To The Members of Consolidated Construction Consortium Ltd.
Report on the Audit of Standalone Financial Statements Qualified Opinion
We have audited the accompanying standalone financial statements of Cons: lated Construction Consortium Limited (the Company"), which comprise the balance sheet as at March 31, 2025, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity, the standalone statementof cash flows for the yearthen ended, and notesto the standalone financial statements, including a summary of material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended(the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS") and other the accounting principles generally accepted in India, of the stateof affairsof the Company as atMarch 31, 2025, and its profit and other comprehensive income, changes in equityandits cash flowsfor the year ended on that date.
Basis for Qualified Opinion
a. We draw attention to Note No. 1to the standalone financial statement with respect to the non-receipt of no due certificate from ICICI Bank pursuantto the one-time settlement plan under the 12A Scheme of the IBC. Accordingly, we are unable to
comment on the impact of the same, if any, on the standalone
financial statements. b. We draw attentionto Note No. 45a with respectto non-receiptof confirmation and consequential reconciliation of balances from
loans and advances, trade payables, and other liabilities. Pending receipt of confirmation of these balances and consequential reconciliations / adjustments, if any, the resultant impact on the standalone financial statement is not
ascertainable.
. We report that the Company has not provided us with sufficient
and appropriate audit evidence relating to the identification of micro and small enterprises and the dues thereon. Further the Company does not provide for interest on dues to the micro and small enterprises as required under the Micro, Small and Medium Enterprises Development Act, 2006. Considering the non-identification of the micro and small vendors, we are unable to commenton the completeness of the same and its impacton the standalone financial statements and its impact on the profit forthe year. d. We referto Note No. 45bto the standalone financial statements regarding non estimation and provision for the interest and penalty with respect to the earlier years statutory dues paid during the year under the provisions of the respective statutes. Accordingly, we are unable to commenton the possible impact thereof on the profit for the year and on the carrying value of liabiltties as atthe year end. We conducted our auditin accordancewith the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAl) together with the ethical requirements that are relevantto our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibiities in accordance with these requirements and the ICAIs Code of Ethics. We believe thatthe audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on the qualified standalone financial
statements.
KeyAuditMatters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements of the curent period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, we donot provide a separate opinion on these matters. In addition to the matter
described in the Basis for Qualified Opinion paragraph, we have
determined the matter described below to be the key audit matters to
be communicatedin our report.
SNo KeyAuditMatter | Auditors Response |
Revenue recognition - Construction contracts | We have performed the following procedures to address the Key audit matters: |
During the year, the Company recognized revenue from its construction contracts (construction projects) based on the percentage-of-completion(*POC) method. The POC on construction projects was measured by reference to the surveys of work performed (outputmethod). | Verification of Companys year-end intemal construction progress reports to validate the percentage of construction work completed and compared with the latest certiiicates issued by the Project owners/project management consultants, as the case may be. |
We focused on this area because of the significant management judgmentrequired in: | Testing a sample of contracts for appropriate identification of performance obligations. |
the estimation of the physical proportion of the contract work completed forthe contracts; and | Forthe sample selected, reviewing for change orders and the management assessment on the estimation of the revenue arising from the variations to the original contract and tested the appropriateness of the timing of recognizing the revenue from the contracts. |
the estimation of revenue for the work doneon the contracts with customers that could arise from variations to original contract terms, and claims. Variable consideration s recognized when the recovery of such consideration s highly probable. | Evaluated the design of intemal controls relating to collation of data required for making disclosures as perIndAS 115 |
Further, Ind AS 115 mandates robust disclosures to be made in the financial statements which involves collation of information in respect of disaggregation of revenue and periods over which the remaining performance obligations will be satisfied subsequentto the balance sheetdate. | Testing appropriateness of the disclosures in the financial statements in respectof such construction contractsto ensure compliancewith IndAS 115. |
Other Information other than the Standalone Financial Statements and Auditors Reportthereon
The Companys Board of Directors is responsible for the other information. The other information comprises the information included inthe Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Report on Corporate Govemance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon. These reports are expected tobe made available to us afterthe date of this auditors report.
