19. SIGNIFICANT ACCOUNTING POLICIES
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements have been prepared under the historical Cost convention in accordance with the generally accepted accounting principal and provisions of the Companies Act,1956, subject to what is stated hereinafter.
b) The company follows the mercantile system of accounting and Recognizes significant items of income and expenditure on accrual Basis with the exceptions stated below:-
(i) Leave Travel Concession expenses are accounted for in the year in which LTC is availed.
ii) Remission of demurrage including those on behalf of other parties, on settlement.
iii) Claims for liquidated damages from the contractors for delayed execution of work, when the amount is finally determined and agreed upon..
iv) Subscription fee from associate subscribers and service charges from regular subscribers on receipt. However, Subscription for received in advance is accounted for in the relevant year.
c) Grants from Government are taken to capital or revenue account as Per directions of the Ministry of Commerce and Industry. Specific capital grants are reduced from the cost of specific assets.
d) Expenditure/ Income of Fairs/Exhibitions held in India and abroad, is accounted for, in the year in which the event commences. However, in case of long term events having duration of three months or more, spread over two accounting periods, major period of which falls in the subsequent accounting period the surplus/deficit of such event is accounted for in the year in which the event concludes.
e) Cost of exhibits of the Company and items of interior decoration displayed at fairs, are treated as revenue expenditure. However, new exhibits in stock for utilization in future fairs are treated as closing stock.
f) Provision for expenses is made on estimated basis, where bills are awaited and expenditure pertaining to the current year is yet to be incurred.
g) Expenditure incurred through CPWD on Civil, Electrical and Horticulture work, is accounted for, on the basis of accounts rendered by them.
h) Income and Expenditure relating to previous years, not exceeding Rs. 10,000 in each case, are treated as pertaining to the current year.
i) Income from dividend is accounted for as and when declared.
j) In cases where contracts with llcensee(s) have expired, dues are accounted for provisionally on the basis of the expired contracts/revised accords till a final decision in the matter is reached/revised contracts executed.
2. FIXED ASSETS
Fixed Assets are stated at cost, net of grants received and/or accumulated depreciation.
3. DEPRECIATION
i) Assets costing Rs.5,000 or less individually are depreciated @100%
ii) Depreciation is calculated on the straight line method on pro Rata basis from/ up to the month of addition/ deletion at the rates determined by the management. These rates are not lower than the rates prescribed in the Companies Act, 1956.
iii) Leasehold land acquired on perpetual lease basis is not being Amortized.
4. INTANGIBLE ASSETS
The cost of the Softwares acquired or developed internally are treated as revenue expenditure and written off equally over a period of three years from the year in which the software is available for use.
5. INVESTMENTS
Current Investments are carried at the lower of cost and market value. Long term Investments are stated at cost. Provision for diminution in the value of long term investments is made only if decline in value is other than temporary in the opinion of the management.
6. EMPLOYEES BENEFITS
i) The company took over the assets and liabilities of erstwhile Trade Development Authority on 1st January, 1992. The Service Rules of the erstwhile Trade Development Authority and the Company are different in certain respects.
For calculating the emoluments, the respective rules have Been made accordingly.
ii) The liability for Gratuity and Leave Encashment is provided on the basis of actuarial valuation made at the end of the year, keeping in view the rules of the Organisation on the subject.
7. CURRENT ASSETS
i) Sundry debtors and advances are stated net of provisions for doubtful debts in respect of dues outstanding for more than three year, or otherwise except cases where the Company is hopeful of recovery.
ii) Inventories are valued at lower of cost and net realizable Value.
i) The current assets and current liabilities are translated at the rate of exchange prevalent on the date of balance sheet and resultant difference is accounted for as gain or loss in exchange.
ii) Items of income and expenditure relating to foreign currency transactions are accounted for at the average rate of remittances abroad.
iii) Fixed assets are accounted at the average rate of remittance(s) in the year of acquisition. In case previous funds are utilized, average rate of the previous remittance(s) is taken for the purpose of conversion.
SCHEDULES ANNEXED TO AND FORMING PART OF THE ACCOUNTS (Contd.)
20. NOTES FORMING PART OF ACCOUNTS
1. CONTINGENT LIABILITIES:
| Claims against the Company not acknowledged as debts | Rs. 3,14,82,398* |
| (Rs. 3,89,84,648) |
* Employees claims for certain benefits have not been provided for wherever the amounts are not ascertainable.
2. (a) The company has been incorporated u/s 25 of the Companies Act, 1956 and also registered as a Charitable Trust u/s 12A of the Income Tax Act, 1961. Accordingly, the company has been granted exemption from payment of Income Tax u/s 10(23C)(iv) of the Income Tax Act, 1961 from the assessment years 1989-90 to 2006-07. An application for renewal of exemption from the assessment year 2007-08 and onwards was filed in March, 2006 which is under consideration in the Income Tax Department. As there is no change in any of its activities, the Company is hopeful that the exemption will be received in due course of time. Accordingly, no provision for Income Tax has been made in the accounts and as such, the provisions of Accounting Standard-22 issued by the Institute of Chartered Accountants of India will not apply to the Company.
b) No provision for income tax has been made in respect of assessment years 1982-83 and 1986-87 due to pending appeals /in the absence of any demands from the Income Tax Department (amounts not ascertainable).
c) During the year, a demand of Rs. 16.80 crores for the assessment year 2004-05 was raised by the Income Tax Department inspite of the fact that the income of the Company was exempt u/s 10(23C)(iv) of the Income Tax Act, 1961 against which an appeal has been filed before the CIT(Appeals). The Income Tax Department has adjusted TDS refunds amounting to Rs. 4 crores due to the company relating to earlier years, against the demand. The balance demand has been stayed by the Director of Income Tax (Exemptions) till the decision of the CIT(Appeals) or 31st December, 2007 whichever is earlier. No provision for the demand of Rs. 16.80 crore has been made in the accounts as the Company is hopeful of defending its case on merits.
d) On the directions of Income Tax Department, a Special Audit u/s 142(2A) of the Income Tax Act 1961 was conducted by a firm of Chartered Accountants for the assessment 2003-04. No assessment order has been passed by the Assessing Officer and the financial implications, if any, shall be accounted for as and when the same are crystallized. Further, in the absence of any communication from Income Tax Department in regard to remuneration payable for the special audit, no provision has been made in the books.
