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Aditya Birla Money Ltd.

BSE: 532974 Sector: Financials
NSE: BIRLAMONEY ISIN Code: INE865C01022
BSE LIVE 15:29 | 07 Dec 26.55 -0.85
(-3.10%)
OPEN

27.45

HIGH

27.45

LOW

26.55

NSE LIVE 15:31 | 07 Dec 26.60 -0.65
(-2.39%)
OPEN

27.15

HIGH

27.35

LOW

26.50

OPEN 27.45
PREVIOUS CLOSE 27.40
VOLUME 3320
52-Week high 36.10
52-Week low 19.15
P/E 88.50
Mkt Cap.(Rs cr) 147.09
Buy Price 26.30
Buy Qty 50.00
Sell Price 26.85
Sell Qty 196.00
OPEN 27.45
CLOSE 27.40
VOLUME 3320
52-Week high 36.10
52-Week low 19.15
P/E 88.50
Mkt Cap.(Rs cr) 147.09
Buy Price 26.30
Buy Qty 50.00
Sell Price 26.85
Sell Qty 196.00

Aditya Birla Money Ltd. (BIRLAMONEY) - Auditors Report

Company auditors report

To the Members of Aditya Birla Money Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Aditya Birla MoneyLimited (“the Company”) which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2016 its profit and its Cash Flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note No. 21 of the Notes to the Financial Statements relating tothe recoverability of assets in the nature of trade receivables advances and otherassets etc. aggregating to Rs.183368483 grouped under advances recoverable in cash orkind which is subject matter of claim and more fully described therein. Our opinion isnot qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure 2” to this report;

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Compaies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements.

Refer Note No. 33(ii) to the Financial Statements. ii. The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Shrawan Jalan

Partner

Membership Number: 102102

Date : May 06 2016

Place : Chennai

Annexure 1 referred to in paragraph 1 under the heading R eport on Other Legal andRegulatory Requirements of our Report of even date

Re: Aditya Birla Money Limited (the Compan y)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion isreasonable having regard to the size of Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given by the managementthe titledeeds of immovable properties included in property plant and equipment/fixed assets areheld in the name of the company except for immovable properties aggregating Rs.15 lacs forwhich the title is in dispute and the matter is sub judice. Also refer Note No. 9A to theFinancial Statements.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 4(ii) of the Order are not applicable to the Company.

(iii) According to the information and explanation given to us the Company has notgranted any loans secured or unsecured to or from companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 the Actand hence Clause 3(iii)(a) (b)and (c) of the Order are not applicable to the Company andhence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of Section 185 and 186 of the Act are applicable and hence not commented upon.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Act for theproducts/services of the Company.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax cess and other material statutory dues havegenerally been regularly deposited with the appropriate authorities though there has beena slight delay in a two cases amounting to Rs. 3525. The provisions relating to duty ofcustoms and excise duty are not applicable to the Company.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax wealth-taxservice tax sales-tax value added tax cess and other material statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable. The provisions of duty of customs and excise duty are not applicable tothe Company.

As more fully discussed in Note No. 22 to the Financial Statements stamp dutiescollected by the Company in respect of States wherein the manner of payment has not beennotified from July 2011 onwards and remaining unpaid as of 31 March 2016 is Rs.7916843.As the manner of payment of the same has not been notified we are not in a position tocomment if any portion of the stamp duties collected has become due and outstanding formore than six months as at the Balance Sheet date.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax provident fund wealth-tax service-tax value added tax and cess on account ofany dispute are as follows:

Name of the Statute Nature of dues Amount (Rs.) Period to which the amount related Forum where the dispute is pending
7283390 April 2004 - June 2008
376714 October 2004 - March 2009
Finance Act 1994 Service Tax 1116339* December 2008 - November 2009 Commissioner of Service Tax
21821 November 2009 - March 2010
26996 April 2010 - September 2010
Karnataka Stamp Act 1957 Stamp Duty 9060000 2003 - 2008 Chief Revenue Controlling Authority Karnataka
Employee's Provident Funds and Miscellaneous Provisions Act 1952 Provident Fund 14036578* April 2009 - May 2011 Regional Provident Fund Commissioner Chennai
Income Tax Act 1961 Income Tax 8773360 April 2010 - March 2011 Commissioner of Income Tax (Appeals) Chennai
386680 April 2011 - March 2012

*Includes payment of Rs.4625484 under protest.

The provisions of duty of customs and excise duty are not applicable to the Company.

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of dues to a financial institutionbank or debenture holders or government.

(ix) In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of debt instruments in thenature of commercial paper for the purposes for which those were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no fraud on the companyby the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management theprovisions of Section 197 read with Schedule V of the Act is not applicable to the companyand hence reporting under clause 3(xi) are not applicable and hence not commented upon.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3 (xiv) are not applicable tothe company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Shrawan Jalan

Partner

Membership Number: 102102

Date : May 06 2016

Place : Chennai

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL

STATEMENTS OF ADITYA BIRLA MONEYLIMTED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act)

To the Members of Aditya Birla Money Limited

We have audited the internal financial controls over financial reporting of AdityaBirla Money Limited (“the Company”) as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013 ('the Act').

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Explanatory paragraph

We also have audited in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of Indiaas specified under Section 143(10) of the Actthe standalone financial statements of the Company which comprise the Balance Sheet as atMarch 31 2016 and the related Statement of Profit and Loss and Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information and our report dated May 06 2016 expressed an unqualifiedopinion.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Shrawan Jalan

Partner

Membership Number: 102102

Date : May 06 2016

Place : Chennai

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