Our opinion on the standalone financial statements does notcoverthe other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in audit or otherwise appears to be materially misstated.
When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with govemance and take appropriate actions.
Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section 134(5) of 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, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 iegularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate intemal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevantto the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether dueto fraud or error. In preparing the standalone financial statements, the management and the Board of Directors are responsible for assessing the Companys abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative butto do so. The Board of Directors are also responsible for overseeing the companysfinancial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or eror and are considered material f, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis ofthese standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. Wealso:
Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectivenessof such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosuresmade by management.
Conclude on the appropriateness of the management and Board of Directors use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concem. If we conclude that amaterial uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements o, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concem.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events inamannerthatachievesfair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control thatwe identify during our audit. . We also provide those charged with govemance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and ofher matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance inthe audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequencesof doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Governmentof India interms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs3 and4 of the Order, tothe extent applicable.
2. Asrequired by Section 143(3) of the Act, we reportthat:
(a) We have sought and except, for the possible effect matter described in the Basis for Qualified Opinion section above, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposesof our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company sofar as itappears from our examination of those books, except for the matters stated in the paragraph (h) (vi) belowon reporting under Rule 11(g); c The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account;
[C In our opinion, except, for the possible effect of the matter described in the Basis for Qualified Opinion section above, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015,
asamended;
(e) ) On the basisof the witten representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of theAct;
) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B". Our report expresses andisclaimer opinion on the adequacy and operating effectiveness of the Companys intemal financial controls with reference to standalone financial statements;
(@ ) With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act, in our opinion, according tothe information and explanation given tous, the remuneration paid by the Company toiits directors during the year is in accordancewith the provisions of section 197 read with ScheduleV of theAct; and (h; With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanationsgiven tous:: i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements Refer Note No. 44 to the standalone financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
There were no amounts which were required to be transferred to the Investor Education and Protection Fundbythe Company. (a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to orin any other persons or entities, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend orinvestinother persons or entities identified in any manner whaisoever (Ultimate Beneficiaries) by or on behalfof the Company, or provide any guarantee, security or the like on behalfofthe Ultimate Beneficiaries. (b) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (*Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall,directly or indirectly, lend or invest in other persons or entities identified in_any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the fike on behalf of the Ultimate Beneficiaries. (c) Based on audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (i) of Rule 11(e) contain any material mis-statement. The Company has neither declared nor paid any dividend duringthe year. Vi Based on our examination, the accounting software used by the Company for maintaining its books of account during the year ended March 31, 2025 did not have a feature of recording audit trail (edit log) facility. Also refer Note No. 59 to the standalone financial statements.
For ASA & Associates LLP Chartered Accountants
ICAI Firm Registration No: 00957 1N/N500006
G N Ramaswami Place : Chennai Partner Date : April 28, 2025 Membership No. 202363
UDIN: 25202363BMOQGU4858
Annexure - A to the Independent Auditors Report
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of our report to the members of Consolidated Construction Consortium Limited of even date)
0] (a) (A) According tothe information and explanations given to us and audit procedures performed by us, the Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. (B) According to the information and explanations given to us and audit procedures performed by us, the Company does nothave any intangible assets. (b) Asinformed to the information and explanations given to us, the records examined by us the property, plant and equipment were physically verified during the year by the management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the property, plant and equipment at reasonable intervals. According to the information and explanations given to s, no material discrepancies were noticed on such verification.
() According to the information and explanations given to us, the records examined by us and based on the examination of the copies of the conveyance deeds provided to us, we report that the title deeds, comprising all the immovable properties ofland and buildings which are freehold, are held in the name of the Company as at the Balance sheet date except for a immovable property at Delhi (as stated below) which is not registered in the name of the Company. We were informed that the original title deeds are deposited withthe lenders as these have been pledged as security for the Companys earlier year borrowings and bank guarantees.
