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ITD Cementation India Ltd.

BSE: 509496 | NSE: ITDCEM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE686A01026 | SECTOR: Construction & Contracting - Civil

BSE Live

Oct 28, 16:00
79.80 -1.10 (-1.36%)
Volume
AVERAGE VOLUME
5-Day
64,631
10-Day
122,175
30-Day
143,106
53,697
  • Prev. Close

    80.90

  • Open Price

    81.90

  • Bid Price (Qty.)

    79.20 (50)

  • Offer Price (Qty.)

    80.55 (308)

NSE Live

Oct 28, 16:00
80.10 -0.80 (-0.99%)
Volume
AVERAGE VOLUME
5-Day
771,418
10-Day
1,307,259
30-Day
1,406,800
619,159
  • Prev. Close

    80.90

  • Open Price

    81.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    80.10 (5141)

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of ITD Cementation India Limited, (the 'Company') as at 31 December2012, and also the Statement of Prof t and Loss and the Cash Flow Statement for the year ended on that date annexed thereto (collectively referred as the 'f nancial statements'). These f nancial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these f nancial statements based on our audit.

2. We conducted our audit in accordance with the 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 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 (the 'Order') (as amended), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (the 'Act'), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

4. We draw attention to notes 36 to 40 to the financial statements regarding trade receivables and un-billed work in progress aggregating to Rs. 8,727 lakhs and Rs. 8,686 lakhs (31 December 2011: Rs. 8,288 lakhs and Rs. 8,686 lakhs) respectively,outstanding as at 31 December 2012, representing various claims recognised during the earlier period based on the terms and conditions implicit in the contracts. These claims being technical in nature and being subject matter of litigation, the Company has assessed the recoverability of these claims based on recommendation of dispute resolution board, awards received from arbitration tribunal, high court orders received and legal opinion from an independent counsel. On the basis of such assessment, management is of the opinion that the claims are tenable and would be realized in full and accordingly no adjustments have been made in these financial statements.

5. Further to our comments in the Annexure referred to above, 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 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 appears from our examination of those books;

c. The f nancial statements dealt with by this report are in agreement with the books of account;

d. On the basis of written representations received from the directors, as on 31 December 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 December 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act;

e. In our opinion and to the best of our information and according to the explanations given to us, the financial statements dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act and the Rules framed there under and 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, in the case of:

(i) the Balance Sheet, of the state of affairs of the Company as at 31 December 2012;

(ii) the Statement of Profit and Loss, of the profit for the year ended on that date; and

(iii) the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditors' Report of even date to the members of ITD Cementation India Limited on the f nancial statements for the year ended 31 December 2012

Based on the audit procedures performed for the purpose of reporting a true and fair view on the f nancial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verif ed by the management during the year and no material discrepancies were noticed on such verif cation. In our opinion, the frequency of verif cation of the f xed assets is reasonable having regard to the size of the Company and the nature of its assets.

(c) In our opinion, a substantial part of f xed assets has not been disposed of during the year.

(ii) (a) The management has conducted physical verif cation of inventory at reasonable intervals during the year.

(b) The procedures of physical verif cation 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 is maintaining proper records of inventory and no material discrepancies were noticed on physical verif cation.

(iii) (a) The Company has not granted any loan, secured or unsecured to companies, f rms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(b) to 4(iii)(d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured from companies, f rms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are not applicable.

(iv) In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and f xed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) (a) In our opinion, the particulars of all contracts or arrangements that need to be entered into the register maintained under Section 301 of the Act have been so entered.

(b) In our opinion, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees f ve lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of clause 4(vi) of the Order are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business.

(viii) According to the information and explanations given to us, the Companies (Cost Accounting Records) Rules 2011 have become applicable to the Company during the current year and the said rules have not prescribed any specif c formats for the cost statements. In terms with the clarif cation issued by the Ministry of Corporate Af airs, the management believes that its records currently maintained by Company provide the information required under the said rules. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act in respect of Company's operations and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) (a) The Company is 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 other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable.

(b) There are no dues in respect of wealth tax, service tax, customs duty and cess that have not been deposited with the appropriate authorities on account of any dispute. The dues outstanding in respect of sales-tax, income-tax, excise duty on account of any dispute, is as follows:

Name of the statute Nature of Amount (Rs.) Period to which the dues amount relates

Sales Tax Act/Works Sales Tax 1,659,990 Y.E. 1994-95 Contract Tax Act

Sales Tax Act/Works Sales Tax 2,289,383 Y.E. 2003-04 & 2004-05 Contract Tax Act

Sales Tax Act/Works Sales Tax 408,950 Y.E. 1997-98 Contract Tax Act

Sales Tax Act/Works Sales Tax 18,500 YE.2005-06 Contract Tax Act

Sales Tax Act/Works Sales Tax 15,450 Y.E. 1999-00 Contract Tax Act

Sales Tax Act/Works Sales Tax 4,236,447 YE.2006-07 Contract Tax Act

Sales Tax Act/Works Sales Tax 3,196,927 YE.2004-05 Contract Tax Act

Sales Tax Act/Works Sales Tax 32,041,940 Y.E. 2006-07 & 2007-08 Contract Tax Act

Sales Tax Act/Works Sales Tax 1,112,354 YE.2003-04 Contract Tax Act

Sales Tax Act/Works Sales Tax 4,68,499 Y.E. 2007-08 & 2008-09 Contract Tax Act

Sales Tax Act/Works Sales Tax 2,254,954 YE.2003-04 Contract Tax Act

Sales Tax Act/Works Sales Tax 115,262,781 March 2007 to September Contract Tax Act 2010

