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C & C Constructions Ltd.

BSE: 532813 | NSE: CANDC | Series: BZ | ISIN: INE874H01015 | SECTOR: Construction & Contracting - Civil

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Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of C&C Constructions Ltd. as at June 30, 2012 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto.

These financial statements are the responsibility of the Company's 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 significant 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 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, profit and loss account and cash flow 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 flow 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 2012 and taken on record by the board, we report that none of the directors is disqualified 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 significant 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 2012;

(ii) In the case of profit and loss account, of the loss of the company for the year ended on that date, and

(iii) In the case of the cash flow statement, of the cash flow 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 2012

(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. Number of such parties is twelve and amount outstanding as on 30.06.2012 is Rs.512.74 lacs (maximum amount outstanding during the year is Rs.727.18 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, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956. Number of such parties is five and the amount outstanding as on 30.06.2012 is Rs. 650.82 lacs (maximum amount outstanding during the year is Rs. 650.82 lacs).

(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 2012 for a period of more than six months from the date they became payable as under:

Name of Authority Amount (in Lacs)

Central Service Tax 197.19

State Work Contract Tax 20.74

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 Tax and other statutory dues as on 30th June 2012, which have not been deposited on account of disputes pending are as under:

Name Nature of Amount Period Forum of The The (Rs. To Which Where Statute Disputed In Lacs) The Dispute Is Dues Amount Pending Relates

U.P Demand 35.26 2002-2003 Joint Trade against (amount Commissioner Tax Act material deposited (Appeals)- purchased Rs. 12.34 Noida, UP against lacs) 'C' form

U.P Demand 47.78 2009-2010 Addl. Trade against (amount Commissioner- Tax Act VAT Input deposited (Appeals), claimed Rs.15.00 Noida.UP and others lacs)

U.P Demand 8.24 April- Dy. Trade against (amount May 2011 Commissioner Tax Act VAT Input deposited Noida (U.P) claimed Rs.1.65 and others lacs)

Punjab Non - 16.94 2007-08 Assistant Value production Excise and Added of sufficient Taxation Tax Act documents Commissioner, for High Information Sea Sales Collection Centre, Shambhu (Import) Patiala - Punjab

Income Short 48.22 F.Y- Commissioner Tax Act deducted (amount 2007- of Income of TDS deposited 2008 Tax (Appeals), and Rs.48.22 and 49(1), Interest lacs 2008-09 New Delhi there on

Income Short 0.44 F.Y-2006 Commissioner Tax Act deducted -2007 of Income of TDS Tax (Appeals), and 49(1), Interest New Delhi there on

Disputed Demands of Joint Ventures (Applicable share):

Name Nature of Amount Period Forum of The The (Rs. To Which Where Statute Disputed In Lacs) The Dispute Is Dues Amount Pending Relates

Bihar Interest 115.42 F. Y Dy. Value on 2007-08, Commissioner, Added Entry Tax 2008-09 MuzaffarPur, Tax Act and Bihar 2009-10

Rajasthan Penalty 8.60 FY Joint Value against tax (amount 2005-06 Commissioner Added deposited (Appeal), Tax Act Rs.1.33 Jaipur lacs) (Rajasthan)

Income Disallowance 274.84 Asst. Asst. Tax Act of Additional (amount Year Commissioner Depreciation deposited 2004-05 of Income Tax, Rs. 263.13 Circle - 38(1), lacs) New Delhi

Income Calculation 1.59 Asst. Asst. Tax Act Mistake Year Commissioner of Interest 2005-06 of Income Tax, and Circle-38(1), Penalty New Delhi

Income Disallowance 242.51 Asst. Year Asst. Tax Act of Additional (amount 2006-07 Commissioner Depredation deposited of Income Tax, Rs. 324.39 Circle-38(1), lacs) New Delhi

Income Disallowance 157.03 Asst. Year Asst. Tax Act of Additional (amount 2008-09 Commissioner Depreciation deposited of Income Tax, Rs.123.13 Circle-38(1), lacs) New Delhi

Income Disallowance 309.81 Asst. Year Asst. Tax Act of Additional (amount 2009-10 Commissioner Depreciation deposited of Income Tax, Rs.105.47 Circle-38(1), lacs) New Delhi

Income Short 331.88 F..Y- Commissioner Tax Act deducted (amount 2006-07, of Income Tax of TDS deposited 2007-2008, (Appeals) and Rs.2.65 2008-09 (49-1), Interest lacs) and New Delhi there on 2009-10

(x) The company does not have any accumulated losses and has incurred cash losses amounting to Rs.3,025.23 Lacs during the financial year covered by our audit and Rs.Nil 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:

a) The company has defaulted in the repayment of Term loan in Principal and Interest amount as detailed below:

(Amount in Rs.)

