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Indian Hotels Company Ltd.

BSE: 500850 | NSE: INDHOTEL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE053A01029 | SECTOR: Hotels

BSE Live

Sep 22, 16:00
173.10 8.75 (5.32%)
Volume
AVERAGE VOLUME
5-Day
1,170,718
10-Day
866,367
30-Day
430,429
996,697
  • Prev. Close

    164.35

  • Open Price

    165.50

  • Bid Price (Qty.)

    172.00 (61)

  • Offer Price (Qty.)

    173.00 (40)

NSE Live

Sep 22, 15:59
173.10 8.70 (5.29%)
Volume
AVERAGE VOLUME
5-Day
20,019,990
10-Day
12,423,375
30-Day
5,826,368
24,926,771
  • Prev. Close

    164.40

  • Open Price

    165.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    173.10 (18887)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of THE INDIAN HOTELS COMPANY LIMITED (the Company), as at March 31, 2007, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements incorporate the Returns from the five amalgamating companies, which have been audited by other auditors who were appointed as the Branch Auditors in terms of the Scheme of Amalgamation. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows: (a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes 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 and proper returns adequate for the purposes of our audit have been received from the Branches not visited by us; (c) the reports on the accounts of the branches audited by the branch auditors referred to in paragraph 1 above have been forwarded to us and have been dealt with by us in preparing this report; (d) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and the audited Branch Returns; (e) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956; (f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2007; (ii) in the case of the Profit and Loss Account, of *e profit of the Company for the year ended on that date and (iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. 5. On the basis of the written representations received from the Directors as on March 31, 2007, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2007 from being appointed as a Director in terms of Section 274(1)(g) of the Companies Act, 1956. For S. B. BILLIMORIA & CO. For N. M. RAIJI & CO. Chartered Accountants Chartered Accountants Nalin M. Shah Vinay D. Balse Partner Partner (Membership No. 15860) (Membership No. 39434) MUMBAI, June 19, 2007 ANNEXURE TO THE AUDITORS' REPORT OF THE INDIAN HOTELS COMPANY LIMITED (Referred to in paragraph 3 of our report of even date) (i) Having regard to the nature of the Company's business/activities and results for the year, clauses (viii), (x), (xiii) and (xiv) of CARO are not applicable. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Physical verification of fixed assets has been carried out by the Management at most of the units in accordance with a programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. We have been informed that the reconciliation of assets verified with the fixed assets register is still in progress at some of the units. Discrepancies, if any, arising out of verification and reconciliation are yet to be determined. (c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (iii) In respect of inventory of stores, operating supplies and food and beverages: (a) As explained to us, inventories were physically verified during the year by the Management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has granted loans aggregating Rs.36.10 crores to three parties. At the year-end, the outstanding balances of such loans granted aggregated Rs.246.22 crores (number of parties - four) and the maximum amount involved during the year was Rs.638.91 crores (number of parties - five). (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company. (c) The receipt of principal amounts and interest has been regular/as per stipulations except in the case of a joint venture company, wherein interest of Rs.1.16 crores remains overdue. (d) In respect of overdue amounts of over Rs. 1 lakh remaining outstanding as at the year-end, as explained to us, the Management has taken reasonable steps for recovery of the principal amounts and interest. (v) In respect of the loans, secured or unsecured, taken by the Company from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has taken loans aggregating Rs.85.23 crores from five parties. At the year-end, the outstanding balances of such loans taken aggregated Rs. 14.90 crores (number of parties - three) and the maximum amount involved during the year was Rs.53.99 crores (number of parties - six). (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company. (c) The payment of principal amounts and interest in respect of such loans are regular/as per stipulations. (vi) 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 inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. (vii) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered. (b) Where each of such transactions (excluding loans reported under paragraphs (iv) and (v) above) is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (viii) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. According to 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. (ix) In our opinion, the internal audit functions carried out during the year by firms of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business. (x) According to information and explanations given to us, in respect of statutory dues: (a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and any other material statutory dues with the appropriate authorities during the year. (b) There are no undisputed amounts outstanding as at March 31, 2007 for a period of more than six months from the date they became payable. (c) Details of dues of Sales Tax, Service Tax and Excise Duty which have not been deposited as on March 31, 2007 on account of disputes are given below: Name of Statute Nature of Dues Amount Period to which (Rs.in crores) the amount relates Central Sales Tax Sales Tax 0.07 2000-01/2002-03 Act, 1956 and Sales Tax Act of various states 0.02 2003-04 0.03 2004-05 1.09 1997-98/1999-01 1.48 2001-02 0.11 1992-95 0.27 1995-96 0.23 1996-98 0.21 1998-03 Finance Act, 1994 Service Tax 0.05 2002-05 Central Excise Act, Excise Duty 0.33 1994-95 1944 Total 3.89 Forum where dispute is pending Additional Commissioner of Sales Tax Joint Commissioner of Sales Tax Deputy Commissioner of Sales Tax Assessing Officer of sales Tax Deputy Commissioner of Sales Tax Tribunal Appellate Board Appellate & Revision Board Deputy Commissioner of Commercial Taxes Deputy Commissioner of Central Excise Supreme Court (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debentureholders. (xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not prima facie prejudicial to the interests of the Company. (xiv) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were prima facie applied by the Company during the year for the purposes for which the loans were obtained. (xv) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have prima facie not been used during the year for long term investment. (xvi) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies/firms covered in the Register maintained under Section 301 of the Companies Act, 1956. (xvii) According to the information and explanations given to us and the records examined by us, securities have been created in respect of the debentures issued. (xviii) The Company has not raised monies by way of public issue during the year. (xix) To the best of our knowledge and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year. For S. B. BILLIMORIA & CO. For N. M. RAIJI & CO. Chartered Accountants Chartered Accountants Nalin M. Shah Vinay D. Balse Partner Partner (Membership No.15860) (Membership No. 39434) MUMBAI, June 19, 2007