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$Page 1: 39dm dm{f©H$ Ahdmcmls.org.in/pdf/Mahamandal_ahwal_Rainy2016/39th_Report_of_MSPH… · State Police Housing & Welfare Corporation Ltd., Mumbai will be held on Tuesday, 27th August,$
Maharashtra State Police Housing & Welfare Corporation Ltd., Mumbai(A Government of Maharashtra Undertaking)

39th AnnuAL RePoRtFor the Year Ending 31st March 2013

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39th Annual Report

Maharashtra State Police Housing & Welfare Corporation Ltd., Mumbai

(A Government of Maharashtra Undertaking)

For the Year Ending 31st March 2013

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2

VISION

MISSION

To design and construct state – of – the art buildings and campuses according to specifications and provide adequate infrastructural services, to fulfil the requirement(s) of user department(s)-Police, Home Guards, Civil Defence and Prisons in Maharashtra. To ensure quality, workmanship and timely completion of projects by introducing innovative ideas, latest techniques and technologies in design and construction, to the optimal satisfaction of the user department.Improving in house competence and skill to meet the changing needs of construction industry/activity, by ensuring complete transparency.

To strive to provide state – of – the art, cost-effective, low maintenance, aesthetically soothing user & eco-friendly campus - buildings / accommodation to the guardians of law and protectors of society - the police personnel and to comfort them and cause the betterment in their personal and public life, to discharge their duties and responsibilities, without stress and strain.

39th Annual Report 2012-13

3

Page No.

g§MmbH$ ‘§S>i ............................................................. 5Board of Directors ................................................... 5

gyMZm ........................................................................ 6Notice ...................................................................... 6

àH$ën ....................................................................... 7Projects ................................................................... 7

Ahdmb ................................................................... 22Reports .................................................................. 22

Vmio~§X ................................................................... 30Balance Sheet ....................................................... 30

^maVmMo {Z¶§ÌH$ d ‘hmboImnarjH$ ¶m§Mo A{^àm¶ ........ 52Comments of the Comptroller and Auditor General of India .........................................52

CONtENtS


4

FrOM thE DESk OF thE VICE ChAIrMAN & MANAgINg DIrECtOr

It gives me immense pleasure to present you the 39th Annual Report of Maharashtra State Police Housing & Welfare Corporation Ltd. for the financial year 2012 - 2013.

I was previously associated with this Corporation for a brief span as a Director. However, my functional and active association with the MSPH & WC is rather recent.

As you all know, my predecessors have contributed significantly in bringing this Corporation to this stature. The achievements of this Corporation and contributions of all my present and past colleagues, casts a unique responsibility on my shoulders to carry this legacy forward. I assure you that I will do my best to keep the drive going at an accelerated pace.

Here it is pertinent to mention that during the financial year 2012 – 2013, the MSPH & WC has completed eight projects across the state and made available seven hundred and five service quarters, two administrative buildings and one barrack building to the Maharashtra Police.

E–tendering system has been implemented to ensure transparency and efficiency. In all, twenty projects worth ` 1,09,70,04,361/- were awarded and construction of 268 service quarters, 5 office buildings, 4 police stations, 2 mess buildings, 1 hostel for police training centers and 2 barracks were taken up for execution during the year 2012 - 2013.

Moreover, I am pleased to state that the first high rise building (Stilt + 13 storey) comprising of 260 quarters for police personnel has been constructed at Thane by the MSPH &WC and handed over to user department during the financial year 2012 – 2013.

Before I conclude, I would like to place on record our sincere efforts to address the increasing gap in the satisfaction level of police housing across the State. The patronage extended by the Chief Minister of Maharashtra, the Home Minister of Maharashtra, not to speak of the sustained guidance and timely assistance provided by the Board of Directors headed by the Additional Chief Secretary (Home), has in no small measure, contributed to our success. Henceforth, it shall be our constant endeavor to provide sustainable, sturdy, low maintenance, cost effective and functional housing facility to the police personnel.

Arup Patnaik, I.P.S.Director General of Police,Vice Chairman & Managing Director,Maharashtra State Police Housing & Welfare Corporation Ltd., Mumbai.


5

1) Dr. Amitabh RajanAddl. Chief Secretary

Home Department, Govt. of Maharashtra,& Chairman,

M.S.P.H. & W. C. Ltd., Mumbai

2) Shri. Praveen DixitVice Chairman & Managing Director,

M.S.P.H. & W. C. Ltd., Mumbai

3) Shri Sanjeev DayalDirector General of Police, M.S., Mumbai,& Director, M.S.P.H. &W.C. Ltd., Mumbai

4) Dr. Satyapal SinghCommissioner of Police, Brihanmumbai,& Director, M.S.P.H. &W.C. Ltd., Mumbai

5) Shri Debashish Chakrabarty Principal Secretary, Housing DepartmentGovt. of Maharshtra, Mantralaya, Mumbai& Director, M.S.P.H. &W.C. Ltd., Mumbai

6) Shri Shreekant SinghSecretary, Urban Development DepartmentGovt. of Maharshtra, Mantralaya, Mumbai& Director, M.S.P.H. &W.C. Ltd., Mumbai

7) Shri Vineet AgarwalSecretary (SPL), Home Department

Govt. of Maharshtra, Mantralaya, Mumbai,& Director, M.S.P.H. &W.C. Ltd., Mumbai

8) Shri. S. K. MukherjeeSecretary, Public Works Department,

Govt. of Maharshtra, Mantralaya, Mumbai & Director, M.S.P.H. & W.C.Ltd., Mumbai.

LISt OF BOArD OF DIrECtOrS AS ON 31/03/2013

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6

MAHARASHTRA STATE POLICE HOUSING & WELFARE CORPORATION LTD., MUMBAI.

(A Government of Maharashtra Undertaking)Plot No. 89-89A, Sir Pochkhanwala Road, Worli, Mumbai-400 030.

NOtICE

Notice is hereby given that the 39th Annual General Meeting of the Shareholders of Maharashtra State Police Housing & Welfare Corporation Ltd., Mumbai will be held on Tuesday, 27th August, 2013 at 3.00 P.M. at Meeting Room, Home Department, 30th Floor, World Trade Centre – I, Cuffe Parade, Mumbai - 400 005 to transact the following business:

ORDINARY BUSINESS(i) To receive, consider and adopt the Audited Balance Sheet as at 31/03/2013 and the Profit

& Loss Account for the period from 01/04/2012 to 31/03/2013 together with the Directors’ Report and Auditors’ Report including Schedules and Notes to Accounts.

(ii) To fix the remuneration of Statutory Auditors appointed by the Comptroller & Auditor General of India, pursuant to section 224 (8) (aa) of the Companies Act, 1956, for auditing the annual accounts of the financial year 2012-13.

(iii) To note, consider & adopt the Comments of the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956, on the accounts of MSPH & WC Ltd., Mumbai for the year ended 31st March 2013.

Yours faithfully,

Sd/-

(Ravindra Baghel) Company Secretary

Note: A member entitled to attend and vote at the meeting is entitled to appoint a proxy. A proxy need not be a member of the Corporation.

1. Dr. Amitabh Rajan, Chairman, M.S.P.H. & W.C. Ltd, Mumbai2. Shri Praveen Dixit, Vice Chairman & Managing Director, M.S.P.H. & W.C. Ltd, Mumbai. 3. Shri Sanjeev Dayal, Director General of Police, Maharashtra State, Mumbai.4. Shri V. K. Kumble, Deputy Secretary, Home Department, Mantralaya, Mumbai,

Representative of Governor of Maharashtra.5. M/s I. C. Jain & Co., Chartered Accountants, Mumbai, Statutory Auditors of MSPH & WC

Ltd.


7

PrOJECtS / àH$ën


8

COMPLEtED PrOJECtS 2012-13 Sr. No

Name of the project Administrative Approval

Funds made available(In lakhs)

Expenditure incurred(In lakhs)

Date of commencement

Date of completion

1 Solapur, 197 Quarters for SRPF Gr. X at Soregoan, Dist-Solapur

3028.27 2278.91 2460.37 26/05/2009 31/03/2012

2 Sindhudurg, 40 Quarters for S.P. Sindhudurg at Oras, Dist- Sindhudurg

657.15 733.10 681.13 31/08/2009 18/06/2012

3 Raigad, 36 Quarters for S.P. Raigad at Alibag

4054.06 732.79 775.31 25/08/2011 16/01/2013

4 Thane, 260 Quarters for C.P. Thane at Thane

5658.00 2989.96 4898.65 31/08/2009 27/02/2013

5 Thane, 172 Quarters for SRPF Gr. XI Navi Mumbai at Balegoan, Dist –Thane

3936.23 2322.56 3764.85 31/08/2009 23/03/2013

6 Thane, Administrative building for S.P. Thane (Rural) at Thane

1587.00 829.29 1213.11 01/12/2009 19/05/2012

7 Amravati, Administrative building for C.P. Amravati at Amravati

3100.00 758.54 850.46 01/12/2009 26/05/2012

8 Osmanabad, Barrack building for 400 Policemen for S.P. Osmanabad at Tulzapur

704.00 564.98 592.53 01/12/2009 22/05/2012


9

nyU© Pmcoco àH$ën - 2012-13A. H«$.

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1 gmocmnya amÁ` amIrd nmocrg ~c JQ> H«$.10 `m§MoH$arVm gmoaoJmd òWo 197 {ZdmgñWmZo.

3028.27 2278.91 2460.37 26/05/2009 31/03/2012

2 qgYwXwJ©, nmocrg AYrjH$ `m§MoH$arVm Amoag òWo 40 {ZdmgñWmZo.

657.15 733.10 681.13 31/08/2009 18/06/2012

3 am`JS>, nmocrg AYrjH$ `m§MoH$arVm A{c~mJ òWo 36 {ZdmgñWmZo.