Description of the Property | Gross Carrying Value (Rs in lakhs) | Held in the name of | Whether promoter, director or their relative or employee | Period held | Reason for not being in the name of Company |
Commercial Building | 1,761.19 | National Building ConstructionCorporation Limited (NBCC) | No | Since September 2007 | Due to the non-issuance of Completion Certificate] |
The Company is taking necessary steps to get it registered in the Companys name at the earliest. (d) According to information and explanations given to us and audit procedures performed by us, the Company has not revaluedits Property, Plantand Equipmentduring the year.
(e According to information and explanations given to us and audit procedures performed by s, there are no proceedings initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45of 1988) and rules made thereunder. (i) (@) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. According to information and explanations given to us and audit procedures performed by us, no discrepancies were noticed on verification between the physical stocks and book records that were more than 10% in the aggregate of each class of inventory. (b) According toinformation and explanations given tous and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limitsin excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets at any time during the year. Accordingly, reporting under clause 3(ii)(b) of the Order is notapplicable. (il (a) According to the information and explanations givento us and on the basis of our examination of the records of the Company, the Company has provided loans to parties as under.
Particulars | Guarantee | Security | Loans | Advances in nature of loans |
Aggregate amount granted/ provided during the year | ||||
-Wholly owned Subsidiaries | ||||
CCClLInfrastructure Limited | Nil | Nil | 4,575.03 | Nil |
Noble Consolidated Glazings Limited | Nil | Nil | 20.90 | Nil |
CCCLPower Infrastructure Limited | Nil | Nil | 083 | Nil |
Consolidated Interior Limited | Nil | Nil | 083 | Nil |
Delhi South Extension Car Park Limited | Nil | Nil | 003 | Nil |
-Step down Subsidiary | ||||
CCCLPear City Food Port SEZ Limited | Nil | Nil | 003 | Nil |
Balance outstanding as at balance sheetdate in | ||||
respectof above cases | ||||
-Wholly owned Subsidiaries | ||||
CCClLInfrastructure Limited | Nil | Nil | 5,948.04 | Nil |
Noble Consolidated Glazings Limited | Nil | Nil | 3,501.52 | Nil |
CCCLPower Infrastructure Limited | Nil | Nil | 603.24 | Nil |
Consolidated Interior Limited | Nil | Nil | 898.74 | Nil |
Delhi South Extension Car Park Limited | Nil | Nil | 003 | Nil |
-Step down Subsidiary | ||||
CCCLPearl City Food Port SEZ Limited | Nil | Nil | 373.05 | Nil |
(b) According tothe information and explanations given to us and audit procedures performed by us, we are of the opinion that the terms and conditionsof the grantof loans are, prima facie, notprejudicialtothe Companys interest. (c) According to the information and explanations given to us, there are no stipulations as to repayment of principal towards these interest free loans. Hence, we could not comment on (iv) According to information and explanations given to us and on the basis of our examination of the records of the Company, in respect of investment made and loans given by the company, the provisions of Section 185 of the Companies Act, 2013 are complied with. The Company, being engaged in the business of providing infrastructural faciltties, Section 186 of the Act is not applicable in respect of investments made and loans given
provided under sub-section (11) of the said Section of the Act.
