TO THE MEMBERS OF
AHLUWALIA CONTRACTS (INDIA) LIMITED
REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying standalone financial Statements of Ahluwalia Contracts (India) Limited (‘the Company), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flow and the Statement of Changes in Equity for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the standalone financial statements).
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 Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("IND AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
S. No. | Key Audit Matters | Auditors Response |
1 | Revenue recognition for long term construction contracts: | Our audit procedures include the following: |
The Companys significant portion of business is undertaken through long term construction contracts. Revenue from these contracts is recognized over a period of time in accordance with the requirements of Ind AS 115, Revenue from Contracts with Customers. Due to the nature of the contracts, revenue recognition involves usage of percentage of completion method which is determined based on output method such as surveys of performance completed to date, appraisal of results achieved, milestones reached, units produced or units delivered which involves significant judgements, identification of contractual obligations and the Companys rights to receive payments for performance completed till date, changes in scope and consequential revised contract price and recognition of the liability for loss making contracts. (Note No. 2.3) | Reading the companys revenue recognition accounting policies and assessing compliance with the policies in terms of Ind AS 115. | |
We performed test of controls over revenue recognition with specific focus on determination of progress of completion and recording of costs incurred | ||
We performed tests of details, on a sample basis, and read the underlying customer contracts and its amendments, if any, key contract terms and milestones etc. for verifying estimation of contract revenue and cost and /or any change in such estimation. | ||
. We reviewed the managements evaluation process to recognize revenue over a period of time, status of completion for projects and total cost estimates. |
||
We tested contracts with exceptions including contracts with low or negative margins, contracts with significant changes in planned cost estimates, contracts with significant contract assets and liabilities, and significant overdue net receivable positions for contracts and tested these exceptions with its correlation with the underlying contracts, documents for the triggers during the period. | ||
We tested that the contractual positions and revenue for the year are presented and disclosed in compliance of Ind AS 115 in the Standalone Ind AS financial statements. |
2 | Trade Receivables and Contract Assets | |
Trade receivables and Contract Assets amounting to 63,875.68 lakhs and 50,312.37 lakhs respectively represent approximately 45.78 % of the total assets of the Company as at March 31, 2023. In assessing the recoverability of the aforesaid balance managements judgement involves consideration of aging status, evaluation of litigations and the likelihood of collection based on the terms of the contract. Management estimation is required in the measurement of work completed during the period for recognition of unbilled revenue. We considered this as key audit matter due to the materiality of the amounts and significant estimates and judgements as stated above. |
Our Audit procedures amongst other included the following: We understood and tested on a sample basis the design and operating effectiveness of management control over the recognition and the recoverability of the trade receivables and contract assets. | |
We performed test of details and tested relevant contracts, documents and subsequent settlements for material trade receivable balances and amounts included in contract assets that are due on performance of future obligations. | ||
We tested the aging of trade receivables at year end. | ||
We performed test of details and tested relevant contracts and documents with specific focus on measurement of work completed during the period for material unbilled revenue balances included in contract asset. | ||
We performed additional procedures, in respect of material over-due trade receivables and long outstanding contract assets, i.e. tested historical payment records and legal advice obtained by the management on litigations from legal experts. | ||
We assessed the allowance for impairment made by management. |
3 | Litigation and Claims & other Contingent Liabilities- | |
The Company is involved in direct, indirect tax and other litigations that are pending with different statutory authorities. (Refer note 40(i)(a) to the Consolidated Ind AS Financial Statements). | Our audit procedures amongst others included the following: Obtained list of pending litigations as at March 31, 2023 from management. We analysed the completed assessments for pending cases of similar nature. | |
The level of management judgement associated with determining the need for, and the quantum of, provisions for any liabilities is dependent on a number of significant assumptions and assessments which involves interpreting the various applicable rules, regulations, practices and considering precedents in the various jurisdictions. This matter is considered as a key matter, in view of the uncertainty regarding the outcome of theses litigations, the significance of the amounts involved and the subjectivity involved in managements judgement as to whether the amount should be recognized as a provision or only disclosed as contingent liability in the standalone financial statements. | Discussed the matters with the management to understand the possible outcome of these disputes. We have also considered legal precedence and other rulings in evaluating management position on these uncertain tax & other litigations. Obtained experts opinion in major cases to review the managements assessment of the possible outcome of the disputes relating to direct, indirect tax and other litigations. Assessed contingent liability disclosure in note 40(i)(a) to the accompanying Standalone Ind AS financial statements. |
Other Information
The Companys Board of Director is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon. The above-mentioned report is expected to be made available to us after the date of this auditors report.
Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Managements Responsibility for the standalone Financial Statements
The Companys Board of Director is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
(‘the Act) with respect to the preparation of these standalone financial statements to give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companys financial reporting process.