4054.06 732.79 775.31 25/08/2011 16/01/2013

4 R>mUo, nmocrg Am`wº$ `m§MoH$arVm R>mUo òWo 260 {ZdmgñWmZo.

5658.00 2989.96 4898.65 31/08/2009 27/02/2013

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3936.23 2322.56 3764.85 31/08/2009 23/03/2013

6 R>mUo, nmocrg AYrjH$ R>mUo (J«m.) `m§MoH$arVm àemgH$s` B‘maV

1587.00 829.29 1213.11 01/12/2009 19/05/2012

7 A‘amdVr nmocrg Am`wº$ `§mMoH$arVm àemgH$s` B‘maV.

3100.00 758.54 850.46 01/12/2009 26/05/2012

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704.00 564.98 592.53 01/12/2009 22/05/2012


10

ONgOINg PrOJECtS 2012-13Sr. No

Name of the project Administrative Approval(In lakhs)

Funds made available(In lakhs)

Date of commencement

Stipulated date of completion

1 Mumbai, 64 quarters atGhatkopar

5897.00 1232.71 02/02/2012 01/08/2013

2 Mumbai, 136 quarters at Worli 2736.54 2016.36 12/02/2013 11/08/2014

3 Satara, 137 quarters at Karad 3172.22 751.56 06/03/2013 05/09/2014

4 Sangli, 51 quarters at Vita 827.45 765.07 24/05/2012 23/11/2013

5 Yeotmal, 56 quarters atPandharkawada

932.02 665.27 10/01/2013 09/01/2014

6 Mumbai, Force One Head Quarter, Admin building & (144) 96 quarters at Goregoan (E)

8546.10 5353.63 25/08/2011 31/01/2014

7 Pune, Police station at Hinjewadi 309.47 298.71 27/12/2012 26/12/2013

8 Nashik, Admin building for C.P. Nashik

965.27 828.15 27/09/2012 26/03/2014

9 Nashik, Police Station building at Malegoan

147.86 135.32 29/12/2012 28/09/2013

10 Dhule, RPI building at Head Quarter for S.P. Dhule

311.86 200.00 02/01/2013 01/12/2013

11 Nashik, Police Station at Peth 147.86 125.10 22/02/2013 21/11/2013

12 Nashik, Police Station at Indira Nagar

147.86 201.88 30/03/2013 29/12/2013

13 Ahmednagar, S.P. Office at Ahmednagar

1586.53 595.25 30/03/2013 29/06/2014

14 Nagpur, Hostel building No.3 at PTS Nagpur

704.52 770.53 12/11/2012 11/11/2013

15 Washim, RPI building at Washim 333.89 193.17 16/03/2013 15/03/2014

16 Nashik Mess Building for MPA Nashik

116.61 134.00 10/10/2012 08/05/2013

17 Administrative building for C.P. Mumbai at Crawford Market,Mumbai

4709.52 1673.08 25/08/2011 31/12/2013

18 24 quarters at Malabar Hill, Mumbai

2366.77 2055.05 31/08/2009 25/07/2013


11

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1 ‘w§~B©, KmQ>H$mona òWo 64 {ZdmgñWmZo ~m§YH$m‘ H$aUo.

5897.00 1232.71 02/02/2012 01/08/2013

2 ‘w§~B©, dair òWo 136 {ZdmgñWmZo ~m§YH$m‘ H$aUo.

2736.54 2016.36 12/02/2013 11/08/2014

3 gmVmam, H$amS> òWo 137 {ZdmgñWmZo ~m§YH$m‘ H$aUo.

3172.22 751.56 06/03/2013 05/09/2014

4 g§mJcr, drQ>m òWo 51 {ZdmgñWmZo ~m§YH$m‘ H$aUo.

827.45 765.07 24/05/2012 23/11/2013

5 `dV‘mi, nm§T>aH$mdS>m òWo 56 {ZdmgñWmZo ~m§YH$m‘ H$aUo.

932.02 665.27 10/01/2013 09/01/2014

6 ‘w§~B© ’$mog©dZ ‘w»`mc` `m§MoH$arVm JmoaoJmd (nyd©) òWo àemgH$s` B‘maV Am{U 144 (96) {ZdmgñWmZo ~m§YH$m‘ H$aUo.

8546.10 5353.63 25/08/2011 31/01/2014

7 nwUo, qhOdS>r òWo nmocrg R>mUo ~m§YH$m‘ H$aUo.

309.47 298.71 27/12/2012 26/12/2013

8 Zm{eH$, nmocrg Am`wº$ `m§MoH$arVm àemgH$s` B‘maV ~m§YH$m‘ H$aUo.

965.27 828.15 27/09/2012 26/03/2014

9 Zm{eH$, ‘mcoJmd òWo nmocrg R>mUo B‘maV ~m§YH$m‘ H$aUo.

147.86 135.32 29/12/2012 28/09/2013

10 Ywio, nmocrg AYrjH$ `m§MoH$arVm nmocrg ‘w»`mc` òWo amIrd nmocrg {ZarjH$ B‘maV ~m§YH$m‘ H$aUo.

311.86 200.00 02/01/2013 01/12/2013

11 Zm{eH$, noR> òWo nmocrg R>mUo ~m§YH$m‘ H$aUo.

147.86 125.10 22/02/2013 21/11/2013

gÜ`m gwé Agcoco àH$ën - 2012-13


12

12 Zm{eH$, B§{Xam ZJa òWo nmocrg R>mUo ~m§YH$m‘ H$aUo.

147.86 201.88 30/03/2013 29/12/2013

13 Ah‘XZJa, nmocrg AYrjH$ H$m`m©c` ~m§YH$m‘ H$aUo.

1586.53 595.25 30/03/2013 29/06/2014

14 ZmJnya, nmocrg à{ejU H|$Ð, `m§MoH$arVm dgVrJ¥h B‘maV H«$.3 ~m§YH$m‘ H$aUo.

704.52 770.53 12/11/2012 11/11/2013

15 dm{e‘, amÁ` amIrd nmocrg {ZarjH$ B‘maV ~m§YH$m‘ H$aUo.

333.89 193.17 16/03/2013 15/03/2014

16 Zm{eH$, ‘hmamï´> nmocrg AH$mX‘r `m§MoH$arVm ^moOZmc` B‘maV ~m§YH$m‘ H$aUo.

116.61 134.00 10/10/2012 08/05/2013

17 ‘w§~B©, nmocrg Am`wº$ `m§MoH$arVm H«$m°’$S©> ‘mH}$Q> òWo àemgH$s` B‘maV ~m§YH$m‘ H$aUo.

4709.52 1673.08 25/08/2011 31/12/2013

18 ‘w§~B©, ‘c~ma {hc òWo 24 {ZdmgñWmZm§Mo ~m§YH$m‘ H$aUo.

2366.77 2055.05 31/08/2009 25/07/2013


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14

PrOJECtS At PLANNINg StAgE 2012-13Sr. Region Project1) Mumbai 138 quarters at Santacruz (East)

2) Aurangabad 56 quarters at Aurangabad

3) Pune 50 quarters for PTS at Nanveej

4) Pune 50 quarters for SRPF Gr. V at Daund

5) Pune 50 quarters for SRPF Gr. VII at Daund

6) Latur 48 (56) quarters at Babhalgoan

7) Buldhana 61 quarters at Khamgoan

8) Goregoan Renovation work of SRPF bunglow into ADG office

9) Pune Hostel & Mess building for SRPF training at Nanveej

10) Sangli Hospital, Security & Visitor room, Driving Simulator room & 31 quarters etc at Turchi

11) Hingoli RPI & MT Workshop building

12) Parbhani RPI building for S.P.

13) Solapur (Rural) Repair work Pandharpur, S.P.

14) Nashik Deovla Police Station at Deovla

15) Ahmednagar Rest House at Shirdi

16) Nagpur RPI building at Nagpur

17) Gondia Barrack building at Gondia

18) Wardha S.P. Office at Wardha

19) Gadchiroli Barrack building at Gadchiroli

20) Dhule 210 hostel & Admin building for PTS Dhule

21) Latur PTS Latur 210 Hostel Building

22) Solapur WPTS Solapur 210 Hostel building & 6 classroom

23) Jalna PTS Jalna 210 Hostel building.


15

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5 nwUo Xm¡S> òWo amÁ` amIrd nmocrg ~c JQ> H«$. 7 `m§MoH$arVm 50 {ZdmgñWmZo ~m§YUo~m~V.

6 cmVya ~mîJmd òWo 48(56) {ZdmgñWmZo ~m§YUo~m~V.

7 ~wcT>mUm Im‘Jmd òWo 61 {ZdmgñWmZo ~m§YUo~m~V.

8 JmoaoJmd amÁ` amIrd nmocrg ~c JQ> `m§À`m AmdmamVrc ApñVËdmV Agcoë`m g‘mXoeH$ ~§Jë`mMo Ana nmocrg ‘hmg§MmcH$ amÁ` amIrd nmocrg ~c JQ> `m§À`m H$m`m©c`mV énm§Va H$aUo~m~V.

9 nwUo ZmZdrO òWo amÁ` amIrd nmocrg ~c JQ> à{ejU `m§Mo H$arVm dgVrJ¥h Am{U ^moOZmc` B‘maV ~m§YUo~m~V.

10 gm§Jcr VwMu òWo é½Umc`, gwajm d Aä`mJV H$j, S´m`pìh§J {gå`wcoQ>a H$j Am{U 31 {ZdmgñWmZo ~m§YUo~m~V.

11 qhJmocr amIrd nmocrg {ZarjH$ d ‘moQ>ma dmhVyH$ H$m`©emim B‘maV ~m§YUo~m~V.

