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Ansal Buildwell Ltd.

BSE: 523007 Sector: Infrastructure
NSE: N.A. ISIN Code: INE030C01015
BSE LIVE 15:48 | 07 Dec 58.95 -1.00
(-1.67%)
OPEN

58.00

HIGH

61.90

LOW

57.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 58.00
PREVIOUS CLOSE 59.95
VOLUME 80
52-Week high 129.80
52-Week low 51.90
P/E
Mkt Cap.(Rs cr) 43.51
Buy Price 58.95
Buy Qty 2.00
Sell Price 0.00
Sell Qty 0.00
OPEN 58.00
CLOSE 59.95
VOLUME 80
52-Week high 129.80
52-Week low 51.90
P/E
Mkt Cap.(Rs cr) 43.51
Buy Price 58.95
Buy Qty 2.00
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 2015 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

. 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 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 2015;

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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure 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 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) 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 – Refer Note 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 forseeable 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 : 29th May 2015 Membership No. 15874

Annexure 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 2015.

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) The fixed assets have been physically verified by the management at regularintervals. As explained to us no material discrepancies were noticed on such verification

ii) (a) As explained to us the inventory has been physically verified during the yearby the Management. In our opinion the frequency of verification is reasonable havingregard to nature & size of the company.

(b) In our opinion & according to explanations given to us the procedures ofphysical verification of inventories followed by the management are reasonable andadequate in relation to the size of the Company and the nature of its business.

(c) On the basis of information provided to us by the management the Company hasmaintained proper records of inventories. As explained to us no material discrepancieswere noticed in physical verification as compared to book records.

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) and (b) of the said order is not applicableto the company.

iv) In our opinion and according to the information and explanations given to us thereexists an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchases of inventory fixed assets and withregard to the sale of goods and services. During the course of our audit we have notobserved any continuing failure to correct major weaknesses in internal control system ofthe Company.

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:

Amount Due Date Date of Remarks
Statutory Dues (in `) of Payment Payment
1 Advance Tax installments for assessment year 8596734/- 15/06/2014 - The Company has not paid advance tax during the year.
25790201/- 15/09/2014 -
2015-16
2 Dividend Distribution Tax 1882327/- 27/09/2014 23/04/2015 Outstanding for more than6 months as on the date of Balance sheet.
3 Haryana VAT 56604/- 18/09/2014 07/04/2015 Outstanding for more than 6 months as on the date of Balance sheet.

(b) The disputed statutory dues aggregating 568.80 Lacs that have not been deposited onaccount of disputed matters pending before appropriate authorities are as under:

Name of the Statute Nature of the Dues Amount (in `) 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 3369385/- Various financial years from 2009-10 to 2010-11 CESTAT
3. Finance Act1994 Service Tax 3664947/- Financial year 2011-2012 Additional Commissioner of Service Tax
4. Income Tax Act1961 Regular Income Tax 5467014/- Assessment year 1999-2000 Supreme Court
5. Income Tax Act1961 Regular Income Tax 4933863/- Assessment year 2000-2001 Supreme Court
6. Income Tax Act1961 Regular Income Tax 13829105/- Assessment year 2001-2002 Supreme Court
7. Income Tax Act 1961 Regular Income Tax 12557706/- Assessment year 2003-2004 Supreme Court
8. Income Tax Act 1961 Regular Income Tax 10744565/- Assessment year 2005-2006 Supreme Court

(c) According to the information and explanation given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 2013 and rules made there under hasbeen transferred to such fund within time.

viii) The Company being registered for more than five years has neither accumulatedlosses as at the end of the financial year nor it has incurred cash losses during thefinancial year as well as in the immediately preceding financial year.

ix) 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:

Loan Details Amount Involved (Including Interest) Default Involved Due Date of EMI Date of Actual Payment Period of default
1. Axis Bank-Power Drive Loan 268663 Delay in repayment of EMI paid through cheque 01/09/2014 11/09/2014 10 Days
2. Tata Capital Limited -Secured Loan (combined all four loans) a)20390 a)Delay in repayment of EMI paid through cheque 03/04/2014 14/04/2014 11 Days
b)20390 a)Delay in repayment of EMI paid through cheque 03/05/2014 10/05/2014 7 Days
c)24430 a)Delay in repayment of EMI paid through cheque 15/06/2014 24/06/2014 9 Days

x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks and/or financial institutions.

xi) In our opinion and according to the information and explanations given to us theterm loans have been applied for the purpose for which they have been obtained.

xii) According to the information & explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 29th May 2015 Membership No. 15874

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