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Cholamandalam Investment and Finance Company Ltd.

BSE: 511243 | NSE: CHOLAFIN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE121A01024 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Dec 06, 16:00
555.60 -12.30 (-2.17%)
Volume
AVERAGE VOLUME
5-Day
67,786
10-Day
75,330
30-Day
106,718
46,871
  • Prev. Close

    567.90

  • Open Price

    567.90

  • Bid Price (Qty.)

    553.00 (1)

  • Offer Price (Qty.)

    555.60 (5)

NSE Live

Dec 06, 16:09
555.55 -12.30 (-2.17%)
Volume
AVERAGE VOLUME
5-Day
1,796,275
10-Day
2,378,489
30-Day
2,761,691
654,349
  • Prev. Close

    567.85

  • Open Price

    572.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2021 2019 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Cholamandalam DBS Finance Limited (the Company) as at March 31,2008, the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company. 4. Further to our comments in the Annexure referred to in Paragraph 3 above, 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 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; c. the Balance Sheet, the Profit and Loss Account and the Cash. Flow Statement dealt with by this report are in agreement with the books of account; d. in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; e. in our opinion and.to the best of our information ; and according to the explanations given to us,; the said accounts, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2008; (ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year, ended on that date. 5. On the basis of the written representations / declarations received from the Directors and taken on record by the Board and according to the information and explanations given to us, we report that none of the Directors of the Company is disqualified as at March 31, 2008, from being appointed as a Director under Section 274(1 )(g) of the Companies Act, 1956, on the said date. Annexure (Referred to in paragraph 3 of our report of even date) (i) The nature of the Companys business/activities during the year has been such that clauses 4(ii), 4(viii), 4(xiii), 4(xiv) and 4(xviii) of the Order are not applicable to the Company. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Some of the fixed assets were physically verified during the year by the Management in accordance with a programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) The fixed assets disposed off during the year, other than the disposal of leased assets in the ordinary course of the Companys business, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (iii) (A) In respect of loans, secured or unsecured, granted by the Company to parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has granted loans to two parties during theyear.Attheyearend,theoutstanding balance of such loans granted aggregated to Rs. 1,000 lakhs and the maximum amount involved during the year was Rs.2,350 lakhs. (b) The rate of interest, where stipulated, and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company. (c) The receipt of principal amounts and interest during the year have been regular / as per stipulations. (d) There were no overdue amounts at the year end. (B) In respect of loans, secured or unsecured, taken by the Company from parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company had taken a loan from one party during the year. At the year end, the outstanding balance of such loan taken was Rs.2,700 lakhs and the maximum amount involved during the year was Rs.6,000 lakhs. (b) The rate of interest and other terms and conditions of such loan is, in our opinion, prima facie not prejudicial to the interests of the Company. (c) The payment of principal amount and interest during the year have been regular / as per stipulations. (iv) In our opinion and according to the information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets, for the sale of repossessed automobile assets and for the rendering of services and we have not observed any significant continuing failure to correct major weaknesses in such internal controls during the course of our audit except that the controls over the performance of certain reconciliations need to be strengthened. The Company does not purchase inventory nor does it sell any goods (other than repossessed automobile assets) in the ordinary course of its business. (v) In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered into the register, maintained under the said Section, have been so entered. (b) Where the transactions (excluding loans reported under paragraph (iii) above) are in excess of Rs.5 lakhs in respect of any party during the year, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA or other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, as applicable to the Company, with regard to the deposits accepted from the public prior to November 1, 2006 (Also refer Note 22 of Schedule 18). However, in respect of overdue amounts totaling to Rs. 1.86 lakhs, payments have not been made since the repayment of the same to the depositors has been stayed by the Madras High Court. (vii) In our opinion, the internal audit functions carried out during the year by the Companys internal audit department as well as an external agency appointed by the Management, have been commensurate with the size of the Company and the nature of its business. (viii) In respect of Statutory dues: (a) According to the information and explanations -given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance Scheme, Investor Education and Protection Fund, Income Tax, Fringe Benefit Tax, Value Added Tax, Sales Tax, Wealth Tax, Service Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees State Insurance Scheme, Investor Education and Protection Fund, Income Tax, Fringe Benefit Tax, Value Added Tax, Sales Tax, Wealth Tax, Service Tax, Cess and other material statutory dues were outstanding as at March 31, 2008 for a period of more than six months from the date they became payable except that amounts totaling to Rs. 1.86 lakhs have not been credited to the Investor Education and Protection Fund since the repayment of the same to the depositors has been stayed by the Madras High Court. (c) According to the information and explanations given to us, the details of disputed Income Tax, Sales Tax and Service Tax liabilities which have not been deposited as on March 31, 2008 on account of any dispute are as given below. Name of the Statute Financial Year Income Tax Act, 1961 1996-97 Income Tax Act, 1961 2003-04 Income Tax Act, 1961 2004-05 Tamil Nadu General Sales Tax Act, 1959 1994-95 Karnataka Sales Tax Act, 1957 1992-93 to 1994-95, 1996-97 and 1999-2000 Central Sales Tax Act, 1956 1994-95 and 1995-96 Delhi Sales Tax Act, 1975 1990-91 Bihar Finance Act, 1981 1992-93 and 1993-94 Gujarat Sales Tax Act, 1969 1996-97 and 1997-98 Service Tax (Chapter V of 2001-02 and 2002-03 the Finance Act, 1994) Amount Forum where the (Rs. in lakhs) Disputejs Pending 30.40 Income Tax Appellate Tribunal 9.07 Commissioner of Income Tax (Appeals) 6.80 Commissioner of Income Tax (Appeals) 228.59 Sales Tax Appellate Tribunal 23.74 Sales Tax Appellate Tribunal 70.92 Sales Tax Appellate Tribunal 7.58 Assistant Commissioner, Appeals 2.19 Sales Tax Appellate Tribunal 2.03 Sales Tax Appellate Tribunal 69.33 Madras High Court (ix) The Company does not have any accumulated losses as at March 31, 2008. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks and debenture holders. The Company has not taken any loans from financial institutions. (xi) In our opinion, the Company has generally maintained adequate documents and records where it has granted loans and advances on the basis of security by way of pledge of shares and other securities. (xii) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees during the year for the loans taken by others from banks or financial institutions. (xiii) To the best of our .knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. (xiv) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment. (xv) According to the information and explanations given to us and the records examined by us, securities/charges have been created in respect of secured debentures issued. (xvi) During the period covered by our audit report, the Company has not raised any money by public issues as defined in the Securities and Exchange Board of India (Disclosure And Investor Protection) Guidelines, 2000, as amended. The details of the Rights Issue of Equity Shares and the utilization of the proceeds thereof are given in Note 9 of Schedule 18. (xvii) To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year, although there were some instances of loans becoming doubtful / loss assets consequent to fraudulent misrepresentation by borrowers / others which were noticed by the Management, the amounts whereof were not material in the context of the size of the Company and the nature of its business and the outstanding amounts of such loans were adequately provided for. For Deloitte Haskins & Sells Chartered Accountants K. Sai Ram April 25 2008 Partner Chennai Membership No. 022360