12 naÛr nmocrg AYrjH$ `m§MoH$arVm amIrd nmocrg {ZarjH$ B‘maV ~m§YUo~m~V.

13 gmocmnya (J«m.) nmocrg AYrjH$ `m§MoH$arVm n§T>anya òWo XwéñVr H$m‘ H$aUo~m~V.

14 Zm{eH$ Xodim òWo nmocrg R>mUo ~m§YUo~m~V.

15 Ah‘XZJa {eS>u òWo {dlm‘J¥h ~m§YUo~m~V.

16 ZmJnya ZmJnya òWo amIrd nmocrg {ZarjH$ B‘maV ~§mYUo~m~V.

17 Jm|{X`m Jm|{X`m òWo ~°aoŠg B‘maV ~m§YUo~m~V.

18 dYm© dYm© òWo nmocrg AYrjH$ H$m`m©c` ~m§YUo~m~V.

19 JS>{Mamocr JS>{Mamocr òWo ~°aoŠg B‘maV ~m§YUo~m~V.

20 Ywio Ywio òWo nmocrg à{ejU {dÚmc` `m§MoH$arVm 210 à{ejUmWu dgVrJ¥h d àemgH$s` B‘maV ~m§YUo~m~V.

21 cmVya cmVya òWo nmocrg à{ejU {dÚmc` `m§MoH$arVm 210 à{ejUmWugmR>r dgVrJ¥h ~m§YUo~m~V.

22 gmocmnya gmocmnya òWo ‘{hcm nmocrg à{ejU {dÚmc` `m§MoH$arVm 210 à{ejUmWugmR>r dgVrJ¥h d 6 dJ©Imoë`m ~m§YUo~m~V.

23 OmcZm OmcZm òWo nmocrg à{ejU {dÚmc` `m§MoH$arVm 210 à{ejUmWugmR>r dgVrJ¥h ~m§YUo~m~V.

{Z`mo{OV àH$ën - 2012 -13


16

No. of Projects Completed in FY 12-13

No. of Projects Work-in-Progress in FY 12-13

Thane, Nashik, Kokan Region - 7

Nagpur, Amravati, Gondia Region - 3

Mumbai Region - 5

Aurangabad, Kolhapur, Pune Region - 3

Nagpur, Amravati, Gondia Region - 1

Mumbai Region - 0

Nagpur, Amravati, Gondia Region

Thane, Nashik, Kokan Region

Aurangabad, Kolhapur, Pune Region

Mumbai Region

Thane, Nashik, Kokan Region

Aurangabad, Kolhapur, Pune Region

Mumbai Region

Nagpur, Amravati, Gondia Region

Aurangabad, Kolhapur, Pune Region - 2

Thane, Nashik, Kokan Region - 5


17

R>mUo, Zm{eH$, H$moH$U {d^mJ - 7

ZmJnya, A‘amdVr, Jm|{X¶m {d^mJ - 3

‘w§~B© {d^mJ - 5

Am¡a§Jm~mX, H$moëhmnya, nwUo {d^mJ - 3

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R>mUo, Zm{eH$, H$moH$U {d^mJ - 5

Am¡a§Jm~mX, H$moëhmnya, nwUo {d^mJ - 2

ZmJnya, A‘amdVr, Jm|{X¶m {d^mJ - 1

‘w§~B© {d^mJ - 0

nyU© Pmbobo àH$ën - Am{W©H$ df© 2012-13

Mmby àH$ën - Am{W©H$ df© 2012-13


18

Status of Project for FY 2012-13

Composition of Expenses

Personnel Cost Aministrative ExpenseFY 12-13 FY 11-12

Rs. 0

Rs. 5,000,000

Rs. 10,000,000

Rs. 15,000,000

Rs. 20,000,000

Rs. 25,000,000

Rs. 30,000,000

Rs.

27,

833,

952

Rs.

27,

661,

374

Rs.

10,

742,

374

Rs.

8,7

36,8

63

CompletedWork-In-Progress

8

18

2

4

6

8

10

12

14

16

18

0


19H$‘©Mmar dJ© IM© àemgH$s¶ IM©

é. 0

é. 5,000,000

é. 10,000,000

é. 15,000,000

é. 20,000,000

é. 25,000,000

é. 30,000,000

é. 2

7,83

3,95

2

é. 2

7,66

1,37

4

é. 1

0,74

2,37

4

é. 8

,736

,863

nyU© Pmbobo àH$ënMmby àH$ën

8

18

2

4

6

8

10

12

14

16

18

0

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IMm©Mr aMZm

Am{W©H$ df© 12-13 Am{W©H$ df© 11-12


20

Share Holders Fundas on 31-03-2013

Paid Up Share capital Compositionas on 31-03-2013

Share Capital

Reserves & Surplus

in cash

in kind (Land)

in cashRs. 1,317,000

Rs. 7,95,91,000

Rs. 2,46,65,125

Rs. 7,82,74,000


21

^mJYmaH$m§Mo ^mJ-^m§S>db

âUm Pmboë¶m ^mJ ^m§S>dbmMr aMZm

^mJ ^m§S>db

amIrd d {e„H$ {ZYr

amoI a³H$‘ ñdénmV

O{‘ZrÀ¶m ñdénmV

amoI a³H$‘é. 1,317,000

é. 7,95,91,000

é. 2,46,65,125

é. 7,82,74,000


22


rEPOrtS / Ahdmb

22


23

DIrECtOr’S rEPOrt tO thE ShArEhOLDErSDEAR SHAREHOLDERS,Your Directors have pleasure in presenting the Annual Report on the business and operations of the company and Audited Statement of Accounts of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTSThe Income and Expenditure of the company during the Financial Year 2012-2013 shows reserve and surplus amounting to ` 68,37,828.22/-.

GENERAL REVIEWThe company’s performance was satisfactory during the year. The company has successfully completed 8 (Eight) projects and reached the completion stage of many projects during the year. Your Directors are hopeful that the company shall be able to achieve its target of projects in the year to come. The future of the company seems to be bright.

DIVIDENDDirectors have not recommended dividend during the year, in order to conserve the resources and build the net worth of the company.

PARTICULARS OF EMPLOYEESNone of the employee of the company received remuneration in excess of the limit specified u/s 217 (2A) of the Companies Act, 1956.

DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION OF ENERGYThe details as required by Companies (Disclosure of particulars in Report of Board of Directors) Rules, 1988 for conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo are not applicable to the company having regard to the nature of business of the company.

DIRECTORS RESPONSIBILITY STATEMENTPursuant to section 217(2AA) of the Companies Act, 1956, the Directors confirm that:-In presentation of the annual accounts, the applicable standards had been followed along with proper explanation in relation to material departures;The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your company at the end of the financial year; The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of your company and for preventing and detection fraud and other irregularities;The Directors had prepared the annual accounts on a going concern basis.

AUDITORSM/s. I. C. Jain & Co. Chartered Accountants, are appointed as Statutory Auditor of the company. The said appointment is made by Comptroller and Auditor General of India vide letter no. CA. V/COY/MAHARASHTRA,MHPOLI(I)/720 dated 04/09/2012


23


24

COMPLETED PROJECTS DURING THE YEAR

The following projects have been completed during the Financial year (2012-2013) :-

Sr. No. Name of the Project

1 Solapur, 197 Quarters for S.R.P.F. Gr. X at Soregoan, Dist-Solapur

2 Sindhudurg, 40 Quarters for S. P. Sindhudurg at Oros, Dist- Sindhudurg

3 Raigad, 36 Quarters for S. P. Raigad at Alibaug

4 Thane, 260 Quarters for C. P Thane at Thane

5 Thane, 172 Quarters for S.R.P.F. Gr. XI Navi Mumbai at Balegoan, Dist- Thane

6 Thane, Administrative building for S. P. Thane (Rural) at Thane

7 Amravati, Administrative building for C. P. Amravati at Amravati

8 Osmanabad, Barrack Building for 400 Policemen for S. P. Osmanabad at Tulzapur

APPRECIATIONWe wish to place on record our deep and sincere appreciation for the contribution made by

the Executives, Officers, Staff to the performance of the Company.

For and on behalf of the Board of Directors

Sd/- Sd/- (Dr. Amitabh Rajan) (Praveen Dixit) Chairman Managing Director

Sd/- (Vineet Agarwal) Director

Place : Mumbai Date : 08/07/2013


25

To,The Members ofMAHARASHTRA STATE POLICE HOUSING AND WELFARECORPORATION LIMITED, MUMBAI.

Report on the Financial StatementsWe have audited the accompanying financial statements of MAHARASHTRA STATE POLICE HOUSING & WELFARE CORPORATION LTD, MUMBAI (The Company) which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (“the Act”). 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.

Auditor’s ResponsibilityOur 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. An audit involves performing procedures to obtain audit evidence about the amounts and 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 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, 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.

OpinionIn 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 Balance Sheet, of the state of affairs of the Company as at March 31, 2013;ii. In the case of Statement of Profit and Loss, of the profit for the year ended on that date;

INDEPENDENt AUDItOrS' rEPOrt (FOr thE YEAr ENDED MArCh 31, 2013)


26

Emphasis of MatterWithout qualifying our report, we draw attention to : a. Note no.1 (III) – regarding share capital ` 7.96 crore.b. Note No.1 (IV) – contract of ` 64.80 crore to preferred bidders.c. Note No.1 (V) – fixed deposit of ` 16,74,115/-.d. Note No.1 (VI) – TDS refund receivable from Income Tax Office ` 3,62,01,582/-.e. Note No.1 (VII) – regarding non-provision of doubtful recovery of fixed deposits

with Dadar Janta Sahakari Bank. f. Note No.1 (VIII) – regarding doubtful recovery from M/s. Sainath Enterprise &

ECP Housing (India) Pvt. Ltd. g. Note No.1 (IX) – regarding non-provision of court case filed by M/s. National

Contractors & Engineers Ltd.

