Jun 30, 2015
We have audited the accompanying financial statements of C&C
Constructions Limited (the Company), which comprise the Balance Sheet
as at June 30, 2015, 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.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in sub-section 5 of section 134 of the Companies Act, 2013 ("the Act")
with respect to the preparation and presentation of these financial
statements that give a true and fair view of the financial position and
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.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these 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 have conducted the audit in accordance with the Standards on
Auditing specified under sub-section 10 of Section 143 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 control system over financial reporting and the operating
effectiveness of such controls.
An audit also includes evaluating the appropriateness of 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 financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 30th June, 2015 and its loss 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 exercise of
powers conferred by sub-section 11 of section 143 of the Act, we
enclose in the Annexure a statement on the matters specified in
paragraphs 3 and 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 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 Cash Flow
Statement, dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid 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 30th June, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on 30th June, 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 - Refer Note. 32 to the
financial statements:
ii. The Company has a process whereby periodically all long term
contracts [including derivatives contracts] are assessed for material
foreseeable losses. At the year end, the company has reviewed and
ensured that adequate provision as required under any law/ accounting
standards for material foreseeable losses on such long term
contracts[including derivative contracts] has been made in the books of
accounts.
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 AUDITORS' REPORT
(Referred to in paragraph 1 under the heading 'Report on Other Legal and
Regulatory Requirements' of our Report of even date on the financial
statements for the year ended on June 30th, 2015 of C&C Constructions
Limited.)
(i) (a) In our opinion, the Company has maintained proper records,
showing full particulars including quantitative details and situation of
fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies with respect to book
records were noticed on such verification.
(ii) (a) As explained to us, physical verification of inventory except
material in transit has been conducted by the management at reasonable
intervals. In our opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) On the basis of examination of records of the inventory, we are of
the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and books records were not material.
(iii) (a) The Company has granted unsecured loans to Companies, firms
and other parties covered in the register maintained under section189 of
the Companies Act, 2013;
(b) There is no stipulation with regard to rate of interest and the
amount is repayable on demand, hence, no regular repayment of loan has
been made.
(c) Since the amount is payable on demand, no amount is still overdue.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weakness
has been noticed in the internal controls.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public
under the provisions of sections 73 to 76 of the Companies Act, 2013 or
any other relevant provisions of the Act and the rules framed
thereunder.
(vi) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government of India,
regarding the maintenance of Cost Records under section 148(1) of the
Companies Act, 2013 and are of the opinion that prima facie, the
prescribed accounts and records have been maintained. We have, however
not made a detailed examination of the records with the view to
determine whether they are accurate or complete.
(vii) In respect of statutory dues :
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth-tax, Service-tax, duty of Customs, duty of Excise,
Value Added Tax, Cess, Investor Education and Protection Fund,
Income-Tax, Cess and other statutory dues have been deposited regularly
with the appropriate authority during the year though there has been
delay in few cases. According to the information and explanations given
to us, undisputed amounts payable in respect of the aforesaid dues were
outstanding as on 30th June 2015 for a period of more than six months
from the date they became payable as under:
Name of Authority Amount (Rs. in lacs)
TDS 701.84
Provident Fund 288.16
VAT/WCT 304.03
Labour Cess 170.64
Dividend Tax 113.59
(b) According to information and explanations given to us, the
particulars of dues outstanding of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Duty of Excise, Value Added Tax or Cess
and other statutory dues as on 30th June, 2015, which have not been
deposited on account of disputes pending are as under:
Name Nature Amount Period To
of The of The (Rs. in lacs) Which The
Statute Disputed Amount
Dues Relates
Income Demand 113.46 AY- 2011-12
Tax Act against short (Amount
deduction/ deposited
short ' NIL)
payment
other than
salary
Income Demand 17.00 AY- 2011-12
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
salary
Income Demand 67.40 AY- 2012-13
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
salary
Income Demand 291.24 AY- 2012-13
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
other than
salary
Income Demand 0.03 AY- 2012-13
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
other than
salary
Income Demand 36.96 AY- 2013-14
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
salary
Name Forum
of The Where
Statute Dispute
is
Pending
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P.)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P.)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P.)
Name Nature Amount Period To
of The of The (Rs. in lacs) Which The
Statute Disputed Amount
Dues Relates
Income Demand 1.23 A.Y. 2014-15
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
other than
salary
Income Demand 31.21 AY- 2014-15
Tax Act against short (Amount
deduction/ deposited
short payment ' 1.47)
salary
Income Demand 0.92 AY- 2015-16
Tax Act against short (Amount
deduction/ deposited
short payment ' 28.23)
other than
salary
Income Short interest 34.24 AY- 2009-10
Tax Act charged u/s (Amount
234B Appeal deposited
filed to CIT ' NIL)
(Appeal)
Dated:08.01.2014
Income Excess interest 28.23 AY- 2008-09
Tax Act refund u/s (Amount
244A Appeal deposited
filed to CIT ' NIL)
(Appeal)
Dated:08.01.2014
Income Excess interest 1.47 AY- 2006-07
Tax Act refund u/s (Amount
244A Appeal deposited
filed to CIT ' NIL)
(Appeal)
Dated:08.01.2014
U.P Trade Demand 35.26 F.Y-2002-03
Tax Act against (Amount
material deposited
purchased '12.34 lacs)
against 'C' form
Punjab Value Non- 16.94 F.Y-2007-08
Added production of (Amount
Tax Act sufficient deposited
documents ' NIL)
of High
Sea Sales
Service Tax Penalties for 886.74 F.Y.- 2011-14
failure to make (Amount
payment of deposited
Service Tax ' NIL)
Income Demand 121.79 AY- 2013-14
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS other
than salary
Name Forum
of The Where
Statute Dispute is
Pending
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income CIT(Appeals),
Tax Act Central, Gurgaon.
Income CIT(Appeals),
Tax Act Central, Gurgaon.
Income CIT(Appeals),
Tax Act Central, Gurgaon.
