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Ahluwalia Contracts (India) Ltd.

BSE: 532811 Sector: Infrastructure
NSE: AHLUCONT ISIN Code: INE758C01029
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OPEN 343.00
PREVIOUS CLOSE 331.40
VOLUME 184
52-Week high 385.00
52-Week low 247.00
P/E 26.84
Mkt Cap.(Rs cr) 2,199
Buy Price 327.50
Buy Qty 4.00
Sell Price 328.25
Sell Qty 5.00
OPEN 343.00
CLOSE 331.40
VOLUME 184
52-Week high 385.00
52-Week low 247.00
P/E 26.84
Mkt Cap.(Rs cr) 2,199
Buy Price 327.50
Buy Qty 4.00
Sell Price 328.25
Sell Qty 5.00

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

Company auditors report

TO THE MEMBERS OF

AHLUWALIA CONTRACTS (INDIA) LIMITED

REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone financial Statements of AhluwaliaContracts (India) Limited (‘the Company') which comprise the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss (including other comprehensive income)the Cash Flow Statement and the Statement of Changes in Equity for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as the standalone financial statements).

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 Companies Act2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Companies (Indian Accounting Standards) Rules 2015as amended ("IND AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2019 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

S. No. Key Audit Matter Auditor's Response
1 Revenues recognition of Long-term contracts Our revenue testing included both testing of the Company's controls as well as substantive audit procedures targeted at selected major long-term projects. Our Substantive testing focused on estimates applied by the management in the Accounting.
Revenue from Construction contract is recognized on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract. Output methods include methods such as surveys of performance completed to date appraisals of results achieved milestones reached time elapsed and units produced or units delivered. The Company has considered the output selected would faithfully depict the entity's performance towards complete satisfaction of the performance obligation. Our Procedures included among other things the following:
Revenues recognition of construction contracts includes management judgment in the form of estimates which are subject to management experience and expectations of future events. The most important judgment relates to the estimated total cost of the projects. Ensured that the revenue recognition method applied was appropriate based on the terms of the arrangement.
Revenues recognition for Long-term contracts is a key audit matter in the audit due to high level of management judgment involved in the project cost estimates. Agreed the total project revenue estimates to sale agreements including amendments as appropriate
Refer Note No. 2.3 of financial statements. We obtained and understanding of the processes and tested relevant controls which impact the revenue recognition.
We assessed the reliability of management's estimates by comparing the actual results of delivered projects to previous estimates.
2 Provisions and contingent liabilities Obtained details of completed assessments and demands for the year ended March 2019 from the management. We analyzed the completed assessments for the pending cases of similar natures and also obtained expert's opinion in major cases to assess the management's underlying assumptions in estimating the provisions and the possible out-come of the disputes. We have also considered legal precedence and other ruling in the evaluating management position on these uncertain tax positions.
As on 31st March 2019 the company has disclosed open legal cases and other contingent liabilities in note no. 2.15 of financial statements.
The assessment of the existence of the present legal or constructive obligations analysis of the probability of the related payment and analysis of a reliable estimate requires management's judgment to ensure appropriate accounting or disclosures.
Due to the level of judgments relating to recognition valuation and presentation of provisions and contingent liabilities this is considered to be a key audit matter.
3 Accounting for lease As part of our audit procedures we assessed the assumptions contained within the calculations including growth assumptions & discount rates. In addition we have examined fair value certificate from independent valuer who holds relevant professional qualification and has relevant valuation experience to evaluate whether any change was required to the management position in assessing fair value of the investment property.
The Company has developed a building (being Bus Terminal & Depot and Commercial Complex at Kota) for Rajasthan State Road Transport Corporation (RSRTC) under an "Agreement to Develop / License Agreement" at a cost of Rs. 9426.95 lakhs spent till 31.03.2019 on the land belonging to RSRTC. The same has been disclosed under the head "Investment Property". The Company has a right to Lease Commercial Complex.
Refer Note No. 2.6 of financial statements.
The determination of the fair value of investment property & impairment provision requires the use of estimates such as future cash flows from the assets (such as lettings future revenue streams and the overall repair and condition of the property and property operating expenses including license fees) and discount rates applicable to those assets.
The assessment of the recoverable amount requires significant judgment in particular relating to estimated cash flow projections and discount rate. Therefore this is considered to be a key audit matter.
4 Impairment of trade receivables: As part of our audit procedures we assessed the reliability of the management's estimates by comparing the actual results with the historical data.
Company's long term trade receivables as on 31-03- 2019 includes Rs. 8829.49 lakhs which are mainly in respect of additional work caused delays suspension of projects deviation in design and change in scope of work and other aspects; for which Company is at various stages of negotiation/discussion with the clients or under arbitration. Considering the contractual tenability progress of negotiation/ discussion with the client. Reviewed the progress of the legal proceedings.
Refer Note No. 2.7 of financial statements. We have also obtained the expert opinions in major cases to assess the out-come of the cases in favour of the Company and adequacy of impairment provision.
The assessment of the recoverable amounts and impairment provision requires significant judgments and therefore this is considered as a key audit matter.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalonefinancial statements and our auditor's report thereon. The above mentioned report isexpected to be made available to us after the date of this auditor's report.

