~'k -=o~ - - '"'/ "'" ARUNA HOTELS LIMITED. CIN: Ll5421TN1960PLC004255

Transcription

1 ~'k -=o~ - - '"'/ "'" ARUNA HOTELS LIMITED CIN: Ll5421TN1960PLC December 11, 2018 To Bombay Stock Exchange limited Floor No. 25, Phiroze Jeejeebhoy Towers, Dala l Street, Mumbai - 40Q 001 Dear Sir /Madam, Sub: Outcome of the Board Meeting held December 11, Ref: Scrip Code: This has reference to and is in furtherance of our intimation letter dated December 5, The Board of Directors of the Company at its Meeting held today ie. Decem ber 11, 2018, inter alia, considered and approved the audited fi nancial statements for the six months period ended September 30, The Board of Directors has approved the re-appointment of Mr. Vaithyalingam Anbalagan as the Managing Director for a further period of 3 years w.e.!. October 2018, pursuant to the provisions of Sections 196, 197, 198 and 203 of the Companies Act, 2013, read with Schedule V of the Companies Act, 2013, subject to approval of the shareholders and other approvals as may be required. The Board Meeting commenced at 4.30 P.M. and ended at 5:15 P.M. This for your reference and record. Thanking You, For Aruna otels Limited 1~uralidharan Director DIN : No. 144_145, Sterling Road, NWlgambakkam, Chennai Ph: , Fax: amnahotelmp1@gmai1.com.

2 ARUNA HOTELS LIMITED CIN: lls421tn1960plc0042ss Regd Office : - Aruna Centre, 145, Sterling Road, Nungambakkam, Chennai Phone: , id :dircctorsaruna@gmail.com: website : Rs in lakhs STATEMENT OF ASSETS AN D L1ABILITES AS AT SEPTEMBER 30,2018 As at Particulars Sep 30, 2018 March 31, 2018 Audited Audited ASSETS NON CURRENT ASSETS Property,Plant and Equipment 10, , Capital Work-In progress Other intangible assets - 10, , Financial Assets Investment in Joint ventures and associates Investment Other Non current financial assets Deferred Tax Assets 6.06 Income Tax assets Other non Current Assets Current Assets Inventories - Financial Assets Trade and other receivable - Cash and cash equivalent loans - - other current fi na ncial Assests - - other current assets Total Assets 11, , Equity and liabilites Equty share Capital 1, , other Equity 2, , Total Equity 4, , LIABILITIES Non Current Liability Financial Liabilities Interest bearing Loans and Borrowing 2, Other Non current financial Borrowing 3, , Deferred Tax Liabilities Other non current Liabi lites - - 6, , Current liabilities Financial Liabilities Interest bearing Loans and Borrowing - Trade payble other current financial liabilites 4, Interest accured yet to be paid other Current liabilites , Total of Equity and liabilties 11, , For anaging DirectOJ

3 ARUNA HOTELS LIMITED CIN : L15421TN1960PLC Regd Office : - Aruna Centre, 145. Sterling Road. Nungambakkam. Chennai Phone: , id :directorsaruna@gmail.com website : I I I I Rs Inlakhs AUDITED STANDALONE FINANCIAL RESULT FOR THE HALF YEAR ENDED SEPTEMBER 30,2018 AS AT AS AT Particulars 30-Sep Mar-18 (Refer Notes Below) Audited Audited (I) Revenue from Operations - (!I) Othe r Income (III) Total income (i+ii) (IV), Expenses (a) Cost of Materials consumed - - (bl Purchase of stock-i n-trade - - (c) Changes in inventories of finishe d goods, work in progress and st ock- in-trade (d ) Em ployee benefits expense (e ) Fi nance Cost (f)depreciation and amo rtisation expense (glather expenses , Total Expenses(IV) , IV). Profit / (Loss) before exceptional items and Tax ((III-IV) , IVI ). Exceptional Items (VII) Profit / (Loss) before tax (V-VI) , (VIII). Tax expense (IX) Net Profit / (Loss) for the preiod from Continuing operation after tax (VII-VIII) , (X) Profit / (loss) from discontinued operations before tax (XI) Tax Expense of discontinued operations (XII) Profit / {Loss)fromdiscontinued operations after tax (X-XI) (XIII). Profit / (Loss) for the period , (XIV). Other Comprehensive Income (XV) Total Comprehensive Income for the period [ (XIII- XIV) Comprising profit/floss) from ordinary activities after tax and Other Comprehensive Income for the period] , (XVI). Paid-up equity share capital (Face Value of the Share shall be indicated) (XVII) Earnings Per Equity Share (for Continuing Operartion) (of Rs 10/- each) (not annualised) : I') Basic Ib) Diluted (XVIII) Earnings Per equity Share (for discontinued Operartion)(of Rs 10/ - each) (not annualised): I,) Basic (b) Diluted (XIX) Earnings Per Equity Share (for Continuing and discontinued Operartion)(of Rs 10/- each) (not annuali sed) : I,) Basic (bl Diluted See accompanying notes to the financial results