U.P Trade Joint Commissioner
Tax Act (Appeals) Noida, UP
Punjab Value Asst. Excise and
Added Taxation
Tax Act Commissioner,
Information
Collection Centre,
Shambhu (Import)
Patiala-Punjab
Service Tax Appeal against
CESTAT is still
under process
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Disputed Demands of Joint Ventures
(Applicable share):
Name Nature Amount Period To
of The of The (Rs. in lacs) Which The
Statute Disputed Amount
Dues Relates
Income Demand 1.21 AY- 2012-13
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
salary
Income Demand 1.66 AY-2012-13
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
other than
salary
Income Demand 1.46 AY- 2013-14
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
salary
Income Demand 16.80 AY- 2013-14
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
other than
salary
Income Demand 2.59 AY- 2014-15
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
salary
Income Demand 17.11 AY- 2014-15
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
other than
salary
Income Demand 0.67 AY- 2015-16
Tax Act against short (Amount
deduction/ deposited
short payment ' NIL)
of TDS on
other than salary
Income Disallowance of 274.76 AY- 2004-05
Tax Act Additional (Amount
Depreciation deposited
Rs. 274.76)
Income Disallowance of 1.59 AY - 2005-06
Tax Act Additional (Amount
Depreciation deposited
Rs. NIL)
Income Disallowance of 242.51 AY - 2006-07
Tax Act Additional (Amount
Depreciation deposited
' 242.51)
Name Forum
of The Where
Statute Dispute is
Pending
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income Deputy
Tax Act Commissioner of
Income Tax,
CPC - TDS,
Vashali,
Ghaziabad (U.P)
Income High Court of
Tax Act Delhi, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Name Nature Amount Period To
of The of The (Rs. in lacs) Which The
Statute Disputed Amount
Dues Relates
Income Disallowance of 439.48 AY - 2007-08
Tax Act Additional (Amount
Depreciation deposited
Rs. 439.48)
Income Disallowance of 123.13 AY - 2008-09
Tax Act Additional (Amount
Depreciation deposited
Rs. 123.13)
Income Disallowance of 309.81 AY - 2009-10
Tax Act Additional (Amount
Depreciation deposited
Rs. 309.81)
Income Disallowance of 265.33 AY - 2010-11
Tax Act Additional (Amount
Depreciation deposited
Rs. NIL)
Income Disallowance of 19.71 AY - 2011-12
Tax Act Additional (Amount
Depreciation deposited
Rs. NIL)
Income Disallowance of 216.90 AY - 2012-13
Tax Act Additional (Amount
Depreciation deposited
Rs. NIL)
Rajasthan Penalty against 8.60 FY 2005-2006
Value Added tax (Amount
Tax Act deposited
Rs. 1.33)
Name Forum
of The Where
Statute Dispute is
Pending
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Income CIT(Appeals) -
Tax Act XXVIII, New Delhi
Rajasthan Joint
Value Added Commissioner
Tax Act (Appeal), Jaipur,
Rajasthan
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the amount
required to be transferred to Investor, Education and Protection Fund
in accordance with the relevant provisions of the Companies Act, 1956
[1 of 1956] and rules made thereunder has been transferred to such fund
within time.
(viii) The company has accumulated losses amounting to Rs. 30518.27
Lacs at the end of the financial year and it hasincurred cash losses
amounting to Rs. 13393.33 Lacs in the current financial year covered by
our audit and Rs. 1932.66 Lacs in the financial year immediately
preceding financial year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, the company has defaulted in repayment of dues
to financial institutions or banks as at the balance sheet date as
under:
(a) The company has defaulted in the repayment of Secured Term Loan in
Principal and Interest from Banks under CDR Scheme as detailed below:
FITL (Amount in Rs.)
Name of Financer Principal verdue Interest
State Bank of India 48209250.01 50027116.60
State Bank of Hyderabad - 824581.00
Indusind Bank - 1138874.00
ICICI Bank - 234663.00
Axis Bank - 2066651.00
Oriental Bank of Commerce 7128750.00 8004894.30
Central Bank of India 11550000.00 16315141.87
IDBI - -
Total 66888000.01 78611921.77
(Amount in Rs.)
Name of Financer Total Overdue period
State Bank of India 98236366.61 April'14 to June'15
State Bank of Hyderabad 824581.00 June'15
Indusind Bank 1138874.00 June'15
ICICI Bank 234663.00 June'15
Axis Bank 2066651.00 April, May,June
Oriental Bank of Commerce 15133644.30 April'14 to June'15
Central Bank of India 27865141.87 April'14 to June'15
IDBI - July'14 to June'15
Total 145499921.78
WCTL (Amount in Rs.)
Name of Financer Principal Overdue Interest
State Bank of India 134055000.00 210393569.43
State Bank of Patiala - 24552195.88
State Bank of Hyderabad - 4467500.00
Indusind Bank - 5019881.00
ICICI Bank - 1258605.89
Axis Bank - 9092517.00
IDBI - 1508156.00
Oriental Bank of Commerce 21393000.00 36375050.00
Central Bank of India 19795500.00 50616401.52
Total 175243500.00 343283876.72
(Amount in Rs.)
Name of Financer Total Overdue period
State Bank of India 344448569.43 April'14 to June'15
State Bank of Patiala 24552195.88 April, May, June
State Bank of Hyderabad 4467500.00 June
Indusind Bank 5019881.00 April, May, June
ICICI Bank 1258605.89 June
Axis Bank 9092517.00 April, May,June
IDBI 1508156.00 April, May, June
Oriental Bank of Commerce 57768050.00 April'14 to June'15
Central Bank of India 70411901.52 July'14 to June'15
Total 518527376.72
MTL (Amount in Rs.)
Name of Financer Principal Overdue Interest
State Bank of Patiala - 2023574.00
(Amount in Rs.)
Name of Financer Total Overdue period
State Bank of Patiala 2023574.00 April, May,June
CTL (Amount in Rs.)
Name of Financer Principal Overdue Interest
State Bank of Hyderabad - 487758.00
(Amount in Rs.)
