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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, 16:00
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 standalone financial statements of Fortune Financial Services (India) Limited (''the Company''), which comprise the balance sheet as at March 31, 2015, 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 Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31,2015, and its profit and its 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, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report that: a. We have sought and 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 it appears from our examination of those books; c. The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; e. On the basis of the written representations received from the directors as on March 31,2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164 (2) of the Act; and f. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred to in note 26 to the financial statements. ii. The Company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report Referred to in paragraph 1 of the Auditors'' Report on Other Legal & Regulatory Requirements of even date to the members of Fortune Financial Services (India) Limited on the financial statements as of and for the year ended on March 31,2015. i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all the assets have been physically verified by the management during the year at regular intervals which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. ii. The Company is a primarily engaged in business of financial advisory and consultancy services. Accordingly, it does not hold any physical inventories. Thus, paragraph 3(ii)(a), 3(ii)(b) & 3(ii)(c) of the Order are not applicable. iii. The Company has granted unsecured loans to four bodies corporate covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). (a) In respect of aforesaid loans, the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable. (b) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act. iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. Further on the basis of examination of books and records of the company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system. v. The Company has not accepted any deposits from the public during the year, within the meaning of directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Moreover, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other court or tribunal. vi. The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Act, for any of the services rendered by the Company. vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, income tax, wealth tax, service tax, and other material statutory dues, as applicable, with the appropriate authorities though there has been slight delay in few cases. As explained to us, the Company does not have any dues on account of duty of customs, sales tax, value added tax, employees state insurance and duty of excise. (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, the particulars of dues of income tax at balance sheet date which have not been deposited on account of any dispute are as follows; Name of the statute Nature of dues Amount (Rs. in lakhs) Income tax act, 1961 Income Tax 12.36 Income tax act, 1961 Income Tax 25.61 Name of the statute Period for which the Forum where the amount relates dispute is pending Income tax act, 1961 2010-11 CIT(A), Mumbai Income tax act, 1961 2011-12 CIT(A), Mumbai According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, there were no dues of provident fund, wealth tax, service tax, or cess as at balance sheet date which have not been deposited on account of any dispute. (c) There were no amount required to be transferred to Investor Education and Protection Fund in accordance with the provision of the Act, and rules made there under. viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. ix. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year. x. In our opinion and according to the information and the explanations given to us, the terms and condition of the guarantees given by the company for loans taken by its subsidiaries from banks or financial institutions during the year are not in prejudicial to the interest of the company. xi. The Company did not have any term loans outstanding during the year. xii. 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 any such cases by the management. For S. H. Bathiya & Associates LLP Chartered Accountants ICAI FRN: 101046W / W100063 Umesh B. Lakhani Partner Membership No. : 044981 Place : Mumbai Date : May 12, 2015.