4 ARUNA HOTElS LIMITED ClN: L15421TN1960PLC Regd Office: - Aruna Centre, 145, Sterling Road, Nungambakkam, Chennai Phone: , id:directorsaruna@gmail.com website : Notes: 1. These results were reviewed by the Audit Committee of the Board and Subsequently approved by the Board of Directors at its meetings held on December 11, 2018, The results have been re~vj ewed by the Statutory Audit or of the Company 2. These financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS. 3. Financials for the comparab le previous period have been restated to comply with IND AS 4. Disclosure of segement wise information is not applicable as Hoteliering is the company's only business segment Place:Chennai Date: For

5 RAJ A Ror rn Chartered Accountant AUDITOR'S REPORT ON INTERIM FINANCIAL RESULTS OF ARUNA HOTELS LIMITED To, The Board of Directors of Aruna Hotels Limited 145, Sterling Road, Nungambakkam, Chennai, Tamil Nadu Dear Sirs, Opinion We have audited the accompanying interim financial statements of Aruna Hotels Limited ("the company"), which comprise the Balance Sheet as at September 30, 2018, the Statement of Profit and Loss (including other Comprehensive Income) for the six months period ended on that date, the Statement of Changes in Equity and the Statement of Cash Flows for the six months period ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as 'the interim financial statements'). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim financial statements give a true and fair view in conformity with Indian Accounting Standard 34 Interim Financial Reporting ('Ind AS 34') prescribed under section 133 of the Companies Act, 2013 ('the Act') and other accounting principles generally accepted in India, of the state of affairs of the Company as at September 30, 2018, the profit/loss and total comprehensive income for the six months period on that date, changes in equity and its cash flows for the six months period ended on that date. Basis of Opinion We conducted our audit of the interim financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Financial Statements section in our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofindia together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethiq~. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba:cs"l~~ for our opinion. :!f,i~.-j -~~ :' "Sri Guru Nivas" rl, I~O.L I, "nnlvasa l'jagar, r..anaancnavaal, un UMK, c;nennal - boo 096. Mobile Nos: / , -contact@balacoca.net

6 .I RAT A &rcn, Chartered Accountant 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 as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. During our audit the following were the key audit matters: I. Going concern of the company: The company is currently not operating and hence no operating income has been recorded since FY The management and those charged with governance informed us that renovation work will be finished soon and the hotel will be reopened. As part of our audit we have verified the bills of vendors and the status of the renovation work done. Other Matter a. The company had issued preference share in earlier years and were not redeemed in the year in which it has to been redeemed, because it had no profits, nor could it make any fresh issue of shares. The financial statement of the company still shows preference shares as part of equity, which is deviation from the provisions of Ind AS. b. The company has not provided any provision for the dividend on the preference shares, which is a deviation from the provisions of Ind AS. But due to the change in management in FY , the new management wants to assess the details related to preference shareholder and want to make the payment as and when the liability arises. It's uncertain to create a liability as the company wants to settle the agreement with each shareholder individually. c. As per Ind AS 12, deferred tax calculation on revaluation surplus of depreciable and non-depreciable assets has to be calculated. The company revalued its building and land in FY 20l3-14. At the time of first-time adoption ofind AS, the company has not created any deferred tax on revaluation surplus, as the management control changed in FY and the new management is under the process of working on the estimation of original cost of acquisition of the underlying assets. Hence, the deferred tax calculation on revaluation surplus is yet to be considered in the financial statement. Responsibilities of the Management and those Charged with Governance for the Interim Financial Statements The Company's Board of Directors is responsible for the preparation and presentation of these interim 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 Ind AS 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accor.. dance with...'tlith provisions of the Act for safeguarding the assets of the Company and for preventing and dep7ctili~... / J.~I 1-:;11, _'v/~~ "Sri Guru Nivas" rl, No.21,!::irinivasa Nagar, Kandanchavadi Off OMR Chennai Mobile Nos: / , -contact@balacoca.net

7 Chartered Accountant 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 interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the interim financial statements, management is responsible for assessing the ability of the Company 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 are responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Interim Financial Statements Our objectives are to obtain reasonable assurance about whether the interim 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 decision of users taken on the basis of the interim financial statements. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout our audit. We also: Identify and assess the risks of material misstatement of the interim 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 of 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 the override of internal control. Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the Company's internal financial controls. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertaintye.xlst~ related to events or conditions that may cast significant doubt on the ability of the C;01f1pa~y\ /)\!"j'".f<\\ ~ j~; f2 j) "Sri Guru Nivas"

8 - /r- v -, Chartered Accountant to continue as a going concern. If we conclude that a material uncertamty exists, we are required to draw attention in our auditor's report to the related disclosures in the interim condensed standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions based on the audit evidence obtained up to date of our auditor's 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 interim financial statements, including the disclosures, and whether the interim financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the interim financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements. We also communicate with those charged with governance regarding, among the other matters, the planned scope and the timing of the audit and significant audit findings 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. For Bala & Co Chartered Accountants [CAl Firm Registration No.: S II j)u_~ p_s.de~,;r- Partner Membership No.: Place: Chennai Date: II \ 1'2-' 'l.o\g j "Sri (.;"ri' Ni"",,," F2, No.21, Snnlvasa Nagar, Kandanchavadi, Off OMR, Chennai Mobile Nos: / , -contact@balacoca.net