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Ahluwalia Contracts (India) Ltd.

BSE: 532811 Sector: Infrastructure
NSE: AHLUCONT ISIN Code: INE758C01029
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OPEN 443.35
PREVIOUS CLOSE 445.25
VOLUME 36
52-Week high 563.50
52-Week low 291.00
P/E 19.51
Mkt Cap.(Rs cr) 2,927
Buy Price 434.55
Buy Qty 1.00
Sell Price 436.95
Sell Qty 1.00
OPEN 443.35
CLOSE 445.25
VOLUME 36
52-Week high 563.50
52-Week low 291.00
P/E 19.51
Mkt Cap.(Rs cr) 2,927
Buy Price 434.55
Buy Qty 1.00
Sell Price 436.95
Sell Qty 1.00

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 Ahluwalia Contracts (India) Limited (‘the Company') which comprisethe Balance Sheet as at March

31 2021 the Statement of Profit comprehensive income) the Statement of Cash Flow andthe Statement of Changes in Equity for the year ended on that date and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas 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) Rules2015asamended("IND AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at

March 31 2021 the profit and total comprehensive income changes in equity and itscash flows for the year ended on that date.

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 describedandLoss (includingother in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. Weare independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the

Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the standalone 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.N. Key Audit Matters Auditor's Response
1 Revenue recognition for long term construction contracts: Our audit procedures include the following: Reading the company's revenue recognition accounting policies and assessing compliance with the policies in terms of Ind AS 115. portion of business
The Company's significant is undertaken through long term construction contracts. Revenue from these contracts is reconized over a period of time in accordance with the requirements of Ind AS 115 Revenue from Contracts with Customers. Due to the nature of the contracts revenue recognition involves usage of percentage of completion method which is determined based on output method such as surveys of performance completed to date appraisal of results achieved milestones reached units produced or units delivered which contractual obligations and the Company's rights to receive payments for performance completed till date changes in scope and consequential revised contract price and recognition of the liability for loss making contracts.(Note No. 2.3) We performed test of controls over revenue recognition with specific focus on determination of progress of completion and recording of costs incurred .
We performed tests of details on a sample basis and read the underlying customer contracts and its amendments if any key contract terms and milestones etc for verifying estimation of contract revenue and cost and /or any change in such estimation. We reviewed the management's evaluation process to recognize revenue over a period of time status of completion for projects and total cost estimates.
We tested contracts with exceptions including contracts with low or involves significant judgements identification of negative margins contracts with significant changes in planned cost estimates contracts with significant significant overdue these exceptions with its correlation with the underlying contracts documents for the triggers during the period.
We tested that the contractual positions and revenue for the year are presented and disclosed in compliance of Ind AS 115 in the Standalone Ind AS financial statements.
2 Trade Receivables and Contract Assets Our Audit procedures amongst other included the following:
Trade receivables and Contract Assets amounting to Rs.43493.50 lakhs and Rs.43435.39 lakhs respectively represent approximately 42.16 % of the total assets of the Company as at March 31 2021. In assessing the recoverability of the aforesaid balance management's judgement involves consideration of aging status evaluation of litigations and the likelihood of collection based on the terms of the contract. Management estimation is required in the measurement of work completed during the period for recognition of unbilled revenue. We considered this as key audit matter due to the materiality of the amounts and significant estimates and judgements as stated above. We understood and tested on a sample basis the design and operating effectiveness of management control over the recognition and the recoverability of the trade receivables and contract assets.
We performed test of details and tested relevant contracts documents and subsequent settlements for material trade receivable balances and amounts included in contract assets that are due on performance of future obligations.
We tested the aging of trade receivables at year end.
We performed test of details and tested relevant contracts and documents with specific focus on measurement of work completed during the period for material unbilled revenue balances included in contract asset.
We performed additional procedures in respect of material over- due trade receivables and long outstanding contract assets i.e.
We assessed the allowance for impairment made by management.
3 Disputed Indirect Tax and other Contingent Liabilities Our audit procedures amongst others included the following: Obtained list of indirect tax litigations as at March 31 2021 from management.
The Company is subject to assessments by tax authorities on various indirect tax matters resulting into litigations/disputes (refer note 40(i)(a) to the standalone Ind AS financial Statements). The tax matters involve significant are at various stages and the proceedings take significant time to resolve. Management exercises significant judgement in assessing the financial impact of tax matters due to the complexity of the cases and involvement of various tax authorities. We analysed the completed assessments for pending cases of similar nature.
Accordingly we have identified this as a key matter. Discussed the matters with the management to understand the possible outcome of these disputes. amounts which We have also considered legal precedence and other rulings in evaluating management position on these uncertain tax litigations.
Obtained experts opinion in major cases to review the management's assessment of the possible outcome of the disputes relating to indirect tax and other litigation.
Assessed contingent liability disclosure in note 40(i)(a) to the accompanying standalone Ind AS financial statements.

