INDEPENDENT AUDITORSREPORT
TO THE MEMBERS OF IDFC AMC TRUSTEE COMPANY LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of IDFC AMC Trustee Company
Limited (the Company), which comprise the Balance Sheet as at March 31, 2013, and
the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Managements 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 accounting principles generally accepted in India, including
the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies
Act, 1956 (the Act).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.
Auditors’ 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 Company’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances. 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, 2013;
(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 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 sub-section (4A) of
Section 227 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 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 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 referred to in sub-section (3C) of section
211 of the Companies Act, 1956; and
(e) On the basis of written representations received from the directors as on March 31,
2013 and taken on record by the Board of Directors, none of the Directors is disqualified
as on March 31, 2013, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
FOR S. V. GHATALIA & ASSOCIATES LLP
Chartered Accountants
ICAI Firm registration number: 103162W
per AMIT K ABRA
Partner
Membership No. 94533
Mumbai, April 23, 2013
Annexure to the Auditors’ Report
(Referred to in paragraph 3 of our report of even date)
(i) The Company does not have any fixed assets. Hence, provisions of clause 4(i) are
not applicable to the Company.
(ii) The Company does not hold any inventory. Hence, provisions of clause 4(ii) of the
Order are not applicable to the Company.
(iii) According to the information and explanations given to us, the Company has
neither granted nor taken any loans, secured or unsecured to/from companies, firms or
other parties covered In the register maintained under section 301of the Act. Accordingly,
the provisions of clause 4(iii)(a) to (g) of the Order are not applicable to the Company
and hence not commented upon.
(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 the sale of services. During the course of our audit, we
have not observed any major weakness or continuing failure to correct any major weakness
in the internal control system in respect of this area. The Company has not purchased any
inventory or fixed assets or sold any goods during the year, hence adequacy of internal
controls in respect of these areas have not been commented upon.
(v) According to the information and explanations provided by the management, we are of
the opinion that the particulars of contracts or arrangements referred to in section 301of
the Act that need to be entered into the register maintained under section 301of the Act
have been so entered.
(vi) The Company has not accepted any deposits from the public.
(vii) The provisions relating to internal audit are not applicable to the Company.
(viii) To the best of our knowledge and as explained, the Central Government has not
prescribed the maintenance of cost records under clause (d) of sub-section (1) of section
209 of the Act, for the products of the Company.
(ix) (a) The Company is regular in depositing with appropriate authorities undisputed
statutory dues including incom tax, service tax, cess and other material statutory dues
applicable to it. As informed, the provisions of provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax, excise duty and
customs duty are currently not applicable to the Company.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of income-tax, service tax, cess and other undisputed statutory dues
were outstanding, at the year end, for a period of more than six months from the date they
became payable. As lnformed, the provisions of provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax, excise duty and
customs duty are currently not applicable to the Company.
(c) According to the information and explanation given to us, there are no dues of
income tax, service tax and cess which have not been deposited on account of any dispute.
As informed, the provisions of sales tax, wealth tax, excise duty and customs duty are
currently not applicable to the Company.
(x) The Company has no accumulated losses at the end of the financial year and it has
not incurred cash losses in the current year. In the immediately preceding financial
year, the Company had incurred cash loss.
(xi) As informed, the Company has not borrowed any sums from a financial institution,
bank or debenture holders.
(xii) Based on our examination of documents and records, we are of the opinion that the
Company has not granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable
to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the Company has not
given any guarantee for loans taken by other from bank or financial institution.
(xvi) The Company did not have any term loans outstanding during the year.
(xvii) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that no funds raised on
short-term basis have been used for long-term investment.
(xviii) The Company has not made any preferential allotment of shares to parties or
companies covered in the register maintained under section 301of the Act.
(xlx) The Company did not have any outstanding debentures during the year.
(xx) The Company has not raised any money through a public issue during the year.
(xxi) Based upon the audit procedures performed for the purpose of reporting the true
and fair view of the financial statements and as per the information and explanations
given by the management, we report that no fraud on or by the Company has been noticed or
reported during the course of our audit.
FOR S. V. GHATALIA & ASSOCIATES LLP
Chartered Accountants
ICAI Firm registration number: 103162W
per AMIT K ABRA
Partner
Membership No. 94533
Mumbai,
April 23, 2013
+91-9892691696