Sales Tax Act/Works Sales Tax 7,781,391 Y.E. 2005-06 & 2008-09 Contract Tax Act

Sales Tax Act/Works Sales Tax 20,076 April 2007 to December Contract Tax Act 2007

Sales Tax Act/Works Sales Tax 44,09,081 YE.2008-09 Contract Tax Act

Sales Tax Act/Works Sales Tax 7,851,119 Y.E. 2007-08 & 2008-09 Contract Tax Act

Sales Tax Act/Works Sales Tax 1,709,364 YE.2009-10 Contract Tax Act

Sales Tax Act/Works Sales Tax 23,208,189 YE.2008-09 Contract Tax Act

Sales Tax Act/Works Entry Tax 1,150,000 YE.2008-09 Contract Tax Act

Central Excise Duty Excise Duty 5,169,538 May 1998 to January 1999

Income Tax Act, 1961 Income Tax 53,030,830 YE.2004-05

Income Tax Act, 1961 Income Tax 7,737,391 YE.2007-08, 2008-09 & 2009-10

Name of the Statute Forum where dispute is pending

Sales Tax Act/ Works Contract Tax Act Revision Board (Tribunal), Kolkata

Sales Tax Act/ Works Contract Tax Act Assistant Commissioner of Sales Tax

Sales Tax Act/ Works Contract Tax Act Deputy Commissioner of Commercial Taxes

Sales Tax Act/ Works Contract Tax Act Assistant Commissioner , Rajasthan

Sales Tax Act/ Works Sales Tax Act/ Works Contract Tax Act Joint Commissioner of Commercial Taxes

Sales Tax Act/ Works Contract Tax Act Excise and Taxation Commissioner, Punjab

Sales Tax Act/ Works Contract Tax Act Assistant Commissioner of Commercial Taxes, Bihar

Sales Tax Act/ Works Contract Tax Act Joint Commissioner of Commercial Taxes, West Bengal

Sales Tax Act/ Works Contract Tax Act Commercial Tax Of cer , Tamil Nadu

Sales Tax Act/ Works Contract Tax Act Assistant Commissioner of Commercial Taxes, Tamil Nadu

Sales Tax Act/ Works Contract Tax Act Joint Commissioner of Commercial Taxes, Bihar

Sales Tax Act/ Works Contract Tax Act Appellate Deputy Commissioner,Andhra Pradesh

Sales Tax Act/ Works Contract Tax Act Joint Commissioner of Commercial Taxes,Bihar

Sales Tax Act/ Works Contract Tax Act Assistant Commissioner of Commercial Taxes, Uttar Pradesh

Sales Tax Act/ Works Contract Tax Act Appellate And Taxation Tribunal

Sales Tax Act/ Works Contract Tax Act High Court, Tamil Nadu

Sales Tax Act/ Works Contract Tax Act Appellate Deputy Commissioner of Commercial Taxes

Sales Tax Act/ Works Contract Tax Act Additional Commissioner, Uttar Pradesh

Sales Tax Act/ Works Contract Tax Act Additional Commissioner, Uttar Pradesh

Central Excise Duty Commissioner of Central Excise

Income Tax Act, 1961 Income Tax Appellate Tribunal

Income Tax Act, 1961 Commissioner of Income Tax (Appeals)

(x) In our opinion, the Company has no accumulated losses at the end of the f nancial year and it has not incurred cash losses in the current and the immediately preceding f nancial year.

(xi) In our opinion, the Company has not defaulted in repayment of dues to a f nancial institution or a bank or debenture-holders during the year.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable.

(xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benef t fund/ society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable.

(xiv) In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable.

(xv) In our opinion, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or financial institutions are not, prima facie, prejudicial to the interest of the Company.

(xvi) In our opinion, the Company has applied the term loans for the purpose for which these loans were obtained.

(xvii) In our opinion, no funds raised on short-term basis have been used for long-term investment.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable.

(xix) The Company has neither issued nor had any outstanding debentures during the year. Accordingly, the provisions of clause 4(xix) of the Order are not applicable.

(xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable.

(xxi) Except as referred in Note 47 to the f nancial statements, no fraud on or by the Company has been noticed or reported during the period covered by our audit.

For Walker, Chandiok & Co

Chartered Accountants

Firm Registration No.: 001076N

per Amyn Jassani

Partner

Membership No.: F-46447

Place : Mumbai

Date : 28 February 2013