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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 22, 10:01
356.25 2.70 (0.76%)
Volume
AVERAGE VOLUME
5-Day
17,670
10-Day
18,929
30-Day
11,839
1,280
  • Prev. Close

    353.55

  • Open Price

    354.00

  • Bid Price (Qty.)

    356.15 (42)

  • Offer Price (Qty.)

    356.75 (1)

NSE Live

Oct 22, 10:01
356.10 2.60 (0.74%)
Volume
AVERAGE VOLUME
5-Day
106,566
10-Day
158,734
30-Day
125,252
14,122
  • Prev. Close

    353.50

  • Open Price

    353.20

  • Bid Price (Qty.)

    356.10 (11)

  • Offer Price (Qty.)

    356.60 (13)

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, VISAKHAPATNAM as at 31sl March, 2009 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 Companys 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 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 (Auditors 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. The Accounts of the Company for the year, as approved by Board of Directors in the 238th Board Meeting held on 29-06-2009 have been revised in view of the observations made by Comptroller and Auditor General of India, during the course of their audit under Section 619(4) of the Companies Act, 1956. The said revision resulted in increase in Profit Before and After Tax by Rs. 21.33 Lakhs and an increase in Fixed Assets by Rs. 166.57 Lakhs and decrease in net current assets by Rs. 145.24 lakhs. The effect of the revision in the accounts has been stated in the note 8 (o) of schedule XIV to the Accounts . 5. 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 (3C) of Section 211 of the Companies 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) Reference is invited to: Note 8(f) of Notes on Accounts; Consequent on the change in accounting policy on spares, the profit for the year increased by Rs. 33.10 Crores. Note No. 8 (g) of Notes on Accounts regarding Sethusamudram Project income accounted for on cubic meter basis as per agreement signed on 7-11 -2008 which resulted in reduction of Rs. 5451 lakhs in current years income from this project in respect of cumulative income considered up to 31.03.2008. (vii) 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 with particular reference to Schedule - XIV, 8 (f) and (g), 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 31sl March, 2009; (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. ANNEXURETO AUDITORSREPORT_ (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 and services. During the course of our audit, we have not observed any major weaknesses 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 nature of business carried on by the Company. (ix) (a) The Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs 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, 2008 for a period of more than six months from the date they became payable. (b) According to information and explanations given to us, there were no statutory dues that have been deposited on account of dispute. (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 nstitutions 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 (Auditors 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 (Auditors 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 (Auditors 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 (Auditors 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 (Auditors 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 (Auditors 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 the materially misstated. For Rao & Narayan Chartered Accountants -Sd- (P.V SBBARAO) Place : Visakhapatnam Partner Date : 31st July, 2009 Membership No. 09269