3. The physical verification of fixed assets as on 31.3.2007 has been entrusted to a firm of Chartered Accountants. The verification is in progress. The discrepancies, if any, between physical verification report and the book balances shall be accounted for on receipt of report and reconciliation thereof. Thus, resultant financial impact, if any, is not ascertainable at this stage.
4. Assets costing Rs. 59.94 lakhs (depreciated value Rs. 2.78 lakhs) were auctioned during the year alongwith other unserviceable material. As the sale price of individual items of assets disposed off in the auction is not ascertainable, their depreciated value at the time of auction has been taken as sale price of the assets sold for accounting purposes.
5. The pay scales of the employees on IDA pattern are due for revision w.e.f. 1.1.2007. In the absence of any guidelines from the Government for revision of pay scales, the quantum of liability on this account, if any, is not ascertainable at this stage. As such, no provision has been made in the accounts.
6. (a) Rs. 2,500 (Rs. 27,334) included under ‘Other liabilities’ represents amounts credited by banks, details of which are awaited for adjustments.
(b) Rs. 9,62,192 (Rs. 7,51,827) lying in Foreign Banks has not been confirmed by the concerned banks.
c) Debits of Rs. 53,651 (Rs. 3,64,382) in the Foreign Banks reconciliations have not been adjusted pending receipt of information from the concerned banks.
7. Space rent income amounting to Rs. 11,47,36,820 (Rs.10,38,23,695) has not been accounted for, as the same is disputed by the concerned parties.
8. (i) Expenses include the following in respect of directors’ remuneration:
a) Salaries and allowances Rs. 9,56,520
(Rs. 9,44,579)
b) Medical Reimbursement Rs. 44,326
(Rs. 98,668)
c) Foreign Service Contribution Rs. 83,760
(Rs. 74,162)
d) Leave Travel Concession Rs. NIL
(Rs. 1,01,305)
e) Productivity Linked Incentive Rs. 76,632
(Rs. 15,000)
f) Monetary value of other perquisites Rs. NIL
as per Income Tax Rules Rs. NIL
(ii) Full time Directors are entitled to free use of Company’s car for official purposes. They are also entitled to the facility of the Company’s car for private use, for which recovery in terms of Department of Public Enterprises OM No. 2(53)/90-DPE(WC)-GIV dated 26th March, 1999 is being made. The value of perquisites on this account is thus ‘Nil’.
9. Amounts due to/from various parties are subject to confirmation, reconciliation and/or adjustments, if any.
10. Entertainment Tax Department, Govt. of NCT, Delhi raised a demand towards Entertainment Tax on sale of tickets for entry into Pragati Maidan for the years 1996-97 to 1998-99 against which an appeal is pending before The Financial Commissioner, Government of NCT, Delhi. The total liability towards Entertainment Tax and interest thereon for the period 1996-97 to 2006-07 will work out to Rs. 1,092.46 lakhs (Rs. 896.81 lakhs) if the liability crystallizes. No provision for the same has been made in the accounts.
11. The Property Tax assessment of Pragati Maidan Complex has been completed by Municipal Corporation of Delhi (MCD) upto 2002-03. However, the refund accruing to the Company consequent to the Assessment Order, is yet to be communicated by MCD and, therefore, the same has not been accounted for in the books of the accounts of the Company. The payment of Property Tax for the year 2003-04 was made on the last rateable value.
Further, with the introduction of Unit Area Method for calculation of Property Tax w.e.f. 2004-05, the Pragati Maidan Complex has been classified under category ‘A’ by MCD. However, the Company is of the view that the Pragati Maidan Complex should be categorized under ‘E’ category which entails tax liability at lower rates. Accordingly, the Company has filed an application before the “Anomaly Committee” of the MCD for decision in the matter. Pending decision in the matter, an ad-hoc provision of Rs. 2 crore p.a. towards Property Tax is being made in the books of accounts from the year 2004-05 onwards.
12. a deposit of Rs. 1.80 crore was made by the Company in October 2000 with erstwhile Delhi Vidyut Board (DVB) for temporary power load for exhibitions held in Pragati Maidan. Despite requests, the amount was neither refunded nor adjusted against the electricity bills by DVB. Pursuant to Delhi Electricity Reforms Act and Delhi Electricity Reforms (Transfer Scheme) Rules 2001, the DVB was unbundled alongwith the related assets and liabilities of the DVB and the distribution of electricity to Pragati Maidan Complex was entrusted to BSES Rajdhani Power Ltd. As the refund was not forthcoming, the Company filed a suit in the Hon’ble High Court of Delhi for obtaining refund of Rs. 1.80 crores alongwith interest. The Hon’ble High Court vide its order dt. 24.4.2007 has decided that amount of Rs. 1.80 crores alongwith interest @ 15% p.a. from 1.4.2002 and cost of the suit be adjusted against the future monthly electricity bills. As BSES Rajdhani Power Ltd. has filed an appeal against the aforesaid order of the Hon’ble High Court, the interest element accruing to the Company consequent upon the judgement shall be accounted for on receipt/adjustment basis and this disclosure is being made in accordance with Accounting Standard-4 issued by the Institute of Chartered Accountants of India.
13. A detailed project report for optimum Development Plan of Pragati Maidan Complex was got conducted by the Company from an outside agency in earlier years at a fee of Rs. 157.50 lakhs based on the project cost envisaged at that time. The implementation of the project involves approvals from various authorities/government which were initiated as per the requirements. Pending approvals of the project from the concerned authorities/government, out of the total fee of Rs. 157.50 lakhs, the amount of Rs. 118.23 lakhs released to the agency was being reflected in the accounts as “Advances to Parties” till 31st March, 2006.
During the year 2006-07, the request of the Organising Committee-Commonwealth Games 2010, Delhi for booking of major area of Pragati Maidan Complex for setting up of International Business Centre, Main Press Centre etc. has been agreed to in principle by the Company. Therefore, in the opinion of the Management, there is no immediate likelihood to demolish/rebuild the Pragati Maidan Complex under Optimum Development Plan. Even after the Commonwealth Games there is no certainty about the approval of ODP from the Government.