Other Information

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 opinionon the financial statements does not cover the other information and we will not expressany 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.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

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 of these standalone financialstatements to give a true and fair view of the financial position financial performance(including other comprehensive income) cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian

Accounting Standards specified in the Companies (Indian

Accounting Standards) Rules 2015 (as amended) under

Section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error. In preparing thestandalone financial statements management is responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so.

The Board of Directors are responsible for overseeing the

Company's financial reporting process.

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 standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto 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 reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant as a going concern. If weconclude that a material uncertainty exists we are required to draw attention in ourauditor's report to the related disclosures in the standalone financial statements or ifsuch disclosures are inadequate to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent 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. qualitativefactors in (i) planning the scope of our audit work and in evaluating the results of ourwork; and (ii) to evaluate the effect of any identified misstatements in the financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant any significant 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 financialstatementsof the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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) Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) The Standalone Balance Sheet theStandalone

Statement of Profit and Loss including Other

Comprehensive Income Standalone Statement of Changes in Equity and the StandaloneStatement of Cash Flow dealt with by this Report are in agreement with the relevant booksof account. d) In our opinion the aforesaid standalone financial statements comply withthe Ind AS specified under

Section 133 of the Act read with Rule 7 of the

Companies (Accounts) Rules 2014. e) On the basis of the written representationsreceived from the directors and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the

Company and the operating effectiveness of such controls refer to our separate Reportin "Annexure

A". Our report expresses an unmodified opinion on the adequacy and operatingeffectiveness of the

Company's internal financial controls over financial reporting. g) With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended: In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act. h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its standalone financial statements- Refer Note-40(i)(a) tothe standalone financial statement. ii. The Company has made provision as required underthe applicable law or accounting standards for material foreseeable losses if any onlong-term contracts. The Company has no derivative contracts. iii. There has been no delayin transferring amounts required to be transferred to the Investor Education andProtection 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.

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 2021 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 include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of

India. 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 an d their operatingeffectiveness. Our audit of internal financial controls ove r 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 2021 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 of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

ANNEXURE-B TO INDEPENDENT AUDITORS' 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 except for shuttering material & scaffolding. Aseparate record for movement of fixed assets showing situation is maintained. As the unitvalue of shuttering material and scaffoldings is very small and volumes are very large itis not technically feasible to maintain unit records and movement of the same betweenvarious projects/ sites.

(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:

Total Number of cases Gross Block Net Block Remarks if any.
(as at Balance Sheet date) (Rs.in Lacs)
345.60280.04 Registration of Building 5th & 8 th Floor KB-25
Sector III Bidhurnagar Kolkata 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 assets 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 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.

(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 the prescribed accounts and recordshave been made and maintained. However we have not carried out detailed examination ofsuch accounts and records with a view to determining whether they are accurate orcomplete.