Name of Financer Total Overdue period
State Bank of Hyderabad 487758.00 June
(b) The company has defaulted in the repayment of Secured Term Loan in
Principal and Interest from Others under CDR Scheme as detailed below:
MTL (Amount in Rs.)
Name of Financer Principal Overdue Interest
Srei Equipment - 9764613.00
(Amount in Rs.)
Name of Financer Total Overdue period
Srei Equipment 9764613.00 April to June
FITL (Amount in Rs.)
Name of Financer Principal Overdue Interest
Bajaj Infrastructure Ltd 10306850.23 10637789.00
Srei Equipment 426343.00 281147.00
L&T Infra Finance Ltd 14931099.00 20788460.00
TOTAL 25664292.23 31707396.00
(Amount in Rs.)
Name of Financer Total Overdue period
Bajaj Infrastructure Ltd 20944639.23 Feb'14 to June'15
Srei Equipment 707490.00 April to June
L&T Infra Finance Ltd 35719559.00 July'14 to June'15
TOTAL 57371688.23
CTL (Amount in Rs.)
Name of Financer Principal Overdue Interest
Bajaj Infrastructure Ltd 45000000.00 81792429.00
L&T Infra Finance Ltd 46564002.00 156723524.00
Total 91564002.00 238515953.00
(Amount in Rs.)
Name of Financer Total Overdue period
Bajaj Infrastructure Ltd 126792429.00 Jan'14 to June'15
L&T Infra Finance Ltd 203287526.00 July'14 to June'15
Total 330079955.00
(c) The company has defaulted in the repayment of Secured Term Loan in
Principal and Interest from Banks under Non - CDR Scheme as detailed
below:
(Amount in Rs.)
Name of Financer Principal Interest
ICICI Bank 9369.65 2062.35
Dhanlaxmi Bank 2841162.50 202909.00
Indusind Bank 196736.00 2051.00
Indusind Bank 2170303.60 112996.40
Total 5217571.75 320018.75
(Amount in Rs.)
Name of Financer Total Amount Overdue Period
overdue
ICICI Bank 11432.00 June'15
Dhanlaxmi Bank 3044071.50 Apr'15 to June'15
Indusind Bank 198787.00 April'15
Indusind Bank 2283300.00 April'15 to June'15
Total 5537590.50
(d) The company has defaulted in the repayment of Secured Term Loan in
Principal and Interest from Others under Non - CDR Scheme as detailed
below:
(Amount in Rs.)
Name of Financer Principal Interest
Reliance Capital Ltd 61053.26 6430.74
Reliance Capital Ltd 329273.00 56922.00
Reliance Capital Ltd 22055.50 4394.50
L&T Finance Ltd 168001.00 5074.00
L&T Finance Ltd 2334975.50 656996.00
Magma Fincorp Ltd 2534885.00 62352.00
Magma Fincorp Ltd 1543566.79 155023.22
Magma Fincorp Ltd 509252.13 29249.88
Magma Fincorp Ltd 101335.55 11644.45
SREI equipment Finance Pvt Ltd 1993620.00 275097.00
SREI equipment Finance Pvt Ltd 85290612.50 18873748.50
Tata Capital Ltd 299317.00 13433.00
Hinduja Leyland Finance Ltd 1395295.50 125788.50
Total 11292630.22
(Amount in Rs.)
Name of Financer Total Amount Overdue Period
overdue
Reliance Capital Ltd 67484.00 Jan'15 to June'15
Reliance Capital Ltd 386195.00 Jan'15 to June'15
Reliance Capital Ltd 26450.00 May'15 to June'15
L&T Finance Ltd 173075.00 Dec'14 to June'15
L&T Finance Ltd 2991971.50 June'15
Magma Fincorp Ltd 2597237.00 Mar'15 to June'15
Magma Fincorp Ltd 1698590.00 April'15to June'15
Magma Fincorp Ltd 538502.00 May'15, June'15
Magma Fincorp Ltd 112980.00 Jan'15 to June'15
SREI equipment Finance Pvt Ltd 2268717.00 April'15 to june'15
SREI equipment Finance Pvt Ltd 104164361.00 April'15 to June'15
Tata Capital Ltd 312750.00 April'15 to June'15
Hinduja Leyland Finance Ltd 1521084.00 April'15 to June'15
Total
(e) The company has defaulted in the repayment of Secured Demand Loans
from Banks as detailed below:
(Amount in Rs.)
Name of Financer Interest Overdue Overdue Period
DBS Bank Ltd. 115,185,983.05 Jun' 12 to Jun' 14
Barclays Bank 39,124,079.00 Jun' 12 to Jun' 14
Standard Chartered Bank 1,756,323.02 June 14
Total 156,066,385.07
(f) The company has defaulted in the repayment of Interest onCash
Credit/ Over Draft from Banks as detailed below:
(Amount in Rs.)
Name of Financer Principal Interest
State Bank Of India - 146728134.00
Central Bank Of India - 30618808.00
- 177346942
(Amount in Rs.)
Name of Financer Total Amount Overdue Period
overdue
State Bank Of India 146728134.00 Jun' 14 to Jun' 15
Central Bank Of India 30618808.00 Oct' 14 to Jun' 15
177346942
(x) The Company has guaranteed and undertaken to the lenders of its
following SPCs (Special Purpose Companies) to cover shortfall in
repayment of the loan amount of interest in case of termination of
Concession Agreement due to any event of default during the currency of
the loan:
* BSC-C&C Kurali Toll Road Ltd.
* C&C Towers Ltd.
* MokamaMunger Highway Ltd
* North Bihar Highway Ltd.
* Patna Bakhtiyarpur Ltd.
The term and conditions of guarantees given are not prejudicial to the
interest of the company.
(xi) In our opinion, the term loans have been applied for the purposes
for which they were obtained.
(xii) Based on the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year.
