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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 20, 15:40
124.20 7.25 (6.20%)
Volume
AVERAGE VOLUME
5-Day
8,702
10-Day
8,845
30-Day
5,775
2,133
  • Prev. Close

    116.95

  • Open Price

    117.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 20, 15:41
123.25 6.10 (5.21%)
Volume
AVERAGE VOLUME
5-Day
41,424
10-Day
63,791
30-Day
38,686
50,802
  • Prev. Close

    117.15

  • Open Price

    116.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Fortune Financial Services (India) Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the general circular 15/2013 dated 13th September, 2013 of Ministry of Corporate affairs in respect of section 133 of Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements 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 the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, 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 purpose 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 examination of those books; c) 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; d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the general circular 15/2013 dated 13th September, 2013 of Ministry of Corporate affairs in respect of section 133 of Companies Act, 2013; e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of Section 274(1)(g) of the Act; f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT Annexure referred to in Paragraph 1 under the heading Report on Other legal and Regulatory Requirements of our Report of even date. On the basis of such checks as we considered appropriate and in our opinion and according to the explanations given to us, 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, Company has not sold any asset during the year. 2. a. In our opinion and according to the explanations given to us, the Company has granted unsecured loans to three companies covered in the register maintained under Section 301 of the Act. The maximum amount outstanding in respect of the loans given during the year was Rs. 2,642.58 lakhs and the year end balance of such loans is Rs. 2,224.73 lakhs. b. In our opinion, the rate of interest, and other terms and conditions of the loan granted to the company covered in the Register maintained under Section 301 of the Act are not prima facie prejudicial to the interests 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. The Company has taken loan from a company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount of the loan taken during the year was Rs.811.46 lakhs and the yearend balance of such loan is Rs. 413.81 lakhs. f. 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 weakness 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 there are no contracts or arrangements which are required to be entered in the register 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 generally 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. The Company does not have an accumulated loss as at March 31, 2014. The Company has not incurred a cash loss during the current financial year or in the immediately preceding financial year. 9. 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. 10. 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. 11. 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. Matters specified in clauses (ii), (viii), (xii), (xiii), (xiv), (xv), (xvi), (xviii), (xix), (xx) of paragraph 4 of the CARO 2003 do not apply to the Company. For NIPUN SUDHIR & ASSOCIATES Chartered Accountants ICAI Firm Registration Number 0126168W Sudhir V. Nair Partner (Membership Number 45893) Mumbai, May 28, 2014