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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
633,532
10-Day
655,835
30-Day
336,229
2,247,946
  • Prev. Close

    149.05

  • Open Price

    149.50

  • Bid Price (Qty.)

    161.20 (2)

  • Offer Price (Qty.)

    161.20 (1402)

NSE Live

Sep 20, 16:09
161.05 12.00 (8.05%)
Volume
AVERAGE VOLUME
5-Day
11,699,963
10-Day
8,156,615
30-Day
4,348,519
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 standalone financial statements of THE INDIAN HOTELS COMPANY LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 judgment, 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 based on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March, 2015, and its loss and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143 (3) of the Act, we report that: (a) We have sought and 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the Directors as on 31st March, 2015 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act. (f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer Note 31 to the financial statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts and as at the year end, the Company did not have any derivative contracts for which there were any material foreseeable losses - Refer Notes 2(f) and 4(i) to the financial statements. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) (i) In respect of the Company''s fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of 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. (ii) In respect of its inventories: (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. (iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013. (iv) 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 sale of services and during the course of our audit we have not observed any continuing failure to correct major weaknesses in such internal control system. (v) In our opinion and according to the information and explanations given to us, the Company ha$ complied with the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, as amended, with regard to the deposits accepted. According to the 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. (vi) To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and the Companies (cost records and audit) Rules 2014, as amended for any services rendered by the Company. (vii) 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, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of Excise, Value added tax, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income- tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March 2015 for a period of more than six months from the date they became payable. (c) Details of dues of Income Tax, Sales Tax, Excise Duty and service tax which have not been deposited on account of disputes are given below: Name of Statute Nature of Dues Rs. Crore Central Excise Act, 1994 Central Excise 0.08 Tax Central Sales Tax Act, VAT and Sales 0.45 1956 and Sales Tax /Value Tax Added Tax Act of various 0.07 states 0.58 0.14 0.70 0.06 4.36 0.92 0.45 Finance Act, 1994 and Service Tax 6.27 Service Tax Laws 1.08 Income Tax Act, 1961 Income Tax 0.30 Name of Statute Period to which the Forum where dispute is amount relates pending Central Excise Act, 1994 Financial Year 2011-12 The District Excise Officer, Jodhpur Central Sales Tax Act, 1956 and Sales TaxA/alue Added Tax Act of various states Financial Year 1994- 1998, Appellate & Revision Board 2005- 2006 to 2012-13 Financial Year 2000-2001 Assessing Officer, Sales Tax and 2002-2003 Financial Year 2002-03 to CESTAT 2010-11 Financial Year 1992- 98, Deputy Commissioner of 2004-05, 2005-2006, Commercial Taxes 2006- 09 and 2009-2010 to 2010-11 to 2012-13 Financial Year 1997-98, High Court 2003- 04, 2007-09 and 2013-14 Financial Year 2003-05 Joint Commissioner of Sales Tax Financial Year 1999- 2005 Joint Commissioner of Sales Tax (Appeal) Financial Year 2010- 2011 Special commissioner VAT and 2011-2012 authority Financial Year 1994-95, Tribunal 2004- 05, 2006-09, 2010- 11 to 2012-13 Finance Act, 1994 and Service Tax Laws Financial Year 2002-03 to CESTAT 2010-11 Financial Year 2006-07 to Commissioner Appeals 2009- 10 and 2011-12 Financial Year 2002- 2006, Commissioner of Service Tax 2010- 11 and 2011-12 (Additional / Assistant / Joint) Income Tax Act, 1961 Financial Year 2005-08 Commissioner of Income Tax (Appeals), Panaji, Goa (d) The Company has been generally regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time. (viii) The Company has accumulated losses as at the end of the year which is less than fifty percent of its networth. The Company has not incurred cash losses during the year covered by our audit and in the immediately preceding financial year. (ix) 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. (x) 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. (xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company for the purposes for which they were obtained other than temporary deployment pending application. (xii) To the best of our knowledge and belief 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 SR1DHAR & SANTHANAM LLP Chartered Accountants Chartered Accountants (Firm''s Registration No. 117366W/W-100018) (Firm''s Registration No. 003990S/S200018) Sanjiv V. Pilgaonkar S. Ramakrishnan Partner Partner (Membership No. 39826) (Membership No.18967) MUMBAI, May 29, 2015