For A S G & Associates
Chartered Accountants
FRN:000389N
Amar Jeet Singh
Place: Gurgaon (Partner)
Dated: 28.08.2015 M. No.: 089285
Jun 30, 2014
We have audited the accompanying financial statements of C&C
Constructions Limited, which comprise the Balance Sheet as at June 30,
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 referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 (''the Act'') which shall continue to apply in
respect of section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 issued by the Ministry of
Corporate Affairs. 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 Company''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 the effectiveness of the entities
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
1) 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(ii) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(iii) 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
2. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (''the Order'') issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Act, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order
3. 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 referred to in
subsection (3C) of section 211 of the Companies Act, 1956 which shall
continue to apply in respect of section 133 of the Companies Act, 2013
in terms of General Circular 15/2013 dated September 13, 2013 issued by
the Ministry of Corporate Affairs.
e) On the basis of the written representations received from the
directors, as on March 31, 2014, and taken on record by the Board of
Directors, none of the directors of the Company is disqualified as on
March 31, 2014 from being appointed as a director, in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 1 under the heading ''Report on Other Legal
and Regulatory Requirements'' of our Report of even date on the
financial statements for the year ended on June 30th, 2014 of C & C
Constructions Limited.)
(I) (a) In our opinion, the company has maintained proper records,
showing full particulars including quantitative details and situation
of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals, no material discrepancies with respect to book
records were noticed on such verification.
(c) In our opinion and according to explanations given to us, fixed
assets disposed off during the year were not substantial and as such
the disposal has not affected the going concern status of the company.
(ii) (a) As explained to us, physical verification of inventory has
been conducted by the management at reasonable intervals. In our
opinion, the frequency of such verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. Discrepancies noticed on verification of inventory as
compared to book records were not material and these have been properly
dealt with in the books of account.
(iii) (a) In our opinion and according to the explanations given to us,
the Company has granted unsecured loans to Companies, firm and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. Numbers of such parties are eleven and amount the
outstanding as on 30.06.2014 is Rs. 2585.24 Lacs (maximum amount
outstanding during the year is Rs.6317.49 lacs).
(b) There is no stipulation with regard to interest on the loans given
and other terms and conditions of loans given by the company, secured
or unsecured, are not prima facie prejudicial to the interest of the
company; and
(c) There is no stipulation with regard to repayment of principal
amount and interest as the loans are repayable on demand; and
(d) Since the amounts are repayable on demand, there is no overdue
amount with regard to recovery of the principal and interest
(e) The company has taken loans from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Numbers of such parties are three and the amount outstanding
as on 30.06.2014 is Rs.182.58 lacs (maximum amount outstanding during
the year Rs.3735.51 Lacs). The outstanding amount includes share of C&C
in Joint Ventures of Rs.177.58 lacs outstanding as on 30.06.2014
(maximum amount outstanding during the year Rs.3550.51 Lacs) received
from two parties.
(f) There is no stipulation with regard to payment of interest and
other terms and conditions of loans taken by the company are prima
facie not prejudicial to the interest of the company.
(g) The amounts are payable on demand, hence, no regular payment of
outstanding principal and provisions of payment of interest are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
(v) (a) In our opinion, the particulars of contracts or arrangement
that need to be entered into the register maintained under section 301
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such contracts
or arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lacs in
respect of any party during the year, have been made at prices which
are reasonable as compared to the prices of similar items supplied by
other parties.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits from public.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with its size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by Central Government of India,
regarding the maintenance of cost records under clause (d) of
subsection (1) of Section 209 of the Act and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have, however not made a detailed examination of the records with a
view to determine whether they are accurate or complete.
(ix) In respect of statutory dues :
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, Education Cess, Secondary
and Higher Education and other statutory dues have been generally
deposited in time with the appropriate authorities though there have
been delay in few cases. According to the information and explanations
given to us, undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 30th June 2014 for a period of more than
six months from the date they became payable as under:
Name of Authority Amount (Rs. in lacs)
Cental Service Tax 182.59
State Work Contract Tax 73.52
TDS 765.28
Provident Fund 76.32
Dividend Tax 113.60
(b) According to information and explanation given to us, the
particulars of dues outstanding of Sales Tax, Works Contract Tax, Trade
Tax, Income T ax and other statutory dues as on 30th June 2014, which
have not been deposited on account of disputes pending are as under:
Name of the Nature of the Amount
Statute Disputed Dues (Rs. in lacs)
Income Tax Act Demand against short 198.02 (Amount deposited
deduction/short payment Rs. NIL)
other than salary
Income Tax Act Demand against short 17.00 (Amount deposited
deduction/short payment Rs. NIL)
salary
Income Tax Act Demand against short 67.40 (Amount deposited
deduction/short payment Rs. NIL)
salary
Income Tax Act Demand against short 19.34 (Amount deposited
deduction/short payment Rs. NIL)
other than salary
Income Tax Act Demand against short 1.34 (Amount deposited
deduction/ short payment Rs. NIL)
other than salary
Income Tax Act Demand against short 0.73 (Amount deposited
deduction/short payment Rs. NIL)
salary
Income Tax Act Short deduction of 0.44 (Amount deposited
TDS and Interest thereon Rs. NIL)
Income Tax Act Short interest charged 1.47 (Amount deposited
u/s 234B Appeal filed Rs. 1.47)
to CIT (Appeal)
Dated: 08.01.2014
Income Tax Act Excess interest refund 28.23 (Amount deposited
u/s 244A Appeal filed Rs. 28.23)
to CIT (Appeal)
Dated: 08.01.2014
Income Tax Act Excess interest refund 34.24 (Amount deposited
u/s 244A Appeal filed Rs. 34 24)
to CIT (Appeal)
Dated: 08.01.2014
U.P Trade Demand against material 35.26 (Amount deposited
Tax Act purchased against ''C'' Rs. 12.34 lacs)
form
U.P Trade Demand against Vat 47.78 (Amount deposited
Tax Act Input Claimed and others Rs. 15.00 lacs)
U.P Trade Demand against Vat 8.24 (Amount deposited
Tax Act Input Claimed and others Rs. 1.65 lacs)
Punjab Value Non-production of 16.94 (Amount deposited
Added Tax Act sufficient documents Rs. NIL)
of High Sea Sales
Income Tax Act Demand against short 1.66 (Amount deposited
deduction/short payment Rs. NIL)
of TDS other than salary
Income Tax Act Demand against short 3.51 (Amount deposited
deduction/short payment Rs. Nil)
of TDS on salary
Income Tax Act Demand against short 10.36 (Amount deposited
deduction/short payment Rs. NIL)
of TDS on other than
salary
Income Tax Act Demand against short 2.55 (Amount deposited
deduction/short payment Rs. NIL)
of TDS on salary
Income Tax Act Demand against short 1.55 (Amount deposited
deduction/short payment Rs. NIL)
of TDS on other than
salary
Income Tax Act Demand against short 5.31 (Amount deposited
deduction of TDS and Rs. 1.04)
Interest thereon
Income Tax Act Disallowance of 274.85 (Amount deposited
Additional Depreciation Rs. 274.85)
and disallowance of loss
of Indian Projects.
