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Lords Ishwar Hotels Ltd.

BSE: 530065 Sector: Services
NSE: N.A. ISIN Code: INE689J01013
BSE LIVE 14:11 | 22 Sep 12.37 -0.65
(-4.99%)
OPEN

12.37

HIGH

12.37

LOW

12.37

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.37
PREVIOUS CLOSE 13.02
VOLUME 201
52-Week high 13.70
52-Week low 7.51
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.37
CLOSE 13.02
VOLUME 201
52-Week high 13.70
52-Week low 7.51
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Lords Ishwar Hotels Ltd. (LORDSISHWAR) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS’ REPORT

To

The Members of

LORDS ISHWAR HOTELS LIMITED Report on Financial Statements

We have audited the accompanying financial statements of Lords Ishwar Hotels Limited("the Company") which comprises the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

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 principle 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 Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 2016 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 2016 ("theOrder") issued by the Central Government of India in

terms of sub-section (11) of section 143 of the Act we give in the "Annexure 1"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 thebest of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) in our opinion the aforesaid financial Statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) on the basis of written representations received from the Directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2016 from being appointed as a director interms of Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2".

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors') Rules 2014 in our opinionand 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 financialposition in its financial statements -Refer Note 23 to the financial statements.

ii. The Company didn't have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the investorEducation and Protection Fund by the Company.

FOR J. M. PABARI & ASSOCIATES
CHARTERED ACCOUNTANTS
JAYANT PABARI
(PARTNER)
Place: Mumbai Membership No. 47580
Date : 30th May 2016 Firm Reg. No. 117752W

Annexure- 1

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the order") issued by the Central Government of India in terms ofSection 143(11) of the Companies Act 2013 ("the Act") as referred to inParagraph 1 of 'Report on Other Legal and Regulatory Requirements' section.

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. (a) The inventories have been physically verified during the year by the managementat reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The Company is maintaining proper records of its inventories. No materialdiscrepancy was noticed on physical verification of stocks by the management as comparedto book records.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of paragraph 3 (iii)of the Companies (Auditor's Report) Order 2016 are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has not given loan to Directors or provided guarantee or security in connectionwith any loan to Directors including entities in which they are interested under theprovisions of Section 185. Provisions of Section 186 in respect of loans and advancesgiven investments made and guarantee and securities given have been complied with bycompany.

v. The Company has not accepted any deposits from the public. Accordingly paragraph3(v) of the Order is not applicable to the Company.

vi. The Central Government has not prescribed maintenance of Cost records under Section148(1) of the Companies Act 2013 for the Company's activities. Hence the provisions ofClause 3(vi) of the Order are not applicable to the Company.

vii. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and

Protection Fund Employees' State Insurance Income-tax Sales-tax Wealth Tax ServiceTax Custom Duty Excise Duty cess to the extent applicable and any other statutory dueshave generally been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there were no outstanding statutory dues as at 31stof March 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us the amounts payable inrespect of income tax wealth tax service tax sales tax customs duty and excise-dutywhich have not been deposited on account of disputes and the forum where dispute ispending are given below:-

Name of the statute Nature of Dispute Amount (Rs.) Period Forum where dispute is pending Progress and Remarks
Central Excise & Customs Act Service Tax & Penalty 407758 2004- 05 & 2005- 06 Commissioner (Appeals) Central Excise & Customs Baroda Out of total demand of Rs. 815516 raised Rs. 407758 is paid. Rest Rs. 407758 is under dispute & pending at appeal level.
Luxury Tax Luxury Tax Interest & Penalty 662000 1999-2000 District Collector office Entertainment Tax & Luxury Tax Baroda. Amount is under dispute.

viii. In our opinion and according to the information and explanation given to us theCompany has not taken any loans or borrowing from the financial institution bankGovernment and there is no debenture holder in the Company so the provisions of Clause3(viii) of the Order are not applicable to the Company.

ix. In our opinion and according to information and explanation given to us theCompany has not raised any money by way of initial public offer/further public offer(including debt instruments). Further the Company has not taken any term loan during theyear.

x. In our opinion and according to information and explanations given to us we reportthat no fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

xi. In my opinion and according to the information and explanations given to us theCompany is not paying any managerial remuneration to its Managing Director and otherDirectors. Hence the provisions of Clause 3(xi) of the Order are not applicable to theCompany.

xii. The Company is not a Nidhi Company. Hence the provisions of Clause 3(xii) of theOrder are not applicable to the Company.

FOR J. M. PABARI & ASSOCIATES
CHARTERED ACCOUNTANTS
JAYANT PABARI
(PARTNER)
Place: Mumbai Membership No. 47580
Date : 30th May 2016 Firm Reg. No. 117752W

Annexure- 2

Report on the Internal Financial Controls under clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of'Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls over financial reporting of LordsIshwar Hotels Limited ("the Company") as of 31st March 2016 inconjunction with our audit of the financial statements of the company for the year endedon 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparations of reliable financial information asrequired under the Act.

Auditor's 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 Act to the extent applicable to an audit ofInternal Financial Controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedure 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 understanding of internal financial controls over financial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgments 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies & procedures that:

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transaction & disposition ofthe assets of company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditure of the company are being made only inaccordance with authorizations of management and directors of company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of Inherent Limitation of internal financial controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2016based 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 J. M. PABARI & ASSOCIATES
CHARTERED ACCOUNTANTS
JAYANT PABARI
(PARTNER)
Place: Mumbai Membership No. 47580
Date : 30th May 2016 Firm Reg. No. 117752W