Report on Other Legal and Regulatory Requirements:-1. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the

Companies (Auditor’s Report) (Amendment) Order, 2004, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

2. 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 the books; (c) The Balance Sheet and Statement of Profit and Loss dealt with by this report are

in agreement with the books of account;(d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with

the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(e) On the basis of the written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

For I. C. JAIN & CO.Place : Mumbai Chartered AccountantsDate : 8th July, 2013 Firm Registration No. 103912W

Sd/- (C. A. I.C. JAIN) (Proprietor) Membership No.036803


27

ANNEXUrE tO thE AUDItOrS' rEPOrtAnnexure referred to in paragraph 1 under the heading “Report on other legal and regulatory requirements” of our report of even date to the members of MAHARASHTRA STATE POLICE HOUSING & WELFARE CORPORATION LTD, MUMBAI on the accounts for the year ended March 31, 2013.On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:

1. Inrespectofitsfixedassets: a. The Company is maintaining proper records of fixed assets to show full particulars,

including quantitative details and situation of fixed assets. b. The fixed assets of the Company have been physically verified by the management

during the year and no material discrepancies were identified on such verification. c. No substantial part of fixed assets have been disposed off during the year, and it has

not affected the going concern.

2. In respect of its inventories: The company does not have any inventory. Accordingly, clause 4 (ii) of the Order is not

applicable to the company.

3. In respect of loan granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956.

As informed, during the year, the company has neither granted nor taken any loan, secured or unsecured, to / from company, firms and other parties listed in the register maintained under section 301 of the Companies Act. 1956. Accordingly, clause 4 (iii) of the Order is not applicable to the Company.

4. In respect of internal control : 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 fixed assets and purpose of Construction Contract. As informed to us, the Company is not engaged in the sale of services & goods. During the course of our audit, no major weakness has been noticed in areas of internal control system.

5. In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956. :

In our opinion, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (v) (b) of the Order are not applicable to the Company and hence not commented upon.


28

6. In respect of Deposits from Public: In our opinion and according to the information and explanations given to us, the Company

has not accepted any deposit from the public during the year and hence, the question of complying with the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956, and the rules framed there under, does not arise.

7. In respect of internal audit system : In our opinion, the Company has an internal audit system commensurate with its size and

nature of its business.

8. In respect of maintenance of cost records : The company is not required to maintain cost records pursuant to the Rules made by the

Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act.

9. In respect of statutory dues : According to the information and explanations given to us and the records examined

by us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Income-Tax, Sales-Tax, Wealth-Tax, Service–Tax, Labour Cess and other material statutory dues applicable to it and there were no arrears of such statutory dues as on March 31, 2013 for a period of more than six months from the date they became payable.

10. In respect of accumulated losses and cash losses : There are no accumulated losses of the Company as on March 31, 2013 and the Company

has not incurred any cash losses during such financial year and in the immediately preceding financial year.

11. Inrespectofduestofinancialinstitution/banks/debentures: According to the information and explanations given to us and records of the Company

examined by us, the Company has not defaulted in repayment of dues, if any, to a financial institution, bank or debenture holders as at the balance sheet date.

12. In respect of loans and advances granted on the basis of security : According to the information and explanations given to us, the Company has not granted

any loans and / or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In respect of provision applicable to chit fund : As the Company is not a chit fund, Nidhi, mutual benefit fund or a society, Clause 4 (xiii)

of the Order is not applicable to the Company.

14. In respect of dealing or trading in shares, securities, debentures & other investments: According to the information and explanations given to us, as the Company is not dealing

or trading in shares, securities, debentures and other investments, the requirements of Clause 4(xiv) of the Order relating to the maintenance of the proper records of the transactions and contracts and making of timely entries therein are not applicable.


29

15. In respect of Guarantee given for loans taken by other : According to the information and explanations given to us, as the Company has not given

any guarantee for loans taken by others from banks or financial institutions, the requirement of Clause 4 (xv) of the Order to comment on whether the terms and conditions, whereof are prejudicial to the interest of the Company, is not applicable.

16. In respect of application of term loan : According to the information and explanations given to us, the company has not taken

any term loan so question of application of term loan does not arise.

17. In respect of fund used : According to the information and explanations given to us and on an overall examination

of the balance sheet of the Company, we report that company has not raised any fund on short term basis so question of utilization does not arise.

18. In respect of preferential allotment of shares : According to the information and explanations given to us, as the Company has not made

any preferential allotment of shares during the year, Clause 4(xviii) of the Order is not applicable.

19. In respect of securities created for debentures : According to the information and explanations given to us, as the Company has not issued

any debenture, the question of creating security or charges in respect thereof does not arise.

20. In respect of end use of money raised by public issues : As the Company has not raised any money by public issues during the year, Clause 4 (xx)

of the Order is not applicable to the Company.

21. In respect of fraud : Based on the audit procedures performed and information and explanations given to

us by the management, we report that no fraud (i.e. intentional material misstatements resultant from fraudulent financial reporting and misappropriation of assets) on or by the Company has been noticed or reported during the course of our audit.

For I.C. JAIN & CO.Place : MUMBAI (Chartered Accountants)Date : 8th July, 2013. Firm Registration No. 103912W

Sd/- (CA I.C. JAIN) Proprietor Membership No. 036803


30

BALANCE ShEEt 2012 - 13 /

Vmio~§X



31


PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)

I. EQUITY AND LIABILITIES(1) Shareholder's Funds: (a) Share capital "2" 7,95,91,000.00 7,95,91,000.00 (b) Reserves & surplus "3" 2,46,65,125.58 1,90,22,008.36 (2) Non- Current Liabilities (a) Deferred Tax Liabilities (Net) "4" 12,16,671.00 - (b) Other Long term Liabilities "5" 3,88,74,98,887.03 4,32,99,04,850.21 (3) Current Liabilities (a) Trade Payable "6" - 3,03,37,301.46 (b) Other Current Liabilities "7" 1,10,32,922.00 2,02,78,651.00 (c) Short Term Provisions "8" 3,24,68,664.39 7,17,08,582.00

TOTAL 4,03,64,73,270.00 4,55,08,42,393.03

II. ASSETSNon-Current Assets(1) (a) Fixed Assets (i) Tangible Assets "9" 13,01,12,657.34 12,96,98,604.58 (ii) Capital Work - in - progress "10" 26,03,08,753.65 1,86,49,58,336.92 (b) Deferred Tax Assets (net) - - (c) Long Term loans & Advances "11" 1,09,760.00 1,56,210.00 (2) Current Assets (a) Cash & Cash Equivalents "12" 3,05,86,11,700.01 1,84,54,03,825.90 (b) Short Term Loans & Advances "13" 50,79,24,185.00 61,36,76,163.00 (c) Other Current Assets "14" 7,94,06,214.00 9,69,49,252.63

TOTAL 4,03,64,73,270.00 4,55,08,42,393.03 See accompanying notes forming parts of the Financial statement "1"

As per our Report attached of even Date For: I.C. Jain & Co. For: Maharashtra State Police HousingChartered Accountants & Welfare Corporation Ltd.FRN No.: 103912 W Sd/- Sd/- Sd/- (Dr. Amitabh Rajan) (Praveen Dixit) Proprietor Chairman Managing Director (CA I.C. Jain) Membership No.: 036803 Sd/- Sd/- (Vineet Agarwal) (Ravindra Baghel)Place : Mumbai Director Company Secretary Date : 8th July, 2013

BALANCE ShEEt AS At 31St MArCh 2013


32

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)

I. REVENUE FROM OPERATIONSIncome "15" 4,94,75,838.89 5,55,90,201.00

II. OTHER INCOME "16" 18,81,873.52 22,54,102.78

III. TOTAL REVENUE (I + II) 5,13,57,712.41 5,78,44,303.78

IV. ExPENSES:Employees Benefit Cost "17" 2,78,33,952.00 2,76,61,374.00 Other Expenses:Administrative Expenses "18" 1,07,42,374.45 87,36,863.00 Depreciation 28,54,051.35 24,24,058.42

V. TOTAL OF ExPENSES 4,14,30,377.80 3,88,22,295.42

Net Profit Before Tax 99,27,334.61 1,90,22,008.36

Tax ExpensesLess: Current tax 30,67,546.39 - Less: Deferred Tax 21,960.00 -

ProfitfortheYear 68,37,828.22 1,90,22,008.36

Basic & Diluted Earning Per Share 85.91 - See accompanying notes forming parts of the Financial statement "1" -

As per our Report attached of even Date For: I.C. Jain & Co. For: Maharashtra State Police HousingChartered Accountants & Welfare Corporation Ltd.FRN No.: 103912 W Sd/- Sd/- Sd/- (Dr. Amitabh Rajan) (Praveen Dixit) Proprietor Chairman Managing Director (CA I.C. Jain) Membership No.: 036803 Sd/- Sd/- (Vineet Agarwal) (Ravindra Baghel)Place : Mumbai Director Company Secretary Date : 8th July, 2013

StAtEMENt OF PrOFIt AND LOSS ACCOUNt FOr thE YEAr ENDED 31St MArCh 2013


33

PARTICULARS NOTE NO. AS AT 31.03.2013 (`)

AS AT 31.03.2012 (`)

SHARE CAPITAL "2"Authorised

100,000 Equity Shares of Rs 1,000/- each 10,00,00,000.00

10,00,00,000.00

Issued , Subscribed and Paid up 79,591(P.Y.79,591) Equity Shares of Rs1,000/- each 7,95,91,000.00 7,95,91,000.00 Fully Paid up Issued to Government ofMaharashtra (of the above 78,274) shares issued for consideration other than Cash)

TOTAL 7,95,91,000.00 7,95,91,000.00

RESERVES & SURPLUS "3"

