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IIFL Finance Ltd.

BSE: 532636 | NSE: IIFL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE530B01024 | SECTOR: Finance - General

BSE Live

Dec 02, 16:00
318.90 2.65 (0.84%)
Volume
AVERAGE VOLUME
5-Day
2,576,235
10-Day
1,312,770
30-Day
493,543
30,673
  • Prev. Close

    316.25

  • Open Price

    320.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 02, 15:59
317.80 1.30 (0.41%)
Volume
AVERAGE VOLUME
5-Day
1,008,692
10-Day
757,260
30-Day
658,367
503,966
  • Prev. Close

    316.50

  • Open Price

    319.50

  • Bid Price (Qty.)

    317.80 (1312)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying standalone financial statements of IIFL Holdings Limited (Formerly India Infoline Limited) which comprise the Balance Sheet as at 31 March 2015, and 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 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 of 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. Auditor''s 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 there under. 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 31st March, 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 of India 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) 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 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f) With respect to the other matters to be included in the Auditor''s 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 does not have any pending litigations, refer note no. 24 (a) to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. The Annexure referred to in our report to the members of IIFL Holdings Limited (Formerly India Infoline Limited) (the Company) for the year ended 31 March 2015. We report that: 1. (a) The Company has maintained adequate records to show full particulars, including quantitative details and situation of the fixed assets. (b) The Company has formulated a programme of physical verification of its fixed assets in a phased manner. In accordance with this program, a physical verification of certain fixed assets has been carried out by management during the year and there are no material discrepancies observed between assets physically verified and book balances. In our opinion, the periodicity of verification is reasonable having regard to the size of the Company and the nature of its assets. 2. The Company is not carrying on any manufacturing or trading activity. Therefore, Paragraph 3(ii) (a), (b) and (c) of the order are not applicable to the company. 3. The Company has granted loan to five companies covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). (a) In the case of loan granted to the Company listed in the register maintained under section 189 of the Act, the borrower has been regular in the payment of the interest as stipulated. The terms of arrangement do not stipulate any repayment schedule and the loan are repayable on demand. Accordingly, Paragraph 3 (iii) (a) of the Order is not applicable in respect of repayment of the principal amount. (b) There is no overdue amount in excess of Rs.1 lakh in respect of loan granted to Company listed in the register maintained under Section 189 of the Companies Act, 2013. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business, for purchase of fixed assets and sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control systems. 5. The Company has not accepted any deposits during the year from the public to which the directives issued by Reserve Bank of India and the provisions of Section 73 to 76 and any other relevant provisions of the Act and the rules framed there under apply. 6. As per the information and explanations given to us, in respect of the class of industry the Company falls under, the maintenance of cost records has not been prescribed by the Central Government under section 148(1) of the Companies Act, 2013. Therefore, Paragraph 3 (vi) of the Order is not applicable to the Company. 7. (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues as applicable to the Company, with the appropriate authorities. There were no undisputed amounts payable in respect of provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues as applicable to the Company outstanding as at 31st March 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, service tax, duty of customs, duty of excise and cess which have not been deposited with appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of value added tax, profession tax and income tax have not been deposited by the Company on account of disputes: Name of the Nature of the disputed dues Amount of Statute Tax (Rs) MVAT Act, 2002 Delay in filing VAT Audit 5,63,342/- Report for the period 2007- 2008 MVAT Act,2002 Import Of Furniture 53,32,476/- including interest and penalty Profession Tax Profession Tax, Penalty & Interest 15,53,529/- Income Tax Disallowance of Expenses U/S 6,07,817/- Act,1961 14 A Income Tax Disallowance of Depreciation, 70,25,888/- Act,1961 Disallowance U/S 14A and Disallowance of Expenses Income Tax Disallowance of Expenses U/S 4,43,78,710/- Act,1961 14 A and ESOP Expenses Income Tax Disallowance of Expenses U/S 9,62,47,624/- Act,1961 14 A and ESOP Expenses Income Tax Disallowance of Expenses u/s 5,51,65,596/- Act,1961 14 A and ESOP Expenses and Transfer Pricing Adjustment Income Tax Disallowance of Expenses u/s 3,53,86,490/- Act,1961 14 A and ESOP Expenses and Transfer Pricing Adjustment Name of the Period to which Forum where dispute is pending Statute the amount relates MVAT Act, 2002 F.Y. 2007-2008 Jt. Comm. Of Sales Tax MVAT Act,2002 F.Y.2008-2009 Dy. Comm. of sales tax Profession Tax A.Y.2007-2008 Dy. Comm. Of Sales Tax - Appeals Income Tax A.Y.2006-2007 CIT (Appeals) of Income Tax has Act,1961 partly decided the appeal in favor of the company. Order giving effect to CIT order is pending with Assessing officer. Income Tax A.Y.2007-2008 Order giving effect to ITAT Act,1961 order is pending with Assessing officer. Income Tax A.Y.2008-2009 CIT Appeals of Income Tax has Act,1961 Partly decided the appeal in favor of company. Order giving effect to CIT order is pending. The company has file Appeal before ITAT in respect of disallowance of ESOP expenses. Income Tax A.Y.2009-2010 CIT Appeals of Income Tax Act,1961 Income Tax A.Y.2010-2011 CIT Appeals of Income Tax Act,1961 Income Tax A.Y.2011-2012 CIT Appeals of Income Tax Act,1961 (c) According to the information and explanations given to us, the amounts which were required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and the rules made thereunder has been transferred to such fund within time. 8. At the end of the financial year, the Company has neither accumulated losses nor has incurred cash loss during the financial year covered by our audit, and in the immediately preceding financial year. 9. Based on our audit procedures and according to the information and explanations given to us, the Company has not defaulted in repayment of its dues to debenture holders. The Company has not borrowed from financial institution and bank during the year. 10. The Company has granted Corporate Guarantees to Banks / Financial Institutions in respect of loans / facilities availed by its subsidiary companies. Based on the information and explanations given to us, we are of the opinion that the terms and conditions on which the guaranties are given are prima facie, not prejudicial to the interest of the Company. 11. The Company has not availed any term loan during the period. Therefore, Paragraph 3 (xi) of the Order is not applicable to the Company 12. During the course of our examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any material fraud on or by the Company noticed or reported during the year, nor have we been informed of such case by the management. For Sharp & Tannan Associates Chartered Accountants Firm''s registration no.109983W By the hand of Tirtharaj Khot Place: Mumbai Partner Date: 7th May, 2015 Membership No. (F) 037457