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The Investment Trust of India Ltd.

BSE: 530023 | NSE: THEINVEST |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE924D01017 | SECTOR: Finance - General

BSE Live

Jan 21, 11:13
121.00 -3.15 (-2.54%)
Volume
AVERAGE VOLUME
5-Day
7,830
10-Day
8,620
30-Day
5,548
9,339
  • Prev. Close

    124.15

  • Open Price

    122.00

  • Bid Price (Qty.)

    121.00 (124)

  • Offer Price (Qty.)

    121.85 (30)

NSE Live

Jan 21, 11:12
121.30 -1.95 (-1.58%)
Volume
AVERAGE VOLUME
5-Day
45,900
10-Day
67,750
30-Day
39,694
13,644
  • Prev. Close

    123.25

  • Open Price

    123.25

  • Bid Price (Qty.)

    121.25 (13)

  • Offer Price (Qty.)

    121.70 (43)

Annual Report

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

Auditor's Report

We have examined the attached Consolidated Balance Sheet of Fortune Financial Services (India) Limited (the Company) and its subsidiaries (the Company and its subsidiaries constitute the Fortune Group) as at 31 March 2010 and also the Consolidated Profit and Loss Account and the Consolidated Cash Flow Statement of the Fortune Croup for the year ended on that date annexed thereto. These consolidated financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that the consolidated financial statements have been prepared by the Company in accordance with the requirements of Accounting Standard (AS) 21, Consolidated Financial Statements notified by Companies (Accounting Standards) Rules, 2006 and on the basis of the separate audited financial statements of the Fortune Group included in the consolidated financial statements. Further to our comments above, we report that: On the basis of the information and explanations given to us and on the consideration of the separate audit report on individual audited financial statements of the Fortune Group, we are of the opinion that the consolidated financial statements read together with significant accounting policies in Schedule R and notes appearing thereon, give a true and fair view in conformity with the accounting principles generally accepted in India. a) in the case of the consolidated Balance Sheet, of the state of affairs of the Fortune Group as at 31 March 2010; b) in the case of the consolidated Profit and Loss Account, of the consolidated results of operations of the Fortune Group for the year ended on that date; and, c) in the case of consolidated Cash Flow Statements, of the consolidated cash flows of the Fortune Group for the year ended on that date. Annexure referred to in Paragraph (1) of the Auditors Report to the Members of Fortune Financial Services (India) Limited for the year ended 31 March 2010. - 1. a. The Companys records showing particulars including quantitative details and situations of fixed assets are required to be updated. b. The Management has not physically verified its fixed assets during the year. c. Based on the information and explanations given by the Management and on the basis of audit procedures performed by us, we are of the opinion that the assets and the undertaking sold by the Company during the year have not affected its going concern. 2. a. In our opinion and according to the explanations given to us, the Company has granted unsecured loans to its subsidiary companies covered in the register maintained under Section 301 of the Act. The maximum amount outstanding in respect of these loans given during the year was Rs. 3,192.36 Lacs (2 parties) and the amount outstanding in respect of these loans at the year end was Rs 1,281.00 Lacs (1 party). b. In our opinion, the rate of interest and other terms and conditions of the loans given by the Company to the companies listed in the Register maintained under Section 301 of the Act are not prima facie prejudicial to the interests of the Company. c. All loans (repayable on demand) granted to the companies listed in the register maintained under Section 301 have been repaid, as per stipulations, if any, during the year. Accordingly, there is no amount overdue in respect of the loans granted to the companies/firm listed in the register maintained under Section 301. d. As the Company has not taken any loan during the year from Companies /firm /parties listed in the register maintained under Section 301 of the Act, clauses 4(iii)(d),4(iii)(e) and 4(iii)(f) are not applicable. 3. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and for the sale of its services. Further on the basis of our examination and according to the information and explanations given to us, neither have we noticed nor have we been informed of any major weaknesses in the internal control system. 4. a. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Act have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 does not exceed Rupees Five Lacs. 5. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits from the public. As per the information and explanations given to us, the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal has not passed any order relating to public deposits on the Company. 6. The Company has an internal audit system commensurate with the size of the Company and the nature of its business. 7. In our opinion and according to the explanations given to us, the Company is not required to maintain cost records prescribed by the Central Government under Section 209 (1) (d) of the Act. 8. a. According to the records of the Company and the information and explanations given to us, the Company has been generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, cess and other statutory dues, if applicable to it. b. According to the information and explanations given to us, there are no undisputed statutory dues as referred to above as on 31 March 2010 outstanding for a period of more than six months from the date they became payable. 9. The Company does not have any accumulated loss as at 31 March 2010. The Company has not incurred any cash loss during the financial year covered by our audit and in the immediately preceding financial year. 10. Based on our audit procedures and on the information and explanations given by the Management, we are of the opinion that the Company has not defaulted in repayment of dues to banks. 11. Based on our examination of documents and records, and as confirmed by the Management, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 12. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts in respect of its dealing in shares and timely entries have been made in those records. We also report that the Company has held the shares, in its own name except those that are intended to be contracted or sold immediately. 13. The Company has given guarantee for a loan taken by its subsidiary from a bank, the terms of which are not prima facie prejudicial to the interests of the Company. 14. Based on our examinations of the records and information and explanations given to us, the Company has not taken any term loans. 15. According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we are of the opinion that as at the close of the year, no funds raised on a short term basis has been used for long term investments and vice versa. 16. The Company has made a preferential allotment of equity shares and equity warrants to parties covered in the register maintained under section 301 of the Act, the terms of which are not prima facie prejudicial to the interest of the Company. 17. The Company has not issued any debentures during the year. 18. The Company has not made any public issue of any of its securities during the year. 19. 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 period nor have we been informed of such case by the Management. For NIPUN SUDHIR & ASSOCIATES Chartered Accountants Registration Number: 0126168W Sudhir V. Nair Partner Mumbai, 20 May 2010 (Membership Number 45893)