MARKET RADAR
SENSEX     NIFTY      Refresh
Moneycontrol.com India | Notes to Account > Construction & Contracting - Civil > Notes to Account from Consolidated Construction Consortium - BSE: 532902, NSE: CCCL
YOU ARE HERE > MONEYCONTROL > MARKETS > CONSTRUCTION & CONTRACTING - CIVIL > NOTES TO ACCOUNTS - Consolidated Construction Consortium
Consolidated Construction Consortium
BSE: 532902|NSE: CCCL|ISIN: INE429I01024|SECTOR: Construction & Contracting - Civil
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
May 24, 13:10
14.25
0.3 (2.15%)
VOLUME 7,442
LIVE
NSE
May 24, 13:10
14.25
0.3 (2.15%)
VOLUME 22,115
« Mar 10
Notes to Accounts Year End : Mar '11
1.  Securities Premium Account represents the difference between the
 consideration received in respect of shares issued and the face value.
 
 2.  Amounts due to small scale industrial undertakings / suppliers
 under the MSMED Act,2006:
 
 The Company has not received any intimation from suppliers regarding
 their status under the Micro, Small and Medium Enterprises Development
 Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
 at the year end together with interest paid / payable as required under
 the said Act could not be furnished.
 
 3.  Current tax and Deferred Tax:
 
 a.  Provision for Current Tax is Rs. 331 Million (P.Y.372.27 Million),
 in accordance with the Accounting Policy, in this regard, followed by
 the Company. No provision for Fringe Benefit Tax is made in the current
 year (P.Y. Nil),
 
 b.  Deferred Tax Liability as at March 31,2011 comprises of the
 following:
 
 4.  Related party transactions:
 
 A.  Related parties:
 
 Particulars                          Name of the Entity
 
 Subsidiaries (wholly owned)         i.  Consolidated Interiors Limited
 
                                     ii. Noble Consolidated Glazings 
                                         Limited 
 
                                    iii. CCCL Infrastructure Limited 
 
                                     iv. CCCL Power Infrastructure 
                                         Limited 
 
                                      v. Delhi South Extension Car Park 
                                         Limited
 
 Step - down Subsidiary               CCCL Pearl City Food Port SEZ 
                                      Limited
 
 Enterprises owned or 
 significantly influenced by          A. Companies:
 
 Key Management Personnel or 
 their Relatives                         Yuga Homes Ltd
 
                                         Yuga Agate 
 
                                         Taurus Plant & Equipment 
                                         Services Ltd.
 
                                      B. Partnership Firms:
 
                                         Samruddhi Holdings
 
 Joint Ventures                       A. Partnership Firms:
 
                                         Yuga Builders 
 
                                         Yuga Developers
 
 Consortium Arrangements - 
 refer note no. 7 below               Association of Persons
 
                                      Herve Pomerleau International 
                                      CCCL Joint Venture
 
 Relatives                            i.  Mrs.Usha-Spouse of wholetime
                                          director
 
                                      ii. Mr. Kaushik Ram .S 
                                          - Son of wholetime director
 
 Key management personnel              A. Whole Time Directors:
 
                                          R. Sarabeswar
 
                                          S. Sivaramakrishnan
 
                                          V.G. Janarthanam
 
                                       B. Chief Financial Officer:
 
                                          T.R.Seetharaman
 
 4.  In line with the principle of substance over form for the Chennai
 Modernisation Airport Project, being executed by Herve Pomerleau - CCCL
 JV, assessed as a AOP, by relevant Authorities and as filed with them,
 its income from operations and its related expenditure amounting to Rs.
 6184.54 Million (PY Rs.3028.86 Millions) and Rs. 5693.33 Million (PY
 Rs.2819.45 Million) together with the assets and liabilities amounting
 to Rs. 2652.63 Million (PY Rs. 1953.74 Million) and Rs. 2452.63
 Millions (PY Rs. 1753.74 Million) respectively have been grouped under
 respective heads in the current year. A sum of Rs. 121.51 Millions (PY
 Rs. 54.38 Millions) being share of profits is due and payable to the
 party under the consortium agreement in respect of the Chennai Airport
 modernization project has duly been disclosed.
 
 5.  Segmental Reporting:
 
 The companys operations predominantly consist of construction
 activities. Hence there are no reportable segments under Accounting
 Standard -17. During the year under report, substantial part of
 Companys business has been carried through out India. The conditions
 prevailing in India being uniform, no separate geographical disclosures
 are considered necessary.
 
