you are here:

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

1. We have audited the attached Balance Sheet of MOTILAL OSWAL FINANCIAL SERVICES LIMITED (the Company) as at March 31, 2011 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 the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We 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 misstatement. 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the paragraph 3 above, we report that: i. 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; ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. v. On the basis of the written representations received from the directors, as on March 31, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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; a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011; b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS REPORT Referred to in paragraph 3 of the Auditors Report of even date to the members of MOTILAL OSWAL FINANCIAL SERVICES LIMITED on the financial statements for the year ended March 31, 2011 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and the physical assets have been noticed. In our opinion, the frequency of verification is reasonable. (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year. (ii) (a) As informed to us, the inventories (shares) which are held in dematerialized form, have been verified by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of verification of inventories (shares) followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory (shares). We are informed that no material discrepancies were noticed on physical verification between the dematerialised stocks and the book records. (iii) (a) The Company has granted unsecured loan to seven subsidiary companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 866,189.58 (in thousands) and the year-end balance of loans granted to such parties was Rs. Nil. (b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are not, prima facie, prejudicial to the interest of the Company. (c) The loans are repayable on demand and whenever the loans are called for the Company has received the principal amount and interest accordingly. (d) Since there is no stipulation as regards repayment schedule, clause 4(iii)(d) is not applicable. (e) As informed, the Company has not taken any loans, 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 4(iii) are not applicable. (iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory (shares) and fixed assets and for the sale of service. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the Company. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained under Section 301 have been so entered. (b) In our opinion and 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 the prevailing market prices at the relevant time. (vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed thereunder. (vii) In our opinion, the Company has an adequate internal audit system commensurate with the its size and nature of its business. (viii) Since the Company is engaged in service sector, clause 4(viii) in respect of maintenance of Cost records is not applicable to Company. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, wealth-tax, service tax, customs duty, cess and other material statutory dues applicable to it. As explained to us, the provisions regarding sales-tax and excise duty are presently not applicable to the Company. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income-tax, wealth-tax, service tax, customs duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, wealth-tax, service tax, customs duty, and cess on account of any dispute, are as follows: Name of the statute Nature of dues Amount (Rs. in Thousands) Income Tax Act, 1961 Income Tax Rs. 656.17 Name of the statute Period to which the Forum where amount relates dispute is pending Income Tax Act, 1961 A.Y. 2007-08 CIT (Appeal) (x) There are no accumulated losses as at March 31, 2011. Further, the Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. (xii) 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 a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) According to the information and explanation given to us, we are of the opinion that the Company has maintained proper records in respect of trading transactions and contracts of shares, securities, debentures and other investments and timely entries have been made therein. Further, the investments have been held by the Company, in its own name. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantee given by the Company, for one of its subsidiaries for obtaining loan from banks or financial institutions during the year, is not prejudicial to the interest of the Company. (xvi) The Company has not obtained any term loans. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds amounting to Rs. 155,443.26 (in thousands) raised on short-term basis have been used for long-term investment. The Companys short term liabilities and provisions are increased to the extent of the stated amount. In the absence of relevant details, we are unable to comment upon their utilisation. (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act. (xix) According to the information and explanations given to us, during the year the Company had issued and redeemd unsecured non convertible debentures. (xx) During the year, the Company has not raised any money by way of public issue. (xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For Haribhakti & Co. Chartered Accountants Firms Registration No. 103523W Rakesh Rathi Partner Membership No. 45228 Place: Mumbai Date : April 30, 2011