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Motilal Oswal Financial Services Ltd.

BSE: 532892 | NSE: MOTILALOFS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE338I01027 | SECTOR: Finance - General

BSE Live

Jul 29, 09:18
1058.00 17.90 (1.72%)
Volume
AVERAGE VOLUME
5-Day
72,560
10-Day
128,699
30-Day
83,931
1,769
  • Prev. Close

    1040.10

  • Open Price

    1055.00

  • Bid Price (Qty.)

    1056.20 (47)

  • Offer Price (Qty.)

    1057.55 (1)

NSE Live

Jul 29, 09:18
1057.35 19.65 (1.89%)
Volume
AVERAGE VOLUME
5-Day
744,941
10-Day
1,763,720
30-Day
1,236,501
38,077
  • Prev. Close

    1037.70

  • Open Price

    1050.00

  • Bid Price (Qty.)

    1057.40 (30)

  • Offer Price (Qty.)

    1058.55 (69)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Motilal Oswal Financial Services Limited as at 31st March, 2008, and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with 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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report] Order, 2003 and amended by the Companies (Auditors Report] (Amendment] Order, 2004, issued by the Central Government of India in terms of Section 227(4A] of the Companies Act, 1956, on the basis of such checks of the books and records as we considered appropriate and the information and explanations given to us during the course of the audit, we annex hereto a statement on the matters specified in paragraphs A and 5 of the said Order, to the extent they are applicable to the Company. A. Further to our comments in the Annexure referred to above, we report that: 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 appears from our examinations of those books. c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement comply, in all material respect, with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent they are applicable to the Company. e) On the basis of the written representations received from the directors as on 31 st March, 2008 and taken on record by the Board of Directors of the Company, we report that none of the directors are disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of sub-section (1j of Section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and the other notes thereon 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 so far it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2008; (ii) in so far it relates to Profit and Loss Account, of the profit of the company for the year ended on that date. (iii) in so far it relates to the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure referred to in paragraph 3 of our report of even date to the members of Motilal Oswal Financial Services limited on the financial statement for the year ended March 31, 2008 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. 2. The Company has carried out physical verification of all its fixed assets, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. We have been informed that no material discrepancies were noticed on such verification as compared to book records. 3-. Based on the information and explanation given by the management and on the basis of audit procedures performed by us, we are of the opinion that the Company has not disposed off substantial part of its fixed assets during the year. 4. As informed to us, the inventories (shares), which are held in dematerialized form, have been verified by the management with the supporting evidence during the year. In our opinion, the frequency of verification is reasonable. 5. The procedures of verification of inventory (shares) followed by the management are reasonable and adequate in relation to size of the company and the nature of its business. 6. On the basis of our examination of the records of inventory (shares), we are of the opinion that the Company is maintaining proper records of inventory (shares). We are informed that no discrepancies were noticed on verification between the dematerialized stocks and the book records. 7. As informed to us, the Company has granted unsecured loans to Subsidiary Companies listed in the register maintained under Section 301 of Companies Act, 1956. The amount of transaction involved during the year was Rs.61176.89 lacs. The maximum amount outstanding during the year is Rs.6765.62 lacs and the year-end balance of loan obtained from such parties was Rs.31.00 lacs. The Company has not taken any loan covered in the register maintained under Section 301 of the Companies Act, 1956. The rate of interest and other terms and conditions of loan given by the Company, are prima facie not prejudicial to the interest of the Company. 8. As informed to us, the Company is regular in receiving the principal and interest of the loan granted as per the stipulations. 9. As informed to us there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase and sale of inventory and fixed assets. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 10. On the basis of our examination of relevant records, and on the basis of representation received from the management, that the transactions that need to be entered into register maintained under Section 301 of the Companies Act, 1956 have been so entered. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 11. As informed to us, the Company has not accepted any deposit from the public attracting the provisions of Sections 58A and 58AA of the Companies Act, 1956 or the rules framed thereunder. 12. As informed to us, the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 13. According to the records of the Company and according to the information and explanations provided to us, 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, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities as applicable. 14. There are no undisputed amounts payable in respect of Provident Fund, Investor Education Protection Fund, Sales Tax, Wealth Tax, Income Tax, Custom Duty, Excise Duty, Service Tax, cess and other statutory dues which are outstanding as at March 31, 2008 for the period of more than six months from the date they become payable. 15. As informed to us there are no disputed amount payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and cess as on March 31, 2008. 16. The Company has been registered for less than five years. Consequently clause 4(x) is not applicable to the Company. 17. As informed to us the Company has not defaulted in repayment of dues to financial Institutions, banks and debenture holders during the year. 18. As informed to us, the Company maintained adequacy of documents and records in respect of loans and advances granted on the basis of security by way of pledge of shares, debentures and other securities. 19. Based on our audit procedures and according to the information and explanation provided to us by the management, we are of the opinion that the Company has maintained proper records in respect of the trading transactions and contracts of shares, securities, debentures and other investment. Also, the Company has accounted such transaction on date of transactions. Further, the investments have been held by the Company in its own name. 20. As informed to us, the company has given guarantees of Rs.4.7 crores for loan taken by other from banks or financial institutions. 21. During the year no fresh term loan has been obtained by the Company. 22. On the basis of overall examination of the Balance Sheet of the Company and the information & explanation provided to us, prima facie no fund raised on short term basis have been used for long term purposes. 23. As informed to us, the company has not made any preferential allotment of shares. 24. During the year the company has issued unsecured debentures. 25. The management has disclosed the end use of money raised by way of public issue and the same has been verified during the year. 26. Based upon the audit procedures performed and the information and explanations provided to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. The following clause of Order are not applicable to the company and hence are not reported upon : 4(viii] & 4(xiii). For HARIBHAKTI & CO., Chartered Accountants Manoj Daga Place : Mumbai Partner Dated 21st April, 2008 Membership No. 048523