Auditors Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
For Amod Agrawal & Associates
Chartered Accountants Firm Registration No. 005780N
SMITA GUPTA
Partner
Place: New Delhi Membership No.- 087061 Dated: 27-05-2023 UDIN:23087061BGZGYV4843
ANNEXURE-A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 (f) under "Report on Other Legal and Regulatory Requirements" section of our report to the Members of Ahluwalia Contracts (India) Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting Under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Ahluwalia Contracts (India) Limited ("the Company") as of March 31, 2023 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting an—d their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT (Contd...)
periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Amod Agrawal & Associates
Chartered Accountants Firm Registration No. 005780N
SMITA GUPTA
Partner
Place: New Delhi Membership No.- 087061 Dated: 27-05-2023 UDIN:23087061BGZGYV4843
ANNEXURE-B TO INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under "Report on Other Legal and Regulatory Requirements" section of our report to the Members of Ahluwalia Contracts (India) Limited of even date)
accordance with the said programme part of the Property, Plant and Equipment have been physically verified by the management during the year. As informed, no material discrepancies were noticed on such verification.
Description of property | Gross carrying value (Rs. in Lakhs) | Held in the name director |
Whether promoter, of or their relative or employee |
Period held- indicate range, where appropriate | Reason for not being held in the name of the company Also indicate if in dispute |
Building 5th & 8th Floor, KB-25, Sector III Bidhurnagar Kolkata |
337.63 |
Lok Nayak Jaiprakash Memorial Committee |
No |
2007-2010 |
The possession and original agreement to sale of the property is in the name of the Company. The Company is in process of to get the title deeds registered with appropriate authority. No dispute. |
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets.
Quarterly returns or statements filed by the Company with such banks are not in agreement with the books of account of the Company. Details of the same are as below: -
Name of Banks:
Bank of Maharashtra, ICICI Bank Ltd, IDBI Bank Ltd, Yes Bank Ltd, IDFC First Bank Ltd, IndusInd Bank Ltd, Indian Bank, Axis Bank Ltd, HDFC Bank Ltd, State Bank of India, Union Bank of India, RBL Bank Ltd, Punjab and Sindh Bank.
(Rs. in Lakhs)
Quarter |
Name of bank |
Particulars | Amount as per books of account |
Amount as reported in the quarterly return / statement | Amount of difference Excess/ (Short) | Whether return/statement subsequently rectified |
March, 2023 | As above |
Total Current Assets |
200426.45 |
204422.00 |
3995.55 | Other Current Assets wrongly shown |
Total Current Liabilities |
111570.61 |
11572.00 |
1.39 | - |
2013, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not carried out detailed examination of such accounts and records with a view to determining whether they are accurate or complete.
Name of the Statute | Nature of Dues |
Amount (Rs. in Lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
Central Excise Act, 1944 | Demand for Excise Duty | 27.10 |
Mar.11 to Nov.12 |
Commissioner (Appeal), Central Excise, Bangalore |
Central Excise Act, 1944 | Demand for Excise Duty | 601.13 | 2011-12 to 2015-16 | CESTAT Allahabad |
Central Excise Act, 1944 | Demand for Excise Duty | 336.52 | 2014-15 TO 30.06.17 | Joint Commissioner (Appeal), Gurugram |
Goods & Service Tax Act | GST Demand | 229.73 |
2017-2018 |
Deputy Commissioner, Kolkata |
Goods & Service Tax Act | GST Demand | 194.22 |
2017-2018 |
Jt. Commissioner, LTU, Kolkata |
Value Added Tax Act, Delhi | VAT Demand | 69.88 |
2013-14 |
Special Commissioner Delhi VAT |
Value Added Tax Act, Delhi | VAT Demand | 5.30 |
2014-15 |
Special Commissioner Delhi VAT |
Value Added Tax Act, Delhi | VAT Demand | 61.46 | 2015-16 to 2017-18 | Special Commissioner Delhi VAT |
Value Added tax act, Chandigarh | VAT Demand | 44.71 |
2012-13 |
Dy. Commissioner (Appeals), Chandigarh |
Value Added tax act, Haryana | VAT Demand | 236.45 |
2014-15 |
Haryana VAT Tribunal, Chandigarh |
Value Added tax act, Haryana | VAT Demand | 239.42 |