Due to uncertainty in the approval of the project, the Company has decided to charge off the total remuneration payable to the agency as “Revenue Expenditure”. Accordingly, the amount of Rs. 118.23 lakhs released to the agency till 31.3.2007 has been charged off to the Revenue Account during the year 2006-07. The balance payment to the consultant is linked with the acceptance of Detailed Project Report (DPR) which in turn is related to various technical issues. As the balance amount payable to the consultant cannot be worked out, no accounting entries can be made in the books of accounts at this stage.
14. During the year 1999-2000, the licence period of agreement with M/s IAL operating “Appu Ghar” in Pragati Maidan had expired and the Company had initiated eviction proceedings. However, Ministry of Urban Development and Poverty Alleviation, Land and Development Office (L&DO) vide letter dated 4th August, 2006 had directed resumption of land measuring 12.19 acres, under possession of M/s IAL from the Company and allotted the same to Supreme Court of India. The allotment was subject to final decision of the Court in pending litigations between the Company and M/s IAL. The land was resumed from the Company on 27th October, 2006. Accordingly, the rental and other dues amounting to Rs.185.46 lakhs from 1.4.2006 to 26.10.2006 (Rs. 232.56 lakhs for the year 2005-06) have been accounted for on the basis of expired contract as per the accounting policy of the Company. In addition, electricity and water charges amounting to Rs 63.98 lakhs for the period 27.10.2006 to 31.03.2007 has also been debited to M/s IAL as these services were utlised by them.
Further, as the physical possession of the land is with M/s IAL, the gate money collected by the Company for entry into Appu Ghar from 27.10.2006 to 31.3.2007 has been credited to the account of L&DO after deducting operational expenses.
15. CENVAT credit is claimed by the company on Service Tax paid on inputs eligible for CENVAT Credit under CENVAT Credit Rules 2004. The element of service tax paid during the year has been debited to respective expenditure heads. In order to claim the CENVAT credit, “Service Tax and Education Cess” has been shown as recoverable by giving matching credit to the Miscellaneous Income Account instead of the respective expenditure heads as the desired modifications in accounting software are in progress.
16. A subsidiary Company viz. Karnataka Trade Promotion Organisation (KTPO) was promoted by the Company in December 2000 in collaboration with Karnataka Industrial Area Development Board (KIADB), an undertaking of the Government of Karnataka with an authorized Share Capital of Rs. 50 lakhs. The Company paid Rs. 25.50 lakhs towards its 51% equity contribution in earlier years. As per the MOU signed with the co-promoters, the Company was also required to contribute an exhibition hall to KTPO and the developed land was to be provided by KIADB.
Accordingly, exhibition hall was constructed at a total cost of Rs. 1,766.85 lakhs and handed over to KTPO during the year 2005-06. The Board of Directors of the Company also noted in its 133rd Meeting held on 9.9.2004 that the Authorized Share Capital of the KTPO is enhanced from Rs. 50 lakhs to Rs. 2,000 lakhs. It was also noted that the contribution of the exhibition hall by the Company to the extent of Rs. 1020 lakhs and developed land by KIADB to the extent of Rs.980 lakhs would be treated as capital contribution to KTPO. The amount spent by both the co-promoters over and above the aforesaid amount will be treated as non-interest bearing subordinate debt to KTPO which will be refunded subject to annual review and cash flow situation of KTPO subsequent to the commencement of commercial activities by KTPO. Adjustments in the books of accounts were carried out in earlier years pending signing of revised MOU between the co-promoters. Out of the total capital contribution of Rs.1,020 lakhs, the share certificates for Rs. 994.50 lakhs are yet to be issued to the Company by KTPO.
17. A Subsidiary Company viz. Tamil Nadu Trade Promotion Organisation (TNTPO) was promoted by the Company in November 2000 in collaboration with Tamil Nadu Industrial Development Corporation (TIDCO), a Govt. of Tamil Nadu Undertaking with an Authorized Share Capital of Rs. 50 lakhs. The Issued Capital of TNTPO is Rs. 1 lakh, of which the Company has paid Rs. 0.51 lakhs, towards its 51% Equity Share, in the earlier years.
As per the MOU signed with the Co-promoters, the Company was required to contribute an exhibition hall to TNTPO and the developed land was to be provided by TIDCO, the Co-promoter. Accordingly, the expenditure of Rs. 4.65 lakhs (Rs. 1,613.70 lakhs upto 31.03.2006) incurred by the Company during the year on the exhibition hall has been treated as ‘Subsidy to TNTPO’ in the books of accounts.
During the year 2002-03 the Co-promoter in consultation with the Govt. of Tamil Nadu, reviewed the treatment of land given to the TNTPO by the State Government and the hall constructed by ITPO. The Govt. of Tamil Nadu vide its G.O.Ms. No. 28 dt. 03.02.2003 decided that lease rent of Rs. 1 crore per annum shall be paid by TNTPO towards land provided by TIDCO and 50% of the expenditure on construction of exhibition hall will be repaid by TNTPO to ITPO in 40 quarterly installments. The terms and conditions of the G.O. dt 03.02.2003 are yet to be accepted by the Company. Pending agreement to the revised terms and conditions, no accounting entries towards the amount proposed to be reimbursed by TNTPO has been made in the books of accounts of the Company.
18. In the absence of any demand from the Delhi Development Authority, no liability has been provided for delay in construction of staff quarters, as the request of the Company for extension of time is pending with DDA.
19. The accounts of Employees Contributory Provident Fund Trusts of erstwhile TFAI and TDA have been finalized upto 31st March, 2003 and 31st March, 2006 respectively. Accordingly, no provision for the losses of the Trusts, if any in the subsequent years, has been made in the accounts of the Company as the same cannot be ascertained at this stage.
20. The company has not received any information from any of its creditors of their status as a small scale industrial unit. Hence, the amount due to small scales industrial units as on 31st March, 2007, if any, is not ascertainable.
