annual report 2018-19ophwc.nic.in/sites/default/files/public/annual report...39th annual report...

OPHWCOPHWCOPHWCOPHWCThe Odisha State Police Housing

& Welfare Corporation Ltd.(A Government of Odisha Undertaking)

ISO 9001:2015 Certified

CIN: U45201OR1980SGC000884

39th

Annual Report2018-19

The Odisha State Police Housing & Welfare Corporation Ltd.

(A Government of Odisha Undertaking)

ISO 9001:2015 Certified

CIN: U45201OR1980SGC000884

39th

Annual Report2018-19

OPHWC

Odisha State Police Housing & Welfare Corporation Ltd. (OPHWC)39th Annual Report | 2018-19

2 CIN: U45201OR1980SGC000884

Contents1. Board of Directors .............................................................................. 3

2. Vision & Mission ................................................................................ 5

3. The Year at a Glance .......................................................................... 6

4. Directors’ Report ............................................................................. 12

5. CAG Auditor’s Report ....................................................................... 28

6. Statutory Auditors’ Report .............................................................. 29

7. Balance Sheet .................................................................................. 38

8. Profit & Loss Statement ................................................................... 39

9. Cash Flow Statement ........................................................................ 40

10. Note on Significant Accounting Policies ......................................... 41

11. Notes on Balance Sheet .................................................................. 42

12. Notes to Profit & Loss Statement ................................................... 46

Odisha State Police Housing & Welfare Corporation Ltd. (OPHWC) 39th Annual Report | 2018-19

3CIN: U45201OR1980SGC000884

Contents

Board of DirectorsShri Lalit Das, IPS Chairman-cum-Managing Director, OSPH & WC Ltd. Bhubaneswar

Chairman

Shri Sanjeev Chopra, IAS Principal Secretary to Govt., Home Department, Govt. of Odisha Bhubaneswar

Director

Shri Abhaya, IPS D.G. & I.G. of Police, Odisha, Cuttack

Director

Shri Sunil Roy, IPS D.G. Fire Services, Commandant General, Home Guards & Director Civil Defence, Odisha

Director

Shri Santosh Upadhyay, IPS D.G. of Prisons & Director, Correctional Services, Bhubaneswar

Director

Dr. Krishan Kumar, IAS Commissioner-cum-Secretary to Govt., Works Dept., Govt. of Odisha, Bhubaneswar.

Director

Shri R.N. Das Addl. Secretary to Govt., Finance Dept., Govt. of Odisha, Bhubaneswar.

Director

Ms. Rajani Jani Joint Secretary to Govt., P.E. Department, Govt. of Odisha, Bhubaneswar.

Director

Shri S.K. Sarangi Plot No.110, Aryalaya apartment, Nuasahi, Nayapalli, Bhubaneswar-751012

Independent Director

Shri S.P. Padhi MP-1/136,Khandagiri Enclave, Kolathia Housing Board Colony, Khandagiri, Bhubaneswar - 751030


Shri S.K. Dash Flat No. 5J, Tower-2, Alcove Gloria Residence, 403/1,Dakhinidari Road, Sreebhumi, Lake Town, Kolkata-700048


Shri N.P. Sahu 49-Prachi Vihar, Palasuni, Post-GGP, Pin-751025, Bhubaneswar.



4 CIN: U45201OR1980SGC000884

Company Secretary Shri S.K. Panda Company Secretary, The OSPH & WC Ltd., Bhubaneswar

Statutory Auditors Laldash & Co. Chartered Accountants, Bhubaneswar

Cost Auditors M/s Asutosh & Associates Cost Accountants, Bhubaneswar

Internal Auditors - Head Office MIR & Associates Chartered Accountants, Bhubaneswar

Internal Auditors - Divisions Sourjya & Biswajit AASA & Associates Pattnaik & Co. Manas Dash & Co. O.M. Kejriwal & Co. Das & Das GSCS & Associates C.K. Prusty & Associates Chartered Accountants, Bhubaneswar

Bankers State Bank of India IDBI Bank Ltd. Union Bank of India Indian Bank Bank of India Allahabad Bank HDFC Bank Ltd. AXIS Bank Ltd. ICICI Bank

Registered Office Bhoinagar, Janpath, Bhubaneswar, Odisha PIN - 751 022

Govt. Bus Stand, Angul


5CIN: U45201OR1980SGC000884

VISIONTo organize ourselves as a total quality organization, setting standards of excellence in all our professional endeavours and be reckoned as an outstanding construction Corporation among our peers.

MISSIONTo deliver quality construction at optimum cost on time, to the satisfaction of our customers while earning reasonable return on investment.

CORE VALUESIntegrity: We must conduct ourselves fairly, with honesty and transparency. Everything we do must stand test of public scrutiny.

Excellence: We must constantly strive to the highest possible standards in the services and goods we provide.

Organizational and professional pride: We must function and conduct ourselves and in such manner so as to have pride in the organization we serve and also the profession we are in.

Customer as our most valued stake-holder: ‘Customers are not outsider to our business, they are part of it. They are the purpose of our work.’


6 CIN: U45201OR1980SGC000884

The Year at a Glance

Financial HighlightsParticulars 2018-19

(Rs. in Crores)2017-18

(Rs. in Crores)Operational Income 376.01 363.82Other Income 20.29 16.69Total Income 396.30 380.51Total Expenditure 370.00 358.90Net Profit (Before Tax) 26.30 21.61Net Worth 123.62 112.71

Fund Receipt Vs. Turnover

Shareholders’ FundRs. in Crores


7CIN: U45201OR1980SGC000884

Turnover Vs. Profitability

Work in Progress

WIP Comparison


8 CIN: U45201OR1980SGC000884

Turnover

Profitability


9CIN: U45201OR1980SGC000884

IncomeRs. in Crores

ExpenditureRs. in Crores


10 CIN: U45201OR1980SGC000884

Net Worth

Project Execution Through Tender


11CIN: U45201OR1980SGC000884

Turnover per Employee

Operating Cost Ratio


12 CIN: U45201OR1980SGC000884

DIRECTORS’ REPORTThe Members,The Odisha State Police Housing & Welfare Corporation Limited

Your Directors are pleased to present forth the 39th Annual Report along with the Audited Financial Statement, Auditors Report and the Report presented by the Comptroller and Auditor General of India for the Year ended 31st March, 2019.

OBJECTS

As per the Memorandum of Association framed as on the incorporation of Corporation the main objects are:

a) To undertake construction of building for residential and non-residential purpose for the Police, Vigilance, Prison, And Fire Services of the Govt. Of Odisha and Other Departments of Government of Odisha as well as Govt. Of India

b) To take up Construction, Repairs, Maintenance, Modification and Renovation Of Roads, Buildings and Other Civil Structures Of Quasi-Govt. and Autonomous Bodies through competitive tenders or on the basis of direct placement of works.

c) The Corporation is trusted as a construction Company that can provide quality construction and therefore it has attached clients outside its core area of responsibilities. The Corporation has taken up building and


13CIN: U45201OR1980SGC000884

other construction works of Health Department, Urban Development Department, SC & ST Development Department, Director Technical Education & Training, OSRTC, Cuttack Municipal Corporation and others on deposit work basis.

ACTIVITIES OF CORPORATIONThe Corporation has posted an excellent performance by undertaking various construction works for the Police Department Under State Plan, Modernization Grant, SRE Scheme, SIS Grant, Finance Commission, Fire Service Department (both Central and State assistance projects), Prison, Judiciary, and other agencies etc. The overall consistent growth in construction activity has been the most significant advantage of the Corporation during previous years. The Corporation has successfully constructed and handed over Anti Naxalite Projects under adverse site condition in left wing extremist areas to the satisfaction of user authorities.

Remarkable Achievements During the Year-:

� During the year, the Corporation hascompleted 545 number of projects.

� The Corporation has executed all the projects through e- tender or empanelled contractors.

� The Corporation has completed handed over Badamabadi Bus Stand, Anugul Bus Stand during the period

� The Corporation become an ISO 9001-2015 certified orignaisation.

� The Corporation has commissioned 50 KW roof top solar projects and undertaken various solar projects for police and other user organisation.

� The Corporation has started monitoring the projects through the mobile APP and SAP-ERP

� Further various projects like fortification of Police Posts, Barracks for accommodation of Police personnel and Logistic support to C.P.M.F. are executed successfully in most inaccessible areas.

� The Corporation has also constructed and handed over several other infrastructure projects of the SC & ST development Department, Education Departments, Autonomous bodies, public sector undertaking, Pollution Control Board, PCCF, Board of Secondary Education, different collegesetc.

Financial Highlights(Rs. in Lakhs)

Financial Year 2018-19 2017-18IncomeRevenue from operation 37600.81 36382.04Other Income 2029.13 1668.65Gross Income 39629.94 38050.68ExpensesCost of Material & Labour 33510.85 28514.47Changes in Inventory of work in progress 711.60 4813.50Employee Benefit 2244.16 1753.00Depreciation 108.37 123.04Other Expenses 424.55 685.48Total Expenditure 36999.53 35889.49Profit (loss) Before Tax 2630.41 2161.19Current and Deferred Tax 921.92 748.70Net Profit (loss) after Tax 1708.49 1412.49Dividend & Dividend distribution tax 617.92 510.87


14 CIN: U45201OR1980SGC000884

SHARE CAPITAL

During the year under review, there is no change in the share capital of the Company.

DIVIDEND

Your Board of directors have recommended dividend as per the guidelines issued by Finance Department, Government of Odisha for Current Financial Year. The amount of dividend excluding dividend distribution tax is Rs. 5,12,54,900/-.

FIXED DEPOSITS

During the year, the Company did not invite any deposits from public.

