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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 24, 16:00
178.90 -4.90 (-2.67%)
Volume
AVERAGE VOLUME
5-Day
1,617,699
10-Day
957,078
30-Day
500,517
567,303
  • Prev. Close

    183.80

  • Open Price

    186.95

  • Bid Price (Qty.)

    178.90 (426)

  • Offer Price (Qty.)

    178.90 (10)

NSE Live

Sep 24, 15:59
178.80 -5.15 (-2.80%)
Volume
AVERAGE VOLUME
5-Day
25,710,703
10-Day
14,771,344
30-Day
6,644,259
10,933,180
  • Prev. Close

    183.95

  • Open Price

    186.65

  • Bid Price (Qty.)

    178.80 (5330)

  • Offer Price (Qty.)

    0.00 (0)

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 March 31, 2016, the Statement of Profit and Loss and 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 prescribed under Section 133 of the Act, as applicable. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 and the Order under section 143 (11) of the Act. We conducted our audit of the standalone financial statements 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. 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 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 March 31, 2016, and its Profit and its cash flows for the year ended on that date. Emphasis of Matter: We draw attention to note no. 45 to the financial statements which explains that the accounting impact of two Schemes of Arrangement (the Schemes) approved by shareholders, enabling the amalgamation of International Hotel Management Services LLC (formerly known as International Hotel Management Services Inc.) and Lands End Properties Private Limited, with effect from January 1, 2016 and March 31, 2016, respectively, could not be given in the financial statements as at and for the year ended March 31, 2016, as the orders from the Honourable High Court of Judicature at Bombay sanctioning the Schemes are awaited. Our opinion is not qualified in respect of this matter. Report on other legal and regulatory requirements 1. 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 prescribed under Section 133 of the Act. e) On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act. f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting. g) 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 5 (vi) 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 refer Note 11(i) to the financial statements. 2. As required by the Companies (Auditor''s Report) Order, 2016 (the Order) issued by the Central Government in terms of Section 143 (11) of the Act, we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order. (i) (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. (c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date except in respect of one plot of leasehold land carried at Rs. 1.91 crore which is in physical possession of the Company and the settlement of the lease deed in favour of the Company is being processed. The Company also holds immovable properties (buildings) that have been built on land taken on lease which are disclosed as a part of the fixed assets of the Company in the financial statements. The lease agreements in these cases are in the name of the Company except in one instance where the matter is being contested before the High Court of Delhi. (ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals 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, Limited Liability Partnerships or other parties covered 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, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013, to the extent applicable, in respect of grant of loans, making investments and providing guarantees and securities, as applicable. (v) According to the information and explanations given to us, the Company has not accepted any deposit during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013. (vi) The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013. (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 statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, , Employees'' State Insurance, Income- tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable. (c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Value Added Tax which have not been deposited as on March 31, 2016 on account of disputes are given below: Name of Statute Nature of Forum where dispute Dues is pending Central Sales Tax Act, VAT and Central Excise and 1956 and Sales Tax / Sales Tax Service Tax Appellate Value Added Tax Act Tribunal of various states Deputy Commissioner of Commercial Taxes High Court Joint Commissioner (Commercial Taxes) Joint Commissioner of Sales Tax Joint Commissioner of Sales Tax (Appeals) Tribunal, Appellate & revision board Finance Act , 1994 Service Tax Central Board of and Service Tax Laws Excise and Customs Central Excise and Service Tax Appellate Tribunal Commissioner of Central Excise, Bhopal Commissioner of Service Tax (Additional / Assistant / Joint) Commissioner (Appeals), Jodhpur Supreme Court The Commissioner of Central Excise (Appeals) Income Tax Act, 1961 Income Tax Commissioner of Income Tax (Appeals), Panaji, Goa Income Tax Appellate Tribunal Income Tax Appellate Tribunal Name of Statute Period to which the Amount Amount amount relates involved Unpaid (Rs. in crore) (Rs. in crore) Central Sales Tax Act,1956 Financial Year 2002-2004 9.51 8.21 Financial Year 2004-2005, 0.09 0.09 2011-2012 to 2012-2013 Financial Year 1997-98, 1.10 0.71 2003-04, 2007-09 and 2013-14 Financial Year 2012-13 to 0.23 0.19 2013-14 Financial Year 2003-04 to 0.08 0.06 2004-05 Financial Year 1999-00 to 5.79 4.36 2004-05 Financial Year 1992-93 and 0.69 0.69 2005-06 to 2012-13 Finance Act, 1994 Financial Year 2009-10 to 1.14 1.14 2013-14 Financial Year 2004-05 to 0.71 0.61 2010-11 Financial Year 2010-11 to 0.12 0.12 Financial Year 2012-13 Financial Year 2002-03 to 0.81 0.61 2012-13 Financial Year 2005-06 to 0.20 0.10 2012-13 Financial Year 2005-06 to 1.05 1.05 2012-13 Financial Year 2006-07 to 0.35 0.30 2010-11 Income Tax Act, 1961 Financial Year 2005-06 to 0.29 0.29 2007-08 Financial Year 2011-12 0.28 0.28 (Assessment Year 2012-13). Financial Year 2009-10 19.25 2.49 (Assessment Year 2010-11) (viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, banks and government and dues to debenture holders. (ix) In our opinion and according to the information and explanations given to us, money raised by way of initial public offer / further public offer (including debt instruments) and the term loans have been applied by the Company during the year for the purposes for which they were raised, other than temporary deployment pending application of proceeds. (x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year. (xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013. (xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable. (xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards. (xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable. (xvi) The Company is not required to be registered under section 45-I of the Reserve Bank of India Act, 1934. FOR DELOITTE HASKINS & SELLS LLP FOR PKF SRIDHAR & 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 18, 2016