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Ahluwalia Contracts (India) Ltd.

BSE: 532811 Sector: Infrastructure
NSE: AHLUCONT ISIN Code: INE758C01029
BSE LIVE 13:16 | 07 Dec 253.65 3.60
(1.44%)
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247.05

HIGH

253.65

LOW

246.50

NSE LIVE 12:55 | 07 Dec 252.90 6.25
(2.53%)
OPEN

247.85

HIGH

253.00

LOW

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OPEN 247.05
PREVIOUS CLOSE 250.05
VOLUME 9
52-Week high 336.20
52-Week low 210.00
P/E 19.36
Mkt Cap.(Rs cr) 1699.45
Buy Price 249.35
Buy Qty 30.00
Sell Price 253.65
Sell Qty 129.00
OPEN 247.05
CLOSE 250.05
VOLUME 9
52-Week high 336.20
52-Week low 210.00
P/E 19.36
Mkt Cap.(Rs cr) 1699.45
Buy Price 249.35
Buy Qty 30.00
Sell Price 253.65
Sell Qty 129.00

Ahluwalia Contracts (India) Ltd. (AHLUCONT) - Auditors Report

Company auditors report

TO THE MEMBERS OF

AHLUWALIA CONTRACTS (INDIA) LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of AhluwaliaContracts (India) Limited ("the Company") which comprise the Balance Sheetas at March 31 2016 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these Standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016’ ("theorder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure -A a statement on the matters specified inparagraphs 3 and 4 of the Order.

10. 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 bestof 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 theCompany so far as it appears from our examination of those books.

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

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

e) On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The Company has disclosed the impact if any of pending litigations as at March312016 on its financial position in its financial statements - Refer note 30 & 31;

ii. The Company has made provision as at March 312016 as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March312016.

For ARUN K GUPTA & ASSOCIATES
Firm Registration No. 000605N
Chartered Accountants
(SACHIN KUMAR)
Place : New Delhi Partner
Dated: 24.05.2016 M.No. 503204

Annexure-A to Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors’ Report of even date to themembers of Ahluwalia Contracts India Limited on the standalone financial statements as ofand for the year ended March 312016

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets except for shuttering andscaffolding materials for which considering the nature of the business of the companymaintenance of record is not feasible.

(b) All fixed assets have not been physically verified by the management during theyear. There is a regular programme of verification of fixed assets except for shutteringand scaffolding materials which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. In accordance with the said programme part ofthe fixed assets have been physically verified by the management during the year. Asinformed no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of the immovable propertiesincluded in fixed assets are held in the name of the Company except given below:

LAND:

Total Number of cases Whether leasehold/ freehold Gross Block (as at Balance Sheet date) (Rs in Lacs) Net Block (as at Balance Sheet date) (Rs in Lacs) Remarks if any.
1 Leasehold- (Chattarpur New Delhi) 13.60 13.60 Matter is pending before SDM Court

BUILDING ( KOLKATA):

Total Number of cases Gross Block (as at Balance Sheet date) (Rs in Lacs) Net Block (as at Balance Sheet date) (Rs in Lacs) Remarks if any.
1 136.80 117.62 Registration is pending as per State Government Directives /Bye Laws prevailing thereon.

(ii) (a) The management has conducted physical verification of major items of inventoryat reasonable intervals. No material discrepancies were noticed on physical verificationof such stocks.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The company is mainly engaged in the business of civil construction. In view ofmultifarious jobs at different sites spread at different locations and practicaldifficulties proper records of inventory of only major inputs have been maintained.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

Therefore the provisions of clause 3(iii)(iii)(a)(iii)(b)(iii)(c) of the said orderare not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us provisions of section 186 of the Companies Act 2013 in respect of investments made havebeen complied by the Company. There are no other loans guarantees and securities grantedin respect of which provisions of section 185 & 186 of the Companies Act 2013 areapplicable.

(v) The Company has not accepted any deposits from the public within the directivesissued by the Reserve Bank of India and the provisions of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. However we have notcarried out detailed examination of such accounts and records with a view to determiningwhether they are accurate or complete.

(vii) (a) Undisputed statutory dues including provident fund employees stateinsurance income-tax value added tax custom duty excise duty service tax cess &other material statutory dues have generally been regularly deposited with appropriateauthorities except for delays in Service tax & Provident fund.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax service taxsales tax custom duty excise duty value added tax cess and other material statutorydues were outstanding at the year end for a period of more than six months from the datethey became payable.

(b) According to the records of the company the dues outstanding of sales-taxincome-tax custom duty excise duty service tax value added tax and cess on account ofany dispute are as follows:

Name of the Statute Nature of Dues Amount (Rs in Lacs) Period to which the amount relates Forum where dispute is pending
Central Excise Act1944 Demand for Excise Duty 14.27 Mar 11 to Nov 12 Commissioner Bangalore
Indian Stamp Act Stamp duty on Real Estate Project 57.42 1990-1991 Allahabad High Court
Value Added Tax West Bengal2005 VAT Demand 3.01 1998-1999 Appellate Tribunal Kolkata
Value Added Tax Act (UP) 2015 VAT Demand 0.30 2006-2007 Appellate Tribunal Ghaziabad
Value Added Tax Act Maharashtra2014 VAT Demand 16.43 2005-2006 Dy. Commissioner (Audit) Mumbai
Value Added Tax Act (UP) 2015 VAT Demand 79.28 2008-2009 Addl. Commissioner Appeals-IV GZB
Value Added Tax Act 2005West Bengal VAT Demand 45.19 2005-2006 & 2006-2007 Directorate of Commercial Tax / Sr. Jt. Commissioner Kolkata
Value Added Tax Act 2005West Bengal VAT Demand 1.54 1997-1998 Settlement Commissioner Kolkata
Value Added Tax Act 2005West Bengal VAT Demand 497.15 2011-12 West Bengal Commercial Tax Appellate & Revison Law Board Kolkata
Value Added Tax Act 2005West Bengal VAT Demand 422.47 2008-2009 Additonal Commissioner Kolkata
Value Added Tax Act 2005West Bengal VAT Demand 1057.73 2012-2013 Joint Commissioner Kolkata
The Finance Act 2004 and the Service Tax Rules Service Tax Demand 7361.61 2004-2009 Appeal Tribunal CESTAT New Delhi
Service Tax Demand 3110.33 Oct.08 to Mar. 09 CESTAT New Delhi
Service Tax Demand 9631.57 Apr-09 to March 10 CESTAT New Delhi
Service Tax Demand 1543.79 Oct 08 to Sep 09 & Oct 09 to March 10 CESTAT New Delhi
Service Tax Demand 2622.25 Mar 05 to Mar 09 CESTAT Kolkata
Service Tax Demand 3054.05 June 07 to Sep 10 CESTAT Allahabad
Service Tax Demand 47.75 Oct 10 to Feb 2012 CESTAT Allahabad
Service Tax Demand 120.46 July 04 to Dec 06 CESTAT Allahabad
Service Tax Demand 764.67 June 06 to March 08 CESTAT Chandigarh
Service Tax Demand 59.52 2006-2009 Superintendent (AR Service Tax) Jamnagar

 

Name of the Statute Nature of Dues Amount (Rs in Lacs) Period to which the amount relates Forum where dispute is pending
Service Tax Demand 1091.54 2004-2012 Asstt. Commissioner/ Commissioner (Appeal) Service Tax Mumbai
Service Tax Demand 8.71 2007-2008 Asstt. Commissioner Service Tax Rajkot
Service Tax Demand 33.09 March 12 to March 13 Additional Commissioner Service Tax Noida
Service Tax Demand 20.37 Apr 08 To Aug 08 Joint Commissioner Service Tax Kolkata
Service Tax Demand 18.51 Apr.06 to Oct.09 Commissioner (Appeal) Service Tax Chennai
Service Tax Demand 22.42 2006-2009 Commissioner/Asstt. Commissioner/Joint Commissioner Service Tax Ludhiana
Service Tax Demand 11.92 2008-2009 2009-2010 Commissioner Service Tax Jaipur
Service Tax Demand 1298.42 April 12 to March 2013 Commissionerate Service Tax Delhi
Service Tax Demand 385.54 2007-08 to 2011-12 Commissioner of Service Tax Delhi.
Service Tax Demand 778.28 April 11 to March 13 Commissioner Service Tax Delhi
Service Tax Demand 103.48 Oct 05 To Jan 08 Commissioner Service Tax Kolkata
Service Tax Demand 10.57 April 07 To March 2012 Commissioner Service Tax Kolkata
Service Tax Demand 965.47 2008-09 To 2011-12 Commissioner Service Tax Bangalore
Service Tax Demand 202.05 Apr 12 To June 12 Commissioner Service Tax Bangalore
Service Tax Demand 0.71 2009-2014 Dy Commissioner Service Tax Noida
Service Tax Demand 10.05 April-10 to Dec.2014 Dy Commissioner Service Tax Noida
Service Tax Demand 35.87 April-12 to March-13 Dy Commissioner Service Tax Noida
Employees Provident Fund & Misc Provision Act1952 Provident Fund Demand 5457.34 2006-07 to 2008-09 Employee Provident Fund Appellant Tribunal New Delhi

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution and banks. The Company does not have any dues outstanding todebenture holders.

(ix) Based on the audit procedures applied by us and according to the information &explanations provided by the management the Company has not raised any moneys by furtherpublic offer (including debt instruments) during the year. Term loans taken by the companyduring the year have been applied for the purpose for which the loans were obtained.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norhave we been informed of any such case by the management.

(xi) According to the records of the Company examined by us and the information andexplanation given to us the Company has paid and provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V of the Companies Act 2013.

(xii) In our opinion & according to the information & explanations given to usthe Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the records of the Company examined by us and the information andexplanation given to us the company has complied with section 177 and 188 of theCompanies Act 2013 in relation to transaction with related parties and the details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For ARUN K GUPTA & ASSOCIATES
Firm Registration No. 000605N
Chartered Accountants
(SACHIN KUMAR)
Place : New Delhi Partner
Dated: 24.05.2016 M.No. 503204

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AhluwaliaContracts (India) Limited ("the Company") as of 31st March 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal controloverfinancialreporting criteriaestablishedbythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (‘ICAI’). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For ARUN K GUPTA & ASSOCIATES
Firm Registration No. 000605N
Chartered Accountants
(SACHIN KUMAR)
Place : New Delhi Partner
Dated: 24.05.2016 M.No. 503204

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