BSE Prices delayed by 5 minutes... << Prices as on Jul 16, 2018 - 3:59PM >>   ABB 1198.3 [ -1.89 ]ACC 1268.9 [ -5.02 ]AMBUJA CEM 190.55 [ -3.35 ]ASIAN PAINTS 1351.55 [ -1.24 ]AXIS BANK 523.1 [ -0.15 ]BAJAJ AUTO 3101.75 [ -1.03 ]BANKOFBARODA 113.55 [ -3.16 ]BHARTI AIRTE 346.2 [ -3.31 ]BHEL 64.8 [ -3.50 ]BPCL 381.95 [ -1.29 ]BRITANIAINDS 6559 [ 1.34 ]CAIRN INDIA 285.4 [ 0.90 ]CIPLA 621.4 [ -0.81 ]COAL INDIA 261.55 [ -2.32 ]COLGATEPALMO 1141.25 [ -1.62 ]DABUR INDIA 367.65 [ -2.22 ]DLF 178.15 [ -5.16 ]DRREDDYSLAB 2089.15 [ -9.85 ]GAIL 356.5 [ -0.14 ]GRASIM INDS 925 [ -1.15 ]HCLTECHNOLOG 974.1 [ -1.09 ]HDFC 1991.55 [ 0.95 ]HDFC BANK 2170.6 [ -0.46 ]HEROMOTOCORP 3427 [ -0.97 ]HIND.UNILEV 1753.85 [ 0.73 ]HINDALCO 212.25 [ -3.02 ]ICICI BANK 259.3 [ -3.26 ]IDFC 43 [ -4.44 ]INDIANHOTELS 125.05 [ -0.79 ]INDUSINDBANK 1924.8 [ 0.07 ]INFOSYS 1333.05 [ 1.83 ]ITC LTD 271.5 [ 0.41 ]JINDALSTLPOW 196.05 [ -4.95 ]KOTAK BANK 1406 [ 0.08 ]L&T 1282.6 [ -0.89 ]LUPIN 818.45 [ -5.40 ]MAH&MAH 900.4 [ -0.88 ]MARUTI SUZUK 9377.9 [ -0.60 ]MTNL 14.9 [ -4.79 ]NESTLE 10210.55 [ 0.59 ]NIIT 94.3 [ -3.23 ]NMDC 96.5 [ -3.26 ]NTPC 155.7 [ 1.96 ]ONGC 153.9 [ -0.45 ]PNB 73.85 [ 0.27 ]POWER GRID 181.65 [ 0.00 ]RIL 1076.15 [ -1.88 ]SBI 251.75 [ -2.27 ]SESA GOA 205.8 [ -2.28 ]SHIPPINGCORP 60.55 [ -3.12 ]SUNPHRMINDS 532.95 [ -4.69 ]TATA CHEM 668.4 [ -5.33 ]TATA GLOBAL 243 [ -6.12 ]TATA MOTORS 251.55 [ -4.77 ]TATA STEEL 519.3 [ -6.96 ]TATAPOWERCOM 68.75 [ -1.79 ]TCS 1988.8 [ 0.38 ]TECH MAHINDR 655.8 [ 2.36 ]ULTRATECHCEM 3866.35 [ -2.39 ]UNITED SPIRI 574.4 [ -5.52 ]WIPRO 283.1 [ 0.86 ]ZEETELEFILMS 508.4 [ -0.05 ] BSE NSE
You can view full text of the latest Auditor's Report for the company.

BSE: 500850ISIN: INE053A01029INDUSTRY: Hotels, Resorts & Restaurants

BSE   ` 125.05   Open: 126.10   Today's Range 124.00
126.40
-1.00 ( -0.80 %) Prev Close: 126.05 52 Week Range 102.79
160.60
Year End :2017-03 

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of THE INDIAN HOTELS COMPANY LIMITED (the “Company”), which comprise the Balance Sheet as at March 31, 2017, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (“Ind AS”) prescribed under section 133 of the Act.

