You are here » Home » Companies » Company Overview » Ansal Buildwell Ltd

Ansal Buildwell Ltd.

BSE: 523007 Sector: Infrastructure
NSE: N.A. ISIN Code: INE030C01015
BSE 12:36 | 24 Apr 80.30 0.80
(1.01%)
OPEN

79.95

HIGH

82.00

LOW

79.80

NSE 05:30 | 01 Jan Ansal Buildwell Ltd
OPEN 79.95
PREVIOUS CLOSE 79.50
VOLUME 1088
52-Week high 109.75
52-Week low 60.30
P/E 4.07
Mkt Cap.(Rs cr) 59
Buy Price 80.30
Buy Qty 18.00
Sell Price 81.00
Sell Qty 175.00
OPEN 79.95
CLOSE 79.50
VOLUME 1088
52-Week high 109.75
52-Week low 60.30
P/E 4.07
Mkt Cap.(Rs cr) 59
Buy Price 80.30
Buy Qty 18.00
Sell Price 81.00
Sell Qty 175.00

Ansal Buildwell Ltd. (ANSALBUILDWELL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ANSAL BUILDWELL LIMITED Report on the Standalone Financial Statements

We have audited the accompanying financial statements of Ansal Buildwell Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummaryofsignificantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section

134(5) of the Companies Act 2013 (‘the act’) with respect to the preparationof these financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the

Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting

Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014.Standardsspecified

This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 theprovisions of the Act and the Rules made thereunder.

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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 those risk assessments theauditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017; b) in the case of the Statement of Profit and Loss of the profit for the yearended on that date; c) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we further report that: a) We have soughtand obtained all the information and explanation which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) the Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this Report are in agreement with the books of account; d) inour opinion the aforesaid financial statements comply with the applicable AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. e) on the basis of written representations received from thedirectors as on March 31 2017 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164(2) of the Act. f) with respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate report in "Annexure B". g) In ourOpinion and to the best of our information and according to the explanations given to uswe report as under with respect to other matters to be included in the Auditor’sReport in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014: (i)The Company has disclosed the impact of pending litigations on its financial position inits financial statements Note no. 35 to the financial

(ii) The Company did not have any long-term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

(iv) The company has provided requisite disclosures in its financial statements as tothe holdings as well as dealings in Specified Bank Notes during the period from 8 thNovember 2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the company. Refer Note no. 38 to the financial statementsof the company.

For Sekhri & Associates
Chartered Accountants
Firm Registration No. 018322N
H.L. Sekhri
Place : New Delhi Partner
Date : 29th May 2017 Membership No. 15874

ANNEXURE ‘A’ TO INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report to the members ofAnsal Buildwell Limited on the accounts of the company for the year ended 31st March2017.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) In accordance with the information provided to us fixed assets have beenphysically verified by the management at regular intervals and no material discrepancieswere noticed on such verification.In our opinion periodicity of intervals of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets.

(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 immovable properties areheld in the name of the Company. ii) As explained to us the inventory has been physicallyverified during the year by the Management. In our opinion the frequency of verificationis reasonable having regard to nature & size of the company and .nomaterialdiscrepancieswerenoticedinphysicalverification iii) The Company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under Section 189 of the Companies Act 2013.Hence the requirement ofclause (iii) (a) (b) and (c) of the said order is not applicable to the company. iv) Inour opinion and according to the information and explanations given to us the Company hascomplied with the provisions of section 185 and 186 of the Act with respect to the loansand investments made. v) The Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable. vi)We have broadly reviewed the books of account maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1)(d) of the Companies Act 2013 and we are of the opinion that prima faciethe prescribed accounts and cost records have been made and maintained. However we havenot made a detailed examination of the cost records with a view to determine whether theyare accurate or complete. vii) (a) According to the information and explanations given tous the Company is regular in depositing undisputed statutory dues including ProvidentFund Investor Education and Protection Fund Employees’ State Insurance Income TaxSales Tax Wealth Tax Service Tax Customs Duty Excise Duty Cess and other materialstatutory dues if any applicable to it with appropriate authorities except in the casesas mentioned below:

