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Madhucon Projects Ltd.

BSE: 531497 | NSE: MADHUCON |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE378D01032 | SECTOR: Construction & Contracting - Civil

BSE Live

Sep 18, 16:00
2.50 0.01 (0.40%)
Volume
AVERAGE VOLUME
5-Day
5,460
10-Day
3,826
30-Day
9,141
280
  • Prev. Close

    2.49

  • Open Price

    2.45

  • Bid Price (Qty.)

    2.37 (2500)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 18, 15:32
2.60 0.10 (4.00%)
Volume
AVERAGE VOLUME
5-Day
22,948
10-Day
20,846
30-Day
20,021
31,574
  • Prev. Close

    2.50

  • Open Price

    2.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

(1) We have audited the attached balance sheet of Madhucon Projects Limited, as at 31st March 2011, the profit & loss account and also 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 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 disclosure 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 issued by the Central Government In terms of Sub-Section (4A) of Section 227 of the Companies Act, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order. (4) Further to our comments in the Annexure referred to 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. (v) On the basis of written representations received from the Directors, as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of clause (g) of Sub-Section (1) of the Section 274 of the Companies Act. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies 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 31st March 2011. b) In the case of the Profit and Loss account, of the profit for the ended on that date; and c) In the case of the Cash Flow Statement, of the cash flow for the year ended on that date. Annexure to the Auditor''s Report (As referred to in paragraph 3 of our report of even date) 1. In respect of fixed assets: (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c ) During the year, the company has disposed few items of machinery. According to the information and explanations given to us we are of the opinion that the sale of the said part of plant and machinery has not affected the going concern status of the company. 2. In respect of its inventories: (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The Procedures of physical verification of inventories 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. The discrepancies noticed on verification between the physical stocks and the book records were not material. (d) The company has a reasonable system of authorization at proper levels and an adequate system of internal control commensurate with the size of the company and the nature of its business on issue of stores and allocation of stores and labour of jobs. 3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: (a) The company has granted unsecured loans to companies, firms & other parties covered In the register maintained under Section 301 of the Act. The number of parties are 14 (Fourteen) and the amount involved is Rs. 517069.40 lakhs. (b) The rate of interest and other terms and conditions of the above loans are not prima facie, prejudicial to the interest of the company. (c ) The principle and interest are payable on demand and there is no repayment schedule. (d) In respect of the said loans, the same are repayable on demand and therefore the question of overdue does not arise. (e) The Company has taken loans during the year from companies, firms or other parties covered in the register maintained under section 301 of The Companies Act 1956. The same are repayable on demand. The rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. The number of parties are (1) and the maximum out standing balance during the year is and the year end balance is Rs. 2112 lakhs. 4. 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 nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. 5. In respect of contracts or arrangements referred to in Section 301 of the Companies Act, 1956. (a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained u/s 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time as per the information available with the Company. 6. The Company has not accepted any deposits from the public during the year. 7. In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its business. 8. According to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under Section 209(1) (d) of the Companies Act for any of the products of the company. 9. In respect of statutory dues: (a) The company has generally deposited with appropriate authorities undisputed Statutory dues including Provident Fund, Investor Education Protection Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it. (b) According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax. Customs Duty, Excise Duty and Cess were in arrears, as at 31.03.2011 for a period of more than six months from the date they became payable. (c ) According to information and explanation given to us and the records of the Company examined by us, there are no dues on account of Income Tax, Sales Tax, Customs Duty, Excise Duty Cess and other statutory dues as at 31st March 2011, which have not been deposited on account of dispute except the following: S. No. Nature of due Amount (in lakhs) Period From where dispute is pending 1 Income Tax 4279.56 2000-01 to Second appeal to be filed with ITAT, 2008-09 Hyderabad 2. Sales Tax 974.03 Demand raised Appeal pending with Hon''ble High in 2004-05 Court of AP 10. The company does not have any accumulated losses and has not incurred any cash losses during the current financial year and immediately preceding financial period. 11. Based on the examination of the books of account and related records and according to the information and explanations provided to us, the company has not defaulted in repayment of dues to the banks. 12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company. 14. The Company has maintained proper records of investments in shares, securities, debentures and others and timely entries have been made therein. All the investments have been held by the company in its own name. 15. According to the information and explanations given to us, the company has given guarantee for loans taken by others from bank or Financial Institutions: Sl. No. Name of the Company Guarantee ( Rs. in lakhs) No. of Shares Pledged 1 Nama Hotels Private Limited 25293 13821000 2 Madurai - Tuticorin Expressways Ltd - 73454000 3 Madhucon Infra Limited 20000 - 16. The Company has raised new term loans during the year. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised. 17. Based on the examination of the books of account and related records and according to the information and explanations provided to us, the company has not utilized funds raised on short-term basis for long term investment and vice versa. 18. 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. 19. The Company has not issued secured debentures during the year. 20. There are no shares issued during the said period under review. 21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For KOTA & COMPANY Chartered Accountants FRN 011982S K.S.R.K.Prasad Place: Hyderabad PARTNER Date: 30.08.2011 M.No. 022964