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IRCTC - Indian Railway Catering & Tourism Corp Ltd.

BSE: 542830 | NSE: IRCTC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE335Y01012 | SECTOR: Miscellaneous

BSE Live

Jul 23, 16:00
2325.90 -41.55 (-1.76%)
Volume
AVERAGE VOLUME
5-Day
211,946
10-Day
147,981
30-Day
109,650
107,024
  • Prev. Close

    2367.45

  • Open Price

    2359.00

  • Bid Price (Qty.)

    2325.90 (1)

  • Offer Price (Qty.)

    2325.90 (2)

NSE Live

Jul 23, 15:59
2325.35 -39.80 (-1.68%)
Volume
AVERAGE VOLUME
5-Day
2,834,751
10-Day
2,103,709
30-Day
1,645,881
1,048,692
  • Prev. Close

    2365.15

  • Open Price

    2369.90

  • Bid Price (Qty.)

    2325.35 (552)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2011

Auditor's Report

1. We have audited the attached Balance Sheet of INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED, as at 31st March, 2011 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. 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 annex 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 here 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 purpose of our audit; (ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books; (iii) The Balance Sheet, the Profit and Loss Account & Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance sheet, the Profit and Loss Account & the 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 to the extent applicable to the Company; (v) The Company is a Government Company and the Directors have been appointed by the Central Government. Hence clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 is not applicable and hence no comments. In our opinion and to the best of our information & according to the explanations given to us, the said Financial Statements read with the notes thereon in Schedule 25 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: i. in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; ii. in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS'' REPORT TO THE MEMBERS OF INDIAN RAILWAY CATERING ANDTOURISM CORPORATION LIMITED FORTHE YEAR ENDED 31st MARCH 2011. i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets. b) There is an adequate system of physical verification, once a year by the Management having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year by the management. c) During the year, the company has not disposed off any substantial part of its fixed assets; therefore, it does not affect the going concern assumption. ii) a) According to information and explanation given to us the inventories have been physically verified during the year. No material discrepancies have been noticed. 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 the nature of its business. c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. iii) The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Hence no further comments are required under clauses (a) to (g) of para 4 (iii) of CARO, 2003. iv) In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the Company and nature of its business, for purchase of inventory and fixed assets and for providing of services. Further, on the basis of our examination and according to the information and explanations given to us, we have not observed any continuing failure or major weaknesses which need to be corrected in internal control systems. v) Based on our examination and according to the information and explanations given to us, we are of the opinion that there were no transactions during the year that need to be entered in the Register maintained under Section 301 of the Companies Act 15356. vi) Based on our scrutiny of the company''s record & according to the explanations given to us by the management, the Company has not accepted any deposits from public during the year. vii) The internal audit of the Company is being carried out by a firm of Chartered Accountants. The scope given is commensurate with the size and nature of company''s business. viii) As informed to us the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956. ix) a) As informed to us, and based on our examination of records and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty and Excise Duty whichever is applicable with the appropriate authorities and there were no arrears outstanding of statutory dues as at the last day of financial year for a period of more than six months from the date they became payable. b) According to the information made available to us, following are the amounts which have not been deposited because of disputes: Statute Amount (in lacs) Forum at which dispute is pending Service Tax 239.03 Commissioner of service tax Service Tax 169.06 Commissioner of service tax Service Tax 19.18 Commissioner (Appeals) Income Tax 30.69 Commissioner (Appeals) Income Tax 7.33 ITAT VAT 15.82 CTO, Hyderabad x) The Company does not have any accumulated losses. The Company has not incurred cash losses during the financial year ended 31st March, 2011 and in the immediately preceding financial year. xi) In our opinion and according to information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution. The Company has not issued any debentures. xii) The Company has not granted loan 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 company, nidhi/mutual benefit fund/societies, therefore, no comment is required to be given under para 4 (xiii) of CARO, 2003. xiv) The Company is not dealing or trading in any shares, securities, debentures and other Investments. Accordingly the provisions of clause 4 (xiv) of CARO is not applicable to the company. xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions. xvi) In our opinion and according to information and explanations given to us, the company has not raised any loans. xvii) On the basis of information and explanations given to us, and on an overall examination of the financial statements of the company, no funds have been raised on short-term basis. Hence, no comments required. xviii) According to the information and explanation given to us, during the period covered by our audit report, the company has not made 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 any debentures, therefore, no comment is required to be given under para 4 (xix) of CARO, 2003. xx) The Company has not raised any money by public issue, therefore, no comment is required to be given under para 4 (xx) of CARO, 2003. xxi) According to the information and explanations given to us by the management, no fraud on the company or by the Company has been noticed during the year. For Bhushan Bensal Jain Associates Chartered Accountants FRN:003884N Sd/- (CA. Ravi Bhardwaj) Partner Membership No. 80656 Place: New Delhi Date : 2nd September 2011