You are here » Home » Companies » Company Overview » Jindal Hotels Ltd

Jindal Hotels Ltd.

BSE: 507981 Sector: Services
NSE: N.A. ISIN Code: INE726D01016
BSE LIVE 12:12 | 22 Nov 63.00 1.70
(2.77%)
OPEN

63.80

HIGH

63.90

LOW

61.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 63.80
PREVIOUS CLOSE 61.30
VOLUME 1951
52-Week high 67.65
52-Week low 35.60
P/E
Mkt Cap.(Rs cr) 38
Buy Price 61.30
Buy Qty 182.00
Sell Price 63.00
Sell Qty 28.00
OPEN 63.80
CLOSE 61.30
VOLUME 1951
52-Week high 67.65
52-Week low 35.60
P/E
Mkt Cap.(Rs cr) 38
Buy Price 61.30
Buy Qty 182.00
Sell Price 63.00
Sell Qty 28.00

Jindal Hotels Ltd. (JINDALHOTELS) - Auditors Report

Company auditors report

To the Members of Jindal Hotels Limited Report on the Financial Statement

We have audited the accompanying financial statements of Jindal Hotels Limited(‘the Company’) which comprise the balance sheet as at 31stMarch 2017 the statement of profit and loss and the cash flow statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its profit 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 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 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 bestof 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 theCompany so far as it appears from our examination of those books; (c) the balance sheetthe statement of profit and loss and the cash flow statement dealt with by this Report arein agreement with the books of account; (d) in our opinion the aforesaid financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014; (e) on the basis of the writtenrepresentations received from the directors as on 31st March 2017 taken onrecord by the Board of Directors none of the directors is disqualified as on 31stMarch 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 reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B"; and (g) with respect to the other matters to be includedin the Auditor’s Report in accordance with Rule11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its financial statements – Refer Note 24(II) (M and N) to the financial statements; ii. The Company has not made any Long Termcontract including derivative contracts hence it is not required to make provision formaterial foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.iv. The Company have provided requisite disclosures in its financial statements as toholdings as well as dealing in Specified Bank Notes during the period from 08.11.2016 to30.12.2016 and these are in accordance with the books of accounts maintained by theCompany. - Refer Note 24 (II) (P) to the financial statements;

For V. Shah & Associates
Chartered Accountants
F. R. N. 109816 W
V.R.Shah
Place : Vadodara (Proprietor)
Date : 23.05.2017 Membership No. FCA 034994

Annexure - A to the Auditors’ Report

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended 31st March 2017 wereport that: (i) (a) The Company has maintained proper records showing full particularsincluding Quantitative details and situation of Properties Plants

& Equipments.

(b) As explained to us all the Properties Plants & Equipments have been physicallyverified by the Management according to a phased program designed to cover all the itemsover a period of three years which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancies were noticed onsuch verification (c) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The physical verification of Inventory has been conducted at reasonable intervalsby the Management. No material discrepancies were noticed by the Management during thephysical verification of Inventory.

(iii) According to the information and explanations given to us there are noloans(secured or unsecured) granted by the Company to companies firms or other partiescovered in the register maintained under section 189 of The Companies Act2013. Hencepara3(iii)(a)(b) and (c) of the Order is not applicable.

(iv) According to the information and explanations given to us Company have not madeany loans made Investment or furnished any guarantee and security for which provision ofsection 185 and section 186 of the Companies Act 2013 need to comply.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31stMarch 2017 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Sales tax Value Added Tax Duty of Customs and Duty of Excise whichhave not been deposited with the appropriate authorities on account of any dispute.However according to information and explanations given to us the following dues ofservice tax have not been deposited by the Company on account of disputes:

Name of the statute Nature of dues Amount Period to which the amount relates Forum where dispute is pending
(in Rs)
Service tax Service tax Interest and penalty Demand of Rs 16704998/- to be reduced by amount paid Rs 1252875/-. April 2009 to March 2014 CESTAT Ahmedabad

(viii) The Company has not defaulted in repayment of Loans or Borrowing to a FinancialInstitution Bank Government or dues to Debentures Holder.

(ix) The Company had not raised any money by way of initial public offer or furtherpublic offer (including Debt Instruments). The amount of Term Loan which company havereceived were applied for the purposes for which those are raised.

(x) According to the information and explanations given to us no material fraud by theCompany or any fraud on the Company by its officers or employees have been noticed orreported during the year.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Coqmpany transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For V. Shah & Associates
Chartered Accountants
F. R. N. 109816 W
Place : Vadodara V.R.Shah
Date : 23.05.2017 (Proprietor)
Membership No. FCA 034994

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of JindalHotels Limited ("the Company") as of 31st March 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For V. Shah & Associates
Chartered Accountants
F. R. N. 109816 W
Place : Vadodara V.R.Shah
Date : 23.05.2017 (Proprietor)
Membership No. FCA 034994