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Can Fin Homes Ltd.

BSE: 511196 | NSE: CANFINHOME |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE477A01020 | SECTOR: Finance - Housing

BSE Live

Dec 07, 16:00
582.50 11.25 (1.97%)
Volume
AVERAGE VOLUME
5-Day
61,349
10-Day
52,286
30-Day
43,399
141,740
  • Prev. Close

    571.25

  • Open Price

    569.10

  • Bid Price (Qty.)

    582.50 (400)

  • Offer Price (Qty.)

    586.30 (5)

NSE Live

Dec 07, 15:52
583.30 12.70 (2.23%)
Volume
AVERAGE VOLUME
5-Day
870,592
10-Day
867,574
30-Day
800,910
994,353
  • Prev. Close

    570.60

  • Open Price

    572.05

  • Bid Price (Qty.)

    583.30 (311)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Can Fin Homes Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 3 branches audited by us, 80 branches audited by Branch Auditors. These auditors are appointed based on the guidelines, terms and conditions approved by the Board. Management''s Responsibility for the Financial Statements: Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company, in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility: Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion: In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; 1. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; 2. in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and 3. in the case of the Cash Flow Statement, of the 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, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that; a) we have obtained all the information and explanations which to the best 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 the Company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us. The Branch Auditor''s Reports have been forwarded to us and have been appropriately dealt with by us in preparing this report; c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account and the audited returns received from the Branches. d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. and e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE) 1. a) The company has maintained proper records showing full particulars inclusive of quantitative details and situation of fixed assets. b) The management has physically verified the fixed assets during the course of the year and no material discrepancies were noticed on such physical verification. c) The company has not disposed off any substantial part of the fixed assets during the year. 2. As the Company does no have any inventory of goods, the provisions of Para 4(ii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 3. a) The company has not granted any loans secured or unsecured to Companies, firms or other parties covered in the register maintained under Section 301 of the Companies act, 1956. Therefore the clauses (b), (c) and (d) of Para (iii) of the Companies (Auditors report) Order, 2003 are not applicable. b) The Company has not taken any loans secured or unsecured to Companies, firms or other Parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore the clauses (f) and (g) of Para (iii) of the Companies (Audit Report) Order, 2003 are not applicable. 4. In our opinion and according to the information and explanations given to us, the internal control system for the purchase of fixed assets and for the sanction, disbursement and recovery of loans given by the Company are adequate and commensurate with the size of the company and present nature of its business. During the course of audit, we have not observed any continuing failure to correct major weakness in internal controls. 5. a) According to the information and explanations given to us based on the representations given by the management, we are of the opinion, that the particulars of the contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies act, 1956 have been so entered. b) As there are no transactions made during the year in pursuance of contract or agreements entered in the register maintained under Section 301 of the Companies Act, 1956, the Provisions of this para are not applicable to this Company. 6. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under to the extent applicable and the Housing Finance Companies (NHB) directions, 2001 with regard to the deposits accepted from the public. The Company Law Board or the National Company Law Tribunal or the Reserve Bank or any Court or any other Tribunal has passed no order. 7. The Internal Audit is being conducted by Firms of Chartered Accountants and in our opinion, the scope and coverage of internal audit is commensurate with size and nature of Company''s Business. 8. The Central Government has not prescribed the maintenance of cost record under Section 209(1 )(d) of the Companies Act, 1956 for the Company 9. a) According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Interest Tax, Cess and other statutory dues with the appropriate authorities. b) According to the information and explanations given to us, there are no undisputed statutory dues outstanding as at March 31, 2014 for a period of more than six months from the date they became payable. c) According to the information and explanations given to us, there are no dues of Income Tax, Service Tax, Cess, which have not been deposited on account of any dispute : (Rs. in Lakhs) Name of statute Nature of dues Amount Period to which Where dispute is pending (Rs.) the amount relates Income Tax Act Additional 39,84,813 AY 1995-96 Department has filed an appeal deduction u/s before the High Court 80M Income Tax Act Additional Tax 33,07,007 AY 1996-97 Department has filed an appeal levied before the Supreme Court Income Tax Act Additional Tax 12,67,616 AY 1997-98 Departmental appeal before the levied Hon''ble High Court of Karnataka dismissed. Department has filed an appeal before the Hon''ble Supreme court of India. Income Tax Act Short Allowance 57,99,784 AY 1998-99 Departmental appeal before the of benefit u/s Hon''ble High Court of Karnataka 36(1 ) (viii) dismissed. Department has filed an appeal before the Hon''ble Supreme court of India. Income Tax Act Levy of penalty 4,48,13,345 A Y 2007-08 Company has filed an appeal u/s 271 (1)( C) before High Court Income Tax Act Short payment 16,43,798 A Y 2011-12 The company has determined of Dividend probable liability of Rs. 1,97,812 Distribu tion Tax and made request for adjustment as per order u/s of the said amount against the 143(1) refund due. Orders awaited, from Tax authorities. Total 6,08,16,363 10. In our opinion, the Company has no accumulated losses at the end of the financial year and has not incurred any cash losses in the current financial year and in the immediately preceding financial year. 11. In our opinion and according to information and explanations given to us, the Company has not defaulted in payment of dues to its banks, Financial Institutions and Debenture holders. 12. According to the information and explanations given to us, the Company has not granted any loans or advances on security of shares, other securities. 13. In our opinion and according to the information and explanations given to us the company is not a Chit Fund, Nidhi or Mutual Benefits Trust/Society. 14. According to the information and explanations given to us the Company is not dealing or trading in shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the Company has not given guarantee in respect of loans taken by other Companies from banks and financial institutions. 16. In our opinion and according to the information and explanations given to us, the Company has prima facie applied the term loans for the purpose for which they were obtained. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the Company, we report that prima facie no funds raised on short term basis have been utilized for any long term investment purposes. 18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956. 19. According to the information and explanations given to us, the company has issued Secured Redeemable Non Convertible Non cumulative Taxable debentures worth Rs 250 crores, repayable after three years with yearly fixed interest of 10.05% through private placement. These debentures are secured by negative lien on the assets of the company and immovable property-apartment located at Kodigehalli, Hebbal. 20. According to the information and explanations given to us, the Company has not raised any monies from public issues during the year. 21. According to the information and explanations given to us, no material fraud on the Company or by the Company was noticed or reported during the year. However there have been few cases of loans becoming doubtful of recovery consequent upon fraudulent misrepresentation by borrowers. The amounts whereof are not material in the context of the size of the Company and the nature of its business, in respect of which adequate provision has been made in the accounts. For K P Rao & CO. Chartered Accountants Firm Registration No.: 003135S Sd/- K SURYA PRAKASH Place : Bengaluru Membership Number: 018857 Date: April 26, 2014