To the Members of Oriental Hotels Limited
Report on the Audit of the Standalone
Financial Statements
Opinion
We have audited the accompanying standalone financial
statements of Oriental Hotels Limited ("the Company"], which
comprise the balance sheet as at 31 March 2026, and the
statement of Profit and Loss (including other comprehensive
income], statement of changes in equity and statement of
cash flows for the year then ended, and notes to the financial
statements, including a summary of material accounting
policies and other explanatory information (hereinafter
referred to as "standalone financial statements"].
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 Companies
Act, 2013 (the Act] in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards] Rules, 2015, as
amended, ("Ind AS"] and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
31 March 2026, its profit and other comprehensive income,
changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit in accordance with the Standards on
Auditing (SAs] specified under Section 143(10] of the Act.
Our responsibilities under those SAs are further described in
the Auditors Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India ("ICAI"] together
with the ethical requirements that are relevant to our audit of
the standalone financial statements under the provisions of the
Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters.
We have determined the matter described below to be the key
audit matters to be communicated in our report.
Key Audit Matter |
Description |
Our Response |
Revenue Recognition |
The Company is principally engaged in |
Our audit included but was not limited to the following |
Assessing the |
a. Our procedures included, among others, obtaining an |
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b. Assessing the appropriateness of the Companys revenue |
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c. Testing the selected key controls for the revenue |
||
The material accounting policies for |
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d. Tvaluating the IT systems relevant for revenue |
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e. Use of data analytics to perform analytical procedures |
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f. Evaluated the adequacy of disclosures relating to
revenue |
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Considering the above, we have identified |
Information Other than the Standalone Financial
Statements and Auditors Report Thereon
The Companys Management and Board of Directors are
responsible for the preparation of the other information. The
other information comprises the information included in the
Companys annual report / Directors report / the management
report and business responsibility and sustainability report,
but does not include the financial statements and our auditors
report thereon. The Companys annual report / Directors
report / the management report and business responsibility
and sustainability report are expected to be made available to
us after the date of this auditors report.
Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained during the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact.
When we read the other information, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and
take appropriate actions necessitated by the circumstances and
the applicable laws and regulations.
Responsibilities of the Management and Board of
Directors for Standalone Financial Statements
The Companys Management and Board of Directors are
responsible for the matters stated in Section 134(5] of the Act
with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs,
profit and other comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS] specified 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 of 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 financial statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements. Management
and Board of Directors are responsible for assessing the
Companys ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the
going concern basis ofaccounting unless the Board ofDirectors
either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so. Refer Note 46.
The Board of Directors is also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the
Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of
these standalone financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
- Identify and assess the risks of material misstatement
of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.
- Obtain an understanding of internal financial control
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3](i] of the Act, we are also responsible for
expressing our opinion on whether the company has
adequate internal financial controls with reference to the
standalone financial statements in place and the operating
effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the Management.
- Conclude on the appropriateness of Management and
Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are
required to draw attention in our auditors report to the
related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However,
future events or conditions may cause the Company to
cease to continue as a going concern; and
- Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditors report unless law
or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report] Order,
2020 ("the Order"], issued by the Central Government of
India in terms of Section 143 (11] of the Act, we give in
the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
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 best of our knowledge and
belief were necessaiy 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 except
for the matters stated in the Note 48 to the standalone
financial statements and paragraph (h] (vi) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.
(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive income), the Standalone Statement
of Changes in Equity and the Standalone Statement of
Cash Flows 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 Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act.
(e) On the basis of the written representations received
from the directors as on 31 March 2026 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31 March 2026 from being
appointed as a director in terms of Section 164 (2) of
the Act.
(f) The observation relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph 2(b) above on reporting
under Section 143(3)(b) of the Act and paragraph
2(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.
(g) With respect to the adequacy of the internal financial
controls with reference to the standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure B".
(h) With respect to the other matters to be included in
the Auditors 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 as at 31 March 2026 on its financial
position in its standalone financial statements
- Refer Note 37 to the standalone financial
statements;
ii. 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
during the year ended 31 March 2026;
iv. (a] The management has represented that, to the
best of its knowledge and belief, other than as
disclosed in the note 52(6] to the standalone
financial statements, no funds have been
advanced or loaned or invested (either from
borrowed funds or share premium or any
other sources or kind of funds] by the company
to or in any other personfs] or entityfies],
including foreign entities ("Intermediaries"],
with the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified
in any manner whatsoever by or on behalf
of the company ("Ultimate Beneficiaries"] or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(b] The management has represented, that,
to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no
funds have been received by the company
from any personfs] or entityfies], including
foreign entities ("Funding Parties"], with the
understanding, whether recorded in writing
or otherwise, thatthe company shall, whether,
directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries"] or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries
(c] Based on such audit procedures that we have
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (a] and (b]
contain any material mis-statement.
v. The final dividend paid by the Company during
the year in respect of the same declared for the
previous year is in accordance with Section 123
of the Act to the extent it applies to payment of
dividend.