CORPORATE GOVERNANCE

Your Corporation sincerely ensure the compliances of the Corporate Governance manual issued by the Department of Public Enterprises, Government of Odisha.

SILVER RATED PSU

Based on categorize parameters, the State Govt. in Public Enterprise Department have categorized the Corporation under Silver rated PSU and delegated powers in select areas to the Board of Directors based on the assigned category.

PERFORMANCE RATING UNDER MOU

In order to make the Public Sector Units competitive, sustainable and meet the future challenging environment successfully, as per the Corporate Governance Manual issued by the P.E. Department, Govt. of Odisha, your company is signing Memorandum of Understanding (MOU) with the Government in Home Department for every year from the Financial Year 2012-13 onwards. Similarly the MOU for Financial Year 2018-19 has been signed with Home Department, Government of Odisha. The performance of the Corporation for the F.Y 2018-19 treated as excellent as per the performance indicators in the MoU signed with Government.

RIGHT TO INFORMATION

Your Corporation has implemented Right to Information Act 2005 in order to provide information to Citizens and to maintain accountability and transparency. The Corporation has designated a Public Information Officer, PIO an Appellate Authority, and APIO at all divisions and Corporate Office of OSPH&WC Ltd.

COMPLIANCE WITH THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITING & REDRESSAL) ACT, 2013

Your Corporation is committed to prevention of sexual harassment of women at work place and takes prompt action in the event of reporting of such incidents. In this regard, internal complaint committee have been constituted to deal with sexual harassment complaints, if any and to conduct enquiries. During the year no complaint was received on such matter.

CORPORATE SOCIAL RESPONSIBILITY

The corporation has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014.


15CIN: U45201OR1980SGC000884

Pursuant to provisions of Section 135 of the Companies Act, 2013, the Corporation has also formulated a Corporate Social Responsibility Policy. The Present constitution of the CSR Committee is as follows:-

Shri Lalit Das, IPS Chairman

Sri Debraj Biswal (Independent Director) Member

CA P.Venugopal Rao (Independent Director) Member

Your Corporation being in fulfilling its Corporate Social Responsibility has been engaged in various social initiatives through its intervention in the area of promoting education, eradication of hunger & poverty, creating awareness for conservation of energy, providing preventive health care etc in accordance with the Corporate Social Responsibility Policy of the Company.

The Annual Report on CSR expenditure attached Annexure-I

MEETINGS

During the financial year, there are 03 Board meetings were held on 24th July 2018, 27th September 2018 and 25th January 2019.

AUDIT COMMITTEE

Pursuant to Section 177 of the Companies Act 2013, and as per Corporate Governance Manual for state PSUs an Audit Committee has been constituted by the Board. As on 31st March, 2019, the Audit Committee composition consists of following Directors:

CA P.Venugopal Rao (Independent Director) Chairman

Sri Debraj Biswal (Independent Director) Member

Sri Lalit Das, IPS Member

STATUTORY AUDIT AND C&AG SUPPLEMENTARY AUDIT

Your Corporation being a Government Company, the Statutory Auditors are appointed by the Comptroller & Auditor General of India. Accordingly, C&AG has appointed M/s.Laldash & Co., Chartered Accountants, as Statutory Auditors of the Company for the Financial Year 2018-19.

COST AUDIT

In accordance with the Companies (Cost Records and Audit) Rules, 2014, notified by Ministry of Company Affairs, the Cost Accounting Records are being maintained by the company. M/s Asutosh & Associates, Cost Accountants, was appointed to conduct audit of Cost Accounting records for the financial year 2018-19 under Section 148 of the Companies Act, 2013.

AUDIT OBSERVATIONS

The Statutory Auditors Report and C&AG Report on the accounts of the Company for the year ended 31st March, 2019 is annexed to the Directors Report. The replies of the Management to the observations of the Auditors have been given in the Annexure-II.

INTERNAL AUDITOR

The Corporation has appointed M/s. MIR Associates, Chartered Accountants as Internal Auditors for the Financial


16 CIN: U45201OR1980SGC000884

Year 2018-19. The observations and recommendations of the Internal Auditors are reported to the management for appropriate action on the same.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors confirm that,

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. the directors have 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 the company at the end of the financial year and of the profit and loss of the company for that period;

iii. the directors have 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 the company and for preventing and detecting fraud and other irregularities;

iv. the directors have prepared the annual accounts on a going concern basis; and

v. the directors, in the case of a listed company, have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

EXTRACTS OF ANNUAL RETURN

Pursuant to the provisions of Section 134(3) of the Companies Act, 2013, an extract of the Annual Return in Form MGT -9 shall be included in the Directors’ Report. The said extract is annexed herewith as “Annexure - III”.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

No significant or material order has been passed by any Regulator/ Court or Tribunal.

PARTICULARS OF EMPLOYEES

During the period under review, none of the employees were drawing remuneration, which require disclosure under Section 197 of the Companies Act, 2013 and the rules made there under.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNIGNS AND OUTGO:

Conservation of Energy: Nil

Technology Absorption: Nil

Foreign Exchange Earnings & Outgo for the Year: Nil

Foreign Exchange earnings: Nil

Foreign Exchange Outgo: Nil

ACKNOWLEDGEM ENT

The Board of Directors would like to express their grateful appreciation for the assistance support and cooperation


17CIN: U45201OR1980SGC000884

received from the Home Department, Government of Odisha, DG&IG of Police-Odisha, and other departments of the Government of Odisha and Union of India in managing the affairs of the Company.

The Directors also express their sincere thanks to other agencies those awarding deposit works to the Corporation for their continued patronage and confidence reposed in the company.

The Board is thankful to the C&AG, the Statutory and Internal Auditors for their valued co-operation.

The Directors also wish to place on record their deep sense of appreciation for the committed services rendered by the Executives and Employees for their hard work, team spirited efforts, dedications and loyalty to work, resulting in increased productivity and enhancing the image and status of the Corporation.

For and on behalf of Board of Directors

Place: BhubaneswarDate: 24.01.2020

Sd/-Lalit Das, IPS

Chairman-cum-Managing Director

Fani Restoration Work by OPHWC


18 CIN: U45201OR1980SGC000884

ANNEXURE-ITO THE DIRECTORS’ REPORT

Report On Corporate Social Responsibility (CSR) Activities

1 A brief outline of the company’s CSR policy, including overview of projects or programs proposed to be undertaken and reference to the web-link to the CSR policy and projects or programmes

Brief outline of the CSR policy of the Corporation and its projects/programme are mentioned in the CSR section of the Board’s Report. The CSR policy is approved by the Board of Directors. The Corporation has undertaken various projects as per the CSR policy of the Corporation.

2 Composition of CSR committee 1. CA P.Venugopal Rao (Independent Director)

2. Sri DebrajBiswal (Independent Director)

3. Sri Lalit Das, IPS

3 Average net profit for last 3 financial years Rs. 23.94 Crores

4 Prescribed CSR expenditure (two percent of the amount as in item 3 above)

Rs. 48.00 Lakhs

5 Detail of CSR spent during the financial year Rs.16.97 Lakhs

A Total amount to be spent for the financial year which includes the unspent amount of previous financial year.

Rs. 101.97 Lakhs

B Amount unspent, if any Rs. 85.00 Lakhs

C Manner in which the amount spent during the financial year is given in CSR spent table

Table – A

6 In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof, the company shall provide the reasons for not spending the amount in its Board report

The Corporation’s CSR initiatives usually involve seating of various programme at small scale to learn from the ground realities, getting the feedback from the community. Being a government sector selection of agency and project required a transparent process and time consuming. Moving forward the corporation will endeavour to spend on CSR activities in accordance with the prescribed limits. The work order have also been issued against some of the projects but the bill have not been raised due to this accounting effect is not given for such projects.


19CIN: U45201OR1980SGC000884

TABLE-A

Sl No

CSR Projects or activity identified for

financial year

Sector in which project

is covered

Projects or programme(1) local area or

other (2) specify the state and district where project and

programme were undertaken

Amount Outlay

Amount spent on the projects and programme

Cumulative expenditure

upto 31.03.2019

Amount spent directly or

through the implementing

agency

1

Construction of Toilet & Bathroom for M.R.

Children SVM School, Nimapara,Puri

Schedule VII-(ii) promoting

educationPuri

Rs. 8.44 Lakhs

Rs. 0.78 Lakhs Only

Rs.7.83 Lakhs Only

Direct

2Berhampur Old-Age

Home

Schedule VII (iii)- setting up old age home

BerhampurRs.20.94

LakhsRs.7.13

Lakhs OnlyRs.17.57

Lakhs OnlyDirect

3Orphan Children for

Spl. Adoption Agency

Schedule VII (iii)- setting up home for

orphans

KoraputRs.48.24

LakhsRs.7.31

Lakhs OnlyRs.24.81

Lakhs OnlyDirect

4Sundargarh Ladies

Toilet B.S. High SchoolSchedule VII (iii)- sanitation

SundergarhRs.3.98 Lakhs

Rs.1.75 Lakhs

Rs.1.75 lakhs Direct

TotalRs. 81.60

LakhsRs. 16.97

LaksRs.51.96

Lakhs


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ANNEXURE-IITO THE DIRECTORS’ REPORT

Replies of the Management on the Comments of Comptroller and Auditor General of India on the Accounts for the year 2018-19

Infrastructure Related Welfare Expenses: ` 40,61,837/-The above does not include an amount of ` 30,28,072/- towards the extra funds required over and above the administrative approved amount for completion of stalled projects at Odagaon Fire Station. Administrative approvals were accorded for construction of 1D,2E& 6F type quarters at Odagaon Fire Station by the Fire Services Directorate in the year 2012. The Original estimates were framed as per SoR 2009 and work orders were issued for execution of works. Due to slow progress of the work, the agreement was rescinded and order was issued to execute the balance work departmentally. The works were incomplete as the allotted funds were exhausted. As per estimates for balance work, a sum of ` 30,28,072/- is required to complete the stalled projects. In this connection the Board of Directors in the 136th meeting held on 24th July 2018 approved that the aforesaid stalled projects should be completed at the earliest by using infrastructure welfare fund of the Corporation. Thusthe Corporation should have made provision for the Odagaon project.