 6. Disclosures under AS - 7 (Revised)
 
 a.Disclosures as required under AS-7 (Revised) together with the
 completed contracts are furnished hereunder:
 
 c.  Amounts totaling Rs. 1566.84 Million (P.Y.Rs. 1322.65 Millions),
 representing contract costs relating to future activities have duly
 been shown separately in the Accounts under current assets.
 
 d.  Contract W.I.P. includes a sum of retention money of amounts
 totaling Rs. 1750.78 Million (P.Y.Rs. 1632.58 Millions) deducted by the
 customers.
 
 7. Contingent Liabilities:
 
 a.  Bank Guarantees including Letter of Credit outstanding as on
 31.03.2011 - Rs. 8792.77 Million (P.Y. Rs. 7210.62 Million). This
 includes Bank Guarantees and Letters of Credit executed by the company
 on behalf of Herve Pomerleau International CCCL Joint Venture for Rs.
 96.00 Million (P.Y. Rs. 739.20 Million), on behalf of CCCL
 Infrastructure Limited Rs. 92.56 Millions (PY Rs. NIL), on behalf of
 CCCL Power Infrastructure Limited Rs. 10.00 Millions (PY Nil).
 
 b.  The Company has executed Corporate Guarantees on behalf of its
 subsidiaries and AOP during the year.  
 
 i) on behalf of ConsolidatedInteriors Ltd. - Rs. 140.00 Million (P.Y.
 Rs. 140.00 Million)
 
 ii) on behalf of Noble Consolidated Glazings Ltd. -Rs. 300.00 Million
 (P.Y. Rs. 170.00 Million)
 
 iii) on behalf of Herve Pomerleau International CCCL Joint Venture -Rs.
 4820.00 Million (P.Y. Rs. 4820.00 Million)
 
 c.  Following demands have been raised on the company by the respective
 authorities: 
 
 i) On account of Sales tax/VAT -Rs.87.27Million(P.Y.Rs.135.93 Million).
 
 ii) On account of Service Tax- 
 
 - Rs. 776.13 Millions (P.Y. Rs. 705.60 Millions) [for the period from
 April, 2006 - March, 2008].
 
 - Rs. 278.22 Millions (P.Y. Rs. 3.16 Millions) [for the period from
 April 2008 - March, 2009].  
 
 iii) On account of Income Tax 
 
 
 - Rs. 2.54 Million (P.YRs. 2.54 Million) [for the period from April
 2004-March 2005].
 
 - Rs.129.55Million(P.Y?4.88Million)[fortheperiodfromApril 2005-March
 2008].
 
 Based on the legal opinion obtained, the Company does not feel any
 liability will arise and hence no provision has been made in the
 Accounts.
 
 8.  Claims against the company not acknowledged as debt Rs. 59.92
 Million-(P.Y. Rs. 45.92 Million).
 
 9.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for - Rs. 66.36 Million (P.Y. Rs. 13.92
 Million).
 
 10.  Trade Licence fee represents amounts paid to Samruddhi Holdings a
 Partnership firm in which the Directors / Chief Financial Officer are
 partners for the use of the name, logo (Triple C) and Trade Mark
 (Triple C) in accordance with the approval of the Ministry of Corporate
 Affairs, Government of India vide its Letter dated 8th April, 2008. The
 amount payable @ 4% amounts to Rs. 26.57 Million. However it is
 restricted to Rs. 20.00 Million in line with the above approval.
 
 11.  Indian Bank initiated action u/s. 13(4) of the SARFAESI Act, in
 respect of property situated at Nedungundram Village measuring to an
 extent of 133 cents out of 553 cents being used as Godown by the
 Company.
 
 Aggrieved with this the Company filed an Appeal before Madras High
 Court for an injunction restraining Indian Bank against further
 proceedings. Madras High Court issued an injunction order restraining
 Indian Bank against initiating any proceedings and also directed to
 deposit Rs. 12.00 Millions with the Madras High Court Registry. We have
 deposited Rs. 12.00 Millions with the Registry as directed and the same
 is accounted under the Deposit - Others in our books.
 
 12.  As construction activity is considered as a service activity, it
 is covered under para 3 (ii) (c) of Part II to Schedule VI to the
 Companies Act 1956.
 
 13.  Previous years figures have been regrouped/consolidated wherever
 applicable/ required and furnished accordingly. Figures have been
 rounded off to the nearest rupee.
Source : Dion Global Solutions Limited
Quick Links for consolidatedconstructionconsortium
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.