As stated in Note 53 to the standalone financial
statements, the Board of Directors ofthe Company
has proposed final dividend for the year which
is subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of
the Act to the extent it applies to declaration of
dividend.
vi. Based on our examination which included test
checks, except for data changes performed by
users having privileged access till 26 June 2025,
the Company has used accounting softwares for
maintaining its books of account, which has a
feature of recording audit trail (edit log] facility
and the same has operated throughout the year for
all relevant transactions recorded in the software.
Further, we did not come across any instance ofthe audit
trail feature being tampered with. Additionally, where
audit trail (edit log] facility was enabled and operated in
the previous years, the audit trail has been preserved by
the Company as per the statutoiy requirements for record
retention.
3. With respect to the matter to be included in the
Auditors Report under Section 197(16) of the Act:
In our opinion and according to the information and
explanations given to us, the remuneration paid / provided
by the Company during the current year is in accordance
with the provisions of Section 197 read with Schedule V of
the Companies Act.
For PKF Sridhar & Santhanam LLP
Chartered Accountants
Firms Registration No.003990S/S200018
V Kothandaraman
Partner
Membership No. 025973
UDIN : 26025973KOJDVP3086
Place of Signature: Alibag
Date: 04 May 2026
Annexure A
Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements of
our report of even date to the
members of Oriental Hotels Limited ("the Company") on the standalone financial
statements as of and for the year ended
31 March 2026.
(i) (a) (A) The Company has maintained proper records
showing full particulars including quantitative
details and situation of Property, Plant and
Equipment.
(B) The Company has maintained proper records
showing full particulars of intangible assets.
(b) The Company has a regular programme of physical
verification of its Property, Plant and Equipment by
which all Property, Plant and Equipment are verified
in a phased manner over a period of three years. In
our opinion, this periodicity of physical verification
is reasonable having regard to the size of the
Company and the nature of its assets. Pursuant to the
programme, certain Property, Plant and Equipment
were physically verified by the management during
the year. In our opinion, and according to the
information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) According to the information and explanations given
to us, the records examined by us and based on the
examination of the conveyance deeds provided to
us, we report that, the title deeds, comprising all the
immovable properties (other than properties where
the company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed
in the financial statements are held in the name of
the Company or Amalgamating company (where
amalgamations have happened) as at Balance Sheet
date.
In respect of immovable properties of land and
building that have been taken on lease and disclosed
as buildings under property, plant & equipment
/ right of use assets in the standalone financial
statements, the lease agreements are in the name of
the Company.
(d) The Company has not revalued its Property, Plant
and Equipment (including Right of Use assets and
intangible assets) during the year and hence this
clause is not applicable to the Company.
(e) According to the information and explanations
given to us and on the basis of our examination of
the records of the Company, no proceedings have
been initiated or are pending against the Company
for holding any benami property under the Benami
Transactions (Prohibitions) Act, 1988 (45 of 1988)
and rules made thereunder.
(ii) a) The inventory has been physically verified by the
management at reasonable intervals during the year.
In our opinion, the frequency of such verification
is reasonable. In our opinion, the coverage and
procedure of such verification by the management
is appropriate. The discrepancies noticed on
verification between the physical stocks and the
book records are not 10% or more in the aggregate
for each class of inventoiy, and have been properly
dealt with in books of accounts.
b) Based on our audit procedures and according to
the information and explanation given to us, the
Company has not been sanctioned loan in excess of
five crore rupees from banks or financial institution
on the basis of security of current assets and hence
the question of filing quarterly returns or statements
by the company with banks or financial institutions
does not arise. Accordingly, paragraph 3(ii)(b) of the
Order is not applicable to the Company.
(iii) (a) Based on our audit procedures and according to
the information and explanation given to us, the
Company has made investments in subsidiaiy during
the year, however there are no guarantees or security
or loans or advances in the nature of loans granted,
to companies, firms. Limited Liability Partnerships
or any other parties.