This resulted in understatement of “Infrastructure Welfare Related Expenses’ by `30.28 lakh with corresponding overstatement of Profit before tax to that extent.

The Board of the Corporation approved certain projects to be undertaken under infrastructure related welfare activities, after considering the relevancy of the project and on the basis of requests received from the users and also as per the condition stipulated in the MoU signed with Home Dept., Govt. of Odisha. The Board approved the approximate cost of the project &the expenditures are to be incurred on the basis of detailed approved estimated cost and actual work done. The expenditure booked in the accounts are on the basis of actual expenditures incurred for the project. In case of Odagaon FS Project. A sum ` 1.38 Crore has been incurred towards Odagaon FS Projects and same amount has been booked in the accounts. Therefore, no provision is required for the above FS projects, as substantial amount of expenditures have been incurred and already accounted for during the year 2018-19 and balance expenditures have been incurred during the year 2019-20. These projects have been completed & handed over during the year 2019-20.

Replies of the Management on the Comments of Statutory Auditors on the Accounts for the year 2018-19

Emphasis of the Matter

Statutory Auditors’ Comment Management’s Reply

i. As per Note-10 to the financial statements, under the head Current assets, trade receivable of Rs.169.73 lakhs (i.e. Utkal University Rs.75.19 lakhs and Jagannath Sanskrit University Rs.94.54 lakhs) was shown as unsecured and considered as good and the above stated amount is pending since long without any realization. But the Corporation has not provided for such unrecoverable which resulted in overstatement of profit as well as current assets to that extent (Refer Note No.-16.24 of the financial statement).

Corporation is following up with customers for recovery of these old dues, however, necessary provisions will be created during the year 2019-20 against these dues as observed by the Auditors.


21CIN: U45201OR1980SGC000884

Statutory Auditors’ Comment Management’s Reply

ii. The Corporation has neither assessed nor provided the gratuity liability of its contractual employees and the persons engaged through the service provider agency up to 31.03.2019 as per stipulation of section 2A of the payment of Gratuity Act 1972 (Refer Note No.-16.22 of the financial statement).

Necessary expert opinion from the advocate / legal consultant will be taken on gratuity liability of the Corporation in case of contractual employees and the persons engaged through the service provider agency. According to legal opinion necessary actions will be taken.

iii. As per Note No.-6 to the financial statements, under the head current liabilities & provision, Advance Received (against on-going projects) was shown as Rs.1353.81 crores as on 31.03.2019 but the Corporation could not provide project wise details. Hence, we are unable to comment on it (Refer Note No.-16.23 of the financial statement).

Rs.1353.81 crore includes Rs.187.95 crore towards interest accrued on scheme funds. Advances received from customers are being maintained project wise since financial year 2016-17. Reconciliation of advances , prior to 2016-17, has already been taken up by the Management.

iv. As per Note No.-10 to the financial statements, under the head current assets, inventory (stores and spares) Rs.16.71 lakhs is under investigation of Vigilance Dept. and no movement of such stores & spares since long. But the Corporation has not been provided for the same which resulted in overstatement of profit as well as current assets to that extent (Refer Note No.-16.25 of the financial statement).

Inventory of PH materials could not be verified, as these are under the custody of State Vigilance Dept. However, necessary provisions will be created during the year 2019-20 as observed by the Auditors.

ITI / Polytechnic Smart Class Room Solar Project in COBs


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ANNEXURE IIITO THE DIRECTORS’ REPORT

Form No. MGT-9

Extract of Annual Return as on the financial year ended on 31st March, 2019 [Pursuant to section 92(3) and Rule 12(1) of the

Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS i. CIN U45201OR1980SGC000884ii. Registration Date 24/05/1980iii. Name of the Company The Odisha State Police Housing & Welfare Corporation Limited.iv. Category / Sub-Category of the Company Private Limited Companyv. Address of the Registered Office and

contact detailsBhoinagar, Janapath, Bhubaneswar-751022 Tel.: 0674-2541545/2544145 Fax: 0674-2541543Website : www.ophwc.nic.in

vi. Whether listed company Yes / No

No

vii. Name, Address and Contact details of Registrar and Transfer Agent, if any

N. A

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company, on standalone basis, are as under:

Sl. No. Name and Description of main products / services

NIC Code of the Product / service

% to total turnover of the Company

1. Construction 95%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: ---------------Not Applicable---------------

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Share HoldingCategory of

shareholdersNo. of Shares held at the

beginning of the yearNo. of Shares held

at the end of the year% change

during the yearDemat Physical Total % of

total shares

Demat Physical Total % of total shares

A. Promoters (1) Indian Individual/HUF Central Govt. State Govt. 56,301 56,301 100 NILBodies Corp.


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Category of shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year

% change during

the yearDemat Physical Total % of total

shares


Banks / FI Any OtherSub-total (A)(1) (2) Foreign a) NRIs - Individuals - - - - - - - - -b) Other – Individuals - - - - - - - - -Bodies Corp. - - - - - - - - -Banks / FI - - - - - - - - -Any Other - - - - - - - - -Sub-total (A)(2) - - - - - - - - -Total shareholding of Promoter (A) = (A)(1)+(A)(2)B. Public Shareholding

Nil

1. Institutions a) Mutual Funds b) Banks / FI c) Central Govt.d) State Govt.(s) e) Venture Capital Fundsf) Insurance Companies g) FIIs h) Foreign Venture Capital Funds i) Others - Qualified Foreign InvestorSub-total (B)(1)2. Non-Institutions

Nil

a) Bodies Corp. i) Indian ii) Overseas b) Individualsi) Individual shareholders holding nominal share capital up to Rs. 1 lakh


24 CIN: U45201OR1980SGC000884

Category of shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year

% change during

the yearDemat Physical Total % of total

shares


ii) Individual shareholders holding nominal share capital in excess of Rs. 1 lakh

Nil

c) Others (specify) Clearing MembersForeign BodiesForeign NationalsNon Resident IndiansOverseas Corporate BodiesTrustsQualified Foreign InvestorsSub-total (B)(2) Total Public Shareholding (B) = (B)(1)+(B)(2)C. Shares held by Custodian for GDRs & ADRs Grand Total (A+B+C)

(ii) Shareholding of Promoters

Sl. No.

Shareholder’s Name

Shareholding at the beginning of the year

Shareholding at the end of the year

% change in shareholding

during the year*

No. of Shares

% of total Shares of the

Company

% of Shares Pledged /

encumbered to total shares

No. of Shares

% of total Shares of the

Company

% of Shares Pledged /

encumbered to total shares

1. Governor of Odisha

(Includes two other share holders where Governor of Odisha is beneficial share holder.)

56301 100 NIL 56301 100 NIL NIL

TOTAL


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(iii) Change in Promoters’ Shareholding (please specify, if there is no change)Sl. No.

Particulars Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of Shares % of total Shares of the

Company

No. of Shares % of total Shares of the

Company*1.

At the beginning of the yearDate wise increase / decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease

(e.g. allotment / transfer / bonus/ sweat equity etc.)

No Change during the year

At the end of the year

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs). N. A

(v) Shareholding of Directors and Key Managerial Personnel: NIL

V. INDEBTEDNESS ----NIL-----

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager: Sl. Particulars of Remuneration Name of MD/WTD/Manager Total Amount

1. Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

Lalit Das,IPS Rs.26.77 Lac

2. Stock option NIL3. Sweat equity NIL4. Commission

- as % of profit

- others, specify

NIL

5. Others, please specify NILTotal (A) Rs.26.77 Lac


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Sl. Particulars of Remuneration Name of MD/WTD/Manager Total AmountCeiling as per the Act The remuneration payable to one

Managing Director or Whole Time Director or Manager shall not exceed 5 % of the Net Profits of the Company and if there is more than one such Director remuneration shall not exceed 10% of the Net Profits to all such Director and Manager taken together.

# Please note that pursuant to Ministry of Corporate Affairs Notification dated 5th June, 2015; Government Companies are exempted from applicability of the provisions of Section 197 of the Companies Act, 2013..

N.A.: Not Applicable

B. REMUNERATION TO OTHER DIRECTORS: Sl. No.

Particulars of Remuneration

Name of Directors Total Amount

(Rs.)1. Independent Directors

CA P. Venugopal Rao

Shri Dronadeb Rath

Shri Debraj Biswal

Fee for attending board / committee meetings (Rs.)

15,000/- 20,000/- 20,000/- 55,000/-

Commission (Rs.) - - - - - -Others, please specify (Rs.)

- - - - - -

Total (1) (Rs.) 15,000/- 20,000/- 20,000/- - - 55,000/-2. Other Non-

Executive Directors Fee for attending board / committee meetings (Rs.)Commission (Rs.) - - - - - - -Others, please specify (Rs.)

- - - - - - - -

Remuneration Total (2) (Rs.)Total (B)=(1+2) (Rs.)Total managerial remuneration (A+B) (Rs.)

- - - - - -

Overall Ceiling as per the Act (%)

The remuneration payable to Directors other than Executive Director shall not exceed 1% of the Net Profits of the Company. The remuneration paid to the Directors is well within the said limit.


27CIN: U45201OR1980SGC000884

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD / MANAGER / WTD:

Rs. In LacsSl. No.