V. The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, reporting under clause 3(v) ofthe Order is not applicable.
vi. We have broadly reviewed the booksof account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the CompaniesAct, 2013 and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
(vii)(a) According to the information provided and explanations given to us and based on our examination of the records of the Company, during the year the Company is regular in depositing with appropriate authorities undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, dutyof excise, value added tax, cess and other material statutory dues applicable to it. There are no material outstanding statutory dues existing as on the lastday of the financial year which is outstanding for more than six months from the day these becomes payable. R According to the information provided and explanations given tous, there are no dues of sales tax, goods and services tax, service tax, duty of customs, value added tax which have not been deposited with the appropriate authorities on account of dispute except forthe dues as under:
Sl No. Name of theStatue | Nature of the Dues | Amount (Rs.in Lakh) | Period to which the amount relates | Forum where the dispute is pending |
1. Income Tax Act, 1961 | Income Tax | 30436 | FY 201415 | National Faceless Appeal Centre, Delhi |
Income Tax. | 54752 | FY 200607 | National Faceless Appeal Centre, Delhi | |
Income Tax | 1,069.12 | FY2009102012 | Madras High Court, Chennai | |
2 Kerala Value Added Tax Act, 2003and Kerala Goods and Services Tax Act2017 | iajye Added Tax | 55.10 | FY 200506 | Appellate Assistant Commissioner, Cochin |
3. KamatakaValue Added Tax, 2003 | Value Added Tax | 3422 | FY 200910 | Deputy Commissionerof Commercial Taxes, Bengaluru |
Value Added Tax | 276,06 | FY2017-18 | Commercial Tax Officer, Karnateka | |
GsT | 19330 | FY 201819 | ||
14032 | FY 201920 | |||
4 Tamil Nadu value Added Act, | Value Added Tax | 407.85 | Jan 2007 to Mar 2008 | Commercial Tax Offcer, Chennai |
2006and Taml | Reversal of ITC for SEZ Projects | 55256 | Apr 2008 toMar 2010 | Commercial Tax Officer, Chennai |
Nedu Goods and Services Adt, 2017) | Excess claim of ITC | 42415 | July 2017t0Sep 2022 | The Appelate Authority, Commercal Taxes, Chemnai |
5 Rajasthan Value Added Tax, 2006 | Works Contract Tax- TDS | 1789 | Apr2008toMar 2010 | The Appellate Authority, Commerdial Taxes (Appeal)-1- Jaipur |
6. WestBengal Value Added Tax, 2003 | Value Added Tax including late fee | 16060 | FY 201112 | The Joint Commissioner, Commercial Taxes, Alipore Charge, Kokatta |
Value Added Tax | 167.72 | FY201213 | Appellate Tribunal, West Bengal Taxation Tribunal | |
7. Telengana Goods and Services TaxAct, 2017 | Excess Claimof ITC | 9.46 | FY 201819 | CommercialTax Offcer, Telengana |
4714 | FY 201920 | |||
8. TheFinance Act, 1994 | Service Tax | 9307 | Sep 2011 1o Sep2012 | Commissionerof Service Tax, Chennai |
6.05 | Oct 201210 June 2014 | Joint Commissioner, Service Tax I Commissionerate, Chennai. | ||
6127 | Apr2011 o Mar 2014 | Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai | ||
1022 | Apr201410 Sep2015 | Assistant Commissionerof Service Tax, Chenna. | ||
1291 | Oct 201510 June 2017 | Assistant Commissionerof Central Tax, Mylapore Division, North Commissionerate, Chemnai | ||
Utiizationof ITC on Capital Goods for payment of service tax | 324 | Apr 2015to June 2017 | Assistant Commissionerof Central Tax, Mylapore Division, North Commissionerate, Chemnai | |
9. CustomsAct, 1962 | Customs duty | 293 | FY 2008-09 | Assistant Commissionerof Customs (Group-V), Mumbai |
(viil) According to the information provided and explanations given to us, and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessment under the Income Tax Act, 1961 as income during the year and accordingly reporting under clause 3 (viii) ofthe Order is notapplicableto the Company. (ix) (a) The Company has not availed any loans and borrowings during the year. Accordingly, reporting under clause (ix)(a) of the Order s not applicable. (b) Accordingtothe information and explanations given to us, the Company has not been declared wilful defaulter by any bank or financial institution or govemment or any govemment authority. (?) Accordingto the information and explanations given to us, the Company has not obtained any term loans during the year. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable. (d) Accordingto the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that no funds were raised on a short-term basis by the Company. (?) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. (f) The Company has not raised any loans during the year and hence reporting on clause 3 (ix) (f) does not arise. (x) (a) The Company has not raised any money by way of initial public offeror further public offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x)(a) of the Order s notapplicable. (b) According to the information provided and explanations given to us, and on the basis of our examination of the recordsof the Company, the Company has made private placement of shares during the year. In respect of such preferential allotmentof equity shares made during the year, the Company has duly complied with the requirements of section 42 and 62 of the Companies Act, 2013. The proceeds from issue of equity shares amounting to Rs. 5,000.00 lakhs received towards the year end and accordingly the same was not utilized within the year.
