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NCC Ltd.

BSE: 500294 | NSE: NCC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE868B01028 | SECTOR: Construction & Contracting - Civil

BSE Live

Jun 05, 16:00
30.30 3.30 (12.22%)
Volume
AVERAGE VOLUME
5-Day
2,077,291
10-Day
1,483,942
30-Day
1,289,536
2,818,331
  • Prev. Close

    27.00

  • Open Price

    27.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jun 05, 16:02
30.35 3.35 (12.41%)
Volume
AVERAGE VOLUME
5-Day
44,685,008
10-Day
32,421,305
30-Day
25,007,702
62,876,984
  • Prev. Close

    27.00

  • Open Price

    27.30

  • Bid Price (Qty.)

    30.35 (715268)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of NCC Limited (Formerly Nagarjuna Construction Company Limited) as at March 31, 2011, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, both annexed thereto, in which are incorporated the returns from Oman and Nepal branches and certain Joint Ventures (the Branches) audited by other auditors. These financial statements are the responsibility of the Companys 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 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 (Auditors Report) Order, 2003 (CARO) issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, 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 in paragraph 3 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 it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the Branches not visited by us. The Branch Auditors Reports have been forwarded to us and appropriately dealt with; c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and with the audited returns from the Branches; d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; e) 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, 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 the Balance Sheet, of the state of affairs of the Company as at March 31, 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 the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. 5. On the basis of written representations received from the directors, as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956. Annexure to the Auditors Report (Referred to in paragraph 3 of our report of even date) (i) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. (b) The fixed assets were physically verified during the year by the management in accordance with a programme of verification, which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, the discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. (c) The fixed assets disposed off during the year, in our opinion, do not constitute substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (ii) In respect of its inventories: (a) According to the information and explanations given to us, the Management has physically verified the inventory during the year. In our opinion, having regard to the nature of business and location of stocks, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, 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) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt in the books of account. (iii) (a) According to the information and explanations given to us, the Company has granted secured or unsecured loans repayable as per the terms, aggregating Rs. 1147.06 million to six parties during the year covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 5558.68 million (seven parties) and the year end balance of the loans granted to such parties was Rs. 5476.10 million (seven parties). (b) In our opinion and according to the information given to us, the terms and conditions of such loans are prima facie not prejudicial to the interests of the Company. (c) The receipts of principal amounts and interest have been regular during the year. (d) Based on the revised contractual terms in respect of inter corporate loans, there are no overdues amounts. (e) According to the information and explanations given to us, the Company has not taken loans, secured or unsecured from Companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs (iii) (e) (f) and (g) of CARO are not applicable. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal system. (v) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to in section 301 that need to be entered in to the register, maintained under the said section have been so entered. (b) In our opinion, the transactions (excluding loans reported under paragraph (iii) above) exceeding the value of Rs. 5 lakhs in respect of any party during the year have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time, where such market prices are available. (vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public. Accordingly, the provisions of para 4(vi) of CARO are not applicable to the Company. (vii) In our opinion, the internal audit function carried out during the year by firms of Chartered Accountants appointed by the management have been commensurate with the size of the company and the nature of its business. (viii) In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any of the products or activity of the company. (ix) In respect of statutory dues: (a) According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it with the appropriate authorities during the year. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2011 for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, details of disputed, income tax, wealth tax, sales tax, service tax, customs duty, excise duty and cess which have not been deposited as on March 31, 2011 on account of any dispute are given below: Statute Nature of Forum where Period to which the Amount involved dues dispute is pending amount relates (Rs.in Million) Andhra Pradesh General Sales Tax Honble High Court 1994-95 1.67 Sales Tax Act, 1957 of Andhra Pradesh Sales Tax Sales Tax Appellate Tribunal 1999-00 1.23 Sales Tax Sales Tax Appellate Tribunal 2000-01 5.93 Sales Tax Sales Tax Appellate Tribunal 2002-03 1.27 Sales Tax Sales Tax Appellate Tribunal 2003-04 14.27 Uttar Pradesh Value Added Sales Tax Appellate Deputy 2007-08 10.53 Tax Act, 2008 Commissioner Appeal 1 Sales Tax Additional Commissioner of 2008-09 72.07 Sales Tax (Appeals) Assam Value Added Sales Tax Deputy Commissioner 2005-06 144.41 Tax act, 2003 of Sales tax (Appeals) Jharkand Value Added Sales Tax Commissioner of 2005-06 11.58 Tax Act, 2005 Commercial taxes Sales Tax Commissioner of Commercial taxes 2006-07 8.67 Sales Tax Commissioner of Commercial taxes 2007-08 7.99 Tamil Nadu General Sales Tax Honble High Court of Tamil Nadu. 2006-07 4.36 Sales Tax Act, 1959 The Central Excise Act, 1944 Excise Duty Commissioner of 1997-98 28.23 Central Excise, Tirupathi Excise Duty CESTAT, Bangalore 2008-09 1.17 Finance Act, 1994 Service Tax CESTAT, Bangalore 2005-06 24.05 Service Tax Honble High Court of Andhra Pradesh 2005-11 83.77 Service Tax CESTAT, Bangalore 2007-09 207.90 (x) The Company does not have accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks, financial institutions and debenture holders. (xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares and debentures and other securities. Accordingly, the provisions of para 4(xii) of the CARO are not applicable to the Company. (xiii) In our opinion, the Company is not a Chit Fund or a Nidhi or Mutual Benefit Fund/Society. Accordingly, the provisions of clause 4(xiii) of CARO are not applicable to the Company. (xiv) In our opinion and according to the information and explanations given to us, the Company does not deal or trade in shares, securities, debentures and other investments. Accordingly, the provisions of para 4(xiv) of the CARO are not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not prima facie prejudicial to the interests of the Company. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained. (xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short-term basis have, prima facie, not been used for long-term investment. (xviii) According to the information and explanations given to us, the Company has not made preferential allotment of share during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) According to the information and explanations given to us and records examined by us, securities have been created in respect of the debentures issued. (xx) During the year covered by our audit report, the company has not raised any money by public issues. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. for M. Bhaskara Rao & Co. for Deloitte Haskins & Sells Chartered Accountants Chartered Accountants (Registration No. 000459S) (Registration No. 008072S) M V Ramana Murthy Ganesh Balakrishnan Partner Partner Membership No. 206439 Membership No. 201193 Hyderabad, May 30, 2011