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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

Dec 06, 11:10
75.70 0.65 (0.87%)
Volume
AVERAGE VOLUME
5-Day
30,009
10-Day
36,358
30-Day
54,549
9,726
  • Prev. Close

    75.05

  • Open Price

    75.45

  • Bid Price (Qty.)

    75.70 (191)

  • Offer Price (Qty.)

    75.85 (114)

NSE Live

Dec 06, 11:10
75.85 0.75 (1.00%)
Volume
AVERAGE VOLUME
5-Day
355,324
10-Day
394,425
30-Day
770,009
99,939
  • Prev. Close

    75.10

  • Open Price

    75.10

  • Bid Price (Qty.)

    75.75 (235)

  • Offer Price (Qty.)

    75.85 (122)

Annual Report

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

Auditor's Report

1. We have audited the accompanying financial statements of ITD Cementation India Limited (the Company), which comprise the Balance Sheet as at 31 December 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 2. 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 principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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. Auditors'' Responsibility 3. 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. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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, but not for the purpose of expressing an opinion on the effectiveness of Company''s internal control. 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. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 6. In our opinion and to the best of our information and according to the explanations given to us, 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: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 December 2013; ii) in the case of Statement of Profit and Loss, of the profit for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter 7. We draw attention to Note 36 to the financial statement regarding trade receivables and unbilled work in progress aggregating to Rs. 11,099 lakh (31 December 2012: Rs. 8,727 lakh) and Rs. 25,507 lakh (31 December 2012: Rs. 8,686 lakh) respectively, outstanding as at 31 December 2013, 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 arbitration/ 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 the Financial Statement. Our opinion is not modified in respect of these matters. Report on Other Legal and Regulatory Requirements 8. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) 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. 9. 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 financial statements dealt with by this report are in agreement with the books of account; d. in our opinion, the financial statements comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 ; and e. on the basis of written representations received from the directors, as on 31 December 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 December 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. Annexure to the Independent Auditors'' Report of even date to the members of ITD Cementation India Limited on the financial statements for the year ended 31st December 2013 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial 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 verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed 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 fixed assets has not been disposed off during the year. (ii) (a) The management has conducted physical verification of inventory 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 is maintaining proper records of inventory and no material discrepancies between physical inventory and book records were noticed on physical verification. (iii) (a) The Company has not granted any loan, secured or unsecured to companies, firms 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, firms 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 fixed 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 five lakh 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 previous year and the said rules have not prescribed any specific formats for the cost statements relating to company''s operations. In terms with the clarification issued by the Ministry of Corporate Affairs, 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 and excise duty on account of any dispute, is as follows: Name of the statute Nature of Amount (Rs.) Amount paid Period to which dues under protest the amount (Rs.) relates Sales Tax Act/Works Sales Tax 1,659,990 - Y.E. 1994-95 Contract Tax Act Sales Tax Act/Works Sales Tax 2,323,383 34,000 Y.E. 2003-04 & Contract Tax Act 2004-05 Sales Tax Act/Works Sales Tax 408,950 - Y.E. 1997-98 Contract Tax Act Sales Tax Act/Works Sales Tax 18,500 - Y.E. 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 5,648,597 1,412,150 Y.E. 2006-07 Contract Tax Act Sales Tax Act/Works Sales Tax 3,196,927 - Y.E. 2004-05 Contract Tax Act Sales Tax Act/Works Sales Tax 32,041,940 - Y.E. 2006-07 & Contract Tax Act 2007-08 Sales Tax Act/Works Sales Tax 468,499 117,125 Y.E. 2006-07 Contract Tax Act Sales Tax Act/Works Sales Tax 2,254,954 - Y.E.2003-04 Contract Tax Act Sales Tax Act/Works Sales Tax 115,262,781 - March 2007 Contract Tax Act to September 2010 Sales Tax Act/Works Sales Tax 7,781,391 - Y.E. 2005-06 & Contract Tax Act 2008-09 Sales Tax Act/Works Sales Tax 20,076 - April 2007 to Contract Tax Act December 2007 Sales Tax Act/Works Sales Tax 4,409,081 - Y.E.2008-09 Contract Tax Act Sales Tax Act/Works Sales Tax 7,851,119 - Y.E. 2007-08 & Contract Tax Act 2008-09 Sales Tax Act/Works Sales Tax 1,709,364 - Y.E.2009-10 Contract Tax Act Sales Tax Act/Works VAT/ Entry 89,650,000 - Y.E. 2009-10 Contract Tax Act Tax Sales Tax Act/Works VAT 63,226,914 - Y.E. 2009-10 & Contract Tax Act 2010-11 Sales Tax Act/Works VAT 7,983,049 2,394,916 Y.E. 2006-07 & Contract Tax Act 2007-08 Sales Tax Act/Works VAT 1,038,399 - Y.E. 2005-06 Contract Tax Act Central Excise Act, Excise Duty 5,169,538 - May 1998 to 1944 January 1999 Income Tax Act, 1961 Income Tax 21,075,346 - A.Y.2004-05 Income Tax Act, 1961 Income Tax 54,408,408 - A.Y. 2008-09 Income Tax Act, 1961 Income Tax 21,585,017 - A.Y.2007-08 to 2011-12 Name of the statute Forum where dispute is pending Sales Tax Act/Works Revision Board (Tribunal), Kolkata Contract Tax Act Sales Tax Act/Works Assistant Commissioner of Sales Tax contract Tax Act Sales Tax Act/WOrks Deputy Commissioner of Commercial Taxes Contract Tax Act Sales Tax Act/Works Assistant Commissioner , Rajasthan contract Tax Act Sales Tax Act/Works Joint Commissioner of Commercial Taxes contract Tax Act Sales Tax Act/Works Excise and Taxation Commissioner, Punjab Contract Tax Act Sales Tax Act/Works Assistant Commissioner of Commercial Contract Tax Act Taxes, Bihar Sales Tax Act/Works Joint Commissioner of Commercial contract Tax Act Taxes, West Bengal Sales Tax Act/Works Assistant Commissioner of Commercial contract Tax Act Taxes, Tamil Nadu Sales Tax Act/Works Joint Commissioner of Commercial contract Tax Act Taxes, Bihar Sales Tax Act/Works Appellate Deputy Commissioner, contract Tax Act Andhra Pradesh Sales Tax Act/Works Joint Commissioner of Commercial contract Tax Act Taxes, Bihar Sales Tax Act/Works Assistant Commissioner of Commercial contract Tax Act Taxes, Uttar Pradesh Sales Tax Act/Works Appellate And Taxation Tribunal High contract Tax Act Court, Tamil Nadu Sales Tax Act/Works Appellate Deputy Commissioner of contract Tax Act Commercial Taxes Sales Tax Act/Works Deputy Commissioner of Commercial contract Tax Act Taxes, Allahabad Sales Tax Act/ Works Commissioner, Commercial Taxes, Kolkata contract Tax Act Sales Tax Act/Works Assistant Commissioner (Appeals), contract Tax Act Commercial Taxes, Ernakulam Sales Tax Act/Works Joint Commissioner of Sales Tax, Mumbai contract Tax Act Central Excise Commissioner of Central Excise Act. 1944 Income Tax Act,1961 High Court, Mumbai 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 financial year and it has not incurred cash losses in the current and the immediately preceding financial year. (xi) The Company has not defaulted in repayment of dues to any bank or financial institution during the year. The Company did not have any outstanding debentures 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 benefit 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 by the Company. (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) 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 Mumbai 26 February 2014