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Lords Ishwar Hotels Ltd.

BSE: 530065 Sector: Services
NSE: N.A. ISIN Code: INE689J01013
BSE 00:00 | 03 Apr 4.75 0
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NSE 05:30 | 01 Jan Lords Ishwar Hotels Ltd
OPEN 4.75
PREVIOUS CLOSE 4.75
VOLUME 200
52-Week high 6.80
52-Week low 2.33
P/E 12.18
Mkt Cap.(Rs cr) 4
Buy Price 4.75
Buy Qty 100.00
Sell Price 4.95
Sell Qty 200.00
OPEN 4.75
CLOSE 4.75
VOLUME 200
52-Week high 6.80
52-Week low 2.33
P/E 12.18
Mkt Cap.(Rs cr) 4
Buy Price 4.75
Buy Qty 100.00
Sell Price 4.95
Sell Qty 200.00

Lords Ishwar Hotels Ltd. (LORDSISHWAR) - Auditors Report

Company auditors report

To

The Members of

LORDS ISHWAR HOTELS LIMITED Report on Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Lords Ishwar HotelsLimited ("the Company") which comprises the Balance Sheet as at 31‘*March2018 the Statement of Profit and Loss (including the Statement of other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS financial statements that give a true and fair view ofthe financial position financial performance including other Comprehensive incomechanges in equity of the Company and cash flows in accordance with the accountingprinciple generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the Companies (Accounting Standards)Rules2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of Company and forpreventing 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 Ind ASfinancial 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 Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing issued by the Institute of Chartered Accountants of India asspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe 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 31"March 2018 its Loss including other comprehensive income changes in equity andits Cash Flows for the year ended on that date.

Other Matter

The financial information of the Company for the year ended 31st March 2017and the transition date opening balance sheet as at 1st April 2016 included inthese Ind AS financial statements are based on the previously issued statutory financialstatements prepared in accordance with the accounting principles generally accepted inIndia including the Companies (Accounting

Standards) Rules 2006 (as amended) specified under section 133 of the Act read withthe Companies (Accounts) Rules 2014 audited by the predecessor auditor whose report forthe year ended March 312017 and March 31 2016 dated 30th May 2017 and 30thMay2016 respectively expressed an unmodified opinion on those standalone financialstatements as adjusted for the differences in the accounting principles adopted by theCompany on transition to the Ind AS which have been audited by us.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) ofthe 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 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 Ind AS financial Statements comply with the AccountingStandards specified under Section 133 ofthe Act read with Companies (Indian AccountingStandards) Rules 2015 as amended;

e) on the basis of written representations received from the Directors as on 31stMarch 2018and taken on record by the Board of Directors none of the Directors isdisqualified as on 31stMarch 2018 from being appointed as a director in termsof Section 164(2) ofthe Act;

f) With respect to the adequacy of the internal financial controls over financialreporting ofthe Company with reference to these Ind AS financial statements and theoperating effectiveness of such controls refer to our separate Report in "AnnexureB".

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 Ind AS financial statements under Notes to the Ind AS financialstatements.

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

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

For K. K. Haryani & Co.
Chartered Accountants
FRN: 121950W
(CA. Kishor Haryani)
Place: Mumbai (proprietor)
Date: 30th May 2018 Membership No. 110780

Annexure "A" to the 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 during the yearthe frequency of which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.

(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. As explained to us inventories have been physically verified during the year bythe management at reasonable intervals and no material discrepancy was noticed on suchverification.

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 covered in the register maintained underSection 189 of the Companies Act 2013.

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 2013for 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 Employees' State

Insurance Income-tax Sales-tax Service Tax Luxury Tax Duty of Custom Excise DutyValue added tax Good and Service Tax Cess to the extent applicable and any otherstatutory dues have generally been regularly deposited with the appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as at 31st of March 2018 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us the amounts payable inrespect of Income Tax Service Tax Sales Tax Luxury Tax Goods and Service tax CustomsDuty and Excise Duty which have not been deposited on account of disputes and the forumwhere dispute is pending 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) ofthe 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).

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.

xiii. In our opinion and according to the information and explanation given to usduring the audit transactions with the related parties are in accordance with Section 177and Section 188 of the Act and the details have been disclosed in the notes to thefinancial statements as required by the applicable Accounting Standards.

xiv. According to the information and explanations given to us and on an overallexamination of the books of account the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirement under Clause 3 (xiv) are not applicable tothe Company and not commented upon.

xv. In our opinion and according to the information and explanation given to us theCompany has not entered into any noncash transactions with directors or persons connectedwith him as referred to in section 192 ofthe Companies Act 2013.

xvi. According to the information and explanation given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For K. K. Haryani & Co.
Chartered Accountants
FRN: 121950W
Place: Mumbai (CA. Kishor Haryani)
Date: 30'1' May 2018 (proprietor)
Membership No. 110780

Annexure "B" to the Independent Auditors' Report

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 2018 inconjunction with our audit of the Ind AS financial statements of the company for the yearended 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. 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 Companies Act 2013.

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 accordance with the Guidance Note on audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and thestandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Act to the extent applicable to an audit of Internal Financial Controls bothapplicable to an audit of Internal Financial Controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 included obtainingunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgments including the assessment of the risks of materialmisstatement 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 financial reporting includes those policies& procedures that:

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transaction & disposition of the 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 2018based 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 K. K. Haryani & Co.
Chartered Accountants
FRN: 121950W
(CA. Kishor Haryani)
Place: Mumbai (proprietor)
Date: 30'1' May 2018 Membership No. 110780