Income Tax Act Disallowance of 323.10 (Amount deposited
Additional Depreciation Rs. 323.10)
and disallowance of loss
of Indian Projects.
Income Tax Act Disallowance of 439.47 (Amount deposited
Additional Depreciation Rs. 439.47)
Income Tax Act Disallowance of 70.36 (Amount deposited
Additional Depreciation Rs. 70.36)
Income Tax Act Disallowance of 227.19 (Amount deposited
Additional Depreciation Rs. 227.19)
Bihar Value Interest on Entry Tax 115.42 (Amount deposited
Added Tax Act Rs. NIL)
Rajasthan Value Penalty against tax 8.60 (Amount deposited
Added Tax Act Rs. 1.33)
Name of the Period To Which Forum Where Dispute
Statute The Amount Relates Is Pending
Income Tax Act AY- 2011-12 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY- 2011-12 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY- 2012-13 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY- 2013-14 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY- 2014-15 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY- 2014-15 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act FY- 2007-2008 Commissioner of Income Tax,
Appeals- XXX), New Delhi
Income Tax Act AY- 2006-2007 CIT (Appeals), Central,
Gurgaon
Income Tax Act AY- 2008-2009 CIT (Appeals), Central,
Gurgaon
Income Tax Act AY- 2009-2010 CIT (Appeals), Central,
Gurgaon
U.P Trade AY- 2002-03 Joint Commissioner
Tax Act (Appeals) Noida, UP
U.P Trade AY- 2009-10 Addl. Commissioner
Tax Act Appeals) Noida, UP
U.P Trade April/May 2011 Dy. Commissioner-
Tax Act Noida (U.P)
Punjab Value AY-2007-08 Asst. Excise and Taxation
Added Tax Act Commissioner, Information
Collection Centre, Shambhu
(Import) Patiala-Punjab
Income Tax Act AY-2012-13 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY-2013-14 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY-2013-14 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY-2014-15 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act AY-2014-15 Deputy Commissioner of
Income Tax, CPC - TDS,
Vashali, Ghaziabad (U.P.)
Income Tax Act F.Y.-2006-07 Assistant Commissioner of
to 2011-2012 Income Tax, Circle -
49(1), New Delhi
Income Tax Act AY- 2004-05 High Court of Delhi,
New Delhi
Income Tax Act AY- 2006-07 CIT (Appeals) - XXVIII,
New Delhi
Income Tax Act AY- 2007-08 CIT (Appeals) - XXVIII,
New Delhi
Income Tax Act AY- 2008-09 CIT (Appeals) - XXVIII,
New Delhi
Income Tax Act AY- 2009-10 CIT (Appeals) - XXVIII,
New Delhi
Bihar Value F.Y.-2007-08 Deputy Commissioner,
Added Tax Act to 2009-2010 Muzzafarpur, Bihar
Rajasthan Value FY 2005-2006 Joint Commissioner
Added Tax Act (Appeal), Jaipur,
Rajasthan
(x) The company has accumulated losses of Rs.11524.17 Lacs and has
incurred cash losses amounting to Rs.1932.66 Lacs during the financial
year covered by our audit and ''12820.68 lacs in the immediately
preceding financial year,
(xi) According to the records of the Company examined by us and as per
the information and explanations given to us, the Company has defaulted
in repayment of dues to any bank or financial institution as at the
balance sheet date as under:
(xii) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that since
the company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
it is not required to maintain records in respect thereof.
(xiii) The company is not a chit fund / nidhi/ mutual benefit fund/
society to which the provisions of special statue relating to chit fund
are applicable. Accordingly paragraph (xiii) of the order is not
applicable.
(xiv) According to the information and explanations given by the
management, the company is not dealing or trading in shares,
securities, debentures and other investments. The company has made only
investments in equity shares and Govt. Securities.
All Investments made by the Company have been held by the Company in
its own name except to the extent of exemption granted under section 49
of the Act.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from Banks or financial
institutions are not prima facie prejudicial to the interests of the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) Based on our examination of the balance sheet of the Company as
at 30thJune 2014, and information and explanations given to us, we
report that funds raised on a short-term basis have not been used for
long-term investment.
(xviii) The company has not made preferential allotment of equity
shares to the parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956, during the year.
(xix) According to the information and explanation given to us, there
are no outstanding debentures whether redeemable or non-redeemable at
on 30th June, 2014.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) Based on the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year.
For A S G & Associates
Chartered Accountants
FRN : 000389N
Amar Jeet Singh
(Partner)
M. No. : 089285
Place: Gurgaon
Date : 22.08.2014
Jun 30, 2013
1. We have audited the attached Balance Sheet of C&C Constructions Ltd
as at June 30, 2013 and also the Proft and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These fnancial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these fnancial statements
based on our audit.