Particulars of Remuneration Key Managerial PersonnelChief Financial Officer Company Secretary Total Amount

1. Gross salary (in Rs.)

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

S. K. Panda, CS Rs.13.29 Lac

2. Stock option 3. Sweat equity 4. Commission

- as % of profit

- others, specify5. Others, please specify

Total Rs.13.29 Lac

VII. PENALTIES/ PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Companies Act

Brief Description

Details of Penalty /Punishment /

Compounding fees imposed

Authority [RD / NCLT / COURT]

Appeal made, if any (give

details)

A. COMPANYPenalty

NilPunishmentCompounding B. DIRECTORSPenalty

NilPunishmentCompounding C. OTHER OFFICERS IN DEFAULTPenalty

NilPunishmentCompounding


28 CIN: U45201OR1980SGC000884

Comments of the Comptroller and Auditor General of India Under Section 143(6) of the Companies Act’ 2013

on the Accounts of The Odisha State Police Housing & Welfare Corporation Limited for the year ended

31 March 2019.

The preparation of financial statements of Odisha State Police Housing & Welfare Corporation Limited for the year ended 31 March 2019 in accordance with financial reporting framework prescribed under the Companies Act’ 2013 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under section 139(5) of the Act, are responsible for expressing opinion on the financial statements under section 143 of the Act, based on independent audit in accordance with standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 28th September 2019.

I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under section 143(6)(a) of the Act of the financial statements of Odisha State Police Housing & Welfare Corporation Limited for the year ended 31 March 2019. This supplementary audit has been carried out independently without access to the working paper of the Statutory Auditors and is limited primarily to inquire of the Statutory Auditors and Company Personnel and a selective examination of some of the accounting records. Based on my supplementary, I would like to highlight the following significant matter under section 143(6)(b) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statements and the related Audit Report.

(A) Comments on Profitability(I) Other Expenses (NOTE-15)Infrastructure Related Welfare Expenses: ` 40,61,837/-

The above does not include an amount of ̀ 30,28,072/- towards the extra funds required over and above the administrative approved amount for completion of stalled projects at Odagaon Fire Station. Administrative approvals were accorded for construction of 1D,2E& 6F type quarters at Odagaon Fire Station by the Fire Services Directorate in the year 2012. The Original estimates were framed as per SoR 2009 and work orders were issued for execution of works. Due to slow progress of the work, the agreement was rescinded and order was issued to execute the balance work departmentally. The works were incomplete as the allotted funds were exhausted. As per estimates for balance work, a sum of ` 30,28,072/- is required to complete the stalled projects. In this connection the Board of Directors in the 136th meeting held on 24th July 2018 approved that the aforesaid stalled projects should be completed at the earliest by using infrastructure welfare fund of the Corporation. Thusthe Corporation should have made provision for the Odagaon project.

This resulted in understatement of ‘Infrastructure Welfare Related Expenses’ by ` 30.28 lakh with corresponding overstatement of Profit before tax to that extent.

Place:BhubaneswarDate:17 January 2020

For and on behalf of the Comptroller and Auditor General of India

(Bibhudutta Basantia)ACCOUNTANT GENERAL (G&SSA)


29CIN: U45201OR1980SGC000884

INDEPENDENT AUDITORS’ REPORT

To THE MEMBERS OF THE ODISHA STATE POLICE HOUSING & WELFARE CORPRATION LIMITED BHUBANESWAR

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of THE ODISHA STATE POLICE HOUSING & WELFARE CORPRATION LIMITED (“the Company”) which comprises the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss and the Statement of Cash Flow for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information for the year ended on that date.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the Companies(Accounting Standards) Rules, 2015 as amended, (“AS”) and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and profit, and its Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit of financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter

We draw attention to the following matters that

i. The Corporation has neither assessed nor provided the gratuity liability of its contractual employees (insourcing and out sourcing) during financial year 2018-19 as per stipulation of Section 2A of the Payment of Gratuity Act 1972 (Refer note no-16.22 of the financial statement).

ii. As per Note No- 6 to the financial statements, under the head Current liabilities & Provision, Advance Received (against on- going projects) was shown as Rs.1353.81 crores as on 31.03.2019 but the Corporation could not provide the details of such project wise and scheme wise. Hence we are unable to comment on it (Refer note no-16.23 of the financial statement).

iii. As per Note No- 10 to the financial statements, under the head Current assets, trade receivable of Rs. 169.73 lakhs (i.e. Utkal University Rs. 75.19 lakhs and Jagannath Sanskrit University Rs. 94.54 lakhs) was shown as unsecured and considered as good and the above stated amount is pending since long without any realization.


30 CIN: U45201OR1980SGC000884

But the corporation has not provided for such unrecoverable which resulted in overstatement of profit as well as current assets to that extent (Refer note no-16.23 of the financial statement).

iv. As per Note No- 10 to the financial statements, under the head Current assets, Inventory (stores and spares) Rs. 16.71 lakhs is under investigation of Vigilance Dept and no movement of such stores & spares since long. But the corporation has not been provided for the same which resulted in overstatement of profit as well as current assets to that extent (Refer note no-16.25 of the financial statement).

Our opinion is not modified in respect of these matters.

Other InformationThe Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the financial statements and our auditors’ report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the Financial StatementsThe Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company’s financial reporting process

Auditor’s Responsibility for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


31CIN: U45201OR1980SGC000884

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

� Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

� Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

� Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

� Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

� Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government

of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure-A” to this report a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. In compliance to directions of the Comptroller and Auditor General of India u/s.143 (5) of the Act, we give in Annexure “B” to this report a statement on the matters specified therein.

3. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books


32 CIN: U45201OR1980SGC000884

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) Section 164(2) of the Act regarding disqualification of directors is not applicable to the Company by virtue of Notification No. G.S.R. 463(E) dated 05.06.2015 issued by the Ministry of Corporate Affairs, Government of India.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure C”.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has pending litigations, the liabilities in respect of which is either provided for or disclosed as contingent liabilities – Refer Note 16.24 to the financial statements. The impact of these pending litigations on the financial position of the Company is subject to their judicial outcome;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. The Corporation is in the process of identification of matured deposits as on 31.03.2019, if any, as defined in Companies (Acceptance) Deposit Rules 2014, and hence we are unable to state whether any amount is required to be transferred to the Investor Education and Protection fund by the Company during the financial year.

PLACE: Bhubaneswar

DATED: 28.09.2019

For LALDASH & COChartered Accountants

FRN: 311147E

Sd/-(CA. B. K. Dash)

PartnerM N: 052980

UDIN: 19052980AAAADD4423

Office-cum-Residence of Zonal DSP of Spl. Branch at Berhampur 2 ‘E’ Type Quarters at Kasinagar PS


33CIN: U45201OR1980SGC000884

“ANNEXURE - A”

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT ON FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31ST MARCH, 2019 OF THE ODISHA STATE POLICE HOUSING & WELFARE CORPRATION LIMITED

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

1. i. The Corporation has maintained proper records showing full particulars including quantitative details and situation of its property, plant and equipment including intangible assets.

ii. All movable and non-movable assets of the Company are physically verified by the management every year. The frequency of verification, in our opinion, is reasonable. No material discrepancies were noticed on such verification conducted during the year; explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

iii. The title deeds of the immovable properties given in note -7 of the financial statements are not held in the name of the Corporation.

2. The inventory has not been physically verified by the management during the year. As explained to us stores & spares i.e. plumbing and hardware could not be verified as these are under custody of the state vigilance dept. As physical verification has not been conducted by the management, the adjustment of shortage or excess does not arise.

3. The Corporation has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Consequently, clauses (iii) (a), (b) & (c) of paragraph 3 of the Order are not applicable;

4. Section 185 of the Act regarding loans to directors is not applicable to the Corporation by virtue of Notification No. G.S.R. 463(E) dated 05.06.2015 issued by the Ministry of Corporate Affairs, Govt. of India. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act with respect to the loans and investments made.

5. According to the information and explanations given to us, the corporation has not accepted deposits as per the directive issued by the Reserve Bank of India and the provision of Section 73 to 76 or any other relevant provision of the Act and the rules framed there under. However the age-wise analysis of Advance received against project and Security Deposits were not available for verification whether the same are in the ordinary course of business or the time period for withholding the same have expired. So we are unable to comment on the compliance of Section 73 to 76 as per Companies Act 2013 for Advance received against project and Security Deposits.

6. We have broadly reviewed the books and records maintained by the Corporation as specified by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 in respect of construction activities and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate and complete.

7. a). According to the information and explanations given to us and on the basis of our examination of the records of the Corporation, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income tax, goods and service tax, duty of customs, cess and other material statutory dues with the appropriate authorities and there are no undisputed statutory dues as at 31st March, 2019 outstanding for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, following statutory dues have not been deposited by the Corporation on account of disputes:


34 CIN: U45201OR1980SGC000884

Name of the Statute Nature of Dues Amount Disputed

(Rs. In Lakhs)

Amount Deposited

(Rs. In Lakhs

Forum where disputes are pending

Income Tax Act, 1961 Income Tax

31.59 - Commissioner of Income Tax Appeal

5.82 - Dy. Commissioner of Income Tax

TDS 8.49 - CPC

Odisha Sales Tax Act 1947, Central Sales Tax Act 1957 & Odisha Value Added Tax Act, 2004

OST/CST & VAT 650.98 150.68 Sales Tax Tribunal

8. The Corporation does not have any loans or borrowings from financial institutions or government or debenture holder during the year. Accordingly paragraph (viii) of the Order is not applicable.