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

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese standalone financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified 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 and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312019 from being appointed as a director in terms of Section 164 (2) of the 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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements- Refer Note-41(i)(a) to the standalonefinancial statement.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Amod Agrawal & Associates
Chartered Accountants
Firm Registration No.005780N
VIRENDRA KUMAR
Place: New Delhi Partner
Dated: 30th May 2019 Membership No.- 085380

Annexure-A to the Independent Auditor's Report

(Referred to in paragraph 1 (f) under "Report on Other Legal and RegulatoryRequirements" section of our report to the Members of Ahluwalia Contracts (India)Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting Under Clause (i) ofSub-section 3 of Section 143 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 March 31 2019 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention 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 judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone 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 standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the standalonefinancial 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 March 31 2019 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 Amod Agrawal & Associates
Chartered Accountants
Firm Registration No.005780N
VIRENDRA KUMAR
Place: New Delhi Partner
Dated: 30th May 2019 Membership No.- 085380

Annexure-B to the Independent Auditor's Report

(Referred to in paragraph 2 under "Report on Other Legal and RegulatoryRequirements" section of our report to the Members of Ahluwalia Contracts (India)Limited of even date)

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details of fixed assets. A separate record for movement of fixed assetsshowing situation is maintained except for shuttering and scaffolding materials for whichconsidering the nature of the business of the company maintenance of record is notfeasible.

(b) 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) Net Block (as at Balance Sheet date) Remarks if any.
(Rs. in Lacs) (Rs. in Lacs)
1 Leasehold - (Chattarpur New Delhi) 13.60 13.60 Registration is pending as per Bye Laws prevailing thereon.

BUILDING (KOLKATA):

Total Number of cases Gross Block (as at Balance Sheet date) Net Block (as at Balance Sheet date) Remarks if any.
(Rs.in Lacs) (Rs.in Lacs)
1 345.60 290.95 Registration is pending as per State Government Directives /Bye Laws prevailing thereon.

(ii) In our opinion the management has conducted physical verification of major itemsof inventory at reasonable intervals. No material discrepancies were noticed on physicalverification of such stocks.

(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 clause3(iii)(iii)(a)(iii)(b)(iii)(c) of the said order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usprovisions 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 meaning ofSection 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 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) The Company has generally been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income Tax Goods and ServiceTax Customs Duty Cess and other material statutory dues applicable to it with theappropriate authorities except for Goods & Service Tax. There has been slight delaysin Provident Fund ESI & Income Tax in few cases.

(b) here were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues in arrears as at March 31 2019 for a period of more than six months fromthe date they became payable.

(c) According to the records of the Company the dues outstanding of sales-taxincome-tax duty of custom duty of excise service tax value added tax goods &service tax and cess on account of any dispute are as follows:

