discrepancies have been noticed on such verification.

c. According to the 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 as included in Note 11 on Fixed Assets to the financial statements are held in the name of the Company.

ii. Inventories, other than stock-in-transit and stock lying in overseas godown, have been physically verified by the management during the year or at the year end. For stock-in-transit at the year end, the necessary documentary evidences have been obtained. In case of stock lying in the overseas godown at the year end, the certificates confirming such stock have been received. In our opinion, the frequency of such verification is reasonable and no material discrepancies were noticed on such physical verification.

iii. a. As per the information furnished, in earlier years, the Company had granted unsecured loans to a company and an individual, covered in the Register maintained under Section 189 of the Act. Further, during the year, the Company has granted interest-free advances to its wholly-owned subsidiary covered in the register maintained under Section 189 of the Act. The Company has not granted any other loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered under Section 189 of the Act.

b. As regards the unsecured loans granted to the company, no terms and conditions including repayment of principal and payment of interest thereof have been stipulated and accordingly, the question of making any comment for the regularity of the receipt of the principal or the recovery of overdue amounts does not arise. In respect of the unsecured loan given to the individual, being an employee, the amount receivable is adjusted against the salary paid to him by the Company. Considering the amount involved and the purpose for which these loans are given, in our opinion, the same are not, prima facie, prejudicial to the interest of the Company.

iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act, in respect of investments made. Further, as legally advised, the provisions of Sections 185 and 186 of the Act are not applicable to the loan granted and guarantee given in connection with a loan to a company prior to the commencement of the Act. The Company has not granted any other Loan or given guarantee or provided security to any other party requiring compliance with the provisions of Sections 185 and 186 of the Act.

v. Based on the legal opinion obtained by the Company with regard to the compliance of the repayment of deposits accepted by the Company, in our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. According to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

vi. According to the information and explanations given to us, pursuant to the Companies (Cost Records and Audit) Rules, 2014 read with Section 148(1) of the Act, the Central Government has not prescribed maintenance of cost records in respect of any of the Company's products. Accordingly, paragraph 3(vi) of the order is not applicable to the Company.

vii. a. According to the information and explanations given to us and on the basis of the books and records examined by us, except delays in payment in a few cases, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-tax, Sales-tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues as applicable to it with the appropriate authorities. Details of arrears of outstanding statutory dues on the last day of the financial year, for a period of more than six months from the date they become payable is as follows:

Name of the statute

Nature of the dues

Amount inRs.

Period to which the amount relates

Due Date

Date of payment

Remarks, if any

Maharashtra Value Added Tax Act, 2002

Works Contract Tax

60,363

April 2015 and August 2015

May 21, 2015 and September 21, 2015

May 20, 2016

Income Tax Act, 1961

Advance Tax

20,98,726

Financial Year

15th June, 2015

-

Not paid till the date of this

41,97,452

2015-16

15th September, 2015

Report

Income Tax Act, 1961

Interest on delayed payment of Tax Deducted at Source

21,661

Financial Year 2015-2016

Not paid till the date of this Report

b. According to the information and explanations given to us and on the basis of books and records examined by us, as may be applicable, given herein below are the details of dues of Income-tax, Sales-tax, Service-tax, Duty of Customs, Duty of Excise, Value added tax and Cess as on March 31, 2016, which have not been deposited on account of disputes and the forum where the dispute is pending:

Name of the Statute

Nature of the Dues

Amount in Rs.

Period to which the amount relates

Forum where dispute is pending

The

Income-tax Act, 1961

Income Tax

3,36,000

Assessment Year 2007-08

The Income-tax Appellate Tribunal

Income tax and interest

2,25,036

Assessment Year 2009-2010

The Income-tax Appellate Tribunal

Income tax

36,350

Assessment Year 2010-2011

The Income-tax Appellate Tribunal

Income tax (Rectification Application)

9,587

Assessment Year 2011-2012

Commissioner of Income-tax (Appeals)

Income tax

14,16,040

Assessment Year 2013-2014

Commissioner of Income-tax (Appeals)

The Finance Act, 1994

Service Tax and interest

3,96,978

Financial Year 2004-2005 to 2007-2008

Commissioner of Central Excise(Appeals)

viii. According to the information and explanations given to us, also on the basis of the books and records examined by us, the Company has not defaulted in repayment of dues, if any, to financial institutions, banks, Government or debenture holders.

ix. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, paragraph 3(ix) of the Order in respect thereof is not applicable. Moneys raised by way of term loans were applied for the purposes for which those were raised.

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 year in the course of our audit.

xi. According to the information and explanations given to us and on the basis of books and records examined by us, the Company has paid/ provided for the managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

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 the provisions of Sections 177 and 188 of the Act, wherever applicable, and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. The Company has not made a preferential allotment or private placement of shares fully paid or fully or partly convertible debentures during the year under review. Accordingly, reporting under paragraph 3(xiv) of the Order is not applicable.

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 to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company.

For B. S. MEHTA & CO.

Chartered Accountants

Firm Registration No. 106190W

PARESH H. CLERK

Partner

Membership No. 36148

Place: Mumbai

Dated: May 30, 2016