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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

Apr 08, 12:49
17.60 0.40 (2.33%)
Volume
AVERAGE VOLUME
5-Day
1,497,735
10-Day
1,264,432
30-Day
2,272,412
1,123,761
  • Prev. Close

    17.20

  • Open Price

    16.50

  • Bid Price (Qty.)

    17.60 (18602)

  • Offer Price (Qty.)

    17.70 (7000)

NSE Live

Apr 08, 12:49
17.70 0.50 (2.91%)
Volume
No Data Available
29,677,767
  • Prev. Close

    17.20

  • Open Price

    17.05

  • Bid Price (Qty.)

    17.65 (1877)

  • Offer Price (Qty.)

    17.70 (15201)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of NCC LIMITED (the Company), which comprise the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information, in which are incorporated the Returns for the year ended on that date audited by the branch auditors of the Company''s branches at Oman, Nepal and Sri Lanka (the branches). Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31 March, 2015, and its profit and its cash flows for the year ended on that date. Emphasis of Matter Attention is invited to Note 44 to the Financial Statements regarding managerial remuneration of previous year. The Company is awaiting approval from Central Government in this regard. Our opinion is not modified in respect of this matter. Other Matters We did not audit the financial statements / information of three (3) branches included in the standalone financial statements of the Company whose financial statements / financial information reflect total assets of Rs. 2,131.48 million as at 31 March, 2015 and total revenues of Rs. 144 .36 million for the year ended on that date, as considered in the standalone financial statements. The financial statements / information of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors. Our opinion is not modified in respect of this matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143 (3) of the Act, we report that: (a) We have sought and 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. (c) The reports on the accounts of the branches audited by the branch auditors appointed under Section 143 (8) of the Act have been forwarded to us and have been properly dealt with by us in preparing this report. (d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from the branches not visited by us. (e) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (f) On the basis of the written representations received from the directors as on 31 March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of all pending litigations on its financial position in its financial statements - refer Note 31 (i)(a) and (b) to the financial statements; ii. The Company did not have any material foreseeable losses relating to long-term contracts including derivative contracts. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (i) Having regard to the nature of the Company''s business/ activities/ results during the year, clause (v) of paragraph 3 of the Order is not applicable to the Company. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) A major portion of the fixed assets have been 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 having regard to the size of the Company and the nature of its assets. 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. (iii) In respect of its inventories: (a) According to the information and explanations given to us, the Management has physically verified the inventories 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 were 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. (iv) According to the information and explanations given to us, the Company has granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013. In respect of such loans having regard to the rollover of the loans, (a) the receipts of principal amounts and interest have been regular during the year. (b) there are no overdue amount in excess of Rs. 1 lakh remaining outstanding as at the year-end. (v) In our opinion and according to the information and explanations given to us, 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 and during the course of our audit we have not observed any major weaknesses in such internal control system. (vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (vii) According to the information and explanations given to us, in respect of statutory dues: (a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Sales Tax, Income-tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31 March, 2015 for a period of more than six months from the date they became payable. (c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax and Cess which have not been deposited as on 31 March, 2015 on account of disputes are given below: Period to which Amount Statute Nature of dues Sales Tax and VAT Sales Tax Laws Sales Tax VAT VAT VAT Sales Tax VAT VAT VAT VAT Entry tax VAT SCR VAT ET Central Excise Laws Excise Duty Finance Act, 1994 Service Tax Finance Act, 1994 Service Tax Statute Forum where dispute is pending Sales Tax and Hon''ble High Court of Judicature at Hyderabad for the VAT Laws State of Telangana and the State of Andhra Pradesh Sales Tax Appellate Tribunal, Andhra Pradesh Appellate Deputy Commissioner, Hyderabad Appellate Additional Commissioner, Uttar Pradesh Deputy Commissioner of Sales tax (Appeals), Assam Hon''ble High Court of Tamil Nadu Sr.Joint Commissioner (Appeals), West Bengal Additional Commissioner (CT); West Bengal Deputy Commissioner, First Appellate Authority, Delhi Appellate Deputy Commissioner, Kerala Hon''ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh Appellate Authority, Bhopal Appellate Authority, Bhopal Hon''ble High Court of Orissa Hon''ble High Court of Orissa Central Excise CESTAT, Bangalore Laws Hon''ble High Court of Judicature at Hyderabad for the Finance Act, 1994 State of Telangana and the State of Andhra Pradesh Finance Act, CESTAT, Bangalore 1994 Statute Period to which Amount the amount involved relates ( Rs. in Million) Sales Tax and 1994 - 1995 & 16.17 VAT Laws 2005 - 2006 1999 - 2004 & 2006 - 2007 57.00 2006 - 2007 17.96 2005 - 2007 32.88 2005 - 2007 184.10 2006 - 2007 4.36 2008 2010 2011 - 2012* 382.93 2010- 2011 203.20 2009 - 2010 157.50 2007 - 2009 2.66 2012 - 2013 495 2008 - 2012 22.51 2011 - 2013 6.86 2007 - 2012 51.53 2007 - 2012 22.06 Central Excise 2007 - 2009 4.73 Laws Finance Act, 2007 - 2008 130.21 1994 Finance Act, 2005 - 2012 1,802.39 1994 Note: There are no disputed dues of Wealth Tax which have not been deposited as on March 31, 2015. (d) The Company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time. (viii) The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, having regard to the rollover of term loans and debentures, the Company has not defaulted in repayment of dues to banks and debenture holders except in respect of following dues: (Rs. In Million) Particulars Principal Interest Period of delay (in days) 15.98 41.14 1 to 30 days Banks - Loans 439.62 38.27 31 to 60 days 1,117.80 23.60 61 to 120 days 300.00 - 1 to 30 days Banks - Debentures 450.00 - 31 to 60 days 600.00 15.71 61 to 90 days There were no overdue amounts as at March 31, 201 5. (x) 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. (xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained. (xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year. For M. Bhaskara Rao & Co For Deloitte Haskins & Sells Chartered Accountants Chartered Accountants (Firm''s Registration No.000459S) (Firm''s Registration No.008072S) M V Ramana Murthy M. Ramachandran Partner Partner Membership No. 206439 Membership No. 16399 Hyderabad, May 14, 2015 Kochi, May 14, 2015