(b) Based on our audit procedures and according
to the information and explanation given to us,
the investments made are not prejudicial to the
Companys interest.
(c) The Company does not have any outstanding
loans and advances in the nature of loans at the
beginning of the current year nor has granted any
loans or advances in the nature of loans during the
year. Accordingly, reporting under clauses 3 (iii) (c),
3(iii)(d), 3(iii)(e) and 3(iii)(f) of the Order is not
applicable to the Company.
(iv) In our opinion, and according to the information and
explanations given to us, the Company has complied
with the provisions of section 186 of the Act in respect of
investments made, as applicable. Further, the Company
has not entered into any transaction covered under
section 185 and section 186 of the Act in respect of loans
granted, guarantees and security provided by it.
(v) Based on our audit procedures & according to the
information and explanation given to us, the Company
has not accepted any deposits or amounts which are
deemed to be deposits within the meaning of the Act and
the directives issued by the Reserve Bank of India and
the provisions of sections 73 to 76 or any other relevant
provisions of the Act and the rules framed thereunder. No
order has been passed by Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any
court or any other tribunal. Accordingly, paragraph 3(v) of
the Order is not applicable to the Company.
(vi) The Company is not required to maintain cost records
specified by the Central Government under sub section (1]
of section 148 of the Act. Accordingly, paragraph 3(vi) of
the Order is not applicable to the Company.
(vii) (a] According to the information and explanations given
to us and the records of the Company examined
by us, the Company has been regular in depositing
undisputed statutoiy dues including Provident
Fund, Income-tax, Sales-tax, Service tax. Goods and
Service Tax, Duty of Customs, Duty of Excise, Value
added tax. Cess and any other material statutory
dues as applicable with the appropriate authorities,
though there has been a slight delay in a few cases
of Tax Deducted at Source, Goods and Service Tax
and Employees State Insurance. According to
the information and explanation given to us and
the records of the Company examined by us, no
undisputed amounts payable in respect of statutory
dues were in arrears, as at 31 March 2026 for a
period of more than six months from the date they
became payable.
(b) According to the information and explanations given
to us and based on our examination of the records
of the Company, there are no statutoiy dues referred
to in sub-clause (a] as at 31 March 2026, which have
not been deposited with the appropriate authorities
on account of any dispute, except as stated below:
Name of |
Nature of Dues |
Amount Demanded (Rs. in Lakhs) |
Amount not paid (Rs. in Lakhs) |
Amount under dispute paid (Rs. in Lakhs) |
Period to which the amounts relate to |
Forum where dispute is pending |
Employees Provident |
Provident Fund | 18.83 | 14.12 | 4.71 | 2014 -2015 & 2015-2016 |
Employee PF Appellate - Bangalore |
Andhra Pradesh |
Value added Tax | 13.49 | 5.74 | 7.75 | 2010-2012 | The Joint Commissioner (CT) Legal, Commissioner of Commercial Taxes |
Kerala Value Added |
Value added Tax |
0.32 | 0.16 | 0.16 | 2009-2010 | Commissioner Appeals, Trivandrum |
Central Sales |
Sales Tax | 19.65 | 10.14 | 9.51 | 2009-2010 and 2013-2014 |
Commissioner Appeals, Trivandrum |
Finance Act, 1994 |
Service Tax | 88.74 | 88.74 | 2005-2010 | Commissioner of Central Excise (Appeals), Mangalore |
|
Tamil Nadu Tax on |
Electricity Charges | 149.21 | 141.26 | 7.95 | Various | Honourable Madras High Court |
Sale of Electricity |
84.84 | 84.84 | - | 2012-2013 to 2015-2016 |
Appropriate Forum | |
| 204.15 | 204.15 | - | 2014- 2015 & 2015- 2016 | Appropriate Forum | ||
Kerala State |
Electricity Charges | 14.25 | 14.25 | - | 2015-2016 | Honourable High Court of Kerala |
Tamil Nadu Highways |
NHAI | 90.26 | 90.26 | - | 2020-2021 | Honourable Madras High Court |
Name of |
Nature of Dues |
Amount Demanded (Rs. in Lakhs) |
Amount not paid (Rs. in Lakhs) |
Amount under dispute paid (Rs. in Lakhs) |
Period to which the amounts relate to |
Forum where dispute is pending |
Tamil Nadu Urban |
Property Tax | 102.18 | 102.18 | - | 2022-2023 | Honourable Madras High Court |
Goods and Services |
GST | 413.62 | 394.93 | 18.70 | 2017-18 | Office ofthe Assistant Commissioner (ST), Valluvarkottam Assessment Circle, Chennai, Tamil Nadu |
Goods and Services |
GST | 71.88 | 71.88 | 2020-21 | Assistant Commissioner of State Tax (GST Appeals) |
|
Goods and Services |
GST | 1.17 | 1.17 | 2019-20 & 2021-22 | Assistant Commissioner (Tambaram Division) |
|
Goods and Services |
GST | 4.53 | 4.53 | - | 2017-2019 | GST Department- Andhra Pradesh |
(viii) Based on our audit procedures and as perthe information
and explanations given by the management and on the
basis of our examination of the records of the Company,
no amount has been surrendered or disclosed as income
during the year in the tax assessments under the Income
Tax Act, 1961. Accordingly, paragraph 3(viii) ofthe order
is not applicable to the Company.