Opening balance Centage Reserve Fund 1,90,22,008.36 1,90,22,008.36 (+) Centage Reserve fund during the year 68,37,828.22 - (-) Deffered Tax liability of previous year 11,94,711.00 -

TOTAL 2,46,65,125.58 1,90,22,008.36

(a) Reconciliation of the number of shares: As on 31st March 2013 As on 31st March 2012

Particulars No. of Shares Amount In (`) No. of Shares Amount In (`)

Opening Balance 79,591 7,95,91,000.00 79,591 7,95,91,000.00

Changes during the Year - - - -

Closing Balance 79,591 7,95,91,000.00 79,591 7,95,91,000.00

(b) Details of Equity Shares held by each shareholders holding more than 5%

As on 31st March 2013 As on 31st March 2012Particular No. of Shares Amount In (`) No. of Shares Amount In (`)

79,581.00 7,95,81,000.00 79,581.00 7,95,81,000.00

Govt. of Maharashtra 7,95,81,000.00 79,581.00 7,95,81,000.00

NOtES tO ACCOUNtS OF BALANCE ShEEtS AS At 31St MArCh 2013


34

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)(2) NON CURRENT LIABILITIES

(a) Deffered Tax Liability "4"Previous year 11,94,711.00 - Current year 21,960.00 -

TOTAL 12,16,671.00 - (b) Other Long term Liabilities "5"Security Deposit From PMC 20,79,063.00 21,34,675.00 Security Deposit From Architect 4,29,812.00 6,84,732.00 Security Deposit From Contarctors 6,18,64,561.25 10,08,96,927.25 State Government of Maharashtra - 7,82,73,008.08 Grants State & Central 2,11,90,24,516.77 41,61,04,277.00 PWD Grant Payable 22,59,34,524.54 14,00,02,586.00 Grant Payable towards project at planning Stage - 1,50,25,106.00 G.R NO. SUP0611/C.R.348/POL-7 - 3,75,00,000.00 G.R. NO. CRP-0411/C.R. 179/POL-7 - 18,75,28,000.00 G.R. NO. CRP-1011/C.R. 535/POL-7 - 60,00,000.00 G.R. NO. CRP-0411/C.R. 182/POL-7 - 4,57,40,000.00 G.R. NO. CRP-0411/C.R. 181/POL-7 - 1,68,40,000.00 G.R. NO. CRP-0411/C.R. 180/POL-7 - 12,81,65,000.00 G.R. NO. PLF/0110/1961/CR741/POL4 - 2,00,00,000.00 G.R. NO. PLF/0110/1961/CR741/POL4 - 5,13,00,000.00 G.R. NO. TEX-0309/CR-985/POL-5A - 12,06,00,000.00 Grant Payable Towards Amaravati SP 82(205) - 3,08,99,258.50 Grants Payable towards WIP 31,89,29,549.69 - Grant Payable Towards Babhalgaon PTS Hostel Bldg. - 12,54,79,454.53

Grant Payable Towards Costal Security Scheme A/c No. 48,29,200.00 43,70,045.00

Grant Payable Towards C.P. Ghatkopar - 2,40,23,052.00 Grant payable Towards CP Mumbai Kolekalyan Vakola - 1,64,63,194.37

Grant payable Towards DG Equipments A/c No. 4 40,26,86,517.78 21,88,58,105.00 Grants Payable Towards DG Naxal A/c No. 5 2,03,37,317.00 1,72,45,033.00 Grant payable Towards Ghatkopar Gulistan Comp. (261) - 4,22,44,156.00

Grant payable Towards Goregaon Compound Wall Force - 5,56,50,000.00

Grants Payable Towards Hingoli S.P. 164 - 67,63,135.41 Grant Payable Towards Kolhapur SP - 2,11,99,517.00 Grants Payable Towards Marol Hostel Bldg - 1,82,673.78 Grant Payable Towards Nagpur M.T Workshop 50 - 64,05,893.98 Grant Payable Towards Nandura (S.P. Buldhana) - 5,91,95,953.60 Grant Payable Towards Oros. Sindhudurg - 1,12,01,716.47

NOtES tO ACCOUNtS FOrMINg PArt OF BALANCE ShEEt 31St MArCh 2013


35

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)Grant Payable Towards Pune Wanwadi 442 - 16,57,81,674.43 Grant Payable Towards to Buldhana S.P. 63 - 1,48,12,651.51 Grant Payable Towards Sangli Tasgaon - 11,86,84,064.31 Grant Payable Towards SID Speed Boat A/c No. 6 1,07,50,357.00 13,81,95,523.00

Grant Payable Towards Solapur CP - 2,00,000.00 Grant Payable Towards Washim 172 - 1,24,89,804.92 Grant Payable Towards CP Mumbai Vakola 324 - 8,44,91,952.04 Grants received toward Work in Progress - 1,01,20,40,488.03 Grant Payable Towards Costal Security Scheme 2,45,96,266.00 24,61,41,161.00 Grant Payable Towards SID - 1,719.00 Grant Payable Towards CCTNS Project 16,28,95,154.00 12,45,47,827.00 Excess Tender Fees Received 80,000.00 - 13th finance Commission Phase-II 49,41,01,000.00 - Grnat Payable towards D.G. Equipments A/c No. 3 99,33,381.00 - PWD (13th Finance Commission) 31,99,915.00 - Grant Payable towards life & Bomb Secruity Scheme - 38,25,66,000.00

Grant Payable towards Land - 7,42,000.00 Grant Payable towards Home Guard 2,58,27,752.00 2,21,82,485.00 Grant payable towards State Security Guard - 52,000.00

TOTAL 3,88,74,98,887.03 4,32,99,04,850.21

(4) Current Liabilities(a) Trade Payable "6"Sundry Creditors for Works (Payable to PWD) - 3,03,37,301.46

TOTAL - 3,03,37,301.46

(b) Other Current Liabilities "7"other liabilities (refer Grouping) 1,10,32,922.00 2,02,78,651.00

TOTAL 1,10,32,922.00 2,02,78,651.00

(c) Short Term provision "8"Provision for WIP 1,01,62,870.00 6,43,45,836.00 Provision for Tax 30,67,546.39 - Recovery: Government 93,85,945.00 11,267.00 Recovery: Non Government 200.00 200.00 Provision for Expenses 4,30,190.00 5,43,402.00 Remuneration to MD Payable 1,05,038.00 1,36,800.00 Salary Payable 16,71,023.00 14,50,507.00 Provision for Gratuity 54,70,332.00 37,33,226.00 Provision for Leave Encashment 21,75,520.00 14,87,344.00

TOTAL 3,24,68,664.39 7,17,08,582.00



36


PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)Non- Current Assets

(b) Long term loans & Advances "11"Recoverable of Work Tax From Nice 45,367.00 45,367.00 Deposits with Government Authorities 64,393.00 1,09,843.00 Deposits with Other (Hathway Internet) - 1,000.00

TOTAL 1,09,760.00 1,56,210.00

(2) Current Assets(a) Cash & cash Equilvents "12"Cash in Hand 207.44 41.44 Balance with Scheduled BanksIn Saving Account 2,85,21,37,377.57 68,99,29,669.46 In Fixed Deposit Account 20,16,74,115.00 1,15,06,74,115.00 Balance with Non Scheduled BanksIn Fixed Deposit Account (Dadar Janata Sahakari Bank) 48,00,000.00 48,00,000.00

TOTAL 3,05,86,11,700.01 1,84,54,03,825.90

(b) Short Term loans & Advances "13"Amount Receivable From GOM 50,33,20,000.00 61,36,73,000.00 Centage receivable 45,43,169.00 - Advances Recoverable in cash or in kind or value to be Received (Festival & HBA Advance) 61,016.00 3,163.00

TOTAL 50,79,24,185.00 61,36,76,163.00

(c) Other Current Assets "14"Interest Receivable on Fixed Deposits (Refer Grouping) 59,01,287.00 3,10,60,067.76

Advance Income Tax (Refer grouping) 7,35,04,927.00 6,58,89,184.87 TOTAL 7,94,06,214.00 9,69,49,252.63


37

(grOUPINgS) NOtES tO ACCOUNtS FOrMINg PArt OF BALANCE ShEEt AS At 31St MArCh 2013

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)CASH & CASH EQUILVENT

Balance in Saving / Current AccountSyndicate Bank S.B A/c No. 3911 - 95.06 Axis Bank - 1,25,883.00 Corporation Bank S.B. A/c No. 10006 2,18,57,88,761.40 10,43,46,070.99 CID Corporation Bank A/c 16,38,89,187.68 13,99,40,087.68 Corporation Bank S.B. A/c No. 0111002 50,58,875.00 46,75,245.00 Corporation Bank S.B. A/c No. 0111003 98,30,679.80 90,84,581.80 Corporation Bank S.B. A/c No. 0111004 39,89,60,071.08 36,99,66,397.30 Corporation Bank S.B. A/c No. 0111005 2,01,27,508.78 1,85,91,707.78 Corporation Bank S.B. A/c No. 0111006 1,04,66,609.38 2,86,03,300.86 Corporation Bank S.B. A/c No. 0111007 - 1,764.00 Corporation Bank E-tender A/c No. 19100 95,71,752.00 - Corporation Bank IT A/c No. 18200 39,39,817.00 - Corporation Bank Vat A/c No. 18201 28,12,991.00 - Corporation Bank Labour Cess A/c No. 18970 1,34,99,576.00 - Corporation Bank S.B. A/c No. 0111008 - 55,092.00 Corporation Bank S.B. A/c No. 17225 2,81,91,548.45 1,45,39,443.99