2. We conducted our audit in accordance with auditing and assurance
standards generally accepted in India. These Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the fnancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by the management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. In accordance with the provisions of section 227 of the Companies
Act 1956, we report that:
As required by the Companies (Auditors Report) Order, 2004 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specifed in paragraphs (4) and
(5) of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books;
c) The balance sheet, proft and loss account and cash fow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the proft and loss account, balance sheet and cash
fow statement of the company comply with the Accounting Standards
referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956 to the
extent applicable.
e) On the basis of written representations received from the directors,
as on 30th June 2013 and taken on record by the board, we report that
none of the directors is disqualifed for being appointed as director in
terms of clause (g) sub-section (1) of section 274 of the Companies
Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with signifcant
accounting policies and notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) In the case of the balance sheet, of the state of affairs of the
company as at 30th June 2013;
(ii) In the case of proft and loss account, of the loss of the company
for the year ended on that date, and
(iii) In the case of the cash fow statement, of the cash fow for the
year ended on that date.
aNNeXUre referred to iN tHe PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.
TO THE MEMBERS OF C& C CONSTRUCTIONS LIMITED ON THE ACCOUNTS FOR THE
YEAR ENDED 30TH JUNE 2013
(i) (a) In our opinion, the company has maintained proper records,
showing full particulars including quantitative details and situation
of fxed assets.
(b) The fxed assets have been physically verifed by the management at
reasonable intervals, no material discrepancies with respect to book
records were noticed on such verifcation.
(c) In our opinion and according to explanations given to us, fxed
assets disposed off during the year were not substantial and as such
the disposal has not affected the going concern status of the company.
(ii) (a) As explained to us, physical verifcation of inventory has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of such verifcation is reasonable.
(b) In our opinion, the procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. Discrepancies noticed on verifcation of inventory as
compared to book records were not material and these have been properly
dealt with in the books of account.
(iii) (a) In our opinion and according to the explanations given to us,
the Company has granted unsecured loans to Companies, frm and other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. Numbers of such parties are thirteen and amount
the outstanding as on 30.06.2013 is Rs.1247.26 lacs (maximum amount
outstanding during the year is Rs.1294.24 lacs).
(b) There is no stipulation with regard to interest on the loans given
and other terms and conditions of loans given by the company, secured
or unsecured, are not prima facie prejudicial to the interest of the
company; and
(c) There is no stipulation with regard to repayment of principal
amount and interest as the loans are repayable on demand; and
(d) Since the amounts are repayable on demand, there is no overdue
amount with regard to recovery of the principal and interest;
(e) The company has taken loans from companies, frms or other parties
covered in the register maintained under section 301 of the Companies
Act,1956. Numbers of such parties are seven and the amount outstanding
as on 30.06.2013 is Rs.3735.51 lacs (maximum amount outstanding during
the year Rs.4852.15 lacs). The outstanding amount includes share of C&C
in Joint Ventures of Rs.3550.51 Lacs (maximum amount outstanding during
the year Rs.3550.51 Lacs) received from two parties.
(f) There is no stipulation with regard to payment of interest and
other terms and conditions of loans taken by the company are prima
facie not prejudicial to the interest of the company.
(g) The amounts are payable on demand, hence, no regular payment of
outstanding principal and provisions of payment of interest are not
applicable
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fxed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
(v) (a) In our opinion, the particulars of contracts or arrangement
that need to be entered into the register maintained under section 301,
have been so entered
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such contracts
or arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fve lacs in
respect of any party during the year, have been made at prices which
are reasonable as compared to the prices of similar items supplied by
other parties.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits from public.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with its size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by Central Government of India,
regarding the maintenance of cost records under clause (d) of
subsection (1) of Section 209 of the Act and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have, however not made a detailed examination of the records with a
view to determine whether they are accurate or complete.
(ix) In respect of statutory dues :
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, Education Cess, Secondary
and Higher Education and other statutory dues have been generally
deposited in time with the appropriate authorities though there have
been delay in few cases. According to the information and explanations
given to us, undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 30th June 2013 for a period of more than
six months from the date they became payable as under:
(x) The company has accumulated losses of Rs.3818.29 Lacs and has
incurred cash losses amounting to Rs.12820.68 Lacs during the fnancial
year covered by our audit and Rs.3025.23 Lacs in the immediately
preceding fnancial year.
(xi) According to the records of the Company examined by us and as per
the information and explanations given to us, the Company has defaulted
in repayment of dues to any bank or fnancial institution as at the
balance sheet date as under:
(xii) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that since
the company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
it is not required to maintain records in respect thereof.
(xiii) The company is not a chit fund / nidhi/ mutual beneft
fund/society to which the provisions of special statue relating to chit
fund are applicable. Accordingly paragraph (xiii) of the order is not
applicable.
(xiv) According to the information and explanations given by the
management, the company is not dealing or trading in shares,
securities, debentures and other investments. The company has made only
investments in equity shares and Govt. Securities. All Investments made
by the Company have been held by the Company in its own name.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for loans taken by others from Banks or fnancial
institutions are not prima facie prejudicial to the interests of the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) Based on our examination of the balance sheet of the Company as
at 30th June 2013, and information and explanations given to us, we
report that funds raised on a short-term basis have not been used for
long-term investment.
(xviii) The company has not made preferential allotment of equity
shares to the parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956, during the year.
(xix) According to the information and explanation given to us, there
are no outstanding debentures whether redeemable or non-redeemable at
on 30th June, 2013.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) Based on the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year.
for a s G & associates
chartered accountants
FRN: 000389N
amar Jeet singh
(Partner)
M. No. : 089285
Place : Gurgaon
dated : 26.08.2013
Jun 30, 2010
1. We have audited the attached Balance Sheet of C & C Constructions
Ltd as at June 30, 2010 and also the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are responsibility of the Companys management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
2. We conducted our audit in accordance with auditing and assurance
standards generally accepted in India. These Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and signifi cant estimates
made by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. In accordance with the provisions of section 227 of the Companies
Act 1956, we report that:
As required by the Companies (Auditors Report) Order, 2004 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specified in paragraphs (4)
and (5) of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 the
books;
c) The balance sheet, profit and loss account and cash fl ow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the profit and loss account, balance sheet and cash
fl ow statement of the company comply with the Accounting Standards
referred to in Sub-section (3C) of Section 211 of the Companies Act,
1956 to the extent applicable.
e) On the basis of written representations received from the directors
as on 30th June 2010 and taken on record by the board, we report that
none of the directors is disqualifi ed for being appointed as director
in terms of clause (g) sub-section (1) of section 274 of the Companies
Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with signifi cant
accounting policies and notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) In the case of the balance sheet, of the state of affairs of the
company as at 30th June 2010;
(ii) In the case of profit and loss account, of the profit of the
company for the year ended on that date, and
(iii) In the case of the cash fl ow statement, of the cash fl ow for
the year ended on that date.