S. No Statutory Dues Amount (Rs) Due Date of Payment Date of Payment Remarks
1 Income Tax for
Assessment Year 2016-17
-Tax Due 34837071/- 31/03/2016 26/05/2017 Amount paid before the signing of this report.
-Interest on above 9423428/-
2. Advance Tax installment for the assessment year 2017-18 15/06/2016 The Company has not paid advance tax during the year.
15/09/2016

(b) The disputed statutory dues aggregating Rs. 398.07 Lacs that have not beendeposited on account of disputed matters pending before appropriate authorities are asunder:

S. No. Name of the Statute Nature of the Dues Amount (in Rs.) Period to which the amount relates Forum where dispute is pending
1. Finance Act 1994 Service Tax 2313095/- Various financial years from 2004-05 to 2008-09 CESTAT
1273133/- Financial year 2009-10 CESTAT
2443399/- Financial year 2010-11 CESTAT
3664947/- Financial year 2011-12 Additional Commissioner of Service Tax
544347/- Financial year 2012-13 Additional Commissioner of Service Tax
Total (a)

10238921/-

2. Income Tax Act1961 Regular 2869566/- Assessment year 1999-00 Supreme Court
Income Tax 2713044/- Assessment year 2000-01 Supreme Court
7660.486/- Assessment year 2001-02 Supreme Court
6906996/- Assessment year 2003-04 Supreme Court
5776047/- Assessment year 2005-06 Supreme Court
Total (b)

25926139/-

3. Employees Provident Interest on 1196664/- Various Financial Year High Court
Fund & Miscellaneous Provident 1998-99 to 2005-2006
Provision Act 1952 Fund
Damages on 2445970/- Various Financial Year Employees Provident Fund
Provident 1998-99 to 2005-2006 Appellate Tribunal
Fund
Total (c)

3642634/-

Grand Total 39807694/-
(a+b+c)

viii) According to the records of the Company examined by us and the information andexplanations given to us by the management the Company has defaulted in repayment of duesto financial banks details of which is as follows:

S. No. Loan Details Due Date Payment Date Amount Period of
Involved (Rs) Default
1. Indiabulls Housing Finance Limited. 05/06/2016 06/06/2016 3072551/- 1 Day
05/09/2016 06/09/2016 3189218/- 1 Day
05/11/2016 16/11/2016 3496676/- 11 Days
05/12/2016 20/01/2017 1711886/- 46 Days
29/12/2016 1083877/- 24 Days
02/01/2017 744820/- 28 Days
05/01/2017 20/01/2017 1121167/- 15 Days
05/02/2017 10/02/2017 1135182/- 5 Days
05/03/2017 06/03/2017 910566/- 1 Day
08/03/2017 238806/- 3 Days
2. India Infoline Finance Limited 05/04/2016 07/04/2016 1069361/- 2 Days
05/06/2016 06/06/2016 1120183/- 2 Days
05/07/2016 06/07/2016 1527658/- 1 Day
05/09/2016 20/09/2016 1142579/- 15 Days
29/09/2016 1568667/- 24 Days
05/10/2016 19/10/2016 1157813/- 14 Days
26/10/2016 1589583/- 21 Days
05/11/2016 30/11/2016 1173250/- 25 Days
05/12/2016 29/12/2016 2821149/- 24 Days
05/01/2017 06/02/2017 1204746/- 32 Days
07/02/2017 1654018/- 33 Days
05/02/2017 08/02/2017 2896881/- 3 Days
05/03/2017 06/03/2017 2960420/- 1 Day
3. PNB Housing Finance Limited 10/04/2016 11/04/2016 483854/- 1 Day
10/07/2016 11/07/2016 456379/- 1 Day
10/09/2016 12/09/2016 466705/- 2 Days
10/12/2016 12/12/2016 482635/- 2 Days
10/01/2016 31/01/2017 488064/- 21 Days
4. Kotak Mahindra Bank Limited. 05/06/2016 06/06/2016 51944/- 1 Day
05/12/2016 15/12/2016 54439/- 10 Days
05/01/2017 20/01/2017 54439/- 15 Days
05/02/2017 17/02/2017 54439/- 12 Days
05/03/2017 06/03/2017 57728/- 1 Day
5. ICICI Bank 15/05/2016 16/05/2016 49344/- 1 Day
15/08/2016 16/08/2016 50617/- 1 Day
15/10/2016 21/10/2016 51485/- 6 Day
15/01/2017 16/01/2017 52813/- 1 Day
15/02/2017 21/02/2017 53264/- 6 Days
15/05/2016 16/05/2016 17423/- 1 Day
15/08/2016 16/08/2016 17906/- 1 Day
15/10/2016 21/10/2016 18236/- 6 Days
15/01/2017 16/01/2017 18742/- 1 Day
15/05/2016 16/05/2016 22078/- 1 Day
15/08/2016 16/08/2016 22624/- 1 Day
15/10/2016 21/10/2016 22996/- 6 Days
15/01/2017 16/01/2017 23565/- 1 Day
6. Toyota Financial Services India Limited 02/10/2016 03/10/2016 31587/- 1 Day
7. HDFC Bank 07/05/2016 10/05/2016 182366/- 3 Days
05/06/2016 07/06/2016 194489/- 2 Days
07/06/2016 08/06/2016 182879/- 1 Day
07/08/2016 09/08/2016 186944/- 2 Days
05/09/2016 26/09/2016 163230/- 21 Days
23/09/2016 36183/- 18 Days
07/09/2016 17/09/2016 28983/- 10 Days
29/09/2016 159511/- 22 Days
05/10/2016 17/10/2016 71338/- 12 Days
05/10/2016 14/10/2016 93251/- 9 Days
05/10/2016 25/10/2016 36491/- 20 Days
07/10/2016 25/10/2016 29231/- 18 Days
18/10/2016 160828/- 11 Days
05/11/2016 07/11/2016 202764/- 2 Days
07/11/2016 191637/- 2 Days
07/11/2016 167343/- 2 Days
05/12/2016 15/12/2016 37118/- 10 Days
05/02/2017 06/02/2017 289515/- 1 Day
05/03/2017 06/03/2017 171560/- 1 Day
05/03/2017 08/03/2017 120342/- 3 Days
07/03/2017 08/03/2017 198077/- 1 Day

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. In our opinion and according tothe information and explanations given to us term loans have been applied for the purposefor which they have been obtained.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3

(xii) of the Order is not applicable.

xiii) In our opinion based on our examination of the records of the Companytransactions with the related parties are in compliance with sections 177 and 188 of theAct where applicable and details of such transactions have be end is closed financialstatements as required by the applicable accounting the standards.

xiv) In our opinion based on our examination of the records of the Company theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year.

xv) In our opinion based on our examination of the records of the Company the Companyhas not entered into non-cash transactions with directors during the year by acquisitionof assets by assuming directly related liabilities which in our opinion is covered underthe provisions of section 192 of the Act and for which approval has not been obtained ina general meeting of the company. Accordingly paragraph 3(xv) of the Order is notapplicable.

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

For Sekhri & Associates
Chartered Accountants
Firm Registration No. 018322N
H.L. Sekhri
Place : New Delhi Partner
Date : 29th May 2017 Membership No. 15874

ANNEXURE ‘B’ TO INDEPENDENT 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 AnsalBuildwell Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial

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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement 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 (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (ii) 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 (iii) provide reasonable assurance regardingprevention or timely detection of unauthorised 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

Due to inherent limitations of internal financial controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected.Alsoprojectionsofanyevaluationoftheinternalfinancialcontrols over financial reporting tofutureperiodsaresubjecttotheriskthattheinternalfinancialcontrol over financial reportingmay become inadequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial financialreporting were operatingeffectively as andsuchinternal controlsover at 31 March 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Sekhri & Associates
Chartered Accountants
Firm Registration No. 018322N
H.L. Sekhri
Place : New Delhi Partner
Date : 29th May 2017 Membership No. 15874