SUB TOTAL 2,85,21,37,377.57 68,99,29,669.46

Balance in Fixed Deposit AccountFD Allahabad Bank (Worli Branch) - 51,00,00,000.00 FD Indian Overseas Bank - 5,00,00,000.00 FD Corporation Bank - 43,90,00,000.00 FD Union Bank - 15,00,00,000.00 FD Oriental Bank 20,00,00,000.00 - FD Corporation Bank (Keti Const.) 3,29,523.00 3,29,523.00 FD P&S Bank (210 Train.PTS Akola & Jalna) 5,52,645.00 5,52,645.00 FD P&S Bank (Hingoli-500 Prakash Constrowell) 7,91,947.00 7,91,947.00

SUB TOTAL 20,16,74,115.00 1,15,06,74,115.00

Interest Accured on Fixed DepositsInterest Accured on FD Allahabad Bank - 59,06,348.00 Interest Accured on FD Indian Overseas Bank - 11,12,178.00 Interest Accured on FD Oriental Bank 18,71,507.00 - Interest Accured on FD Union Bank - 33,43,747.00 Interest Accured on FD Corporation Bank - 1,66,68,014.76 Interest Accured on FD DJS Bank 40,29,780.00 40,29,780.00

SUB TOTAL 59,01,287.00 3,10,60,067.76


38

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)Advances Receivable in Cash or KindPrepaid expenses 40,568.00 7,715.00 Flood Advances (1,594.00) (1,344.00)HBA (PHC) (1,937.00) (1,937.00)Petty Loan (38,421.00) (30,421.00)Salary Advance 8,000.00 8,000.00 Advances to Staff (Festival Adv) 54,400.00 21,150.00

SUB TOTAL 61,016.00 3,163.00

Deposits with Government BodiesDeposits For LPG - 950.00 Deposits For BEST U/T 150.00 150.00 Deposits For Housing Board 1,090.00 1,090.00 Deposits For MTNL 16,603.00 24,103.00 Deposits For Mobile Security 1,500.00 3,500.00 VAT Deposit - 25,000.00 Deposits For CIDCO 45,050.00 45,050.00 Nagpur Municipal Corporation (CID) - 10,000.00

TOTAL 64,393.00 1,09,843.00 -

Other Liabilities - Earnest money deposit 1,04,32,355.00 8,90,321.00 Int. on Fd Contractor 6,00,567.00 17,19,008.00 Bank Guarantee - 1,76,69,322.00

TOTAL 1,10,32,922.00 2,02,78,651.00

Miscellaneous IncomeOther Receipts (Registration fees of Arhictect & PMC) 6,20,903.00 37,803.78

Interest on Saving Bank A/c 5,13,864.00 4,08,199.00 TOTAL 11,34,767.00 4,46,002.78

Advance Income TaxTDS ON INTEREST FY 10-11 - 21,01,618.00 TDS ON INTEREST FY 07-08 2,17,33,580.00 2,17,33,580.00 TDS ON INTEREST FY 08-09 42,06,202.00 42,06,202.00 TDS ON INTEREST FY 06-07 1,02,61,800.00 1,02,61,800.00 TDS ON INTEREST FY 12-13 2,16,90,159.00 - TDS ON INTEREST FY 2011-12 1,56,13,186.00 1,87,54,869.38 TDS ON INTEREST FY 09-10 - 88,31,115.49

TOTAL 7,35,04,927.00 6,58,89,184.87

(grOUPINgS) NOtES tO ACCOUNtS FOrMINg PArt OF BALANCE ShEEt AS At 31St MArCh 2013


39

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)REVENUE FROM OPERATIONS "15"Interest on Bank Deposits (Gross)[TDS Deducted Rs 2,16,90,159] 20,12,96,795.79 15,18,07,997.97 Centage Interest (received during the FY 12-13) 64,73,776.00 - Less : Transfer to Projects 20,12,96,795.79 15,18,07,997.97

64,73,776.00 - Centage 3% on Project Expenses 4,01,00,236.00 3,98,39,000.00 Tender Fees 9,35,000.00 19,19,000.00 Excess Provision Reversed 19,66,826.89 1,38,32,201.00

TOTAL 4,94,75,838.89 5,55,90,201.00 Other Income "16"Miscellaneous Income 11,34,767.00 4,46,002.78 Interest on Income Tax Refund 5,58,644.00 18,08,100.00 Profit on sale of assets 1,88,462.52 -

TOTAL 18,81,873.52 22,54,102.78 PERSONNEL COST "17"Salary, Bonus and other Allowances 2,35,21,852.00 2,33,73,342.00 Reimbursement of Salary 23,06,906.00 - (Including earlier year of Rs 16,22,906/-)Arrears in salary Transfer to GPF A/c - 3,08,972.00 Admin Charges on EPF Contribution - 65,025.00 House Rent (Govt.) 17,28,044.00 30,80,960.00 DLI Charges on EPF Contribution - 8,307.00 Employer's Contribution to Provident and other Fund 2,77,150.00 8,24,768.00

TOTAL 2,78,33,952.00 2,76,61,374.00 ADMINISTRATION ExPENSES "18"Advertisement 3,02,627.00 12,29,636.00 Auditors Renumeration Audit Fees 3,28,596.00 7,09,525.00 Books & Periodicals 2,730.00 11,424.00 Computer Expenses 3,12,219.00 4,83,226.00 Electricity Charges 7,72,243.00 6,06,068.00 Travelling Expenses and Conveyances MD 33,521.00 1,21,466.00 Travelling Expenses and Conveyances Staff 3,55,507.00 3,15,962.00 Garden Maintainces 1,82,564.00 2,58,117.00 Honorarium - 1,500.00 Insurances 7,811.00 5,000.00 Legal and Professional Fees 1,82,650.00 5,11,077.00 Rates and Taxes 9,18,634.00 9,18,634.00

NOtES tO ACCOUNtS FOrMINg PArt OF INCOME StAtEMENt FOr thE YEAr ENDED AS At 31St MArCh 2013


40


40

NOtES tO ACCOUNtS FOrMINg PArt OF INCOME StAtEMENt FOr thE YEAr ENDED AS At 31St MArCh 2013

PARTICULARS NOTE NO. AS AT 31.03.2013 (`) AS AT 31.03.2012 (`)Office expenses 3,66,317.00 7,08,466.00 Petrol,Oil etc 4,36,531.00 5,25,516.00 Postage and Telegram 33,061.00 40,381.00 Printing and stationery 7,64,851.00 9,68,362.00 Repairs & maintaincesOffice Quarters 5,70,123.00 2,80,985.00 Vehicles 1,32,027.00 3,81,371.00 Worli Welfare Complex 8,26,457.00 - Previous year expensesPT (company) (earlier year) 20,000.00 - PT (company) 2,500.00 - Penalty 5,844.00 - Repairs & maintances 2,55,293.00 - Additional BMC Property tax paid 35,65,451.00 - (Including earlier year of Rs 23,76,329/-)Commission on sale of Fixed Assets 17,367.00 - Telephone and Telex Expenses 1,87,265.00 3,07,069.00 Short Provision Written Off 9,573.00 3,15,498.00 Bank charges 198.50 64.00 Loss on sale of Fixed assets 59,079.95 - Training & development 73,275.00 10,200.00 Water Charges 18,059.00 27,316.00

TOTAL 1,07,42,374.45 87,36,863.00


41


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44


44

Particulars Opening Balance Grants Expenses Received Closing Balance

Ambejogai 2,60,06,381.58 43,62,179.00 2,58,00,000.00 45,68,560.58 Amravati Admin Bldg. for C.P. 5,36,23,034.32 2,86,65,378.60 2,17,49,898.60 6,05,38,514.32 Daund (Nanveej) 210 10,43,738.15 10,43,738.15 Mumbai 210 Hostel Bldg. NO.2 PTS Marol 9,83,74,021.28 3,90,108.00 63,25,000.00 9,24,39,129.28

Mumbai Compound Wall for Force One at Goregaon 1,17,508.85 29,60,785.00 30,78,293.85

Nagpur C.P. Barracks 3,37,255.00 3,37,255.00 Nagpur M.T. Workshop 50 9,18,244.00 3,48,844.00 5,69,400.00 Nagpur U.O.T.C. 39,40,94,933.91 39,40,94,933.91 - Nanded Admn.Bldg.Sp.IGP 50,35,953.32 1,32,14,745.00 2,14,70,000.00 (32,19,301.68)Nandurbar 168 Qtrs for S.P. Nandurbar 3,02,27,186.00 2,99,82,204.00 2,44,982.00

Nandurbar H.Q. for S.P. Nandurbar 11,22,97,352.07 1,92,32,161.00 4,58,37,005.00 8,56,92,508.07

Osmanabad Barrack Bldg. at Tuljapur 400 4,30,13,286.96 92,11,978.00 3,41,08,516.00 1,81,16,748.96

Parbhani S.P.Admn. 69,74,274.00 69,74,274.00 Raigad 36 Qtrs S.P. at Alibaug 2,11,27,800.87 6,31,92,701.00 2,19,13,525.00 6,24,06,976.87 Raigad Admn. Bldg. for S.P. at Alibaug 4,00,28,503.95 52,59,233.00 2,41,39,000.00 2,11,48,736.95

Sindhudurg 40 Qr. at Oros 1,16,70,592.00 46,84,429.00 69,86,163.00 Solapur 71 Qr. at Akkalkot 10,91,71,560.86 4,70,376.00 1,50,65,000.00 9,45,76,936.86 Solapur C.P. 2,05,746.00 2,28,607.00 (22,861.00)Solapur,Soregaon 197, SRPF Gr.X 22,94,14,138.22 1,14,51,510.00 5,30,56,505.00 18,78,09,143.22

Solapur (WPTS) Hostel 210 & 92 R.Qtrs. 25,27,021.00 1,63,76,000.00 (1,38,48,979.00)

Thane Adm.Build for SRPf Gr.XI at Balegaon (Ph-I) 22,06,80,589.83 10,57,46,112.00 6,86,48,043.00 25,77,78,658.83

Thane C.P. 513/272 27,92,11,923.96 17,55,01,951.00 8,66,28,721.00 36,80,85,153.96 Thane S.P.Rural Admin Bldg. at Thane 8,44,84,514.01 3,19,91,157.00 1,91,91,637.00 9,72,84,034.01

Yeotmal 45 Qr.Darati for S.P. Yeotmal 7,01,61,335.49 24,35,013.00 2,98,03,000.00 4,27,93,348.49

13th Finance Commission 4,61,60,932.83 32,05,93,074.00 48,89,71,048.00 (12,22,17,041.17)

Grand Total 1,83,40,47,510.46 84,75,38,779.60 1,40,84,21,916.51 1,27,31,64,373.55

COMPLEtED PrOJECtS FOr thE FY 2012-13


45


45

Notes Forming the Part of the Financial Statements and other Explanatory Informations for the Year Ended March 31, 2013.