9. The Corporation did not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.

10. Based upon the audit procedures and according to the information and explanations given by the management, we report that no fraud by the Corporation or any material fraud on the Corporation by its officers or employees has been noticed or reported during the course of our audit.

11. Section 197 of the Act regarding managerial remuneration is not applicable to the Corporation by virtue of Notification No. G.S.R. 463(E) dated 05.06.2015 issued by the Ministry of Corporate Affairs, Govt. of India.

12. In our opinion and according to the information and explanations given to us, the Corporation is not a Nidhi Company. Accordingly, the paragraph (xii) of the Order is not applicable.

13. According to the information and explanations given to us and based on our examination of the records of the Corporation, transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details of such transactions have been disclosed in the financial statements as required by the applicable Accounting Standards.

14. According to the information and explanations given to us and based on our examination of the records of the Corporation, the Company has not made any private placement/preferential allotment of shares or fully or partly convertible debentures during the year under review. Accordingly, the paragraph (xiv) of the Order is not applicable.

15. According to the information and explanation given to us, the Corporation has not entered into any non-cash transactions with directors or persons connected with him.

16. The Corporation is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the paragraph (xvi) of the Order is not applicable.

PLACE: Bhubaneswar

DATED: 28.09.2019


FRN: 311147E


PartnerM N: 052980



35CIN: U45201OR1980SGC000884

“ANNEXURE - B”


(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Report on the directions under section 143(5) of the Companies Act, 2013 by the Comptroller & Auditor General of India

According to the information and explanations given to us by the management and on the basis of our examination of books and records of the Company, we report that:

1. The Corporation has Tally system in place to process all the accounting transactions through IT system. AS there is no processing of accounting transactions outside IT system, comment on the integrity of the accounts and financial implications of accounting transactions processed outside IT system does not arise.

2. The Corporation has not obtained any loan and as such question of restructuring of loan by the lender does not arise.

3. The Corporation has received funds from Central/State agencies for various schemes and accounting of receipt of fund and utilization thereof as per terms and conditions.

PLACE: Bhubaneswar

DATED: 28.09.2019


FRN: 311147E


PartnerM N: 052980


Serango Police Station, Gajapati 4F Type Quarters at Jagannath Prasad, Ganjam


36 CIN: U45201OR1980SGC000884

“ANNEXURE - C”


Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”) as referred to in paragraph 3(f) of ‘Report on Other Legal and Regulatory Requirements’ section.

We have audited the internal financial controls with reference to financial statements THE ODISHA STATE POLICE HOUSING & WELFARE CORPRATION LIMITED (“the Company”) as of 31st March, 2019 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the ‘’Guidance Note’’) issued by the Institute of Chartered Accountants of India (ICAI).

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our audit conducted in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system with reference to financial statements.


37CIN: U45201OR1980SGC000884

Meaning of Internal Financial Controls with reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to financial statements includes those policies and procedures that: (1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2019, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

PLACE: Bhubaneswar

DATED: 28.09.2019


FRN: 311147E


PartnerM N: 052980



38 CIN: U45201OR1980SGC000884

THE ODISHA STATE POLICE HOUSING & WELFARE CORPORATION LTD.

BALANCE SHEET AS AT 31ST MARCH, 2019

Amount in Rs.

PARTICULARS NOTE NO. As at 31.03.19 As at 31.03.18 I. EQUITIES AND LIABILITIES 1. SHARE HOLDERS’ FUND

(a) Share Capital 3 56,301,000.00 56,301,000.00

(b) Reserve & Surplus 4 1,179,851,262.79 1,070,794,511.37

2. NON-CURRENT LIABILITIES 5

(a) Other Long Term Liabilities 708,561,893.53 539,100,212.03

(b) Long Term Provisions 25,353,119.00 30,522,262.00

3. CURRENT LIABILITIES 6 (a) Trade Payables 1) Due to Micro & Small Enterprises - -

2) Due to Others 99,459,444.82 66,338,395.82

(b) Other Current Liabilities 13,746,909,714.48 12,732,556,752.03

(c) Short Term Provisions 447,343,841.10 348,883,783.30

TOTAL 16,263,780,275.72 14,844,496,916.55 II. ASSETS 1. NON-CURRENT ASSETS (a) Property, Plant & Equipments 7 (i) Tangible Assets 101,843,630.98 105,914,277.61 (ii) Intangible Assets 1,063,656.02 2,638,998.10 (iii) Capital Work in Progress 2,217,364.00 518,407.00 (b) Non Current Investments 10,377,792.28 10,829,093.68 (c) Deferred Tax Assets (Net) 8 21,085,914.00 18,004,044.00 (d) Long Term Loans & Advances 9 1,028,383.00 1,028,383.00 2. CURRENT ASSETS 10 (a) Inventories 6,595,575,846.80 6,524,416,376.88 (b) Trade Receivables 243,062,609.21 313,022,713.85 (c) Cash & Cash Equivalent 8,959,715,236.70 7,616,958,038.77 (d) Short Term Loans & Advances 47,969,234.76 38,394,941.60 (e) Other Current Assets 279,840,607.97 212,771,642.06 TOTAL 16,263,780,275.72 14,844,496,916.55 See accompanying notes to the financial statements. 1 to 16

As per our report of even date.

For and on behalf of the Board For LALDASH & COChartered Accountants

FRN - 311147ESd/-

CA B.K. DashSr. Partner

Membership No. 052980

Sd/-S. K. Panda

Company Secretary

Sd/-R. K. Mishra

Financial Advisor

Sd/-Lalit Das

Chairman-Cum-Managing Director

Sd/-S. P. Padhi

Director

Place :BhubaneswarDate : 28.09.2019


39CIN: U45201OR1980SGC000884


STATEMENT OF PROFIT & LOSSFOR THE YEAR ENDED 31ST MARCH, 2019

Amount in Rs.

For the Year For the Year PARTICULARS NOTE NO. Ended 31-03-19 Ended 31-03-18

INCOME Revenue from Operations 11 3,760,080,891.91 3,638,203,835.71 Other Income 12 202,913,055.24 166,864,583.96

Total 3,962,993,947.15 3,805,068,419.67 EXPENDITURE Cost of Material & Labour 13 3,351,084,680.24 2,851,446,614.82 Changes in Inventory of Work in Progress 71,159,469.92 481,350,452.90 Employee Benefits Expense 14 224,415,795.32 175,300,627.00 Depreciation & Amortization Expense 10,837,463.41 12,303,550.30 Other Expenses 15 42,455,356.84 68,548,471.08

Total 3,699,952,765.73 3,588,949,716.10

Profit Before Tax 263,041,181.42 216,118,703.57 Less : Provision for Taxation i) Current Tax 95,273,400.00 81,324,750.00 ii) Adjustment for earlier year Tax - (454,845.00) iii) Deferred Tax (3,081,870.00) (6,000,560.00) Profit after Tax 170,849,651.42 141,249,358.57 Less : Provision for Didivend Distribution i) Dividend 51,254,900.00 42,375,000.00 ii) Dividend Distribution Tax 10,538,000.00 8,712,300.00 Profit for the year transferred to Reserve & Surplus 109,056,751.42 90,162,058.57 Earning Per Equity Share (Face value of Rs.1,000/- per equity share) i) Basic 3,034.58 2,508.83 ii) Diluted 3,034.58 2,508.83 See accompanying notes to the financial statements. 1 to 16

As per our report of even date.

For and on behalf of the Board For LALDASH & COChartered Accountants

FRN - 311147ESd/-



Sd/-S. K. Panda

Company Secretary

Sd/-R. K. Mishra

Financial Advisor

Sd/-Lalit Das


Sd/-S. P. Padhi

Director



40 CIN: U45201OR1980SGC000884


CASH FLOW STATEMENTAmount in Rs.

For The Year2018-19 For The Year

2017-18( A ) CASH FLOW FROM OPERATING ACTIVITIES NET PROFIT BEFORE TAX & EXTRAORDINARY ITEMS 263,041,181.42 216,118,703.57 Adjusted for : Depreciation Charged to Profit & Loss Statement 10,837,463.41 11,730,946.16 Depreciation on let out property 548,400.00 572,604.14 Profit on sale of Fixed Assets (2,262.50) (173,311.65) Income from Investments (Interest) (174,264,793.87) (147,623,854.51) Provision for Retirement Benefits (5,169,143.00) 16,344,492.00 OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 94,990,845.46 96,969,579.71 Adjusted for : Trade Receivables 69,960,104.64 34,599,359.27

Inventories / Work in Progress (71,159,469.92) (481,350,452.90)

Other Current / Non Current Assets (70,150,835.91) (65,374,232.70) Trade & Other Payables 1,118,343,246.47 317,910,540.37 Excess Provision for Income Tax for Earlier year - 454,845.00 CASH GENERATED FROM OPERATIONS 1,141,983,890.74 (96,790,361.25) Direct Taxes Paid 104,860,974.28 91,089,681.35 NET CASH FLOW FROM / (USED IN) OPERATING ACTIVITIES 1,246,844,865.02 (5,700,679.90)( B ) CASH FLOW FROM INVESTING ACTIVITIES Purchase of Tangible Assets (6,988,267.80) (7,813,030.00) Sale of Fixed Assets 3,000.00 221,555.00 Interest Received 174,264,793.87 147,623,854.51 Changes in Loans & Advances (9,574,293.16) (3,043,934.57)NET CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES 157,705,232.91 136,988,444.94 ( C ) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Issue of Share Capital - - Proceeds from Long Term Borrowings - - Dividend (61,792,900.00) (51,087,300.00) Proceeds from Issue of Debentures - - NET CASH FROM/(USED IN) FINANCING ACTIVITIES ( C ) (61,792,900.00) (51,087,300.00)NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS (A + B + C) 1,342,757,197.93 80,200,465.04 Cash & Cash Equivalents at the beginning of the year 7,616,958,038.77 7,536,757,573.73 Cash & Cash Equivalents at the end of the year 8,959,715,236.70 7,616,958,038.77

Notes: 1. Figures in Brackets represent cash out flows.