(xi) (a) According to the information and explanations given by the management and based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements, we report that no fraud by the Company or any fraud on the Company has been noticed or reported during the year accordingly reporting under clause 3 (xi)(a)of the orderis not applicable. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, report under section 143(12) of theAct, in FormADT4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under Clause 3(xi)(b) of the Order is notapplicable tothe Company. (c) As represented to us by the management, there are no whistieblower complaints received by the Company during the year. (xii)According to the information and explanation given to us, the Company is not a Nidhi Company. Accordingly, reporting under clause 3(xii)of the Orderis not applicable. xii. In our opinion and according to the information and explanations giventous, the transactions entered with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and details have been disclosed in the financial statements as required by the applicable Indian Accounting Standards. (xiv) (a) According to the information and explanations given tous and audit procedures performed by us, in our opinion, the Company has an internal audit system which is commensuratewith the size and natureof its business.
(b) We have considered the intemal audit reports of the Company issued il date, for the year under audit.
(xv) According to the information and explanations given to us, in our opinion the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are notapplicabletothe Company. (xvi) (a) Accordingto the information and explanations given tous, the Company is not required to be registered under section 45-1A ofthe Reserve Bankof India Act, 1934.
(b) Accordingto the information and explanations given to us, the Company has not conducted any Non-Banking Financial or Housing Finance activities. (c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly, reporting under clause 3(xvi)(c) and (d) of the Orderare notapplicable. (xvii) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not incurred cash losses in the current financial year and has incurred cash loss of Rs.66,910.56lakhs inthe immediately preceding financial year. (xviil) There has been no resignation of the statutory auditors during the year and accordingly reporting under clause 3(xviii) of the Orderis not applicable. (xix) According to the information and explanations given to us and onthe basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilties, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report, that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance s to the future viability of the Company. We further state that our reporting is based on the information and explanation as made available to us by the management of the Company up to the date of the audit report and we neither give any guarantee nor any assurance thatall liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. (xx) The requirements as stipulated by the provisions of Section 135 of the CompaniesAct, 2013 are not applicable to the Company. Accordingly, reporting under clause 3(xx)(a) and (b)of the Order arenot applicable.
For ASA & Associates LLP Chartered Accountants
ICAI Firm Registration No: 00957 1N/N500006 G N Ramaswami Partner Place : Chennai Membership No. 202363 Date : April 28, 2025 UDIN:25202363BMOQGU4858
Annexure - B to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct, 2013 (the Act)
We were engaged to audit the internal financial controls with reference to the Standalone Financial Statements of Consolidated Construction Consortium Limited (the Company) as of March 31, 2025, in conjunction with our auditof the standalone financial statementsof the Companyfor the yearended on that date.
Managements Responsibilityfor Internal Financial Controls
The Companys management is responsiblefor establishing and maintaining intemal financial controls based on the intemal control with referenceto the Standalone Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Intemal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate intemal financial controls that were operating effectively for ensuring the orderly and efficient conductof its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required underthe Act.
AuditorsResponsil lity
Our responsibility is to express an opinion on the Companys internal financial controls with reference tothe Standalone Financial Statements based on our auditin accordance with the Guidance Note on Auditof Intemal Financial Controls over Financial Reporting (the Guidance Note") issued by
ICAl and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with referenceto the Standalone Financial Statements.
Becauseof the matter described in Disclaimerof Opinion paragraph below, we were not able to obtain sufficient appropriate audit evidence to provide abasis foran auditopinion on internal financial controls with referenceto the standalone financial statementsof the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companys intemal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys intemal financial control over financial reporting includes those policies and procedures that(1) pertain tothe maintenanceof records that, in reasonable detail, accurately and fairly reflectthe transactions and dispositions of the assetsof the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements. Disclaimerof Opinion
The system of intemal financial controls with reference to standalone financial statements were not made available to us to enable us to determine if the Company has established adequate intemal financial control with reference to standalone financial statements and whether such internal financial controls were operating effectively as atMarch 31, 2025. We have considered the disclaimer reported above in determining the nature, timing, and extentof audit tests applied in our auditof the standalone financial statements ofthe Company, and the disclaimerdoes not affectour opinion on the standalone financial statements ofthe Company.
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