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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

Oct 27, 16:00
623.65 19.80 (3.28%)
Volume
AVERAGE VOLUME
5-Day
230,389
10-Day
254,604
30-Day
183,864
97,146
  • Prev. Close

    603.85

  • Open Price

    610.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 27, 15:59
623.50 18.60 (3.07%)
Volume
AVERAGE VOLUME
5-Day
3,180,285
10-Day
3,029,653
30-Day
2,581,773
3,816,610
  • Prev. Close

    604.90

  • Open Price

    607.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    623.50 (645)

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, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone 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 fows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act, as applicable. 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 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 there under and the Order under section 143 (11) of the Act. We conducted our audit of the standalone financial statements 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 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. An audit also includes evaluating the appropriateness of 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, 2016, and its Profit and its cash fows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. 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 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 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 prescribed under section 133 of the Act, as applicable. e) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting. g) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations 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 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. 2. As required by the Companies (Auditor''s Report) Order, 2016 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order. (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of 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) According to the information and explanations given to us and the records examined by us, we report that, the title deeds, comprising all the immovable properties of land and buildings, are held in the name of the Company as at the balance sheet date. Immovable properties of land and buildings whose title deeds have been pledged in favour of Trustees for the benefit of debenture holders as security for Redeemable Non-Convertible Debentures, are held in the name of the Company based on the Trust deed executed between the Trustees and the Company. (ii) The Company does not have any inventory and hence reporting under clause (ii) of the CARO 2016 Order is not applicable. (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 which: (a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company''s interest. (b) The schedule of repayment of principal and payment of interest has been stipulated and repayments or receipts of principal amounts and interest have been regular as per stipulations. (c) There is no overdue amount remaining outstanding as at the year-end. (iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable. (v) According to the information and explanations given to us, the Company has not accepted any deposit 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) Having regard to the nature of the Company''s business / activities, reporting under clause (vi) CARO 2016 Order is not applicable. (vii) 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, Service Tax, Customs Duty, Value Added Tax, Cess and other material statutory dues applicable to it to the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2016 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, 2016 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 ) Tamil Nadu General TNGST Madras High Court Sales Tax Act, 1959 Tamil Nadu VAT Act, Sales Tax Tamil Nadu Sales Tax 2006 Appellate Tribunal Tamil Nadu VAT Act, Sales Tax Joint Commissioner of 2006 Commercial Taxes 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 Deputy Commissioner 1975 of Sales Tax OVAT Act, 2004 Sales Tax Joint Commissioner of Sales Tax (Appeals) OVAT Act, 2004 Sales Tax Odisha Sales Tax Appellate Tribunal Karnataka Sales Tax, Act Sales Tax Karnataka Sales Tax 1957 Tribunal Name of the Statute Period to which the Amount involved amount relates (Financial (Rs, in lakhs) Year) Income Tax Act,1961 2008-09, 2011-12 and 22,783.35 2012-13 Income Tax Act,1961 1990-91, 1991-92, 2000-01, 655.73 2003-04, 2005-06, 2006-07, 2007-08 and 2008-09 Tamil Nadu General 1995-96 986.98 Sales Tax Act.1959 Tamil Nadu VAT Act, 2006-07 to 2013-14 1,028.80 2006 Tamil Nadu VAT Act, 2014-15 64.90 1956 Central Sales Tax 1995-96 11.83 1956 Bihar Finance Act,1981 1993-94 and 1994-95 2.19 Gujarat Sales Tax May 1997 to 2.03 Act,1969 September 1997 Delhi Sales Tax Act,1975 1991-92 7.58 OVAT Act,2004 July 2007 to January 2013 42.00 OVAT Act,2004 February 2012 to 268.56 March 2014 Karnataka Sales 2007-08 to 2013-14 357.46 Tax, Act,1957 (viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, banks and dues to debenture holders. (ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments). 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 raised. (x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year though there have been a few cases of irregularities amounting to Rs, 207.47 lakhs (Refer Note 37 to the financial statements) detected and appropriately dealt with by the management. (xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013. (xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable. (xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. (xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 Order is not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable. (xvi) The Company is required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and it has obtained the registration. For DELOITTE HASKINS & SELLS Chartered Accountants (Firm''s Registration No.: 008072S) Bhavani Balasubramanian Partner Chennai, April 29, 2016 (Membership No.: 22156)