As per our report of even date.For and on behalf of the Board


FRN - 311147ESd/-



Sd/-S. K. Panda

Company Secretary

Sd/-R. K. Mishra

Financial Advisor

Sd/-Lalit Das


Sd/-S. P. Padhi

Director

Place : BhubaneswarDate : 28.09.2019


41CIN: U45201OR1980SGC000884

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTE “1” – CORPORATE INFORMATIONThe Odisha State Police Housing & Welfare Corporation Ltd. (“the Corporation”) is a Company registered under the Companies Act,1956. The Corporation is primarily engaged in construction activities mostly of Govt. projects.

NOTE “2” - SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of Accounting

a) The Corporation generally follows Mercantile System of Accounting and recognizes significant items of Income and Expenditure on accrual basis except those with significant uncertainties.

b) The financial statements have been prepared to comply with the requirements of the Companies Act, 2013, under the historical cost convention and in accordance with the applicable Accounting Standards except otherwise stated.

2.2 Revenue Recognition

a) Revenues from projects are recognized on the basis of AS-7, para-29 (a) “the proportion that contract costs incurred for work performed up to the reporting date bear to the estimated total contract costs”, issued by The Institute of Chartered Accountants of India.

b) Income on account of extra external electrification is accounted for on cash basis due to uncertainty of receipt.

c) Income from rent is recognized on accrual basis in accordance with the terms of agreement with the tenant.

d) Interest income is recognized on accrual basis on a time proportion basis.2.3 Tangible Assets

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation. Cost includes purchase price and all other attributable costs of bringing the assets to working condition for intended use.

2.4 Depreciation

a) Depreciation on tangible fixed assets has been provided as per Companies Act, 2013 under WDV method. Fixed assets have been depreciated over its useful life, as prescribed under Part ‘C’ of Schedule-II of the said Act.

b) Intangible fixed assets such as “e-Nirbaha”, the ERP software, Mobile App software & MS office software have been amortized over a period of 5 years.

2.5 Work in ProgressWork in Progress includes the cost of materials consumed, labour costs and other misc. expenditures incurred for the on-going projects and valued at cost.

2.6 Employee Benefits

a) Short-term employee Benefits :- A liability is recognized for benefits accruing to employees in respect of wages and salaries, short term compensated absences etc. in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid.

b) Post-employment and long term employee benefits:-

i) Defined Contribution Plans :- A defined contribution plan is a plan under which the Company pays fixed contributions to a separate entity. Contributions to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them for such contributions.

ii) Defined benefit plans:- For defined benefit plans, the cost of providing benefits is determined through actuarial valuation.

As per the policy of the Corporation, the retirement age of employees is 60 years. The retirement benefits include gratuity, pension and unutilized earned leaves as per Govt. rules for eligible employees.

2.7 Prior Period ItemPrior period expenditure and income are recognized during the year of occurrence.


42 CIN: U45201OR1980SGC000884

PARTICULARS As at 31-03-19 Amount in Rs.

As at 31-03-18 Amount in Rs.

NOTE “3” SHARE CAPITAL Authorised 1,00,000 Equity Shares of Rs. 1,000/- each 100,000,000.00 100,000,000.00 Issued and Subscribed 56,301 Equity Shares of Rs.1,000/- each 56,301,000.00 56,301,000.00 Paid Up 56,301 Equity Shares of Rs.1,000/- each (100% of paid up shares are held by Govt. of Odisha) 56,301,000.00 56,301,000.00 Share Reconciliation Statement : Share Holders holding more than 5% of shares Govt. of Odisha (100% Share Holding) Corporation has not issued any Bonus shares during last five years Opening Balance of Paid up Share Capital 56,301,000.00 56,301,000.00 Add : Share Capital Issued during the year - - Less : Share Capital Buy Backed during the year - - Closing Balance of Paid up Share Capital 56,301,000.00 56,301,000.00 NOTE “4” RESERVE & SURPLUS SURPLUS a) Balance brought forward 1,070,794,511.37 980,632,452.80 b) Profit for the year after Tax and Adjustments 109,056,751.42 90,162,058.57

Total 1,179,851,262.79 1,070,794,511.37 NOTE “5” NON-CURRENT LIABILITIES & PROVISIONS (a) Other Long Term Liabilities (i) Trade Payables (Performance Security Deposits) * 708,561,893.53 539,100,212.03 (* All deposits are related to performance of contracts. Management is in the process for financial closure of contracts, therefore, no amount is due for credit to Investor Education and Protection Fund.) (b) Long Term Provisions (i) Provisions for Employee Benefit (1) Gratuity 25,353,119.00 30,522,262.00

Total 25,353,119.00 30,522,262.00 NOTE “6” CURRENT LIABILITIES & PROVISIONS (a) Current Liabilities (i) Trade Payables 1) Due to Micro & Small Enterprises - - 2) Due to Others 99,459,444.82 66,338,395.82

Trade Payables 99,459,444.82 66,338,395.82 (b) Other Current Liabilities (i) Advances Received (Against On-Going Projects) 13,538,095,366.80 12,609,052,912.73 (ii) Other Liabilities 1) Statutory Dues 74,204,707.96 43,452,226.86 2) Outstanding Expenses 72,816,739.72 28,964,312.44 3) Dividend & DDT 61,792,900.00 51,087,300.00

Other Current Liabilities 13,746,909,714.48 12,732,556,752.03 (c) Short Term Provisions (i) Provisions for Employee Benefit (1) Leave Encashment 4,243,521.00 4,053,549.00 (2) Gratuity 9,544,705.00 8,163,394.00 (ii) Other Provisions (1) Project Expenditures 433,555,615.10 336,666,840.30

Short Term Provisions 447,343,841.10 348,883,783.30


43CIN: U45201OR1980SGC000884

NO

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44 CIN: U45201OR1980SGC000884

PAR

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(vii)

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11,6

32,4

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694,

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9,50

9,89

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45,4

84.2

6 22

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(iii)

Ste

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able

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86

3,93

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114.

31

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3,59

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131,

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Car

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248,

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45CIN: U45201OR1980SGC000884

NOTES FORMING PART OF FINANCIAL STATEMENTPARTICULARS As at 31-03-19

Amount in Rs. As at 31-03-18

Amount in Rs. NOTE “8” DEFERRED TAX ASSETS (a) Deferred Tax Assets (Net) 21,085,914.00 18,004,044.00 21,085,914.00 18,004,044.00

NOTE “9” LONG TERM ADVANCES (a) Trade Advances 37,215,752.33 37,215,752.33 (Unsecured & Considered Doubtful) Less : Provision 37,215,752.33 37,215,752.33 - - (b) Deposits 1,028,383.00 1,028,383.00 1,028,383.00 1,028,383.00 NOTE “10” CURRENT ASSETS (a) Inventories (i) Stores & Spares 1,765,445.28 1,765,445.28 (ii) Work-in-Progress (1) Police Projects 3,110,394,953.12 3,488,719,300.86 (2) Fire Station Projects 545,300,679.98 773,562,966.96 (3) Jail Projects 762,690,025.38 769,403,982.44 (4) Court Projects 988,211,140.00 713,784,793.00 (5) Other Projects 1,187,213,603.04 777,179,888.34 6,595,575,846.80 6,524,416,376.88 (b) Trade Receivables (i) Unsecured and considered good (1) Outstanding for a period exceeding six months 16,972,959.15 16,972,959.15 (ii) Revenue Recognised on On-going Projects 226,089,650.06 296,049,754.70 243,062,609.21 313,022,713.85 (c) Cash and Cash Equivalents (i) Balances With Banks 640,079,429.55 723,658,985.48 (ii) Cash on hand 37,912.50 35,548.50 (iii) Bank Deposits 8,319,597,894.65 6,893,263,504.79 (Bank deposits of Rs.2,29,51,35,673/- are more than twelve months maturity period)

Total 8,959,715,236.70 7,616,958,038.77 (d) Other Current Assets (i) Accrued Interest 225,356,419.67 168,343,907.58 (ii) Income Tax Receivable 29,116,970.35 19,197,956.84 (iii) Sales Tax (Paid under protest) 20,675,223.05 20,675,223.05 (iv) Other Current Assets 4,691,994.90 4,554,554.59

Total 279,840,607.97 212,771,642.06

(f) Short Term Loans and Advances (Unsecured and considered good) (Recoverable in cash or kind or for value to be received) (i) Advances to Staff 16,711,019.76 17,136,500.60 (ii) Advances to Govt. of Odisha 5,508,763.00 4,708,120.00 (iii) Advances to SJSV, Puri 417,056.00 417,056.00 (iii) Advances to Trade Creditors 25,332,396.00 16,133,265.00

Total 47,969,234.76 38,394,941.60


46 CIN: U45201OR1980SGC000884

PARTICULARS Year Ended 31-03-19Amount in Rs.

Year Ended 31-03-18 Amount in Rs.