2011-12 |
High Court Punjab & Haryana |
Value Added Tax Act, Maharashtra | VAT Demand | 16.43 |
2005-06 |
Dy Commissioner (Audit), Mumbai |
Value Added Tax Act, Maharashtra | VAT Demand | 50.93 |
2015-16 |
Asst. Commissioner (MVAT), Pune |
Commercial Taxes, Jharsuguda | VAT Demand | 61.25 | 19.02.08 to 31.03.12 | Additional Commissioner, sales tax, Orrisa |
Value Added Tax Act, UP | VAT Demand | 4.27 |
2005-06 |
Add. Commissioner (Appeal)- IV, GZB |
Value Added Tax Act, UP | VAT Demand | 59.36 |
2008-09 |
Add. Commissioner (Appeal)- IV, GZB |
Value Added Tax Act, UP | VAT Demand | 2.67 |
2006-07 |
Appellate Tribunal, Ghaziabad |
Value Added Tax Act, UP | VAT Demand | 6.84 | Jan.08 to March-08 | Appellate Tribunal, Ghaziabad |
Value Added Tax Act, West Bengal | VAT Demand | 3.01 |
1998-99 |
Appellate Tribunal, Kolkata |
Value Added Tax Act, West Bengal | VAT Demand | 1.54 |
1997-98 |
Settlement Commission, Kolkata |
Name of the Statute | Nature of Dues |
Amount (Rs. in Lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
Value Added Tax Act, West Bengal | VAT Demand | 45.19 | 2005-06 & 2006-07 | Directorate of Commercial Tax /Sr. Jt. Commissioner, Kolkata |
Value Added Tax Act, West Bengal | VAT Demand | 106.47 | 2013-14 | Appellate Revisional Board of West Bengal Commercial Tax, Kolkata |
Value Added Tax Act, West Bengal | VAT Demand | 86.44 | 2014-15 | Appellate Revisional Board of West Bengal Commercial Tax, Kolkata |
Value Added Tax Act, West Bengal | VAT Demand | 3.00 | 2017-18 | Additional Commissioner of sales tax |
The Finance Act 2004 and the Service Tax Rules | Service Tax Demand | 586.18 |
2007-08 to 2011-12 |
CESTAT, Delhi |
Service Tax Demand | 721.00 | 2011-12 | CESTAT, Delhi | |
Service Tax Demand | 1201.14 | 2012-13 | CESTAT, Delhi | |
Service Tax Demand | 1116.37 | 2014-15 TO 30.06.17 | Principle Commissioner, CGST (S), New Delhi | |
Service Tax Demand | 36.49 | 2006-09 | Asst. Commissioner, Jamnagar | |
Service Tax Demand | 8.71 | Apr.07 to Feb.08 | Asst. Commissioner, Jamnagar | |
Service Tax Demand | 3309.91 | 2010-11 | CESTAT, Chandigarh | |
Service Tax Demand | 739.67 | Apr.06 to Mar. 08 | CESTAT, Chandigarh | |
Service Tax Demand | 870.41 | 2005-06 to 2008-09 | Appellate Tribunal, Mumbai | |
Service Tax Demand | 573.60 | 2012-13 | CESTAT, Mumbai | |
Service Tax Demand | 45.35 | Oct. 10 to Feb. 12 | CESTAT, Allahabad | |
Service Tax Demand | 13.57 | 2013-14 | CESTAT, Allahabad | |
Service Tax Demand | 31.44 | Mar.12 to Mar.13 | Commissioner Appeal, Noida | |
Service Tax Demand | 2913.95 | Jun-07 to Sep.10 | CESTAT, Allahabad | |
Service Tax Demand | 95.63 | 2016-17 to 2017-18 | Adjudication Authority, Kolkata | |
Service Tax Demand | 8.74 | Oct.10 to Nov.11 | CESTAT, Kolkata | |
Service Tax Demand | 103.48 | Oct.05 to Jan.08 | CESTAT, Kolkata | |
Income Tax Act, 1961 | Income Tax Demand | 95.00 | A.Y. 2016-17 | Commissioner of Income Tax |
Appeals - New Delhi | ||||
Income Tax Act, 1961 | Income Tax Demand | 89.20 | A.Y. 2017-18 | Income Tax Appellate Tribunal - New Delhi |
Income Tax Act, 1961 | Income Tax Demand | 11.07 | A.Y. 2020-21 | Commissioner of Income Tax Appeals - New Delhi |
Income Tax Act, 1961 | Income Tax Demand | 60.33 | A.Y. 2021-22 | Commissioner of Income Tax Appeals - New Delhi |
Employees Provident Fund & Miscellaneous Provision Act,1952 | Provident Fund Demand | 5,457.34 | 2006-07 to 2008-09 | Employees Provident Fund Appellate Tribunal, New Delhi and High Court, New Delhi |
Indian Stamp Act | Stamp Duty on Real Estate Project | 57.42 | 1990-91 | Allahabad High Court |
b. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, the clause (x)(b) of the Order is not applicable to the Company.
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.
Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(b) In our opinion no amount is required to transfer in respect of ongoing projects, to a Special Account within thirty days from the end of the financial year as required under the sub-section
(6) of section 135 of the Act.
For Amod Agrawal & Associates
Chartered Accountants Firm Registration No. 005780N
SMITA GUPTA
Partner
Place: New Delhi Membership No.- 087061 Dated: 27-05-2023 UDIN:23087061BGZGYV4
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.