Name of the Statute Nature of Dues Amount (in lacs) period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Demand for Excise Duty 27.10 Mar. 11 to Nov. 12 Commissioner (Appeals) of Central Excise Bangalore
Central Excise Act 1944 Demand for Excise Duty 418.41 2011-12 to 2015-16 Add. Commissioner CE Gr. Noida
Value Added Tax Act Delhi VAT Demand 69.88 2013-14 Special Commissioner DVAT
Value Added Tax Act Delhi VAT Demand 5.30 2014-15 Special Commissioner DVAT
Value Added Tax Act Delhi VAT Demand 2389.19 2009-10/2010- 11/2012-13 Special Commissioner DVAT
Value Added tax act Haryana VAT Demand 236.45 2014-15 Haryana VAT Tribunal Chandigarh
Value Added Tax Act (Gujarat) VAT Demand 21.63 2011-13 Dy Commissioner Vadodara Ghatak
Value Added Tax Act Maharashtra VAT Demand 16.43 2005-06 Dy Commissioner(Audit) Mumbai
Value Added Tax Act Maharashtra VAT Demand 132.18 2011-12 Appeal still not filed
Commercial Taxes Jharsuguda VAT Demand 61.25 19.02.08 to 31.03.12 Jt Commissioner sales tax Orrisa
Value Added Tax ActUP VAT Demand 66.20 2008-09 Add. Commissioner(Appeal)- IV GZB
Value Added Tax ActUP VAT Demand 6.94 2005-06 Appellate Tribunal Ghaziabad
Value Added Tax Act West Bengal VAT Demand 3.01 1998-99 Appellate Revisional Board of West Bengal Commercial Tax Kolkata
Value Added Tax Act West Bengal VAT Demand 1.54 1997-98 Setllement Commission Kolkata
Value Added Tax Act West Bengal VAT Demand 45.19 2005-06 & 2006-07 Directorate of Commercial Tax /Sr. Jt. Commissioner Kolkata
Value Added Tax Act West Bengal VAT Demand 102.31 2008-09 Appellate Revisional Board of West Bengal Commercial Tax Kolkata
Value Added Tax Act West Bengal VAT Demand 106.47 2013-14 Appellate Revisional Board of West Bengal Commercial Tax Kolkata
Value Added Tax Act West Bengal VAT Demand 86.44 2014-15 Appellate Revisional Board of West Bengal Commercial Tax Kolkata
The Finance Act 2004 and the Service Tax Rules Service Tax Demand 210.83 2007-08 to 2011-12 Commissioner of Service Tax Delhi
Service Tax Demand 174.71 2007-08 to 2011-12 Commissioner of Service Tax Delhi
Service Tax Demand 765.06 2011-12 Commissioner of Service Tax Delhi
Service Tax Demand 13.22 2011-12 Commissioner of Service Tax Delhi
Service Tax Demand 1298.42 2012-13 Commissioner of Service Tax Delhi
Service Tax Demand 36.49 2006-09 Asst. Commissioner Jamnagar
Service Tax Demand 2.51 Apr.07 to Feb.08 Asst. Commissioner Jamnagar
Service Tax Demand 6.20 Apr.07 to Feb.08 Asst. Commissioner Jamnagar
Service Tax Demand 23.03 Dec.06 to Mar.08 Asst. Commissioner Jamnagar
Service Tax Demand 51.48 2008-09 Commissioner (Appeals) Bangalore
Service Tax Demand 870.41 2005-06 to 2008-09 CESTAT Mumbai
Service Tax Demand 573.60 2012-13 CESTAT Mumbai
Service Tax Demand 0.87 2007-09 Asst. Commissioner Service tax Ludhiana
Service Tax Demand 12.60 2008-09 Jt. Commissioner Service tax Ludhiana
Service Tax Demand 8.28 2006-07 & Apr. 07 to Sep. 07 Commissioner Appeal Service tax Ludhiana
Service Tax Demand 739.67 Apr. 06 to Mar. 08 CESTAT Ludhiana
Service Tax Demand 10.72 2008-09 & 2009-10 CESTAT Jaipur
Service Tax Demand 18.51 Apr. 06 to Oct. 09 Cestat Chennai
Service Tax Demand 45.95 Oct. 10 to Feb. 12 Commissioner (Appeals) Noida
Service Tax Demand 31.44 Mar. 12 to Mar. 13 Commissioner Appeal Noida
Service Tax Demand 0.71 Apr. 09 to Mar. 14 Commissioner Appeal Noida
Service Tax Demand 111.54 Apr. 12 to Mar. 13 Cestat Allahabad
Service Tax Demand 5.25 Apr. 10 to Dec. 14 Cestat Allahabad
Service Tax Demand 103.48 Oct. 05 to Jan. 08 Cestat Kolkata
Service Tax Demand 20.37 Apr. 08 to Aug. 08 Cestat Kolkata
Employees Provident Fund & Miscellaneous Provision Act 1952 Provident Fund Demand 5457.34 2006-07 to 2008-09 New Delhi High Court
Indian Stamp Act Stamp duty on Real Estate Project 57.42 1990-91 Allahabad High Court

(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) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no fraud/material fraudon the company by the officers and employees of the Company has been noticed or reportedduring the year.

(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.z

For Amod Agrawal & Associates
Chartered Accountants
Firm Registration No.005780N
VIRENDRA KUMAR
Place: New Delhi Partner
Dated: 30th May 2019 Membership No.- 085380