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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

Oct 26, 16:00
207.60 1.80 (0.87%)
Volume
AVERAGE VOLUME
5-Day
738,812
10-Day
1,052,077
30-Day
1,105,246
303,893
  • Prev. Close

    205.80

  • Open Price

    206.55

  • Bid Price (Qty.)

    208.00 (15)

  • Offer Price (Qty.)

    208.50 (100)

NSE Live

Oct 26, 15:59
207.45 1.60 (0.78%)
Volume
AVERAGE VOLUME
5-Day
11,556,148
10-Day
15,411,146
30-Day
16,177,613
6,010,714
  • Prev. Close

    205.85

  • Open Price

    207.85

  • Bid Price (Qty.)

    207.45 (8333)

  • Offer Price (Qty.)

    0.00 (0)

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 31,2009, 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 are the responsibility of the Companys 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 mat 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 the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the 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 me Companies (Auditors Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the CompaniesAct, 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 (c) 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; (d) 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 me Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956; (e) 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, 2009; (ii) in the case of the Profit and Loss Account, of the 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 31st March, 2009 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2009 from being appointed as a director in terms of Section 274(l)(g) of me Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) (i) Having regard to the nature of the Companys business/activities and results for the year, clauses (viii), (x), (xiii) and (xiv) of paragraph 4 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 the fixed assets. The fixed asset records of the Taj Mahal Palace & Towers, Mumbai have not been updated, pursuant to the terrorist attack in November 2008, as the unit is in the process of restoration of its property, which is covered by a reinstatement policy. The records, we are informed, will be updated only after the insurance claim for reinstatement has been settled. (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 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. 500 crores to seven parties during the year. At the year-end, the outstanding balances of such loans granted aggregated Rs. 650.77 crores (number of parties - six) and the maximum amount involved during the year was Rs. 1,150.92 crores (number of parties - eleven). (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 receipts of principal amounts and interest have been regular/as per stipulations, except in the case of a joint venture company, wherein interest of Rs. 4.42 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 overdue interest. (v) In respect of 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. 1.85 crores from one party during the year. At the year-end, the outstanding balances of such loans taken aggregated Rs. 3.76 crores (number of parties - two) and the maximum amount involved during the year was Rs. 46.56 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 payments 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. In 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 explanation 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 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 Company has an internal audit system commensurate with the size of the Company and the nature of its business. (x) According to the 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 were no undisputed amounts outstanding as at 31st March, 2009 for a period of more than six months from the date they became payable. (c) Details of dues of Sales Tax and Service Tax which have not been deposited as on 31st March, 2009, on account of disputes, are given below: Name of Nature Amount Statute of Dues (Rs.in crores) Central Sales Sales Tax 0.11 Tax Act, 1956 and Sales Tax Act of various states 0.38 1.23 0.11 0.27 Period to which Forum where the amount relates dispute is pending 2004/2002-03 Additional Commissioner of Sales Tax 1997-98/1999-2001 Assessing Officer of Sales Tax 2001-02 Deputy Commissioner of Sales Tax 1992-95 Tribunal 1995-96 Appellate Board Name of Nature Amount Statute of Dues (Rs.in crores) 0.23 2.53 0.06 Finance Act, 1994 Service Tax 0.05 1.10 Total 6.07 Period to which Forum where the amount relates dispute is pending 1996-98 Appellate & Revision Board 2001-06 Deputy Commissioner of Commercial Taxes 2003-05 Joint Commissioner of Trade Tax, Noida 2002-05 Deputy Commissioner of Central Excise 2002-05 Commissioner of Service Tax (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 debenture holders. (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) We have verified the end use of money raised by the Rights Issue of simultaneous but unlinked issue of Equity Shares and Non Convertible Debentures as disclosed in Note 3 of Schedule 14 Notes to the Balance Sheet and the Profit and Loss Account. (xix) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company was noticed or reported during the year. For DELOITTE HASKINS & SELLS For N.M.RAIJI & CO. Chartered Accountants Chartered Accountants Nalin M. Shah Vinay D. Balse Partner Partner (Membership No.15860) (Membership No. 39434) MUMBAI, 12th June, 2009