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 standalone Ind AS 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 Ind AS financial statements based on our audit.

In conducting 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 of the standalone Ind AS 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS 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 standalone Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, 2017, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act, based on our audit 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 including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian 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, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 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, as amended, 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 standalone Ind AS 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 including derivative contracts and as at the year end, the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company;

iv. The Company has provided requisite disclosures in the standalone Ind AS financial statements as regards its holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407 (E) dated November 8, 2016 of the Ministry of Finance, during the period from November 8, 2016 to December 30, 2016. Based on audit procedures performed and the representations provided to us by the management we report that the disclosures are in accordance with the books of accounts maintained by the Company and as produced to us. However, as stated in note 36, Page 171 to the financial statements amounts aggregating to Rs.0.12 crore as represented to us by the Management have been received against transactions which are not permitted.

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.

ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

(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 property, plant and equipment 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 lease agreement has expired but the Company has been permitted to carry out its operations until the process of auction and handover of the premises to the winning bidder is completed.

(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 been 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, 2017 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, 2017 on account of disputes are given below:

Name of Statute

Nature of dues

Forum where dispute is pending

Period to which the amount relates

Amount involved (Rs. in crore)

Amount Unpaid (Rs. in crore)

Central Sales Tax Act, 1956 and Sales Tax / Value Added Tax Act of various states

VAT and Sales Tax

Assessing Officer

Financial Year 2003-2004 to 2004-2005

0.08

0.06

Assistant Commissioner, Commercial Taxes Department- Udaipur, Rajasthan

Financial Year 2011-2012 to 2015-2016

0.44

0.40

Deputy Commissioner of commercial taxes

Financial Year 1997-2005, 2011-2012 to 2012-2013

6.15

4.85

Joint Commissioner (Commercial Taxes)

Financial Year 2012-2013 to 2013-2014

0.23

0.19

Tribunal, Appellate and Revision Board

Financial Year 1992-1993, 2005-2006 to 2012-2013

0.65

0.63

Joint Commissioner of Sales Tax (Appeal)

Financial Year 2005-2006, 2007-2008, 2010-2011, 2013-2014 to 2016-2017

10.31

9.54

High Court

Financial Year 1997-1998, 2003-2004, 2007-2008 to 2008-2009, 2013-2014

0.83

0.42

Finance Act , 1994 and Service Tax Laws

Service Tax

Assistant Commissioner of Service Tax

Financial Year 2007-2008

0.12

0.11

Central Excise and Service Taxes Appellate Tribunal

Financial Year 2004-2005 to 2013-2014

1.19

1.09

Commissioner of Service Tax (Additional / Assistant / Joint)

Financial Year 2002-2003 to 2012-2013, 2015-2016

7.19

2.05

Commissioner of Service Tax Appeals

Financial Year 2005-2006 to 2012-2013, 2014-2015

0.26

0.11

The Deputy Commissioner of Service Tax Audit, Service Tax Commissionarate

Financial Year 2013-2014 to 2014-2015

0.11

0.11

Service Tax Appellate Tribunal

Financial Year 2004-2005 to 2015-2016

0.39

0.39

Supreme Court

Financial Year 2005-2006 to 2012-2013

1.05

1.05

The Additional Commissioner, Central Excise

Financial Year 2002-2003 to 2012-2013

0.37

0.37

Income Tax Act, 1961

Income Tax

Commissioner of Income Tax (Appeals)

Financial Year 2002-2004, 2005-2006 to 2007-2008 and 2012-2013

126.76

126.76

Income Tax Appellate Tribunal

Financial Year 2009-2010 and 2011-2012

51.72

34.96

(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 material 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-IA of the Reserve Bank of India Act, 1934.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W / W-100018)

Sanjiv V. Pilgaonkar

Partner

MUMBAI, May 26, 2017 (Membership No. 39826)