NOTE - 11) Nature of Business : To undertake construction of Administrative Buildings, Training Campuses & Service

Quarters for employees of Government of Maharashtra in the Police, Jail, Home Guard & Civil Defence Department.

2) SummaryofSignificantAccountingPoliciesandOtherExplanatoryInformation (a) Basis of accounting: (i) Accounting Convention :

The financial statements are prepared under historical cost convention on an accrual basis (except in the case of interest of loans and advances given to the employees on receipt basis. Interest is recovered after repayment of principal amount) in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, which have been prescribed by the Companies (Accounting Standards) Rules, 2006, and the relevant provisions of the Companies Act, 1956.

(ii) Use of Estimates :The preparation of the financial statements in conformity with the Generally Accepted Accounting Principles requires Management to make estimates and assumptions to be made that affects the reported amounts of revenues and expenses during the reporting period, the reported amounts of the assets and liabilities and the disclosure relating to the contingent liabilities on the date of the financial statements. Examples of such estimates include useful lives of Fixed Assets, provision for doubtful debts / advances, deferred tax, provision for retirement benefits, etc., Actual results could differ from those estimates.

(b) Fixed Assets & Depreciation: All fixed assets are stated at cost of acquisition or construction, including financing

cost till such assets are put to use, less accumulated depreciation as per rate specified in schedule XIV of companies act, 1956, on written down value.

(c) Work Expenditure : (i) Work in progress :

Expenditure on work in progress is accounted on the basis of the progress reports received from project management consultant by the company up to the date of finalization of accounts. Upto last year the interest on Fixed Deposit was apportioned in proportion of balance at the end of the year, of the work in progress of each project during the year and thus capitalized. However during the year interest is apportioned on 7 projects only.

MAhArAShtrA StAtE POLICE hOUSINg & WELFArE COrPOrAtION LtD, MUMBAI


46

(ii) Completed Work : Completed works means where the possession of the works is handed over to the user department. Generally this handling over takes place when the work is fully completed. In few cases, the company also incurs some expenditure on projects, which have been handed over earlier. Such expenses are debited to respective work completed projects.Once the project is completed, the cost of the project is adjusted against the grant received from the government (central or state) and balance, if any, is shown as receivable from the government (central or state).

(d) Retirementbenefits: Liability on account of Gratuity & Leave encashment is provided for as per actuarial valuation.

(e) Grants : The grants received from Home Department, Government of Maharashtra for

construction activities are accounted on accrual basis. The grants received are shown under “Non-current liabilities”. The grants received from Home Department, Government of Maharashtra for Construction activities, to be taken up by PWD are credited to grants account and on payment to PWD, the same is debited to Grants Account.

(f) Treatment of Contingent Liabilities

1. A provision is recognized, if as a result of past event, the Company has a present legal obligation that can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Where no reliable estimate can be made, a disclosure is made as contingent liability.

2. A disclosure for a Contingent Liability is made when there is possible obligation or a present obligation that may, but probably will not, require outflow of resources. Where there is a possible obligation or present obligation where likelihood of outflow of resources is remote, no provision or disclosure is made.

(g) Taxation:

1. In accordance with Accounting Standard 22 “ Accounting for taxes on Income” issued by the Institute of Chartered Accountants of India, the deferred tax for timing differences is accounted for, using the tax rates and laws that have been enacted or substantively enacted on the Balance Sheet date.

2. Deferred Tax Assets arising from timing differences are recognized only on the consideration of prudence.

(h) Borrowing cost : Borrowing costs which are directly attributable to the acquisition of fixed assets, which

can be put to use, are capitalized as part of such fixed assets. Other borrowing costs are charged to income and expenditure account.


47

(i) Income: Interest on deposits are accounted on accrual basis.

(j) Recognition of Expenditure:- Revenue expenditure is accounted on accrual basis.

(k) The company does not have :- (a) Any imports during the year. (b) Any non-residential shareholders. (c) Any expenditure in foreign currency. (d) Any earning in foreign currency.

(l) Deffered Tax liability in respect of depreciation is ` 21,960/- and previous year liability of ` 11,94,711 is charged to reserve & surplus account.

3) Share Capital ` 7.96 crore (Note – 2 of Balance Sheet) Issued, Subscribed and Paid up ` 7.96 crore Government lands at Worli admeasuring 160853 Sq. Yards valued at ` 6.03 crore was

transferred (14-03-1974) to the Company as a part of share capital contribution. Out of this, 16797 Sq. yards costing ` 62.99 lakh (6,03,19,875 * 16797/160853) was taken back (08-06-1988) by the Government of Maharashtra for allotment to other parties against alternate land at Ambivali (Andheri) and differential land price of ` 4.22 crore as intimated by the Government on 11-05-2005. However, neither the alternate land nor the differential amount is received.

4) Contract of ` 64.80 crores to preferred bidder : The Company informed us that as per the announced policy, the Government of Maharashtra

had decided to encourage the use of Precast and Prefabricated Building Material for speedy and cost effective construction of mass housing. Pursuant to this policy and in accordance with the directives given by Hon’ble Bombay High Court, MHADA undertakes the tender procedure and the Housing Department of Government of Maharashtra periodically issues Government Resolution declaring empanelled list of preferred bidders for the construction by prefab technology.

Pursuant to this in the year 2009, the MSPH & WC appointed a committee under the chairmanship of its Director and then Housing Secretary, Government of Maharashtra to ascertain the desirability of the prefab technology . As per the recommendations of this committee & in pursuance of the prevailing Government Resolutions, with the approval of the Board of Directors of MSPH & WC Ltd. vide its Resolution No. 1043 (Ghatkopar project) dated 24/02/2010, No.1137 (worli project) dated 14/01/2013, No. 1138 (Santacruz project) dated 14/01/2013, No. 1143 (Karad:- Satara Project) dated 02/03/2013 the letters of acceptance were issued and later on aforesaid 4 (Four) works worth of ` 64.80 crore were entrusted to M/s B. G. Shirke Construction Technology Pvt. Ltd., Pune.

5) Cash & Cash equivalents (Note - 11 of Balance Sheet) Fixed Deposit of ` 16,74,115/- :- Corporation Bank ` 3,29,523/- Punjab & Sind Bank ` 5,52,645/- Punjab & Sind Bank ` 7,91,947/-


48

The above fixed deposit with bank shown in books of account has not been reconciled with the fixed deposit receipt.

6) TDSRecoverablefromIncomeTaxoffice` 3,62,01,582/- (Note-13 of Balance Sheet See grouping)

TDS receivable are shown as under :- Year Amount TDS for 2006-07 ` 1,02,61,800/- TDS for 2007-08 ` 2,17,33,580/- TDS for 2008-09 ` 42,06,202/-

Remarks(a) The above amount shown as refundable from income tax. However the same has not been

reconciled with income tax return filed with the department. (b) The management should take step to reconcile the same and pass necessary entry in the

books of accounts.

7) Regardingnon-provisionofdoubtfulrecoveryoffixeddepositswithDadarJanataSahakari bank.

MSPHWC had made a Short Term Deposit for 91 days with Dadar Janata Sahakari Bank in November 1992. The principal amount of ` 50 lakhs (` 2 lakhs recovered up to 31.03.2002 and balance amount outstanding is Rs 48 lakhs) and interest up to 15.12.1997 (the date on which liquidator is appointed) of Rs 4,029,780 /- is still due from them. In the C.A.G’s Audit Report dated 20.06.1994 at para No.5, adverse comments are mentioned regarding the investment made by the company in November 1992 in Dadar Janata Sahakari Bank. After the bankruptcy of Bank of Karad and Metropolitan Co-Operative Bank, the government had issued guidelines in June 1992 about the investment of surplus funds with government companies / Institutions operating in public sector. As per the guidelines, surplus funds should be invested in Nationalized Bank. The company tried to justify the above investment with explanation that at the time of investment the financial condition of Dadar Janata Sahakari Bank was sound and the rate of interest offered by Dadar Janata Sahakari Bank was very attractive i.e., 18.20% p.a.

In August, 1995 the bank has executed a mortgage deed (first English mortgage) of premises of its Ghatkopar branch (ground floor, 1137 square feet and underground basement 565 square feet) in favour of MSPHWC, in support of its undertaking to repay the amount due to MSPHWC. The valuation of the premises of Ghatkopar branch in 1995 was more than Rs 1 Crore. In April, 1996 an administrator was appointed by the government in order to improve the financial position of the Bank. As per power ensued by first English mortgage, the company has taken possession of the mortgage premises on 21.01.1997 after giving due notices to the administrator according to Transfer of Property Act, but the administrator of the bank has filed suit No. 345/97 in the high court with the following prayer in brief:-a) To return mortgaged property to Dadar Janata Sahakari Bank.b) To appoint court receiver and possession be given to Dadar Janata Sahakari Bank as

an agent of the court receiver.