(ix) (a] Based on our audit procedures and as per the
information and explanations given by the
management, the Company has not defaulted in
repayment of loans or other borrowings or in
payment of interest thereon to any lender.
(b) According to the information and explanations given
to us and on the basis of our examination of the
records ofthe Company, the Company has not been
declared willful defaulter by any bank or financial
institution or government or government authority.
(c) According to the information and explanations given
to us and the records of the Company examined
by us, term loans were applied for the purpose for
which the loans were obtained.
(d) According to the information and explanations given
to us and the records of the Company examined by
us, no funds raised on short term basis have been
utilized for longterm purposes.
(e) According to the information and explanations given
to us and the records ofthe Company examined by us,
the Company has not taken any funds from any entity
or person on account of or to meet the obligations of
its subsidiary, joint venture or associate companies.
Accordingly, paragraph 3(ix)(e) ofthe Order is not
applicable to the Company.
(f) According to the information and explanations given
to us and the records of the Company examined by
us, the Company has not raised any loans during the
year on pledge of securities held in its subsidiary,
joint venture or associate companies. Accordingly,
paragraph 3(ix)(f) ofthe Order is not applicable to
the Company.
(x) (a] The Company has not raised any money during the
year by way of initial public offer/further public
offer (including debt instruments] hence, the
requirementto report on clause 3(x](a] ofthe Order
is not applicable to the Company.
(b] During the year, the Company has not made any
preferential allotment or private placement of
shares or convertible debentures (fully or partly or
optionally] and hence reporting under clause (x](b]
ofthe Order is not applicable to the Company.
(xi] (a] To the best of our knowledge and beliefand according
to the information and explanations given to us, we
report that no material fraud by the Company or on
the Company has been noticed or reported during
the year.
(b] According to the information and explanations
given to us including the representation made to
us by the management of the Company, no report
under sub-section 12 of Section 143 of the Act has
been filed by secretarial auditor or by cost auditor
or by us in Form ADT-4 as prescribed under Rule
13 of Companies (Audit and Auditors] Rules, 2014,
with the Central Government of India for the period
covered by our audit.
(c] We have taken into consideration the whistle blower
complaints received by the Company during the year
while determining the nature, timing and extent of
our audit procedures.
(xii] The Company is not a Nidhi company in accordance with
Nidhi Rules 2014. Accordingly, paragraph 3(xii](a] to (c]
of the Order is not applicable.
(xiii] In our opinion and according to the information and
explanations given to us, the transactions with related
parties are in compliance with Section 177 and 188 of
the Act, where applicable, and the details of the related
party transactions have been disclosed in the standalone
financial statements as required by the applicable
accounting standards.
(xiv] (a] To the best of our knowledge and belief and
according to the information and explanations given
to us, the Company has an internal audit system
commensurate with the size and nature of its
business.
(b] We have considered the reports of the Internal
Auditors of the Company issued till date for the
period under audit.
(xv] On the basis of the information and explanations given to
us, in our opinion, during the year the Company has not
entered into any non-cash transactions with its directors
or persons connected with its directors and hence
provisions of section 192 ofthe Companies Act, 2013 are
not applicable to the Company.
(xvi] (a] Based on our audit procedures and according to
the information and explanations given to us, the
Company is not required to be registered under
Section 45-IA of Reserve Bank of India Act, 1934 (2
of 1934],
(b] Based on our audit procedures and according to
the information and explanations given to us, the
Company has not conducted any Non-Banking
Financial or Housing Finance activities without
a valid Certificate of Registration (CoR] from the
Reserve Bank of India as per the Reserve Bank of
India Act, 1934. Accordingly, paragraph 3(xvi](b] of
the Order is not applicable to the Company.
