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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, 11:14
564.70 -3.20 (-0.56%)
Volume
AVERAGE VOLUME
5-Day
75,679
10-Day
78,509
30-Day
110,344
22,689
  • Prev. Close

    567.90

  • Open Price

    567.90

  • Bid Price (Qty.)

    564.55 (4)

  • Offer Price (Qty.)

    564.95 (75)

NSE Live

Dec 06, 11:14
564.60 -3.25 (-0.57%)
Volume
AVERAGE VOLUME
5-Day
2,434,220
10-Day
2,484,824
30-Day
2,879,122
264,705
  • Prev. Close

    567.85

  • Open Price

    572.40

  • Bid Price (Qty.)

    564.65 (142)

  • Offer Price (Qty.)

    564.95 (52)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Opinion 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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2015, and its profit and its 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, 2015 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 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 necessary for the purposes of our audit. (b) I n 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on March 31,2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of Section 164 (2) of the Act. (f) With respect to the other matters to be included in the Auditors'' Report in accordance with the Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements; ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) (i) Having regard to the nature of the Company''s business/activities/results during the year,clauses 3(ii) and 3(vi) 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. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (iii) According to the information and explanations given to us, the Company has granted unsecured loans, to a company covered in the Register maintained under Section 189 of the Companies Act 2013, in respect of such loans: (a) The receipts of principal amounts and interest have been regular / as per stipulations. (b) There were no overdue amounts remaining outstanding as at the year-end. (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 fixed assets and for the sale of services. During the course of our audit we have not observed any 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) 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 73 to Section 76 and any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposit) Rules, 2014 as amended, 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. 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. (vi) 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, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Value Added Tax, 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, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31,2015 for a period of more than six months from the date they became payable. (c) Details of dues of Income-tax, Sales Tax and Value Added Tax which have not been deposited as on March 31,2015 on account of disputes are given below: Name of the Statute Nature of Dues Forum where 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 TNGST Sales Tax Appellate Sales Tax Act, 1959 Tribunal Tamil Nadu VAT Act, Sales Tax Appellate Assistant 2006 Commissioner Commercial Tax Central Sales Tax Act, Sales Tax Sales Tax Appellate 1956 Tribunal Bihar Finance Act, 1981 Sales Tax Sales Tax Appellate Tribunal Gujarat Sales Tax Act, Sales Tax Sales Tax Appellate 1969 Tribunal Delhi Sales Tax Act, Sales Tax Additional 1975 Commissioner of Sales Tax (Appeals) Rajasthan VAT Act, 2003 Sales Tax Deputy Commissioner (Admn) OVAT Act, 2004 Sales Tax Joint Commissioner of Sales Tax (Appeals) OVAT Act, 2004 Sales Tax Additional Commissioner of Sales Tax (Appeals) Karnataka Sales Tax Act, Sales Tax Joint Commissioner of 1957 Sales tax (Appeals) Name of the Statute Period to which the Amount involved amount relates (Rs. in lakhs) (Financial Year) Income Tax Act, 1961 2005- 06, 2008-09 and 1,926.26 2011-12 Income Tax Act, 1961 1990- 91, 1991-92, 2000-01 534.58 and 2006-07 to 2008-09 Income Tax Act, 1961 2000-01, 2001-02 and 30.02 2002-03 Tamil Nadu General Sales Tax Act, 1959 1995-96 986.98 Tamil Nadu VAT Act, 2006 2006- 07 to 2014-15 1,817.76 Central Sales Tax Act, 1956 1995-96 11.83 Bihar Finance Act, 1981 1993-94 and 1994-95 2.19 Gujarat Sales Tax Act, 1969 May 1997 to September 2.03 1997 Delhi Sales Tax Act, 1975 1991- 92 7.58 Rajasthan VAT Act, 2003 April 2006 to June 2014 44.55 OVAT Act, 2004 July 2007 to January 2013 42.00 OVAT Act, 2004 February 2012 to March 298.56 2014 Karnataka Sales Tax Act, 1957 2007- 08 to 2013-14 357.46 (d) The Company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time. (vii) The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders. (ix) According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks and financial institutions. (x) 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. (xi) 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. 182.13 lakhs (Refer Note 38 to the financial statements) detected and appropriately dealt with by the management. For DELOITTE HASKINS & SELLS Chartered Accountants (Firm''s Registration No.: 008072S) Geetha Suryanarayanan Partner Chennai, April 24, 2015 (Membership No.: 29519)