21. a) |
Expenditure in foreign exchange is:- |
|
|
|
i) |
Foreign Travel |
Rs. 72,16,246 |
|
|
|
(Rs.1,21,72,197) |
|
ii) |
Fairs and Exhibitions |
Rs. 14,51,91,317 |
|
|
|
(Rs. 18,27,00,622) |
|
iii) |
Others |
Rs. 4,87,47,417 |
|
|
|
(Rs. 4,93,02,630) |
b) |
Earnings in foreign exchange:-
|
|
|
|
i) |
Space rent |
Rs. 9,69,81,472 |
|
|
|
(Rs. 14,96,20,239) |
|
ii) |
Other receipts |
Rs. 6,03,983 |
|
|
|
(Rs. 40,88,333) |
22. Segment reporting for the year ended 31st March 2007.
(i) Information about Primary Geographical Segments
(Rs. in lakhs)
|
Trade Promotion Activities in India |
Trade Promotion Activities Abroad |
Un- |
Total |
Revenue |
|
|
|
|
External |
9939.92 |
1722.85 |
-- |
11662.77 |
Inter-segment |
-- |
-- |
-- |
-- |
Total revenue |
9939.92 |
1722.85 |
-- |
11662.77 |
Result |
|
|
|
|
Segment result |
2789.80 |
(-) 783.26 |
-- |
2006.54 |
Unallocated expenditure |
|
|
|
|
Net of unallocated income |
|
|
(-) 302.08 |
(-) 302.08 |
Interest/Dividend income |
|
|
3083.09 |
3083.09 |
Surplus before taxation |
|
|
|
4787.55 |
and exceptional items |
|
|
|
|
Prior Period Adjustments (Net) |
|
|
|
(-) 24.32 |
Excess of income over expenditure |
|
|
|
4763.23 |
Other information |
|
|
|
|
Segment assets |
6141.24 |
1292.75 |
47637.01 |
55071.00 |
Segment liabilities |
4406.60 |
821.04 |
2361.72 |
7589.36 |
Capital expenditure |
108.67 |
1.89 |
-- |
110.56 |
Depreciation |
335.80 |
4.11 |
-- |
339.91 |
Deferred Revenue Expenditure written off |
50.92 |
0.03 |
-- |
50.95 |
Non-cash expenses |
|
|
|
|
other than depreciation |
-- |
-- |
-- |
-- |
- The company does not have any Secondary Segment.
NOTE:
(a) Unallocated expenditure includes 10% of establishment and office expenses. The balance is apportioned among the other segments on the basis of their respective revenues.
(b) Unallocated assets and liabilities include those which are not possible to be appropriately identified to a specific segment.
23. Schedules 1 to 20 form integral part of the accounts.
24. Figures in brackets relate to previous year, which have been recast and regrouped wherever necessary.
25. Additional information as per Part IV of Schedule VI of the Companies Act, 1956, is annexed here to.
(A.K. Khanna) Financial Adviser & Chief Accounts Officer cum Company Secretary |
(Rajiv Yadav)
Executive Director | (Dr. Sheela Bhide) Chairman & Managing Director |
As per our report annexed
for Tiwari & Associates Chartered Accountants |
||
(Sandeep Sandill)Partner M. No. 85747 |
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
1. Registration Details
Registration No. |
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State Code |
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Balance Sheet Date |
31
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03
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07
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Date Month Year |
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II. Capital Raised during the Year (Amount in Rs. Thousand)
Public Issue |
NIL |
Right Issue |
NIL |
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Bonus Issue |
NIL |
Private Placement |
NIL |
III. Position of mobilization and deployment of funds (Amount in Rs. thousand)
Total Liabilities |
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Total Assets |
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Sources of Funds :
Paid Up Capital |
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Reserve & Surplus |
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Secured Loans |
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Unsecured Loans |
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Application of Funds :
Net Fixed Assets |
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Investment |
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Net Current Assets |
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Misc. Expenditure |
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Accumulated Loss |
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1V. Performance of the Company (Amount in Rs. Thousand)
Turnover (including Stock Adjustment and other income) |
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Total Expenditure |
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Profit Before Tax |
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Profit After Tax |
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Earning per Share in Rs. |
Not Applicable* |
Dividend Rate |
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V. Generic Names of Three Principal Products / Services of Company (As per monetary terms)
Item Code No. (ITC Code) |
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Not Applicable |
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Product Description |
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| (A.K. Khanna) FINANCIAL ADVISER & CHIEF ACCOUNTS OFFICE CUM COMPANY SECRETARY *ITPO is registed under Sec-25 of the Companies Act 1956. Hence, Accountaing Standard 20 regarding “Earning per share” issued by ICAI is not applicable to the Company. |
(Rajiv Yadav) Executive Director |
(DR SHEELA BHIDE) |
INDIA TRADE PROMOTION Organisation
CASH FLOW STATEMENT FOR THE YEAR ENDED 31.03.2007
| A. CASH FLOW FROM OPERATING | For the Year ended 31st March 2007 |
For the Year ended 31st March 2006 |
||
| Excess of income over expenditure Before Tax and Extraordinary Items Adjustments For: Depreciation:- For the year Prior Period Loss/(profit) on Sale of Fixed Assests Provisions Advances written off Provisions/liabilities no longer required Interest Income Assets written off Deferred revenue expenditure written off Operating surplus before working Capital Changes Adjustments For: |
 339.91-(5.16) 321.51-(265.06)(3,170.31) 0.0250.95(695.44) 230.08198.12 |
4763.23 (2,728.14) 2,035.09 (267.24)1,767.85(110.56) 8.40(2.13)3170.31 -(4.58)3,061.44 NIL4,829.29 37,896,71 42,726.00 |
342.681.45(1.25)139.502.10 (114.02) (2,327.63) 1.1451.58(544.16) 1,322.89 (429.28) |
6,519.27 (1,904.45) 4,614.82 349.454,964.27 (59.02) 1.73(994.50) 2,327.63 47.22(127.25) 1,195.81 NIL6,160.08 31,736.63 37,896.71 |
Note:- Figure for previous year have been regrouped wherever considered necessary
| (A.K. Khanna) FINANCIAL ADVISER & CHIEF ACCOUNTS OFFICE CUM COMPANY SECRETARY |
(Rajiv Yadav) Executive Director |
(DR SHEELA BHIDE) |
AUDITORS CERTIFICATE
We have examined the above cash flow statement of India Trade Promotion Organisation for the year ended 31st March 2007. The Statement has been prepared in accordance with the requirements of Accounting standard 3 issued by the Institute of Chartered Accountants of India and is based on and in agreement with the balance sheet and Income & Income Expenditure Account of the Company covered by our Report of August 2007 to the members of the Company
TIWARI & ASSOCIATES (SANDEEP SANDILL)
Chartered Accountants Partner M No. 85747
| S.No | Auditors Report to the Members of India Trade Promotion Organisation | Replies of the Board | ||||||
