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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 20, 16:00
161.20 12.15 (8.15%)
Volume
AVERAGE VOLUME
5-Day
296,457
10-Day
450,784
30-Day
267,251
2,247,946
  • Prev. Close

    149.05

  • Open Price

    149.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 20, 16:09
161.05 12.00 (8.05%)
Volume
AVERAGE VOLUME
5-Day
3,831,984
10-Day
3,827,881
30-Day
2,846,529
46,373,514
  • Prev. Close

    149.05

  • Open Price

    149.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    161.05 (12423)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of The indian hoTels CoMpanY liMiTed (the Company) which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information. Management''s responsibility for the financial statements The Company''s Management is responsible for the preparation of these 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 Standards notified under the Companies Act, 1956 (the Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 judgement, 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014; (b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. report on other legal and regulatory requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (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 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs). (e) On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act. ANNEXURE TO THE AUDITORS'' REPORT (referred to in paragraph 1 under ''report on other legal and regulatory requirements'' section of our report of even date) (i) Having regard to the nature of the Company''s business / activities clauses (viii), (xiii) and (xiv), of paragraph 4 of CARO are not applicable to the Company. (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. (b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (c) In our opinion, the fixed assets disposed off during the year, do not constitute a substantial part of the fixed assets of the Company and such disposal has 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 loan, secured or unsecured, to/from companies, firms or other parties covered 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) Where each of such transactions 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. (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 in this regard in respect of the Company. (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, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of more than six months from the date they became payable except for Service Tax dues of Rs. 0.82 crore which has been paid subsequently. (c) Details of dues of Income Tax, Sales Tax, Excise duty and Service Tax which have not been deposited as on 31st March, 2014 on account of disputes are given below: Name of statute Nature of Dues Rs. Crore Period to which the amount relates Central Excise Act, 1994 Central Excise 0.08 Financial Year 2011-12 Tax Central Sales Tax Act, VAT and Sales 0.10 Financial Year 1992-94 1956 and Sales Tax/Value Tax and 2005-06 Added Tax Act of various states 4.52 Financial Year 1999-2005 0.08 Financial Year 2003-05 1.60 Financial Year 2010-2011 & 2011-2012 1.73 Financial Year 1997-98, 2003-04, 2007-09 and 2013-14 0.07 Financial Year 2000-2001 and 2002-2003 0.00 * Financial Year 2003-04 0.61 Financial Year 2004-05, 2006-09 and 2010-11 to 2012-13 0.66 Financial Year1994-1998, 2005-2006 and 2009-2010 Finance Act , 1994 and Service Tax 7.09 Financial Year 2002-03to Service Tax Laws 2010-11 1.23 Financial Year 2006-07to 2009-10 and 2011-12 0.77 Financial Year2002-2006, 2010-11 and 2011-12 Income Tax Act, 1961 Income Tax 0.30 Financial Year 2005-08 Name of Statue Forum where dispute is pending Central Excise Act, 1994 The District Excise Officer, Jodhpur Central Sales Tax Act, 1956 and Sales Tax/Value Added Tax Act of various states Tribunal Joint Commissioner of Sales Tax (Appeal) Joint Commissioner of Sales Tax Special commissioner VAT authority High Court Assessing Officer, Sales Tax Ward-Sales Tax Department Commissioner - Commercial Taxes (Assistant / Deputy) Appellate / Revision Board Finance Act , 1994 and Service Tax Laws CESTAT Commissioner Appeals Commissioner of Service Tax (Additional / Assistant / Joint) Income Tax Act, 1961 Commissioner of Income Tax (Appeals), Panaji, Goa * less than Rs. 1 lac (x) The Company has accumulated loss as at the end of the financial year which is less than fifty per cent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (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 banks, financial institutions and debenture holders. (xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loan or advance 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 prima facie, not prejudicial to the interests of the Company. (xiv) 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. (xv) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, there is a usage of short-term funds for long-term investment to the extent of Rs. 369.23 crores. (xvi) According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of paragraph 4(xviii) of the Order are not applicable to the Company. (xvii) According to the information and explanations given to us, the Company has not issued any debentures during the year. Accordingly, the provisions of paragraph 4(xix) of the Order are not applicable to the Company. (xviii) According to the information and explanations given to us, the Company has not raised any money by way of public issue during the year. Accordingly, the provisions of paragraph 4(xx) of the Order are not applicable to the Company. (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 has been noticed or reported during the year. FOR DELOITTE HASKINS & SELLS LLP FOR PKF SRIDHAR & SANTHANAM Chartered Accountants Chartered Accountants (Firm''s Registration No. 117366W/W-100018) (Firm''s Registration No. 003990S) Sanjiv V. Pilgaonkar S. Ramakrishnan Partner Partner (Membership No. 39826) (Membership No. 18967) MUMBAI, 30th May, 2014