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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 26, 16:00
544.40 -39.95 (-6.84%)
Volume
AVERAGE VOLUME
5-Day
81,339
10-Day
74,118
30-Day
160,386
145,976
  • Prev. Close

    584.35

  • Open Price

    577.60

  • Bid Price (Qty.)

    544.40 (11)

  • Offer Price (Qty.)

    544.40 (2)

NSE Live

Nov 26, 15:57
544.80 -39.55 (-6.77%)
Volume
AVERAGE VOLUME
5-Day
2,535,428
10-Day
2,539,913
30-Day
2,995,125
5,101,440
  • Prev. Close

    584.35

  • Open Price

    581.65

  • Bid Price (Qty.)

    544.80 (177)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements 1. We have audited the accompanying fnancial statements of CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED (the Company), which comprise the Balance Sheet as at 31 March, 2014, the Statement of Proft and Loss and the Cash Flow Statement for the year then ended, and a summary of the signifcant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 2. The Company''s Management is responsible for the preparation of these fnancial statements that give a true and fair view of the fnancial position, fnancial performance and cash fows of the Company in accordance with the Accounting Standards notifed under the Companies Act, 1956 (the Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fnancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility 3. Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the fnancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fnancial 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 fnancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the fnancial statements. We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion. Opinion 5. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid fnancial 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2014; (b) in the case of the Statement of Proft and Loss, of the proft of the Company for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash fows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 6. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specifed in paragraphs 4 and 5 of the Order. 7. 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 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 Proft 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 Proft and Loss, and the Cash Flow Statement comply with the Accounting Standards notifed under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs). (e) On the basis of the written representations received from the directors as on 31 March, 2014 taken on record by the Board of Directors, none of the directors is disqualifed as on 31 March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 6 of our report of even date) (i) Having regard to the nature of the Company''s business / activities / results during the year, clauses 4(ii), 4(viii), 4(xiii), 4(xiv), and 4(xx) of paragraph 4 of the Order are not applicable to the Company. (ii) In respect of its fxed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fxed assets. (b) Some of the fxed assets were physically verifed during the year by the Management in accordance with a programme of verifcation, which in our opinion provides for physical verifcation of all the fxed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verifcation. (c) The fxed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fxed 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, frms or other 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 aggregating Rs.12,930 lakhs to two parties during the year. At the year-end, the outstanding balances of such loans granted aggregated Rs.800 lakhs (one party) and the maximum amount involved during the year was Rs.2,200 lakhs (two parties). (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie, not prejudicial to the interest 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. In respect of loans, secured or unsecured, taken by the Company from companies, frms or other 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 taken loans aggregating Rs.4,300 lakhs from two parties during the year. At the year-end, the outstanding balances of such loans taken aggregated Rs.8,138 lakhs (two parties) and the maximum amount involved during the year was Rs.8,454 lakhs (two parties). (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interest of the Company. (c) The payments of principal amounts and interest in respect of such loans are regular / as per stipulations. (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 for the purchase of fxed assets and for the sale of services and during the course of our audit we have not observed any continuing failure to correct major weaknesses 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 in 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 (excluding loans reported under paragraph (iii) above) is in excess of Rs.5 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) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections 58A, 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 1 November, 2006. However, in respect of overdue amounts totalling to Rs.1.86 lakhs, payments have not been made since the repayment of the same to the depositors has been stayed by the Honourable Madras High Court. Further, in respect of overdue amounts totalling to Rs.0.11 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 and an external agency 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 been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31 March, 2014 for a period of more than six months from the date they became payable. (ix) The Company does not have accumulated losses at the end of the fnancial year and the Company has not incurred cash losses during the fnancial year covered by our audit and in the immediately preceding fnancial 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 fnancial institutions, banks and debenture holders. (xi) In our opinion, the Company has maintained adequate documents and records where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xii) According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks and fnancial institutions. (xiii) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained, other than temporary deployment pending application. (xiv) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that 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, 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. (xvi) According to the information and explanations given to us, during the period covered by our audit report, the Company had issued 15,660 secured debentures of Rs.1,000,000 each. The Company has created security in respect of these debentures issued. (xvii) 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 though there have been a few cases of irregularities amounting to Rs.112 lakhs (Refer Note 38 to the fnancial statements) detected and appropriately dealt with by the management. For Deloitte Haskins & Sells Chartered Accountants (Firm''s Registration No.: 008072S) Geetha Suryanarayanan Date : 28 April, 2014 Partner Place : Chennai (Membership No.: 29519)