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Dredging Corporation India Ltd.

BSE: 523618 | NSE: DREDGECORP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE506A01018 | SECTOR: Miscellaneous

BSE Live

Oct 26, 16:00
352.05 9.90 (2.89%)
Volume
AVERAGE VOLUME
5-Day
23,787
10-Day
27,529
30-Day
14,094
90,555
  • Prev. Close

    342.15

  • Open Price

    343.75

  • Bid Price (Qty.)

    352.05 (225)

  • Offer Price (Qty.)

    359.00 (1)

NSE Live

Oct 26, 15:58
352.15 9.95 (2.91%)
Volume
AVERAGE VOLUME
5-Day
63,786
10-Day
152,152
30-Day
115,801
99,624
  • Prev. Close

    342.20

  • Open Price

    342.90

  • Bid Price (Qty.)

    352.15 (202)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of DREDGING CORPORATION OF INDIA LIMITED as at 31 st March, 2006 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow statement for the year ended on that date. 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 standards generally accepted in India. Those 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. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (i) 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; (ii) 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; (iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. (iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-section (3G) of Section 211 of the Company's Act, 1956. (v) The provisions of Section 274 (1) (g) of the Companies Act, 1956 are not applicable to this company vide number 2/5/2001 - CL-V : General Circular No.8/2002 dated 22-03-2002 issued by Ministry of Law, Justice and Company Affairs, Department of Company Affairs. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Accounting Policies and Notes on Accounts 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. (a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; (b) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (c) in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Sriramamurthy & Co., Chartered Accountants Place : Visakhapatnam (D.Prasanna Kumar) Date : 19-06-2006 Partner ANNEXURE TO AUDITORS' REPORT (Referred to in paragraph (3) of our Report of even date) (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the fixed assets have been physically verified by the management during the year in a phased manner. As informed to us, no material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of the fixed assets during the year and the going concern status of the Company is not affected. (ii) (a) Physical verification of inventory has been conducted by the management at reasonable intervals during the year. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventory. As informed to us, no material discrepancies were noticed on physical verification as compared to the book records. (iii) (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. In view of the above, Clause 4 (iii) (b), (c) and (d) are not applicable. (e) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. In view of the above, Clause 4 (iii) (f) and (g) 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, for the purchase of inventory and fixed assets and for sale of goods/services. During the course of our audit, we have not observed any major weakness in internal control. (v) (a) According to the information and explanations given to us there were no contracts or arrangements referred to in Section 301 of Companies Act, 1956 that need to be entered into the Register required to be maintained in pursuance of Section 301 of the Companies Act, 1956. In view of the above, Clause 4 (v) (b) is not applicable. (vi) The Company has not accepted any deposits from the public during the year, (vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. (viii) The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of the Company's nature of business. (ix) (a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of aforementioned dues were in arrears, as at 31st March 2006 for a period of more than six months from the date they became payable. (b) According to information and explanations given to us, the statutory dues that have not been deposited on account of dispute and the matters pending before appellate authorities are as under: S. Name of Statute Nature of dues No. 1 Orissa Sales Tax Sales Tax for the Act 1947 year 1984-85 2 Orissa Sales Tax Sales Tax for the Act 1947 year 1985-86 3 Orissa Sales Tax Sales Tax for the Act 1947 year 1986-87 4 Orissa Sales Tax Sales Tax for the Act 1947 year 1988-89 5. Orissa Sales Tax Sales Tax for the Act 1947 year 1993-94 6 Orissa Sales Tax Sales Tax for the Act 1947 year 1997-98 7 Customs Act 1962 Customs Duty on Spares of Dredger Aquarius for the year 1990-91 8. Karnataka Sales Sales Tax Tax Act 9. KTEG (Entry Tax) Entry Tax 10. Income Tax Act, 1961 Income Tax for the AY 1991-92 -do- AY 1993-94 -do- AY 1997-98 -do- AY 2000-01 -do- AY 2002-03 -do- AY 2003-04 -do- AY 2004-05 -do- AY 2004-05 S. Forum where dispute is pending Amount (Rs.in lakh) No. 1. Assistant Commissioner of Sales 33.32 Tax (Appeals), Cuttack, Orissa 2. Assistant Commissioner of Sales 13.60 Tax (Appeals), Cuttack, Orissa 3. Assistant Commissioner of Sales 15.39 Tax (Appeals), Cuttack, Orissa 4. Assistant Commissioner of Sales 5.77 Tax (Appeals), Cuttack, Orissa 5. Assistant Commissioner of Sales 105.84 Tax (Appeals), Cuttack, Orissa 6. Sales Tax Tribunal, Cuttack, Orissa 335.61 7. Commissioner of, 210.00 Customs (Appeals) Kolkata 8. Karnataka Appellate Sales Tax Tribunal 74.65 9. Jt.Commissioner of Commercial Tax (Appeals) 212.00 10. Andhra Pradesh High Court 0.16 -do- 13.77 Income Tax Appellate Tribunal, Visakhapatnam 6.28 -do- 66.90 -do- 2596.55 -do- 5073.67 -do- 3459.73 Commissioner of Income Tax (Appeals), Visakhapatnam 3875.59 (x) The Company has no accumulated losses and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) The Company has not defaulted in repayment of dues to financial institutions or banks. As there are no debentures, the question of repayment does not arise. (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. (xiv) The Company has not been dealing or trading in shares, securities, debentures and other investments. Therefore, clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company. (xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions. Therefore, clause 4(xv) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. (xvi) The Company has not obtained any term loans during the year and therefore, clause 4(xvi) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. (xvii) The Company has not raised any funds on short-term basis or long-term basis during the year and therefore, clause 4(xvii) of the Companies (Auditor's Report) Order, 2003 is not applicable. (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) The Company has not issued debentures during the year and therefore, the clause 4 (xix) of the Companies (Auditor's Report) Order, 2003 is not applicable. (xx) The Company has not raised money by public issue during the year and therefore, the clause 4 (xx) of the Companies (Auditor's Report) Order, 2003 is not applicable. (xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated. For Sriramamurthy & Co., Chartered Accountants Place : Visakhapatnam (D.Prasanna Kumar) Date : 19-06-2006 Partner