| We have audited the attached Balance Sheet of India Trade Promotion Organisation (ITPO), New Delhi as at 31st March, 2007, related Income and Expenditure Account and Cash Flow Statement of the Company for the year ended on that date, annexed thereto, in which are incorporated the accounts of Head Office, 5 (Five) Overseas Liaison Offices and 4 (Four) Regional offices which we have signed under reference to this report. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant accounting estimates made by the management, as well as, evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis of our opinion and report that: - |
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| 1. | Our comments on matters as required by the Companies (Auditor’s Report) Order 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 are not given, as the Companies (Auditor’s Report) Order 2003, specifically provides that it should not apply to companies licensed to operate under Section 25 of the Companies Act, 1956. |
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| 2. | Balance Sheet, Income & Expenditure Account and the Cash Flow Statements of the Company are in agreement with the books of accounts and returns. |
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| 3. | In our opinion, the Income and Expenditure Account, the Balance Sheet and the Cash Flow Statements complies with the mandatory Accounting Standards (AS) referred to in Section 211 (3C) of the Companies Act, 1956 except. AS-27 Financial Reporting Of Interest In Joint Venture The Company has made an investment of Rs.2.00Crores ( 2 lacs equity shares of Rs.100 each) in National Centre for Trade Information (NCTI) representing 50% of paid up Capital of NCTI and a sum of Rs.39.10 lacs in shown as advance to parties whereas as per audited accounts of NCTI they are showing Rs.34.00 lacs as Share application money pending allotment since the date of investment. Had the allotment been made on time, the Company would have become a subsidiary of ITPO. |
At the time of formation of NCTI, the capital structure of NCTI was decided in a meeting held in the Department of Commerce on 29th July, 1994 as under:-
Accordingly, ITPO and NIC had contributed Rs.2 crore each towards their equity contribution. A liability of Rs.0.75 crore was also provided in the accounts of the Company by charging off the same as “Subsidy to NCTI” in the Revenue Account with the approval of Board of Directors since the authorized share capital of NCTI of Rs.4 crore had been fully subscribed. Against the liability of Rs.0.75 crore, ITPO had incurred Rs 39.10 lacs on behalf of NCTI. The C&AG in their Report for the year 1997-98 had, however commented that the additional contribution of Rs.0.75 crore should be reflected as investment in Company’s account since it is in the nature of equity contribution. The matter was examined by the Department of Commerce and it was conveyed vide letter dt. 20th November, 2000 that contribution of Rs.0.75 crore to NCTI as subsidy is a case of wrong/excess payment to NCTI. Therefore, ITPO should obtain refund for the amount already incurred on behalf of NCTI. Accordingly, amount of Rs 39.10 lacs incurred by ITPO on behalf of NCTI has correctly been reflected as advances to parties and no equity shares are to be issued to the Company in lieu thereof by NCTI. |
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| 4. | As per Circular No. 2/5/2001-CLV-General Circular No. 8/2002 dated 22.03.2002 issued by Department of Company Affairs under Ministry of Law, Justice and Company Affairs, the provisions of section 274(1)(g) of the Companies Act, 1956, relating to disqualification of Directors are not applicable to the company as it being a Government Company. | Factual Statement. No. comments. |
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| 5. 5.1 |
Further to our comments in paragraph 1 to 4 above, we also report that:- Service Tax liability towards export of services under Export of Service Rules, 2005 w.e.f. 16/06/2005 aggregating to Rs. 111.95 lacs were outstanding as on 31.03.2006. During the year 2006-07 wrong provision amounting Rs.41.34 lacs was reversed due to incorrect calculations. The remaining provision of Rs.70.61 lacs was reversed on the advise of Consultant that it is lapsed payment hence not payable. We do not agree with the views of Consultant and reversal has resulted in overstatement of profit to the tune of Rs.70.61 lacs |
The Service Tax liability towards Export of Services from 16.06.2005 to 31.03.2006 amounting to Rs.70.61 lacs is more than 1 year old and, therefore, the normal period of limitation for raising any demand has expired as provided u/s 73(i) of the Finance Act, 1994. As the Company had not intended to evade Service Tax and acted bonafidely, the Company is not liable to pay Service Tax now for the previous period. Accordingly, the liability of Rs.70.61 lacs was reversed from the books of accounts alongwith excess provision of Rs.41.34 lacs which was wrongly provided in the earlier year. |
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| 5.2 | In terms of Central Government notification dated 01.08.2002, the company is liable to collect service tax w.e.f. 16.08.2002 in respect of services provided under “Event Management Service”. However, the company is not depositing service tax with the Central Govt. for the above services rendered as Event Manager. In case where conference hall is also booked by the Third party organizers, ITPO has charged and collected service tax only on rental income of conference hall. The liability towards service tax for the earlier years with interest and penalty thereon has not been provided on the advise of consultant. | As per the legal opinion obtained by the Company, letting out of space and facilities for holding of fairs by the other agencies (third party) in Pragati Maidan did not fall within the ambit of “Event Management Service” as defined in the Service Tax Act. Further, no demand under these provisions has been raised by concerned authorities. Therefore, no liability devolves on the Company under “Event Management Services”. However, in view of the Company, letting out of Conference Hall to the third party organizers did not fall under the exempted category. Therefore, it was felt prudent to charge Service Tax on letting out of Conference Hall and the same has been duly deposited with the Authorities. | ||||||
| 5.3 (a) | Service Tax return has been prepared on provisional bills and Service Tax has been paid accordingly. Month-wise receipts as per provisional bills do not match with the revenue ledger. | As per the requirements, the Service Tax is to be deposited in the treasury account by the 5th of every month. During the year, the Company deposited the Service Tax on provisional invoices raised on third party organizers as well as information received from executive divisions in respect of activities held in the previous month. This was necessitated as the software required modification to work out the service tax amount on receipt basis. The required modification has since been carried out and w.e.f. 1.4.2007, the Service Tax is now being calculated on receipt basis. | ||||||
| (b) | Service Tax liabilities arises when the payment is realized, whereas Company is paying Service Tax on accrual basis which may result in excess payment of tax incase some Sundry debtors remains unrecovered..
