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C & C Constructions Ltd.

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

BSE Live

Sep 23, 14:53
3.13 0.02 (0.64%)
Volume
AVERAGE VOLUME
5-Day
14,089
10-Day
29,470
30-Day
20,465
365
  • Prev. Close

    3.11

  • Open Price

    3.11

  • Bid Price (Qty.)

    3.13 (1000)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 23, 14:58
3.15 -0.10 (-3.08%)
Volume
AVERAGE VOLUME
5-Day
28,247
10-Day
32,770
30-Day
24,980
1,935
  • Prev. Close

    3.25

  • Open Price

    3.10

  • Bid Price (Qty.)

    3.15 (965)

  • Offer Price (Qty.)

    3.20 (100)

Annual Report

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

Auditor's Report

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