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C & C Constructions Ltd.

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

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Sep 24, 16:00
3.11 -0.02 (-0.64%)
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4,180
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21,843
30-Day
20,288
2,279
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    3.25

  • Bid Price (Qty.)

    3.11 (2000)

  • Offer Price (Qty.)

    3.25 (799)

NSE Live

Sep 24, 15:41
3.10 -0.10 (-3.13%)
Volume
AVERAGE VOLUME
5-Day
15,116
10-Day
25,662
30-Day
23,970
7,362
  • Prev. Close

    3.20

  • Open Price

    3.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

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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 (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