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As clarified in reply to Para 5.3(a) above that in the absence of facility in the software to work out service tax liability on cash basis, company had deposited service tax on accrual basis. The required modification in the software has since been carried out and w.e.f. 1.4.2007, the Company has started depositing service tax on cash basis. It may, however, be clarified that while finalising the service tax return for the year 2006-07, the element of service tax, if any, deposited during the year on outstanding dues (sundry debtors), will be adjusted against the final payment of service tax for the year 2006-07. This will ensure that there will be no excess payment of service tax. |
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| (c) | Some services liable to tax have been omitted, which may attract penalty & penal interest on the above services. Service tax of Rs.3.81 lacs is payable which would be difficult for the Company to recover from its client .However the provision has been made in the accounts. | No specific instances have been quoted by the audit. However, a liability of Rs.3.81 lakhs towards service tax on the amounts recovered from associate/ regular subscribers has been made in the books of accounts. | ||||||
| (d) | Service tax return for the half year Sept 2006 was late submitted and Service tax return for the half year March 2007 is yet to be submitted. |
Factual statement. Efforts are being made to file the service tax return for the second half of 2006-07 at the earliest. | ||||||
| (e) | Service tax is also charged on Electricity charges-recovery. As per notification No.12/2003 dt.20.06.2003, Cost of goods and material sold to the service recipients by the service provider while providing services is not to be included in the value of service subject to the condition that such value is shown separately in the invoice and there is documentary proof specifically indicating the value of the goods and materials. | As the electricity being provided to the participants is an integral part of the Company’s services, the service tax on the same has been collected and deposited with the authorities. | ||||||
| (f) | As per Service Tax laws service tax should be debited to separate head for Cenvat credit but the company has debited Service Tax in expenses and matching credit has been given to misc. income account which is irregular. (Item no.15 Schedule 20 Notes on Accounts). | Position in this regard has been disclosed in Note No. 15 of Schedule 20 Forming Part of Accounts. | ||||||
5.4 |
The company is required to recover Licence Fee (Rent), Property Tax, Electricity, Water, Green Area Usage Charges, and Conservancy Charges from Parties operating Food Joints, Restaurant, Kiosks etc. inside the Pragati Maidan. As per administrative records, the total charges unrecovered for more than five years from these parties aggregate to Rs. 135.48 lacs. Many parties are not paying even Electricity, Water, Conservancy and Green Area Usage Charges for which the company is incurring regular expenditure. The parties are using all these facilities free and at the cost of company. Besides above, these units have also misused green area and are also responsible for covered area violations, in respect of which amount inclusive of interest should have been recovered. The company has neither provided this as income nor made a provision for amounts recoverable. There are also deficiencies and inadequacies in the approach in which the company has dealt with these units. | It may be clarified that amount of Rs.521.14 lacs was recoverable from F&B Outlets as on 31.3.2006 which had accumulated over a period of time. A sum of Rs 385.66 lacs has since been realized / collected till date by invoking provisions of the agreement and /or approaching various judicial forums. As on 31.3.2007 a sum of Rs.135.48 lacs is recoverable for which continuous efforts are being made. Thus there is no leakage of revenue. | ||||||
| 5.5 | The company has internal audit system in place. It has appointed an external CA firm as internal auditor and the scope / work & coverage of internal audit, periodicity of submission of report has been clearly defined. The internal auditor submits Flash Report on monthly basis instead of submitting Full Report as per scope of work. In our opinion the Internal Audit System does not commensurate with its size and nature of business. | Besides Flash Reports, the internal auditors have also submitted detailed reports covering the activities of ITPO and action has been taken on the audit observations wherever considered necessary. It is, therefore, felt that Internal Audit System is commensurate with the size of the Company. However, efforts shall be made to strengthen the system further. | ||||||
| 5.6 (a) | ITPO is registered u/s 25 of the Companies Act 1956. The Company is also registered u/s 12-A of the Income Tax Act 1961 as a Charitable Trust. The Company has been granted exemption from payment of Income Tax U/s 10 (23C) (iv) of the Income Tax Act 1961 from the A.Y. 1989-90 to 2006-07. The application for renewal of exemption for the A.Y. 2007-08 to 2009-10 was filed with the Income Tax Deptt. on 24th March 2006. A special Audit of ITPO U/s 142 (2A) of the Income Tax Act 1961 was got conducted for the A.Y. 2003-04 and on the basis of this report, the Income Tax Deptt. has raised a demand of Rs.16.80 crores for A.Y. 2004-05 without allowing the benefit of Section 10.11.12 & 13 of the Income Tax Act 1961 and has adjusted the Income Tax refund claimed for A.Y. 2005-06 and 2006-07 to the tune of Rs.4.00 crores. The Director (Exemptions) has since granted stay of demand till 31st Dec 2007,or disposal of appeal filed by CIT (Appeals) whichever is earlier. | Note No. 2(a), 2(c) & 2(d) of Schedule 20 Forming Part of Accounts refers. | ||||||
| (b) | For the Current year the Company has resolved to take the benefit of Section 12A of the Income Tax Act, so no provision for Income Tax has been made | Factual Statements. No comments. |
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| (c) | Income Tax files for Assessment year 1982-83 were not produced for our verification for ascertaining the position of pending Income Tax Appeal. | Efforts are being made to trace the old file. | ||||||
| 5.7 | The company has not made provision for demand of Rs.1092.46 lacs towards Entertainment Tax liability including interest thereon. The first appeal filed by the company has already been rejected and the company has appealed against that orders. [Refer Note No.10 of Schedule 20] | The appeal against the demand was filed before the Deputy Commissioner of Entertainment Tax which was rejected. The appeal was then filed in the court of Financial Commissioner, Govt. of NCTD (appellate authority). ITPO has been granted stay against the demand raised by the concerned authorities at the time of admission of appeal. The next date of hearing has been fixed for 4th October, 2007. As the demand has been contested by the Company, no provision has been made in the books of accounts and a suitable disclosure to this effect has been made in Note No. 10 of Schedule 20 Forming Part of Accounts. |
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| 5.8 | The company has not maintained proper and complete records for regular/ associate subscribers in respect of its publication / website services. The invoices are not issued to the subscribers for the charges as applicable to respective categories. In the absence of complete records, we are not in a position to express any opinion with regard to unrecovered amount and accordingly, the same is not ascertainable.