NOTE “11” INCOME FROM OPERATIONS

Operating Revenue 3,760,080,891.91 3,638,203,835.71

Total 3,760,080,891.91 3,638,203,835.71

NOTE “12” OTHER INCOME

Income from Interest 174,264,793.87 147,623,854.51

Income from let out Property 6,855,307.00 6,927,831.80

Other Income

(i) Sale of Tender Papers 13,529,142.00 12,139,586.00

(ii) Penalty Recovery 8,261,549.87 -

(ii) Misc. Income 2,262.50 173,311.65

Total 202,913,055.24 166,864,583.96

NOTE “13” COST OF MATERIAL & LABOUR

Project Expenditure 3,301,632,680.84 2,801,308,384.20

Architect Fees 1,061,556.00 2,300,335.00

External Electrification Expenditure 44,272,920.00 44,113,159.00

Testing & Inspection Charges 2,495,206.40 2,515,093.62

Incentive to Contractors 1,622,317.00 1,209,643.00

3,351,084,680.24 2,851,446,614.82

CHANGES IN INVENTORY & WIP

Changes in Work in Progress 71,159,469.92 481,350,452.90

Total 3,422,244,150.16 3,332,797,067.72

NOTE “14” EMPLOYEE BENEFITS EXPENSE

Salaries & Wages 211,018,698.00 161,979,994.00

Contribution to Provident & other Funds 12,907,730.32 12,398,478.00

Staff Welfare 489,367.00 922,155.00

Total 224,415,795.32 175,300,627.00


47CIN: U45201OR1980SGC000884

PARTICULARS Year Ended 31-03-19Amount in Rs.

Year Ended 31-03-18 Amount in Rs.

NOTE “15” OTHER EXPENSES

Advertisement Expenses 1,683,436.00 1,323,823.00

Bank Charges 127,554.26 118,560.90

Books & Periodicals 83,789.00 65,360.00

Business Promotion 1,365,907.00 546,216.26

Corporate Social Responsibility 1,696,613.00 3,530,245.00

Directors’ Sitting Fees 55,000.00 111,850.00

Electricity Charges 1,616,671.69 1,820,005.00

ERP Maintenance 4,536,221.00 2,483,522.00

Fees 145,860.00 105,683.00

Foundation Day Expenses 525,581.00 400,903.00

Hire Charges - Vehicles 5,485,041.00 6,358,143.00

Infrastructure Related Welfare Expenses 4,061,837.00 2,741,327.00

Insurance 1,486,557.00 1,245,529.00

Interest Paid 128,757.00 589,524.00

Legal Charges 203,720.00 1,257,468.00

Miscellaneous Expenses 131,356.89 330,808.50

Office & Establishment Expenses 574,308.00 528,632.92

Oil & Lubricants 3,304,410.00 2,596,574.00

Auditors’ Remuneration

a) Statutory Audit Fees 150,000.00 177,000.00

b) Tax Audit & Income Tax Matter 15,000.00 17,700.00

c) Internal Audit Fees 400,000.00 442,500.00

d) Cost Audit Fees 40,000.00 47,200.00

e) Audit expenses 21,495.00 55,107.00

Postage & Courier 104,890.00 139,660.00

Printing & Stationery 1,423,625.00 1,361,453.00

Professional Charges 1,774,658.00 162,860.00

Rates & Taxes 173,355.00 168,468.00

Rent 1,608,752.00 1,680,354.00

Repair & Maintenance - Building 2,912,590.00 773,411.00

Repair & Maintenance - Vehicles 232,190.00 443,482.00

Repair & Maintenance - Others 1,021,897.00 878,457.00

Software Maintenance Expenses 448,913.00 264,945.00

Telephone Charges 574,988.00 815,468.00

Travelling & Conveyance 4,163,402.00 4,065,531.00

Receivables Written Off - 30,857,707.50

Prior Period Expenditures 176,982.00 42,993.00

Total 42,455,356.84 68,548,471.08


48 CIN: U45201OR1980SGC000884

NOTES FORMING PART OF FINANCIAL STATEMENT

NOTE “16”16.1 Note “1” to “16” form an integral part of the Balance Sheet and Profit & Loss Account.16.2 Inventories

Inventories includes the cost of central PH Store of Rs.16.71 lakh at Head Office, stock of construction material of Rs.0.94 lakh at Sambalpur Division and stock of Work-in-Progress of Rs.659.38 crore. However, during previous financial years Work-in-Progress was shown separately in the Balance Sheet.

16.3 Trade Receivables

Trade receivables include Rs.1.70 lakh towards receivable from Utkal University and Sri Jagannath Sanskrit University and Rs.22.61 crore towards revenue recognized on WIP as per AS-7 of ICAI. However, during previous financial years revenue recognized on WIP was shown under other current assets.

16.4 Depreciation

Depreciation on tangible fixed assets have been provided over its useful life as per rates mentioned in para 2.4 of “NOTE-2”.

16.5 Construction Contract

Corporation has followed Percentage of Completion Method as required under AS-7, as per accounting policy mentioned in para no. 2.2 (a) of “NOTE-2”.

16.6 Revenue Recognition

Revenues of the Corporation are recognized as per para 2.2 of “NOTE -2”. During the financial year 2018-19, proportionate profit of Rs.2260.90 lakh has been recognized on on-going projects as on 31.03.19 and to that extent income from operations of the Corporation for the current financial year has been increased.

16.7 Fixed Assets

Fixed Assets of the Corporation are accounted for as per para 2.3 of “NOTE-2” and the details of Fixed Assets are as mentioned in “NOTE-7”. No revaluation of Fixed Assets has been done during the financial year. The ownership of land, on which Office Buildings at Bhoi Nagar, BBSR and Staff Quarters at Rasulgarh, BBSR are erected stand in favour of DCP, Bhubaneswar and Home Dept., Govt. of Odisha respectively, are yet to be transferred in favour of the Corporation.

16.8 Employee Benefits

As per Accounting Standard 15 “Employee Benefits”, the disclosures as defined in the Accounting Standard are given below :

Defined Contribution Plans

The Corporation’s contribution to Provident Fund is deposited with the Employees Provident Fund Organization.

Rs. in lakh

Particulars 2018-19 2017-18 2016-17Employer’s Contribution to Provident Fund 118.30 107.73 87.29

These are charged to the profit & loss account when the contribution to the fund is due.

Defined Benefit Plans

The employees’ gratuity fund and leave encashment fund schemes are managed by Life Insurance Corporation of India and HDFC Standard Life Insurance Co. Ltd. respectively, are defined benefit plans. The present value of obligations are determined based on actuarial valuation using Projected Unit Credit Method.


49CIN: U45201OR1980SGC000884

I. Reconciliation of opening and closing balances of Defined Benefit Obligation (DBO)

Rs. in lakh

Particulars Gratuity (Funded) Earned Leave (Funded)18-19 17-18 18-19 17-18

DBO at beginning of the year 842.76 665.12 335.97 301.08Current Service Cost 35.63 33.97 20.37 15.40Interest Cost 63.64 50.93 25.37 23.13Actuarial (gain) / loss 34.74 108.56 26.95 1.46Benefits Paid / Payable (32.56) (15.82) (12.97) (5.10)DBO at end of the year 944.21 842.76 395.69 335.97

II. Reconciliation of opening and closing balances of fair value of Plan AssetsRs. in lakh


Fair value of Plan asset at beginning of the year` 455.90 390.62 307.05 NilExpected return on Plan assets 35.10 30.27 23.64 NilEmployer Contribution 134.19 48.66 34.37 301.08Actuarial gain / (loss) 2.61 2.17 1.32 11.07Benefits Paid (32.56) (15.82) (12.97) (5.10)Fair value of Plan assets at year end 595.24 455.90 353.41 307.05Actual return on Plan assets 38.32 32.45 24.97 11.07

III. Reconcialiation of fair value of assets and ObligationRs. in lakh


Fair value of Plan Assets 595.24 455.90 353.41 307.05Present Value of Obligation 944.21 842.76 395.69 335.97Amount recognized in Balance Sheet 348.97 386.86 42.28 28.92

IV. Expenses recognized during the yearRs. in lakh


Current Service Cost 35.64 33.97 20.37 15.40Interest Cost 63.64 50.93 25.37 23.13Expected return on Plan assets (35.10) (30.27) (23.64) -Actuarial (gain) / loss 32.13 106.38 25.63 (9.61)Net Cost 96.31 161.01 47.73 28.92

V. Investment Details - Gratuity

As at 31.03.19 As at 31.03.18Particulars Amount % Invested Amount % InvestedWith LIC 595.24 63.04 455.90 54.10Bank Deposits 348.97 36.96 386.86 45.90Total 944.21 100.00 842.76 100.00


50 CIN: U45201OR1980SGC000884

VI. Investment Details - Leave EncashmentRs. in lakh

Particulars As at 31.03.19 As at 31.03.18Amount % Invested Amount % Invested

With HDFC St. Life 353.41 89.31 301.08 89.62Bank Deposits 42.28 10.69 34.89 10.38Total 395.69 100.00 335.97 100.00

VII. Actuarial assumptionsRs. in lakh


Mortality Table 2006-08 2006-08 2006-08 2006-08Discound rate (p.a.) 7.70% 7.75% 7.70% 7.75%Expected rate of return on plan asset (p.a.) 7.70% 7.75% 7.70% 7.75%Rate of escalation in salary (p.a.) 6.00% 6.00% 6.00% 6.00%

The key assumptions used in the calculation are as follows :

The principal assumptions are the (i) discount rate, (ii) salary increase. Discount rates are based upon the market yield available on Govt. bonds at the accounting date with a term that matches that of the liability, the salary increase is taken into account inflation, seniority, promotion and other relevant factors.

VIII. Amounts recognized in current year and previous year

Rs. in lakhParticular As at 31st March

Gratuity (Funded) Earned Leave (Funded)2019 2018 2019 2018

Defined benefit obligation 944.21 842.76 395.69 335.97

Fair value of Plan Assets 595.24 455.90 353.41 307.05

(Surplus) / Deficit in the Plan 348.97 386.86 42.28 28.92

Actuarial gain / (loss) on plan obligation 2.63 (12.45) 1.00 (4.41)

Actuarial gain / (loss) on plan asset 2.61 2.17 1.32 11.07

IX. The expected contributions for Defined Benefit Plan for the next financial year will be in line with financial year 2018-19. Funds have been adjusted against liabilities and the net balance has been shown in the Balance Sheet. However, during previous financial years Funds were shown separately under other non-current assets.

