you are here:

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 17, 16:00
149.05 -6.10 (-3.93%)
Volume
AVERAGE VOLUME
5-Day
296,457
10-Day
450,784
30-Day
267,251
324,425
  • Prev. Close

    155.15

  • Open Price

    155.90

  • Bid Price (Qty.)

    149.05 (101)

  • Offer Price (Qty.)

    149.05 (714)

NSE Live

Sep 17, 15:59
149.05 -6.00 (-3.87%)
Volume
AVERAGE VOLUME
5-Day
3,831,984
10-Day
3,827,881
30-Day
2,846,529
3,971,900
  • Prev. Close

    155.05

  • Open Price

    156.00

  • Bid Price (Qty.)

    149.05 (650)

  • 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, 2010, 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. Those 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 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 the Companies (Auditors 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; (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 the 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, 2010; (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, 2010, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of Section 274(1)(g) of the 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/result/transactions, etc. 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 & Tower, Mumbai have not been updated, as pursuant to the terrorist attack in November 2008, 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 its inventory: (a) As explained to us, the 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) According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed in the Register under Section 301 of the Companies Act, 1956. (v) 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 with regard to 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. (vi) 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) There were no transactions in excess of Rs. 5 lakhs each in respect of any party during the year. (vii) 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. (viii) In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and the nature of its business. (ix) 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. (b) There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2010 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, 2010 on account of disputes are given below: Name of Statute Nature of Amount Period to which the Dues (Rs.in amount relates crores) Central Sales Sales Tax 0.25 1997-98 Tax Act, 1956 and Sales Tax Act 7.72 2000-03 of various states 0.07 2000-2001/ 2002-2003 0.03 2004-05 0.10 1992-95 0.27 1995-96 0.23 1996-98 0.75 2001-2002/ 2005-2007 0.05 2004-05 Name of Statue Forum where dispute is pending Central Sales Maharashtra Sales Tax Tax Act, 1956 Tibunal ans Sales Tax Act Joint Commissioner of of various states Sales Tax Additional Commissioner of Sales Tax (Appeals) Deputy Commissioner of Sales Tax (Appeals) Tribunal Appellate Board Appellate & Revision Board Deputy Commissioner of Commercial Taxes Assistant Commissioner of Sales Tax (Appeals) Name of Statute Nature of Amount Period to which the Dues (Rs.in amount relates crores) Finance Act, 1994 Service Tax 0.05 2000-05 0.33 2003-06 0.59 2002-04 1.10 2002-07 Total 11.54 Name of the Statue Forum where dispute is pending Finance Act 1944 Assistant Commissioner of Service Tax (Appeals) Joint Commissioner of Service Tax (Appeals) Central Excise Service Tax Appellate Tribunal Service Tax Department, New Delhi (x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders. (xi) 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. (xii) 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. (xiii) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained, other than temporary deployment pending application. (xiv) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have not been used during the year for long- term investment. (xv) 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. (xvi) According to the information and explanations given to us, during the period covered by our audit report, the Company had issued 3,000 2% Secured Non-Convertible debentures of Rs. 10 lakhs each. The Company is in the process of creating security for these debentures within the prescribed time frame. (xvii) 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. (xviii) 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 has been noticed or reported during the year. For DELOITTE HASKINS & SELLS For N. M. RAIJI & CO. Chartered Accountants Chartered Accountants (Registration No. 117366W) (Registration No. 108296W) Nalin M. Shah Vinay D. Balse Partner Partner (Membership No.15860) (Membership No. 39434) MUMBAI, 26th May, 2010