49

c) Defendant’s (P.H.C) be restrained from disposing off mortgaged property by alienating, encumbering and parting with possession.

The Hon’ble court rejected the request to appoint Dadar Janata Sahakari Bank as receiver but at the same time restrained the company from disposing the mortgaged property. The state government has appointed a liquidator on 15.12.1997 on the Dadar Janata Sahakari Bank. The Liquidator filed a new suit no. 3569/98 on 29TH August, 1998. Both the cases are pending in the high court. We have been informed that the hearing of the case is completed. No provision is made for interest on fixed deposit placed with Dadar Janata Sahakari Bank.

The issue was again discussed in the public undertaking committee (PUC) on 14.01.1997. in P.U.C’s report passed on 22.02.1997 by Legislative assembly at para 15.1 the details regarding investment of ` 50 Lakhs in Dadar Janata Sahakari Bank are explained and at para 15.5 P.U.C has expressed it's opinion and recommendation. In it's opinion and recommendation at para 15.4 the P.U.C has directed that the company should invest it's surplus fund only in Nationalized Bank and Government should exercise it's control by observing companies financial matter. P.U.C has also recommended that the departmental enquiry should be initiated in order to take action against the officer responsible for the investment. In order to comply with recommendation of P.U.C to get explanation of the concerned officer, the necessary documents have been submitted to appropriate authority under whom the responsible officer are presently working (those officer were on deputation to the company). No provision is made for interest on fixed deposit placed with Dadar Janata Sahakari Bank. To expedite the recovery and to settle the dispute the matter is continuously being persuaded at various levels. The Bombay High Court has transfered the case to City Civil Court Bombay & next hearing schedule to be held in the month of August – 2013.

8) Doubtful recovery from the following projects – MSPHWC had awarded the work of 168 quarters S.P Nandurbar to M/s Sainath Enterprises

on dated 26/08/2004 on the bidding amount quoted by the contractor. Initially the duration of the contract was 18 months (including Monsoon Season). MSPHWC states that since Sainath has failed to complete the said project in all corners within a reasonable time period hence the project was handed over to the new contractor by re-tendering. The previous cost of the project was ` 8,32,35,869/-. M/s Sainath have carried out the work of ` 4,58,46,317/- as such, the balance cost of work was ` 3,73,89,552/- which was re-tendered and the work was issued to M/s Pawar Patkar Construction at the cost of ` 6,28,18,000/-. Thus, under re-tender, an aggregate sum of ` 2,54,28,448/- was incurred as an additional cost. MSPHWC states that the work was re-tendered at the risk and cost of M/s Sainath Enterprises as has been agreed under the contract. MSPHWC states that M/s Sainath Enterprises are also liable to pay the additional cost of Architect, PMC, advertisement expenses and allied expenses aggregating to ` 1,45,12,006/-. Therefore, M/s Sainath Enterprises are liable to pay total amount of ̀ 3,99,40,454/- and after adjusting the recoveries already made an aggregate sum of ` 3,61,64,815/- is due and recoverable from them till date. The civil court by order No. i.e. special civil suit No. 28/2011 Exh. No 77 dated 05/05/2012 has passed a decree order in favour of Corporation amounting to ` 3,61,64,815/-. Further necessary action has been initiated by the Management.


50

MSPHWC had awarded the work of 186 quarters for S.P Ratnagiri to M/s Sainath Enterprises on dated 26/08/2004 on the bidding amount quoted by the contractor. Initially the duration of the contract was 18 months (including Monsoon Season). MSPHWC states that since Sainath has failed to complete the said project in all corners within a reasonable time period hence the project was handed over to the new contractor by re-tendering. The contract was then handed over to M/s Eagle Constructions. The amount to be recovered from M/s Sainath Enterprises is arrived after taking into consideration the amount to be recovered due to re-tendering amounting ` 3,80,15,084/- together with various other additional amounts to be recovered for payment to architect, PMC, advertisement expenses, printing of tender documents and drawing, escalation and liquidated damages totaling ` 65,24,085/-. In all the recovery excluding interest is to the extent of ` 4,45,39,169/- and after adjustment of the amount already recovered to the tune of ` 48,91,563/- on account of forfeiture of bank guarantee, security deposit, final bill, price escalation etc, the net amount to be recovered is to the tune of ` 3,96,47,606/-. The said amount is due and payable to MSPHWC as provided in the contract agreement, but M/s Sainath Enterprises has failed to make the payment from them till date. The civil court by order No. i.e. special civil suit No. 66/2011 Exh. No. 61 dated 22/02/2012 has passed decree order in favour of Corporation amounting to ̀ 3,96,47,606/-. Further necessary action has been initiated by the Management.

MSPHWC had awarded the work of 442 quarters wanawadi to M/s ECP Housing (INDIA) Pvt Ltd on dated 02.04.2004 on the bidding amount quoted by the contractor. Initially the duration of the contract was 24 months (including Monsoon Season). MSPHWC states that there was delay in excavation work also due to the lethargic attitude of M/s ECP Housing (INDIA) Pvt Ltd and so, the project was handed over to the new contractor by re-tendering. The contract was then handed over to M/s Shalaka Engineers. The amount to be recovered from M/s ECP Housing (INDIA) Pvt Ltd is arrived after taking into consideration the amount to be recovered due to re-tendering amounting to ` 10,67,09,908/- together with various additional amounts to be recovered for payment to architect, PMC, advertisement expenses, printing of tender documents and drawing, escalation and liquidated damages totaling ` 2,78,22,249/-. In all the recovery excluding interest is to the extent of `13,45,32,157/- and after adjustment of the amount already recovered to the tune of ̀ 1,08,56,302/- on account of forfeiture of bank guarantee, security deposit, final bill, price escalation etc, the net amount to be recovered is to the tune of ` 12,36,75,855/-. The said amount is due and payable to MSPHWC as provided in the contract agreement, but M/s ECP Housing (INDIA) Pvt. Ltd has failed to make the payment. Further necessary action has been initiated by the Management.

9) NonprovisionofcourtcasefiledbytheM/sNationalContractors&Engineers MSPHWC had awarded the work of 550 Quarters at Nagpur to M/s National Contractors

& Engineers on dated 28.03.2003 on the bidding amount quoted by the contractor. Initially the duration of the contract was 18 months (including Monsoon Season). MSPHWC states that since M/s National Contractors & Engineers failed to complete the said project in all corners within a reasonable time period, the project was handed over to the new contractor by re-tendering. The contract was then handed over to M/s Keti Constructions. M/s National Contractors & Engineers has filed a suit against MSPHWC claiming ` 3,62,12,941/- as the balance amount to be recovered from MSPHWC which the corporation denies.


51

Instead MSPHWC has counter claimed ` 9,13,91,523/- to be recovered from M/s National Contractors & Engineers as MSPHWC has suffered liquidated damages and also has incurred loss due to re-tendering and non-completion of work. The said amount is due and payable to MSPHWC as provided in the contract agreement, but M/s National Contractors & Engineers has failed to make the payment. Further necessary action has been initiated by the Management.

10) No provision for impairment of assets of the company is required, as in the opinion of the management, realizable value of all the assets and their net present value of estimated future cash flows expected to arise from the assets taken as a whole will realize at least the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on ‘Impairment of Assets’ issued by the Institute of Chartered Accountants of India.

11) The Grants and/or funds received from the central and/or state government are project wise. But as per our checking it is found that, when the utilization exceeds the grant received for a particular project the corporation used the grant of some other project and the record has been maintained for the inter proejct transfer of grants.

12) Balances included in Advance recoverable, Sundry Creditors for works, deposits with Government bodies and Security Deposits received from contactors are subjected to confirmation and reconciliation.

13) The previous year’s figures, wherever necessary have been regrouped, reclassified and recasted to confirm with this years classification. .

As per our report of even date attached For and on behalf of the Board of DirectorsFor I C Jain & CO. Chartered Accountants, Firm Reg. No.103912 W. Sd/- Sd/- Sd/- (Dr. Amitabh Rajan) (Praveen Dixit) Proprietor Chairman Managing Director I.C. Jain. Membership No.036803. Sd/- Sd/- (Vineet Agarwal) (Ravindra Baghel) Director Company Secretary Place : MumbaiDate : 8th July, 2013.


52

COMMENtS OF thE COMPtrOLLEr AND AUDItOr gENErAL OF INDIA UNDEr SECtION 619(4) OF thE COMPANIES ACt, 1956, ON thE ACCOUNtS OF MAhArAShtrA StAtE POLICE hOUSINg AND WELFArE COrPOrAtION

LIMItED, MUMBAL FOr thE YEAr ENDED 31St MArCh 2013.

The preparation of financial statements of 'Maharashtra State Police Housing and Welfare Corporation Limited,' Mumbai for the year ended 31st March 2013 in accordance with the financial reporting framework prescribed under the Companies Act, 1956 is the responsibility of the management of the company. The Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 619(2) of the Companies Act, 1956 are responsible for expressing opinion on these financial statements under Section 227 of the Companies Act, 1956 based on independent audit in accordance with the Auditing and Assurance Standards prescribed by their professional body, the Institute of Chartered Accountants of India. This is stated to have been done by them vide their Audit Reports dated 8th July, 2013.

I, on behalf of the Comptroller and Auditor General of India, have decided not to review the report of Statutory Auditors on the accounts of 'Maharashtra State Police Housing and Welfare Corporation Limited,' Mumbai for the year ended 31st March 2013 and as such have no comments to make under Section 619(4) of the Companies Act, 1956.

For and on behalf of

The Comptroller and Auditor General of India

Sd/-

PRINCIPAL ACCOUNTANT GENERAL (AUDIT) - IIIPlace : MumbaiDate : 22/08/2013


53

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