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The complete records for the amount recovered for regular / associates subscribers and the services rendered to them are available with the Company. Presently, the demands from subscribers are raised in the form of letter. Efforts shall, however, be made to issue computerized invoices to the regular / associates subscribers of the Company in future. |
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| 5.9 | Certain items of income and expenditure have not been accounted for on accrual basis of accounting as indicated in Accounting Policy No. I (b) of Schedule which is also not in accordance with the provisions contained in Section 209 of the Companies Act, 1956. The impact of the above on financial statements is not ascertainable. [Refer to note no. 1(b) of Schedule 19] | Factual statement. Note No. 1(b) of Schedule 19 Forming Part of Accounts refers. |
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| 5.10 | The physical verification of fixed assets has not been conducted during the year. There is no system of verification of assets lying in the Regional Office in India and Liaison offices abroad (refer Note No.3 of Schedule 20). | Note No. 3 of Schedule 20 Forming Part of Accounts refers. As regards physical verification of assets at regional/foreign offices, it is clarified that as per practice followed consistently by the company, the officer incharge of the respective offices certify the physical verification of assets at the close of the financial year which is considered adequate as the total value of assets lying at these offices constitute approx. 2% of the total assets of the company. |
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| 5.11 | The company has not made provision for doubtful debt amounting to Rs. 319.15 lacs in respect of Sundry Debtors due for less than three years. It has resulted in overstatement of Income and understatement of Provisions by Rs.319.15 lacs. | No provision has been made in respect of debts amounting to Rs.319.15 lacs due for less than three years as the Company is hopeful of their recovery. This is in accordance with the Accounting Policy No. 7(i) on the subject. |
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| 5.12 | Out of total VAT claims recoverable, claims aggregating to Rs. 29.45 lacs have become time barred. In our opinion these claims should have been written off from the Books of Accounts. However, the company has made provision for doubtful claims at Rs. 29.45 lacs. | Each VAT claim case is examined on relevant files to ascertain the reasons for non-recovery. Action for write off from the books of accounts is taken on the facts of the case. The provision for doubtful recovery of the VAT amounting to Rs.29.45 lacs has been made to reflect true and fair view of the state of affairs of the Company. | ||||||
| 5.13 | The bills / claims raised on debtors, advances and deposits given to various parties including CPWD, the balances with foreign banks, various embassies abroad are subject to confirmation from the concerned parties.
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Note No. 9 of Schedule 20 Forming Part of Accounts refers. |
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| 5.14 | The company has 49 bank accounts with Bank Branches outside India. The entries are passed in the books of accounts on the basis of Statements received, during the year for the broken period and the year end balances are reconciled based on copies of closing bank Statements/ closing balance certificates received from respective bank. These bank accounts include six such accounts whose balances are unconfirmed till the last date. In this regard, we are unable to express our opinion with regard to impact of any transaction on assets / liabilities or on income / expenditure, in absence of Original Bank Statements for the complete financial year. | Out of 49 bank accounts maintained by the Company outside India, running bank statements in respect of 39 bank accounts are available with the Company. For the remaining 10 bank accounts, the Company relied on the bank statements which reflect similar closing and opening balances for the intervening period as normally foreign banks generate bank statement only for the period where the transactions are involved. As regards 6 unconfirmed foreign bank balances as on 31.3.2007, continuous efforts are being made to obtain confirmation from the concerned banks. The position in this regard has also been disclosed in Note No. 6(b) of Schedule 20 Forming Part of Accounts. |
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| 5.15 | Reference is invited to the following Notes to Accounts appearing in Schedule 20: | |||||||
| (a) | Note No. 7 with regard to contested / disputed dues in respect to space rent from two licensees. | Factual Statement. No comments. | ||||||
| (b) | Note No. 14 with regard to booking of space rent / recovery of other services from one licensee being based on expired contract. | Factual Statement. No comments. | ||||||
| 5.16 (a) | The Company is making defaults/delays in under mentioned statutory compliances, as a results of which liabilities of interest/penalty/additional cost may arise in future. The effects of such additional costs are not taken in the accounts. |
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| (i) | TDS: As per Income Tax Laws total tax of employees should be recovered from employees on monthly basis but this is not done on average basis and in last months of financial years heavy tax are being deducted from salaries of employees. | Every effort is made to recover TDS from the salary of the employees on average monthly basis. Further, as per the procedure, a declaration of investments/savings qualifying for rebate is obtained from employees, well in advance, to work out the taxable income of the employees. Accordingly, tax is deducted from the Salary of the employees on average basis. At the end of the year, the declaration made by the employees is verified with the actual investments/savings. In cases where the employees do not make investments/savings according to the declaration, higher amount of income tax is deducted from their salary and deposited in the treasury account. Besides, this certain payments such as Productivity Linked Incentive to employees etc. were decided and disbursed in the second half of 2006-07 and consequently additional tax was deducted and deposited in the treasury account. |
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| (ii) | ENTERTAINMENT TAX: Entertainment Tax returns are to be filed on quarterly basis but no returns have been filed since 2001. | Noted. It may, however, be clarified that all the Entertainment Tax collected by the Company is being deposited in the treasury account. | ||||||
| (iii) | SERVICE TAX: Half yearly Service tax returns are not filed on time as reported in item no 5.3 of the report. | Reply to Para No. 5.3(d) refers. |
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| (iv) | ROC: Annual Return, Annual Accounts and Compliance certificate filed late with additional fees for 2005-2006. | The e-filing of Company’s Annual Returns was made mandatory by the Ministry of Corporate Affairs w.e.f. 16th September, 2006. In the absence of software for e-filing of the return, there was delay of 2 days in filing the return for which nominal late fee of Rs.500/- was paid.
