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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

Nov 30, 16:00
550.70 8.05 (1.48%)
Volume
AVERAGE VOLUME
5-Day
82,873
10-Day
76,180
30-Day
155,199
105,521
  • Prev. Close

    542.65

  • Open Price

    538.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Nov 30, 16:02
550.50 8.30 (1.53%)
Volume
AVERAGE VOLUME
5-Day
2,960,702
10-Day
2,601,006
30-Day
3,024,306
3,525,992
  • Prev. Close

    542.20

  • Open Price

    541.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    550.50 (1379)

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 INVESTMENT AND FINANCE COMPANY LIMITED (the Company) as at 31 March, 2012, the Statement of Profit and Loss and 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 Company''s 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the 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 (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows: (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 Statement of Profit and Loss 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 Statement of Profit and Loss 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 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 31 March, 2012; (ii) in the case of the Statement of Profit and Loss, 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 received from the Directors as on 31 March, 2012 taken on record by the Board of Directors, none of the Directors is disqualified as on 31 March, 2012 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956. (Referred to in paragraph 3 of our report of even date) (i) Having regard to the nature of the Company''s business/activities/result, clauses 4(ii), 4(viii), 4(x), 4(xiii), 4(xiv) and 4(xx) of CARO are not applicable. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets. (b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (c) The fixed assets disposed off during the year, 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) In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the Register under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has granted loans to three subsidiaries aggregating to Rs859 lakhs. At the year-end, the outstanding balances of such loans aggregated to RsNIL. The maximum amount involved during the year was Rs911 lakhs (number of parties - three). (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Company. (c) The receipts of principal amounts and interest have been regular/as per stipulations. (d) There were no overdue amounts remaining outstanding as at the year end. The Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets and the sale of repossessed automobile assets and services. During the course of our audit, we have not observed any major weakness in such internal control system. 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 Section 301 that needed to be entered in the Register maintained under the said Section have been so entered. (b) Where each of such transaction is in excess of Rs5 lakhs in respect of any party, 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 provisions of Sections 58A and 58AA or any 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. However, in respect of overdue amounts totalling to Rs1.86 lakhs, payments have not made since the repayment of the same to the depositors has been stayed by the Madras High Court. Further, in respect of overdue amounts totalling to Rs0.11 lakhs, payments have not been made as per instructions received from the Central Bureau of Investigation. Other than the above, according to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal. (vii) In our opinion, the internal audit functions carried out during the year by the Company''s internal audit department as well as an external firm of Chartered Accountants appointed by the Management, have been commensurate with the size of the Company and the nature of its business. (viii) According to the information and explanations given to us in respect of statutory dues: (a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Income-tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Cess and other material statutory dues in arrears as at 31 March, 2012 for a period of more than six months from the date they became payable except for fixed deposit amounts totalling to Rs1.97 lakhs which have not been credited to Investor Education and Protection Fund since the repayment to the depositors has been stayed by the Madras High Court for an amount of Rs1.86 lakhs and payments to the extent of Rs0.11 lakhs have not been made pursuant to instructions received from Central Bureau of Investigation. (c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, and Cess which have not been deposited as on 31 March, 2012 on account of disputes are given below: Statute Nature of Forum where Dues Dispute is pending Income Tax Act, 1961 Tax and Interest Commissioner of Income Tax (Appeals) Income Tax Act, 1961 Tax and Interest Appellate Tribunal (ITAT) Income Tax Act, 1961 Tax and Interest Madras High Court Tamil Nadu General Sales Sales Tax Sales Tax Appellate Tax Act, 1959 Tribunal Central Sales Tax Act, 1956 Sales Tax Sales Tax Appellate Tribunal Bihar Finance Act, 1981 Sales Tax Sales Tax Appellate Tribunal Gujarat Sales Tax Act, 1969 Sales Tax Sales Tax Appellate Tribunal Delhi Sales Tax Act, 1975 Sales Tax Deputy Commissioner of Sales Tax Appeals U.P Trade Tax Act, 1948 Sales Tax Deputy Commissioner of Trade Tax Period to which Amount the amount relates involved (Financial Year) (Rsin lakhs) 2000-01 and 2005-06 405.76 1990-91 and 1991-92 2.79 1995-96 and 2000-01 24.99 1994-95 228.59 1994-95 59.77 1992-93 and 1993-94 2.19 1997-98 2.03 1990-91 7.58 1991-92 to 1998-99 9.11 (ix) 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. (x) In our opinion, the Company has maintained adequate records where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xi) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not prima facie prejudicial to the interests of the Company. (xii) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained, other than temporary deployment pending application. (xiii) On the basis of review of Asset / Liability Gap Analysis report, giving utilisation of funds on overall basis and the related information made available to us and as per the explanation given to us, we report that funds raised on short term basis have, prima facie, not been used during the year for long term investment. (xiv) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xv) According to the information and explanations given to us, during the period covered by our audit report, the Company had issued 21,929 debentures of Rs10 lakh each. The Company has created security in respect of the debentures issued. (xvi) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants (Registration No.008072S) M.K.Ananthanarayanan Place: Chennai Partner Date: 26 April, 2012 (Membership No.19521)