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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 30, 15:56
943.25 -116.80 (-11.02%)
Volume
AVERAGE VOLUME
5-Day
59,037
10-Day
132,242
30-Day
84,985
203,517
  • Prev. Close

    1060.05

  • Open Price

    981.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    943.25 (5)

NSE Live

Jul 30, 15:59
943.10 -115.90 (-10.94%)
Volume
AVERAGE VOLUME
5-Day
631,905
10-Day
1,740,046
30-Day
1,245,434
1,798,049
  • Prev. Close

    1059.00

  • Open Price

    980.00

  • Bid Price (Qty.)

    943.10 (48)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of MOTILAL OSWAL FINANCIAL SERVICES LIMITED (the Company) as at 3 1st March, 2010, 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. 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. 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 4 and 5 of the said Order, to the extent they are applicable to the Company. Further to our comments in the Annexure referred to above, 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 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 compiy, in all material respect, with the accounting standards referred to in sub-section (3C) of section 21 I 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 31st March, 2010 and taken on record by the Board of Directors of the Company, we report that none of the directors are disqualified as on 31 st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (I) 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 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 case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2010; ii. in case of Profit and Loss Account, of the profit of the Company for the year ended on that date. iii. in case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to Auditors Report ANNEXURE REFERRED TO IN PARAGRAPH I 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, 2010 i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) All the fixed assei:s were physically verified by the management in the previous year in accordance with a planned Programme of verifying them once in three years which, in our opinion, is reasonable having regard to the size of the company and nature of its assets. As informed to us, no material discrepancies were noticed on such verification. c) 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 ne Company has not disposed off substantial part of its fixed assets during the year. ii) a) As informed to us;, the inventories (shares), which are held in dematerialized form, have been verified by the management with the supporting eviderce during the year. In our opinion, the frequency of verification is reasonable. b) 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. c) 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. iii) a) As informed to us, the Company has granted unsecured loans to seven Subsidiary Companies listed in the register maintained under Section 301 of Companies Act, 1956. The maximum amount involved during the year is Rs. 39.74 crores and the year-end balance of loan obtained from such parties was Rs. 4.34 crores. b) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and condition for such loans are not prima facie prejudicial to the interest of the company. c) The loans given are repayable on demand and Company has received the principal amount and interest accordingly. d) Since there is no stipulation as regards repayment schedules clause 4 (iii) (d) is not applicable. e) As informed to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (f) and (g) of clause (iii) are not applicable. iv) In our opinion and according the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase and sale of fixed asset and inventory (securities). During the course of audit, wb have not observed any continuing failure to correct major weaknesses in internal controls. v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contract or arrangement refered to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained under that section have been so entered. b) In our opinion ami according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to :he prevailing market price at the relevant time. vi) During the year the Company has not accepted any public deposit consequently clause 4 (vi) is not applicable. vii) In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business. viii) The Company belongs to the service sectors industry therefore clause 4(viii) of the Companies (Auditors Report) Order, 2003 (as amended) in respect of maintenance of Cost records is not applicable to Company. ix) a) 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. b) According to the information and explanations given to us, 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, 2010 for the period of more than six months from the date they become payable. c) According to the information and explanations given to us, there are no disputed amounts payable in respect of Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty and Cess as on March 31, 2010. x) There are no accumulated losses as at March 31, 2010. The Company has not incurred any cash losses during the current and immediately preceding financial year. xi) Based on our audit procedures and as per the information and explanations given to us we are of the opinion that Company has not defaulted in the repayment of dues to a financial institution, banks, or debenture holder. xii) Based on our examination of documents and records, we are of the opinion that the Company has maintained adequate records where the company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / society therefore clause 4(xiii) of the Companies (Auditors report) Order, 2003 (as amended) is not applicable to Company. xiv) Based on our audit procedures and according to the information and explanations 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. xv) According to the information and explanations given to us, the Company has given corporate guarantees of Rs. 392,000,000 to various banks for two of its subsidiary companies for margin requirement with Stock Exchange, fron, banks or financial institutions, the terms and conditions thereof, in our opinion, are not prejudicial to the interest of the Company. xvi) The Company did not have any term loan outstanding during the year. xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet and cash flow of the company, prima facie no fund raised on short term basis have been used for long term investment. xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the registers maintain under section 301 of the Companies Act, 1956. xix) According to the information and explanations given to us, during the period covered by our audit report, the Company had issued 585 debentures of Rs. I crore each. Debentures issued were unsecured. All the above debentures have been redeemed during the year. xx) During the year Company had not raised any money by way of Public Issue. xxi) 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. For HARIBHAKTI & CO. Chartered Accountant FRN No. I03523W Rakesh Rathi Partner Membership No. 045228 Place: Mumbai Date: 27th April, 2010