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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

Dec 02, 16:00
101.45 1.95 (1.96%)
Volume
AVERAGE VOLUME
5-Day
1,210
10-Day
889
30-Day
1,896
186
  • Prev. Close

    99.50

  • Open Price

    102.75

  • Bid Price (Qty.)

    99.15 (50)

  • Offer Price (Qty.)

    101.20 (350)

NSE Live

Dec 02, 15:41
100.65 1.45 (1.46%)
Volume
AVERAGE VOLUME
5-Day
6,042
10-Day
6,146
30-Day
11,567
8,521
  • Prev. Close

    99.20

  • Open Price

    99.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    100.65 (332)

Annual Report

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

Auditor's Report

We have audited the accompanying Balance Sheet of Fortune Financial Services (India) Limited (the Company) as at 31 March 2012, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these 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.

1) As required by the Companies (Auditor's Report) Order, 2003, and amendments thereto (together referred to as the 'Order') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

2) Further to our comments in the Annexure referred to 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iii. In our opinion, the Balance Sheet, Statement of Profit and Loss 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 Act.

iv. On the basis of written representations received from the directors, as at 31 March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.

v. In our opinion and to the best of our information and according to the explanations given to us, they said accounts read with the notes thereon 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:

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31 March 2012;

b) in the case of the Statement of Profit and Loss, 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.

In our opinion and according to the explanations given to us, the Company's business / activities during the year are such that clauses (ii), (viii), (x), (xiii), (xvi), (xix) and (xx) of the Companies (Auditor's) Report Order 2003, are not applicable to the Company. In respect of the other clauses, we report as under:

1. a. The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets.

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 two companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding in respect of the loan given during the year was Rs. 1,855.81 Lacs and the yearend balance of such loan is Rs. 917.63 Lacs

b. In our opinion, the rate of interest and other terms and conditions of loans granted by the Company are not prima facie prejudicial to the interest of the Company.

c The receipt of principal and interest is regular, wherever there are stipulations with respect to the same.

d. There is no amount overdue in respect of the loans granted by the Company.

e. In our opinion and according to the explanations given to us, the Company has taken unsecured loans from two companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding in respect of the loan taken during the year was Rs 738.72 Lacs and the yearend balance of such loan is Nil.

f. In our opinion, the rate of interest and other terms and conditions of loans taken by the Company are not prima facie prejudicial to the interest of the Company.

g. The repayment of principal and interest is regular, wherever there are stipulations with respect to the same.

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 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. 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 are no contracts or arrangements entered in the registers maintained under Section 301 of the Companies Act, 1956. Accordingly, Paragraph 4(v)(b) of the Order is not applicable.

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, no Order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal on the Company.

6. The Company has an adequate internal audit system commensurate with the size of the Company and the nature of its business.

7. a. According to the records of the Company and the information and explanations given to us, the Company has been regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, income tax and other statutory dues, applicable to it.

b. According to the information and explanation given to us there are no arrears of statutory dues as at the last day of the financial year, outstanding for more than six months from the date they become payable

c According to the information and explanations given to us, there are no statutory dues, which are disputed by the company.

8. Based on our audit procedures and on the information and explanations given by the Management, the Company has not defaulted in repayment of dues to any bank during the year.

9. Based on our examination of documents and records, and as confirmed by the Management, the Company has not granted loans and advances on the basis of security by way of pledge of shares.

10. 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, securities and timely entries have been made in those records. We also report that the Company has held the securities, in its own name except those that are intended to be contracted or sold immediately.

11. 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 interest of the Company.

12. 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.

13. The Company has made a preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. 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

ICAI Registration Number: 0126168W

Sudhir V. Nair

Partner

(Membership Number 45893)

Mumbai, 30 May 2012