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| (v) | LAND ALLOTED FOR STAFF QUARTERS: - No Ground Rent has been paid since allotment of land. Construction of staff Quarters should have been done upto 30-06-01 but the construction has not been started. |
- The Ground Rent has not been paid as no demand for the same has been raised by DDA till date. - The request of the Company for extension of time for construction for staff quarters is pending with DDA. Note No. 18 of Schedule 20 Forming Part of Accounts also refers.
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| (vi) | FOUR FLATS AT ASIAD VILLAGE: |
- Foot Note No. 1(a) to Schedule No 4 pertaining to Fixed Assets refers. | ||||||
| (vii) | PRAGATI MAIDAN COMPLEX: - Title deeds not executed.- Municipal tax though provided in the books but not paid since 2004-05 due to some differences |
- Foot Note No. 1(c) to Schedule No 4 pertaining to Fixed Assets refers. -The position in this regard has been disclosed in Note No. 11 of Schedule 20 Forming Part of Accounts. |
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| (viii) | TRADE FAIR AUTHORITY OF INDIA EMPLOYEES CONTRIBUTORY PROVIDENT FUND TRUST: - Accounts are pending for the year 2003-04, 04-05, 05-06, 06-07. No provisions for reduction in the value of investments/Deficit have been considered in the Accounts. | - Note No. 19 of Schedule 20 Forming Part of Accounts refers. | ||||||
| (ix) | TRADE DEVELOPMENT AUTHORITY EMPLOYEES CPF TRUST: Accounts are pending for the year 06-07. No provisions for reduction in the value of investments/Deficit have been considered in the Accounts. | Note No. 19 of Schedule 20 Forming Part of Accounts also refers. | ||||||
| (b) |
The selection of officials for foreign visits/participation is not appropriate as some official from unrelated departments like Finance, Security, Library etc are being sent to foreign countries. In views of reducing business of the Company expenses on foreign tours should be controlled. |
The selection of officials for managing activities abroad is entirely the Management’s prerogative and is decided after considering requirements of the work and capabilities of the concerned officials. | ||||||
| (c) | STAFF ATTENDANCE & UTILISATION : The Company has a huge work force of 1150 (approx.) employees. Several works which should have been done by company’s staff members are being outsourced to CPWD and other agencies which makes a huge financial burden on the company. |
The 1150 (approx.) employees referred by the audit is in fact the total staff strength of the Company. It may be clarified that only about 260 numbers of employees are posted in the Engineering Division and are responsible for maintaining the Civil works, electrical, conservancy arrangements etc in Pragati Maidan and administrative Complex. The Pragati Maidan Complex is spread over an area of about 150 acres and is the only international standard exhibition complex in India. Therefore, in addition to the Company’s workforce, it is essential to outsource the work. However, efforts are made to ensure that wherever feasible the work is carried out in-house. |
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| ii) Attendances of staff are being made in different departments in register and overtime is also being paid on approval from deptt. incharge. We suggest that time machine should be installed in the ITPO for better attendance records. Instead of overtime, better utilisation of staff should be made by making shifts so that company has to make payment of less overtime and less payment to outside agencies. | As per the procedure, the attendance of the officials is marked in the attendance register maintained by the officer to whom the concerned official reports. This decentralization ensures better control and monitoring of the attendance of the officials. |
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| (d) | HONORARIUM / INCENTIVE : The company has adopted productivity linked Incentives Scheme subject to overall limit of 5% of ITPO distributable profits and the amount for said incentive has been shown as Ex-Gratia to employees, Moreover for 2006, Honorarium has been given to 1100(approx) employees @ Rs.1800.00 amounting to Rs.19.20 lacs, The honorarium has been sanctioned by CMD as per page no.34 item no 19(B) of Sub Delegation of Financial powers which states that CMD has full power subject to maximum of Rs.15000.00 is any individual case in a Financial year. In our opinion the payment of Honorarium to almost all employees is not justified since, this type of Honorarium is not authorized by DPE and the powers has been given for honorarium for some employees not for almost all (1114) employees |
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| (e) | FOREIGN OFFICES : Since we have not visited foreign. We have relied on the officer explanations/Vouchers/Statements given by ITPO for the voucher/Supports in foreign languages not understandable by us. | The supporting documents of the major portion of the expenditure incurred at foreign offices are in English language. This primarily consists of salaries & allowances and rent of offices/residences etc. Further in cases where the supporting documents are in local languages, the narration of the expenditures is recorded in English on the payment vouchers attached with the invoice/bill which are authenticated by the Resident Directors. This practice is being followed consistently by the company. The same procedure is followed in the Indian Missions abroad. |
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| 5.17 | Reference is invited to the stated paras of the audit report: | |||||||
| (a) | Any adjustment that arise on the resolution of the matter referred to in Para 5.2, 5.3, 5.4, 5.6, 5.7, 5.9, 5.10, 5.11, 5.13, 5.14, 5.15 and 5.16 the effect thereof on the accounts cannot be determined at this stage. | |||||||
| (b) | Excess of income over expenditure having been stated higher by Rs.389.76 lacs (Para nos. 5.1 & 5.11). liabilities stated higher by Rs.389.76 lacs, current assets stated higher by Rs.389.76 lacs (Para Nos. 5.1 & 5.11) | |||||||
| 6.0 | Subject to our comments at para 5 above, we report that: - | |||||||
| 6.1 | We have obtained all information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. | |||||||
| 6.2 | In our opinion, proper books of accounts, as required by law have been kept by the company so as it appears from the examination of the books of accounts and proper returns have been received from overseas liaison offices / regional offices not visited by us, which we consider adequate for the purpose of our audit. | |||||||
| 6.3 | In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with notes thereon are in conformity with the accounting principles generally accepted in India, give a true and fair view: a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2007; b) In the case of Income and Expenditure Account, of the excess of income over expenditure of the company for the year ended on that date and; c) In case of Cash Flow Statement for the year ended on that date. For Tiwari & Associates
Chartered Accountants (Sandeep Sandill) Partner Membership No. 85747 Place :New Delhi Dated : August , 2007 |