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. |