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Ansal Buildwell Ltd.

BSE: 523007 Sector: Infrastructure
NSE: N.A. ISIN Code: INE030C01015
BSE LIVE 15:40 | 23 Jan 61.50 -2.05
(-3.23%)
OPEN

57.00

HIGH

63.70

LOW

57.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 57.00
PREVIOUS CLOSE 63.55
VOLUME 1097
52-Week high 111.80
52-Week low 51.55
P/E
Mkt Cap.(Rs cr) 45.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 57.00
CLOSE 63.55
VOLUME 1097
52-Week high 111.80
52-Week low 51.55
P/E
Mkt Cap.(Rs cr) 45.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting 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 tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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.

Auditors' 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 making those risk assessmentsthe auditor 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 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we further report that:

a) We have sought and obtained all the information and explanation which to the best ofour knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

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

d) in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) on the basis of written representations received from the directors as on March 312016 and 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) of theAct.

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".

g) In our Opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report 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 financialposition in its financial statements – -Note no. 35 to the financial statements;

(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.

For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 25th May 2016 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 31stMarch 2016.

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 physically verified during the year bythe Management. In our opinion the frequency of verification is reasonable having regardto nature & size of the company and no material discrepancies were noticed in physicalverification.

iii) The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013.Hence the requirement of clause (iii) (a) (b) and (c) of the said order is notapplicable to the company.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe 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 tothe Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Governmentunder Section 148(1)(d) of the Companies Act 2013 and we are of the opinion that primafacie the prescribed accounts and cost records have been made and maintained. However wehave not made a detailed examination of the cost records with a view to determine whetherthey are accurate or complete.

vii) (a) According to the information and explanations given to us the Company isregular in depositing undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Employees’ State Insurance Income Tax Sales TaxWealth Tax Service Tax Customs Duty Excise Duty Cess and other material statutorydues if any applicable to it with appropriate authorities except in the cases asmentioned below:

S. No. Statutory Dues Amount (in Rs.) Due Date of Payment Date of Payment Remarks
1 Advance Tax installments for assessment year 2016-17 5589306/- 15/06/2015 - The Company has not paid advance tax during the year.
16767917/- 15/09/2015 -
2 Interest and damages on provident fund 3642634/- Financial year from 1998-99 to 2005-06 - Payable for the financial year from 1998-99 to 2005-06

(b) The disputed statutory dues aggregating Rs. 361.65 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
2. Finance Act 1994 Service Tax 1273133/- Financial year 2009-10 CESTAT
3. Finance Act1994 Service Tax 2443399/- Financial year 2010-11 CESTAT
4. Finance Act 1994 Service Tax 3664947/- Financial year 2011-12 Additional Commissioner of Service Tax
5. Finance Act1994 Service Tax 544347/- Financial year 2012-13 Additional Commissioner of Service Tax
7. Income Tax Act1961 Regular Income Tax 2869566/- Assessment year 1999-2000 Supreme Court
8. Income Tax Act1961 Regular Income Tax 2713044/- Assessment year 2000-01 Supreme Court
9 Income Tax Act1961 Regular Income Tax 7660486/- Assessment year 2001-02 Supreme Court
10 Income Tax Act 1961 Regular Income Tax 6906996/- Assessment year 2003-04 Supreme Court
11 Income Tax Act 1961 Regular Income Tax 5776047/- Assessment year 2005-06 Supreme Court

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 institutions and banks details of which is as follows:

S. No. Loan Details Amount Involved Period of default Remarks
(Rs.)
1 HDFC LTD 906000/- 4 Days -
2 HDFC LTD 719977/- 4 Days -

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 notapplicable.

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 been disclosed in the financialstatements as required by the applicable accounting 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 Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 25th May 2016 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 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 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

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 31 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 SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 25th May 2016 Membership No. 15874