ANNEXURE REFERRED TO IN THE PARAGRAPH 3 OF OUR REPORT OF EVEN DATE. To
the Members of C & C Constructions Limited On the Accounts for the Year
ended 30th June 2010
(i) (a) In our opinion, the company has maintained proper records,
showing full particulars including quantitative details and situation
of fixed assets.
(b) The fixed assets have been physically verifi ed by the management
at reasonable intervals, no material discrepancies with respect to book
records were noticed on such verifi cation.
(c) In our opinion and according to explanations given to us, fixed
assets disposed off during the year were not substantial and as such
the disposal has not affected the going concern status of the company.
(ii) (a) As explained to us, physical verifi cation of inventory has
been conducted by the management at reasonable intervals. In our
opinion, the frequency of such verifi cation is reasonable.
(b) In our opinion, the procedures of physical verifi cation of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. Discrepancies noticed on verifi cation of inventory as
compared to book records were not material and these have been properly
dealt with in the books of account.
(iii) (a) In our opinion and according to the explanations given to us,
the Company has granted loans, secured or unsecured to Companies, fi rm
and other parties covered in the register maintained under section 301
of the Companies Act, 1956. Number of such parties is fi ve and amount
outstanding as on 30.06.2010 is Rs. 6.11 lacs (maximum amount
outstanding during the year is Rs.1671.01 lacs).
(b) The rate of interest and other terms and conditions of loans given
by the company, secured or unsecured, are not prima facie prejudicial
to the interest of the company; and
(c) There is no stipulation with regard to repayment of principal
amount and interest as the loans are repayable on demand; and
(d) Since the amounts are repayable on demand, there is no overdue
amount with regard to recovery of the principal and interest;
(e) The company has taken loans from companies, fi rms or other parties
covered in the register maintained under section 301 of the Companies
Act,1956. Number of such parties is one and the amount outstanding as
on 30-06-2010 is Rs. NIL (maximum amount outstanding during the year is
Rs. 35.26 crores).
(f) The rate of interest and other terms and conditions of loans taken
by the company are prima facie not prejudicial to the interest of the
company.
(g) Payment of the principal amount and interest are regular.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
(v) (a) In our opinion, the particulars of contracts or arrangement
that need to be entered into the register maintained under section 301,
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such contracts
or arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fi ve lacs in
respect of any party during the year, have been made at prices which
are reasonable as compared to the prices of similar items supplied by
other parties.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits from public.
(vii) I n our opinion, the company has an adequate internal audit
system commensurate with its size and the nature of its business.
(viii) According to information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act, 1956 in respect of the
services carried out by the company.
(ix) In respect of statutory dues:
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, Education Cess, Secondary
and Higher Education and other statutory dues have been generally
deposited in time with the appropriate authorities though there have
been delay in few cases. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 30th June 2010 for a period of more than
six months from the date they became payable.
(b) According to information and explanation given to us, the
particulars of dues outstanding of Sales Tax, Works Tax, Income Tax and
other statutory dues as on 30th June 2010, which have not been
deposited on account of disputes pending are as under:
Name Of Nature Amount Period Forum
The Of The (Rs. In To Which Where
Statute Disputed Lacs) The Dispute Is
Dues Amount Pending
Relates
U.P. Demand 22.92 2002-2003 Dy.
Sales Tax for work Commissioner
Act contract -Assessing
tax Authority for
Reassessment,
Noida, UP
U.P. Demand 6.67 2003-2004 Stay by
Sales Tax for work Allahabad High
Act contract Court
tax
Income Demand 8.76 2003-2004 Commissioner
Tax Act of Income Tax
(Appeals), New
Delhi
(x) The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the financial year and
in the financial year immediately preceding the financial year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any bank or financial institution as at the
balance sheet date.
(xii) Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that since
the company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
it is not required to maintain records in respect thereof.
(xiii) The company is not a chit fund / nidhi/ mutual benefit
fund/society to which the provisions of special statue relating to chit
fund are applicable. Accordingly paragraph (xiii) of the order is not
applicable.
(xiv) According to the information and explanations given by
Management, the company is not dealing or trading in shares,
securities, debentures and other investments. The company has made only
investments in equity shares and Govt. Securities. All Investments
made by the Company have been held by the Company in its own name.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantee for loans taken by others from Banks or financial
institutions are not prima facie prejudicial to the interests of the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) Based on our examination of the balance sheet of the Company as
at 30th June 2010, and information and explanations given to us, we
report that funds raised on a short-term basis have not been used for
long-term investment.
(xviii) The company has made preferential allotment of 19,76,284 Nos.
Equity shares to the parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956, during the
year. The price at which the shares were allotted is not prejudicial to
the interest of the Company as the price has been arrived at as per the
provisions of SEBI (Issue of Capital and Disclosure Requirement)
Regulations, 2009
(xix) According to the information and explanation given to us, there
are no outstanding debentures whether redeemable or non redeemable as
on 30th June, 2010
(xx) The Company has not raised any money by public issue during the
year.
(xxi) Based on the audit procedures performed and information and
explanations given by the Management, we report that no fraud on or by
the Company has been noticed or reported during the year.
For ASG & Associates
Chartered Accountants
Amar Jeet Singh
Partner
Membership No.: 089285
Firm Registration No.: 000389N
Place: Gurgaon
Dated: 27th August, 2010
Jun 30, 2009
1) We have audited the attached Balance Sheet of c & c constructions
ltd. as at June 30, 2009 and also the Proft and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. Tese
fnancial statements are the responsibility of the CompanyÃs management.
Our responsibility is to express an opinion on these fnancial
statements based on our audit.
