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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. Report on the Financial Statements We have audited the accompanying financial statements of Dredging Corporation of India Limited (''the Company'') which comprise the Balance Sheet as at March 31'' 2013'' 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. 2. 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). 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. 3. 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. 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. 4. Opinion We draw attention to the following Note:- (I) The Company has not recognized impairment of long term investments of Rs.3''000 lacs (Last year : Rs.3000 lacs) in M/s. SCL; which is not in accordance with para 17 of AS-13 Accounting for investments as prescribed under sub-section 3C of section 211 of the Act. The decline in investment value (other than temporary)'' is envisaged with reference to Investee''s assets and results'' prolonged litigation'' expected cash flows'' restrictions on distributions by Investee or disposal by Investor etc. Had such provision been recognized'' the profits of the Company for the year ended 31st March'' 2013 and the reserves of the Company as at 31st March'' 2013 would have been lower by ''Rs.3''000 lacs; thereby resulting in net loss of Rs.949.10 lacs. In our opinion'' subject to our remark in paragraph 4(I) above 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: (a) in the case of the balance sheet'' of the state of affairs of the Company as at March 31'' 2013; (b) in the case of the statement of profit and loss'' of the profit for the year ended on that date; and (c) in the case of the cash flow statement'' of the cash flows for the year ended on that date 5. Report on Other Legal and Regulatory Requirements i) As required by the Companies (Auditor''s Report) Order'' 2003 (the Order)'' as amended'' issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act'' we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. ii) 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'' subject to our remark in paragraph 4(I) above'' 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; and e. the provisions of Section 274(1)(g) of the Companies Act'' 1956 are not applicabe 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. 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; except in case of Stock of stores/ spares-in-transit. (b) In respect of procedure of physical verification of stock of stores/spares-in-transit followed by the management'' the same needs substantial improvement'' which should commensurate with the size of the Company and the nature of its business. (c) Except in case of stock of stores/spares-in-transit'' the Company has maintained proper records of inventory; and 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. (b) 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. (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. (v) 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'' although the Company has an internal audit system commensurate with its size and nature of its business; yet the same needs to be transformed into risk-based audit and focus on ineternal controls'' risk assessment'' risk mitigation plans etc. (viii) To the best of our knowledge 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 March 31'' 2013 for the period of more than six months from the date they became payable. (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 the due date of repayment of bonds do not fall in this year'' 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 (Auditor''s 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 availed External Commercial Borrowings (ECB) term loans during the year for acquisition of Dredgers and the term loans were utilised for the pupose for which they were obtained. (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 issued tax free'' secured'' non-convertible and redeemable bonds of Rs.1000 each amounting Rs.5887.80 lakhs. The bonds are fully secured by way of charge on DCI Back-Hoe Dredger. (xx) We have verified the end use of money raised by public issue as disclosed in Note to Accounts. (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 G.R.Kumar & Co. Chartered Accountants Firm Reg No. 004941S sd/- (CA G.R.KUMAR) Place : Visakhapatnam Partner Date : 18.06.2013 Membership No. 052367