Name of the Bank Principal Interest Total Period

Dhanlaxmi Bank 283,299 101,661 384,960 May'12 to June '12

Dhanlaxmi Bank 194,692 75,723 270,415 June'12

HDFC Bank 29,753 879 30,632 June'12

HDFC Bank 46,917 904 47,821 June'12

HDFC Bank 18,722 215 18,937 June'12

ICICI Bank 20,944 2,531 23,475 June'12

ICICI Bank 135,579 15,389 150,968 May'12 to June '12

ICICI Bank 10,913 5,699 16,612 May'12 to June '12

ICICI Bank 10,913 5,699 16,612 May'12 to June '12

ICICI Bank 10,913 5,699 16,612 May'12 to June '12

ICICI Bank 11,364 5,934 17,298 May'12 to June '12

ICICI Bank 11,364 5,934 17,298 May'12 to June '12

ICICI Bank 11,364 5,934 17,298 May'12 to June '12

ICICI Bank 31,217 13,519 44,736 April'12 to June'12

ICICI Bank 82,676 35,803 118,478 May'12 to June '12

ICICI Bank 22,117 10,607 32,724 May'12 to June '12

ICICI Bank 22,117 10,607 32,724 May'12 to June '12

ICICI Bank 214,836 122,364 337,200 May'12 to June '12

ICICI Bank 15,897 11,171 27,068 June'12

ICICI Bank 257,305 3,696 261,000 May'12 to June '12

ICICI Bank 257,305 3,696 261,000 May'12 to June '12

ICICI Bank 51,219 1,917 53,136 May'12 to June '12

ICICI Bank 11,359 5,828 17,186 May'12 to June '12

ICICI Bank 8,201 4,208 12,409 May'12 to June '12

ICICI Bank 2,903 1,469 4,371 June'12

ICICI Bank 2,903 1,469 4,371 June'12

ICICI Bank 8,092 5,868 13,960 May'12 to June '12

ICICI Bank 4,758 3,452 8,210 May'12 to June '12

ICICI Bank 5,010 3,919 8,929 May'12 to June '12

ICICI Bank 5,010 3,919 8,929 May'12 to June '12

ICICI Bank 5,010 3,919 8,929 May'12 to June '12

ICICI Bank 5,010 3,919 8,929 May'12 to June '12

ICICI Bank 4,725 3,697 8,422 May'12 to June '12

ICICI Bank 6,264 5,010 11,274 May'12 to June '12

ICICI Bank 6,264 5,010 11,274 May'12 to June '12

ICICI Bank 6,264 5,010 11,274 May'12 to June '12

ICICI Bank 6,264 5,010 11,274 May'12 to June '12

ICICI Bank 7,742 6,193 13,935 May'12 to June '12

ICICI Bank 13,649 124 13,772 May'12

Indusind Bank 1,849,686 578,514 2,428,200 April'12 to June'12

Indusind Bank 200,265 35,752 236,017 May'12 to June '12

b) The company has defaulted in the repayment of other loans taken from banks and financial institutions as detailed below:

Principal Total Amount Name of Banker Interest Overdue months and others overdue

State Bank of India - 26,951,119 26,951,119 June'12

State Bank of Patiala 154,186,932 41,143,243 195,330,175 May'12 to June'12

State Bank of Hyderabad 142,235,622 11,436,935 153,672,557 May'12 to June'12

ICICI Bank Ltd - 4,193,357 4,193,357 May'12 to June'12

Oriental Bank of Commerce - 4,331,308 4,331,308 June'12

Central Bank of India - 24,641,032 24,641,032 Apr'12 to June'12

Indusind Bank Ltd - 9,171,917 9,171,917 May'12 to June'12

Standard Chartered Bank Ltd 124,734,872 8,006,592 132,741,464 Oct'11 to June'12

DBS Bank Ltd - 4,617,083 4,617,083 May'12 to June'12

Barclays Bank Ltd - 2,302,435 2,302,435 Apr'12 to June'12

(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.

(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 30th June 2012, 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, 2012.

(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 : 28th August,2012