2) We conducted our audit in accordance with auditing and assurance
standards generally accepted in India. Tese Standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the fnancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by the management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) In accordance with the provisions of section 227 of the Companies
Act 1956, we report that:
As required by the Companies (Auditors Report) Order, 2004 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specifed in paragraphs (4) and
(5) of the said order.
4) Further to our comments in the Annexure referred to in paragraph 3
above, 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 the
books;
c) The balance sheet, proft and loss account and cash fow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the proft and loss account, balance sheet and cash
fow statement of the company comply with the Accounting Standards
referred to in Sub-section (3C) of Section 211 of the Companies Act,
1956 to the extent applicable.
e) On the basis of written representations received from the directors
as on 30th June 2009 and taken on record by the board, we report that
none of the directors is disqualifed for being appointed as director in
terms of clause (g) sub-section (1) of section 274 of the Companies
Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with signifcant
accounting policies and notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
i in the case of the balance sheet, of the state of afairs of the
company as at 30th June 2009;
ii in the case of proft and loss account, of the proft of the company
for the year ended on that date, and
iii in the case of the cash fow statement, of the cash fow for the year
ended on that date.
ANNEXURE REFERED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.
i) a) In our opinion, the company has maintained proper records,
showing full particulars including quantitative details and situation
of fxed assets.
b) The fxed assets have been physically verifed by the management at
reasonable intervals, no material discrepancies with respect to book
records were noticed on such verifcation.
c) In our opinion and according to explanations given to us, fxed
assets disposed of during the year were not substantial and as such the
disposal has not afected the going concern status of the company.
ii) a) As explained to us, physical verifcation of inventory has been
conducted by the management at reasonable intervals. In our opinion,
the frequency of such verifcation is reasonable.
b) In our opinion, the procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. Discrepancies noticed on verifcation of inventory as
compared to book records were not material and these have been properly
dealt with in the books of account.
iii) a) In our opinion and according to the explanations given to us,
the Company has granted loans, secured or unsecured to Companies, frm
and other parties covered in the register maintained under section 301
of the Companies Act, 1956. Numbers of such parties are fve and amount
outstanding as on 31.03.2009 is Rs. 992.17 lacs (maximum amount
outstanding during the year is Rs. 1394.44 lacs).
b) The rate of interest and other terms and conditions of loans given by
the company, secured or unsecured, are not prima facie prejudicial to
the interest of the company; and
c) There is no stipulation with regard to repayment of the principal
amount and interest regularly as the loans are repayable on demand;
and.
d) Since the amount are repayable on demand, there is no overdue amount
with regard to recovery of the principal and interest;.
e) The company has not taken any loans, secured or unsecured from
companies, frms or other parties covered in the register maintained
under section 301 of the Act. Hence clauses 4(iii)(e),(f) and (g) of
the order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fxed assets and for
the sale of goods and services, during the course of our audit, no
major weakness has been noticed in the internal controls.
v) a) In our opinion the particulars of contracts or arrangement that
need to be entered into the register maintained under section 301 have
been so entered. b) In our opinion and according to the information
and explanations given to us, the transactions made in the pursuance of
such contracts or arrangement entered in the register maintained under
Section 301 of the Companies Act, 1956, and exceeding the value of
Rupees fve lacs in respect of any party during the year, have been made
at prices which are reasonable as compared to the prices of similar
items supplied by other parties or as available with the company.
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public.
vii) In our opinion, the company has an adequate internal audit system
commensurate with its size and the nature of its business.
viii) According to information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 in respect of
services carried out by the company.
ix) In respect of statutory dues :
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Employeesà State Insurance, Income Tax, Sales
Tax, Wealth Tax, Customs Duty, Excise Duty, Education Cess, Secondary
and Higher Education and other statutory dues have been generally
regularly deposited with the appropriate authorities though there have
been delay in few cases. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 30th June 2009 for a period of more than
six months from the date they became payable.
b) According to information and explanation given to us, the
particulars of dues outstanding of Sales Tax, Works Tax and other
statutory dues as on 30th June 2009, which have not been deposited on
account of disputes pending are as under:
NAME OF THE STATUTE NATURE OF AMOUNT PERIOD TO FORUM WHERE
THE DISPUTED DISPUTE
DUES (RS. IN
LACS) WHICH THE IS PENDING
AMOUNT
RELATES
WOrks Contract Demand 35.26 2002-2003 Deputy Comm
Tax - Noida Assessing
Authority
for
Reassessment
Works Contract Demand 6.67 2003-2004 Stay at
Allahabad
Tax - Noida high Court
Income Tax Demand 8.76 2003-2004 Commissioner
of Income
Tax (Appeals)
Income Tax Demand 44.25 2007-2008 Asst. Comm
issioner of
Income Tax
x) The company has no accumulated losses at the end of the fnancial year
and it
has not incurred any cash losses in the fnancial year and in the
fnancial year immediately preceding fnancial year.
xi) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to fnancial institutions, banks or
debenture holders.
xii) Based on our audit procedures and on the information and
explanations given
by the management, we are of the opinion that since the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities, it is not required
to maintain records in respect thereof.
xiii) The company is not a chit fund / nidhi/ mutual beneft fund/society
to which the provisions of special statue relating to chit fund are
applicable. Accordingly paragraph (xiii) of the order is not
applicable.
xiv) According to the information and explanations given by management,
the company is not dealing or trading in shares, securities, debentures
and other investments. All Investments have been held by the company in
its own name.
xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantee for loans taken by others from Banks or fnancial institutions
are not prima facie prejudicial to the interests of the company.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
xvii) Based on our examination of the balance sheet of the company as
at 30th June 2009, and information and explanations given to us, we
report that funds raised on a short-term basis have not been used for
long-term investment and vice versa.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act 1956, during the year.
xix) According to the information and explanation given to us, there
are no outstanding debentures whether redeemable or non redeemable.
xx) The Company has not raised any money by public issue during the
year.
xxi) Based on the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year.
For ASG & Associates
Chartered Accountants
Amar Jeet singh
Partner
M.No. 089285
Date : 30.09.2009
Place : Gurgaon
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