(c] Based on our audit procedures and according to
the information and explanations given to us, the
Company is not a Core Investment Company (CIC] as
defined in the regulations made by the Reserve Bank
of India and hence the questions of fulfilling criteria
of a CIC, and in case the Company is an exempted or
unregistered CIC, whether it continues to fulfill such
criteria, do not arise. Accordingly, paragraph 3(xvi]
(c] ofthe Order is not applicable to the Company.
(d] According to the information and explanation given
to us by the management, the Group has five CICs
which are registered with the Reserve Bank of India
and one CICs which is not required to be registered
with the Reserve Bank of India.
(xvii] Based on our audit procedures and according to the
information and explanations given to us, the Company
has not incurred cash losses in the financial year and in
the immediately preceding financial year.
(xviii] There has been no resignation ofthe statutory auditors
during the year and accordingly this clause is not
applicable.
(xix] According to the information and explanations given
to us and on the basis of the financial ratios, ageing
and expected dates of realisation of financial assets
and payment of financial liabilities, other information
accompanying the financial statements, our knowledge
of the Board of Directors and management plans and
based on our examination ofthe evidence supporting the
assumptions, read with Note 46 nothing has come to our
attention, which causes us to believe that any material
uncertainty exists as on the date ofthe audit report that
the Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall
due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as
to the future viability ofthe company. We further state
that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee
nor any assurance that all liabilities falling due within a
period of one year from the balance sheet date, will get
discharged by the company as and when they fall due.
(xx] In our opinion and according to the information and
explanations given to us, there is no unspent amount
under sub-section (5] of Section 135 ofthe Act pursuant
to any project. Accordingly, clauses 3(xx](a] and 3(xx](b]
ofthe Order are not applicable to the Company.
For PKF Sridhar & Santhanam LLP
Chartered Accountants
Firms Registration No.003990S/S200018
V Kothandaraman
Partner
Membership No. 025973
UDIN : 26025973KOJDVP3086
Place of Signature: Alibag
Date: 04 May 2026
Annexure B
Referred to in paragraph 2(g) on Report on Other Legal and Regulatory Requirements of
our report of even date.
Report on the Internal Financial Controls with reference to the aforesaid standalone
financial statements under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013.
We have audited the internal financial controls with reference
to standalone financial statements of Oriental Hotels Limited
("the Company") as of 31 March 2026 in conjunction with our
audit of the standalone financial statements of the Company
for the year ended on that date.
Managements and Board of Directors Responsibility for
Internal Financial Controls
The Companys Management and the Board of Directors
are responsible for establishing and maintaining internal
financial controls based on the internal control with reference
to financial statements criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India (the "Guidance Note"). These
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys
policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls with reference to financial statements
based on our audit. We conducted our audit in accordance with
the Guidance Note and the Standards on Auditing, prescribed
under section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls with reference to
financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference to
financial statements were established and maintained and if
such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
with reference to financial statements and their operating
effectiveness. Our audit of internal financial controls with
reference to financial statements included obtaining an
understanding of internal financial controls, assessing the risk
that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the
auditors judgement, including the assessment of the risks of
material misstatement of the standalone financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls with
reference to financial statements.
Meaning of Internal Financial Controls with reference to
standalone financial statements
A Companys internal financial control with reference
to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for
external purposes in accordance with generally accepted
accounting principles. A Companys internal financial control
with reference to financial statements includes those policies
and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company; (2)
provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles,
and that receipts and expenditures of the Company are being
made only in accordance with authorisations of management
and directors of the Company; and (3) provide reasonable
assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the Companys
assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls with
reference to standalone financial statements
Because of the inherent limitations of internal financial
controls with reference to financial statements, including the
possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation
of the internal financial controls with reference to financial
statements to future periods are subject to the risk that the
internal financial control with reference to financial statements
may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures
may deteriorate.
Opinion
In our opinion, the Company has, in all material respects,
adequate internal financial controls with reference to financial
statements and such internal financial controls were operating
effectively as at 31 March 2026, based on the internal control
with reference to financial statements criteria established by
the Company considering the essential components of internal
control stated in the Guidance Note.
For PKF Sridhar & Santhanam LLP
Chartered Accountants
Firms Registration No.003990S/S200018
V Kothandaraman
Partner
Membership No. 025973
UDIN : 26025973KOJDVP3086
Place of Signature: Alibag
Date: 04 May 2026
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