16.9 Segment Reporting : Corporation is operating with only one primary segment i.e., civil construction, hence disclosure under AS-17 is not required.

16.10 As on Balance Sheet date there is an outstanding advance of Rs.55.09 lakh(net) given to various Departments of Govt. of Odisha and Rs.4.17 lakh given to CESU towards electricity deposit for Sri Jagannath Sanskrit University, Puri.

16.11 Taxes on IncomesTax expenses include tax liability towards current year.

16.12 Prior Period AdjustmentsDuring the year, a sum of Rs.1.77 lakh pertaining to earlier period has been accounted for and debited to prior period account.


51CIN: U45201OR1980SGC000884

16.13 DepositsCorporation has not accepted any deposits from the public during the financial year. Corporation has kept working capital advances in short term bank deposits and interest earned on said deposits, except interest earned on funds towards Modernization of Police Force (Central & State), 13th Finance Commission Award, Department of Technical Education & Training, Eklabya Model Residential School, Kalinga Model residential School, Left Wing Extremist– Centrally Sponsored Plan, Special Infrastructure Scheme, Security Related Expenditure, Close Circuit Television, Integrated Action Plan, Integrated Health System Development Project, Nabakalebar, State Plan and other deposit works, are credited to P & L Statement during the year vide letter no.28847 dt.06.08.13 issued by Home Dept. Govt. of Odisha.

16.14 Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of available information.

16.15 Dues receivable from State Govt. towards handed over projects have been reduced from the respective scheme funds available with the Corporation.

16.16 Corporation has raised claims amounting to Rs.461.74 lakh against various deposit works, which are yet to be settled and received. Against above claim of Rs.461.74 lakh, Corporation has accounted for Rs.169.73 lakh and balance amount of Rs.292.01 lakh will be accounted for after its settlement and receipt.

16.17 During the financial year 2007-08, 2008-09 & 2013-14, Corporation had created provision of Rs.372.16 lakh against supply of cement and steel from various suppliers which are under reconciliation and adjustment.

16.18 Amount received from the tenants towards energy charges has been adjusted against energy charges paid.

16.19 Corporation has claimed a sum of Rs.423.86 lakh as refund from service tax authorities towards service tax paid under reverse mechanism on exempted project works. As on Balance Sheet date a sum of Rs.169.80 lakh has been received from service tax authorities.

16.20 During the year 2018-19, Corporation has provided a sum of Rs.615.54 lakh payable to Govt. of Odisha towards final dividend on equity shares of Rs.563.01 lakh held as on 31.03.19 and Rs.126.55 lakh towards dividend distribution tax thereon.

16.21 Consequent upon introduction of GST, all indirect taxes were subsumed in GST & are no longer a part of cost of operations and turnover.

16.22 The Corporation has not provided for the gratuity liability of contractual and out-sourcing employees, up to 31.03.19, during financial year 2018-19. Legal expert opinion on applicability of these liabilities are being taken to ascertain whether the aforesaid employees are covered under the Payment of Gratuity Act 1972.

16.23 As per Note No- 6 to the financial statements, total advances received (against on- going projects) of Rs.1353.81 crore, as on 31.03.2019, are shown under the head Current liabilities & Provision. These advances have not been reconciled project-wise since very long period. However, necessary steps are being taken to reconcile these advances on priority basis.

16.24 As per Note No- 10(b)(i) to the financial statements, trade receivable of Rs.169.73 lakh receivables from Utkal University of Rs.75.19 lakh and Jagannath Sanskrit University of Rs.94.54 lakh are pending since very long period. Management is continuously following up with these authorities for recovery of these very old dues.

16.25 As per Note No- 10(a)(i) to the financial statements, under the head Current assets, Inventory (stores and spares) Rs.17.65 lakh includes stock of plumbing items of Rs.16.71 lakh which is under investigation of Vigilance Dept and these is no movement of such stores & spares since very long period. No provision has been created against these stocks as the matter is under litigation and investigation by Vigilance authorities.

16.26 As per Note No- 10(f)(iii) to the financial statements, under the head short term advances, a sum of Rs.4.17 lakh was given to CESU on account of SJSV, Puri towards security deposit for electric connection of their building constructed by our Corporation. SJSV authorities vide their letter dt01/08/19 have confirmed to refund this payment at the earliest.

16.27 CSR Expenditurea) Gross amount required to be spent during the year 2018-19 is Rs.101.97 lakh.b) Amount spent during the year on :

Rs. In lakh

Sl. Particulars In cash Yet to be paid in cash Total

(i) Construction/ acquisition of asset 16.97 - 16.97

(ii) On purposes other than (i) above - - -


52 CIN: U45201OR1980SGC000884

16.28 Particulars of remuneration paid to the Chairman-cum-Managing Director and Independent Directors during the financial year are as follows:

Particulars Financial Year2018-19 2017-18

a) Salaries (Inclusive of LTC) 26.77 23.39b) Medical Reimbursement 00.02 00.05c) Sitting fees paid to Independent Directors 00.55 01.12Total (Rs. in lakh) 27.34 24.56

16.29 Auditors’ RemunerationProvision made during the year for payments towards Statutory Auditors remunerations are as follows :

Particulars Financial Year2018-19 2017-18

a) Statutory Audit Fees 1.50 1.77b) Statutory Audit Expenses 0.06 0.07Total (Rs. in lakh) 1.56 1.84

(Note : Statutory Audit fees for the financial year 2017-18 includes Rs.0.27 lakhs towards GST liability)

16.30 Contingent Liabilities & CommitmentsClaims against the Corporation not acknowledged as debts: (Rs. in lakh)

Particulars As on 01.04.18

During the year As on 31.03.19Addition Paid / settled

From Sales Tax Authorities 500.29 Nil Nil 500.29From I. Tax Authorities (A.Y. 2011-12) 28.31 Nil Nil 28.31From I. Tax Authorities (A.Y. 2012-13) 3.27 Nil Nil 3.27From I. Tax Authorities (A.Y. 2015-16) 5.82 Nil Nil 5.82TDS demand from I. Tax Authorities 31.35 Nil 22.86 8.49Note : Above claims do not include interest and penalty, if any, payable in future on final settlement.

16.31 Value of imported & indigenous materials consumed :2018-19 2017-18

i) CIF Value of imports during the financial year. Nil Nilii) Expenditures in foreign currency during the financial year. Nil Niliii)Total value of all imported raw materials, spare parts and components consumed during the year.

Nil Nil

iv)Total value of all indigenous raw materials, spare parts and components consumed during the year.

Nil Nil

v)The amount remitted during the year in foreign currencies on account of dividends. Nil Nilvi)Earnings in foreign exchange during the year Nil Nil

16.32 Negative figures have been shown in brackets.16.33 Previous year figures have been regrouped and rearranged where ever found necessary to make them

comparable with the current year.

As per our report of even date.For and on behalf of the Board


FRN - 311147ESd/-



Sd/-S. K. Panda

Company Secretary

Sd/-R. K. Mishra

Financial Advisor

Sd/-Lalit Das


Sd/-S. P. Padhi

Director



53CIN: U45201OR1980SGC000884

6 Nos F Type Qtrs. Dist. HQ KoraputOffice-cum-Residence of SDPO at Aska

Administrative Building at SOG Hub Koraput M.I. Building at SOG Hub Koraput

Const. of 4 Nos. F Type Qtrs at Kosagumuda Police Station, Dist: Nabarangpur

Construction of S.D.P.O. Office-cum-Residence at Nabarangpur


54 CIN: U45201OR1980SGC000884

JMFC Court Building at Hinjlicut

District Court Jagatsinghpur

Court Building for JMFC of Motu at MV-79, Malkangiri

New District Court Complex, Kendrapara


55CIN: U45201OR1980SGC000884

Electronics Sand Model Room at SOG Hub KoraputDPO Baripada

Fire Station at Tarava

1 ‘C’ type Qtrs. For D.I.G. of Prisons Berhampur2 Nos ‘F’ type Qtrs. for Guarding Staff of D.I.G. of Prisons, Berhampur Range

30 Beded Hospital at Circle Jail, Berhampur


56 CIN: U45201OR1980SGC000884

3E Type Qtrs. at I.T.I. Rayagada

1D Type Qtr. at I.T.I. Rayagada DCP Office Cuttack

School Building at KMRS Raikia

6E Type Quarters at Boudh PS, Boudh Construction of 2E Type Qtr & 2E Type Qtr Over Existing at Soroda PS

Balasore

Berhampur

Bhawanipatna

Bhubaneswar

Cuttack

Koraput

Sambalpur

AnugulBoudh

Malakangiri

Koraput

Puri

Jagatsinghpur

KendraparaJajpur

Bhadrak

Mayurbhanj

Keonjhar

Sundargarh

Bargarh

Nayagarh

Dhenkanal

Cuttack

Subrnapur

Sambalpur

Deog

arh

Bolangir

Rayagada

Kalahandi

Bhawanipatna

Now

rang

pur

Nua

pada

Gaj

apat

iKa

ndha

mal

Baleswar

Bhubaneswar

Jharsuguda

Ganjam

Berhampur

Jurisdiction ofDivisional Project Managers / Joint Managers

The Odisha State Police Housing & Welfare Corporation Ltd.

Janapath, Bhoinagar, Bhubaneswar-751022Telephone : (0674) 2541545, 2542921, Fax No. : (0674) 2541543

Email Id : [email protected]

O P W CH

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