(vii) a) The Company has generally been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income Tax Customs Duty Cessand other material statutory dues applicable to it with the appropriate authorities exceptfor Goods & Service Tax. There has been slight delays in few cases in depositingProvident Fund ESI & Income Tax . b) There were no undisputed amounts payable inrespect of Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCustoms Duty Cess and other material statutory dues in arrears as at March 31 2021 for aperiod of more than six months from the 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 lakhs) 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 (Appeal) Central Excise Bangalore
Central Excise Act 1944 Demand for Excise Duty 601.13 2011-12 to 2015-16 CESTAT Allahabad
Central Excise Act 1944 Demand for Excise Duty 171.73 2014-15 to 30.06.17 Joint Commissioner Central Excise Gurugram
Goods & Service Tax Act GST Demand 48.76 2017-2018 Jt. Commissioner (Appeal) Patna
Value Added Tax Act Delhi VAT Demand 69.88 2013-14 Special Commissioner Delhi VAT
Value Added Tax Act Delhi VAT Demand 5.30 2014-15 Special Commissioner Delhi VAT
Value Added Tax Act Delhi VAT Demand 61.46 2015-16 to 2017-18 Special Commissioner Delhi VAT
Value Added tax act Haryana VAT Demand 44.71 2012-13 Dy. Commissioner (Appeals) Chandigarh
Value Added tax act Haryana VAT Demand 236.45 2014-15 Haryana VAT Tribunal Chandigarh
Value Added tax act Haryana VAT Demand 239.42 2011-12 High Court Punjab & Haryana
Value Added Tax Act Maharashtra VAT Demand 16.43 2005-06 Dy Commissioner (Audit) Mumbai
Value Added Tax Act Maharashtra VAT Demand 53.38 2015-16 Asst. Commissioner (MVAT) Pune
Commercial Taxes Jharsuguda VAT Demand 61.25 19.02.08 to 31.03.12 Additional Commissioner Sales tax Orrisa
Value Added Tax ActUP VAT Demand 63.78 2008-09 Add. Commissioner (Appeal)- IV GZB
Value Added Tax ActUP VAT Demand 9.36 2005-06 & 2006-07 Appellate Tribunal Ghaziabad
Value Added Tax Act West Bengal VAT Demand 3.01 1998-99 Appellate Tribunal Kolkata
Value Added Tax Act West Bengal VAT Demand 1.54 1997-98 Settlement 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 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
Value Added Tax Act West Bengal VAT Demand 3.00 2017-18 Additional Commissioner of sales tax
The Finance Act 2004 and the Service Tax Rules Service Tax Demand 586.18 2007-08 to 2011-12 CESTAT Delhi
Service Tax Demand 765.06 2011-12 CESTAT Delhi
Service Tax Demand 13.32 2011-12 CESTAT Delhi
Service Tax Demand 1298.52 2012-13 CESTAT Delhi
Service Tax Demand 1116.37 2014-15 to 30.06.17 Principle Commissioner CGST (S) New Delhi
Service Tax Demand 36.49 2006-09 Asst. Commissioner Jamnagar
Service Tax Demand 8.71 Apr.07 to Feb.08 Asst. Commissioner Jamnagar
Service Tax Demand 3309.91 2010-11 CESTAT Chandigarh
Service Tax Demand 739.67 Apr.06 to Mar. 08 CESTAT Chandigarh
Service Tax Demand 870.41 2005-06 to 2008-09 Appellate Tribunal Mumbai
Service Tax Demand 573.60 2012-13 CESTAT Mumbai
Service Tax Demand 45.35 Oct. 10 to Feb. 12 CESTAT Allahabad
Service Tax Demand 13.57 2013-14 CESTAT Allahabad
Service Tax Demand 31.44 Mar.12 to Mar.13 Commissioner Appeal Noida
Service Tax Demand 68.14 Mar.11 to Mar.12 CESTAT Allahabad
Service Tax Demand 95.63 2016-17 to 2017-18 Adjudication Authority Kolkata
Service Tax Demand 8.74 Oct.10 to Nov.11 CESTAT Kolkata
Service Tax Demand 103.48 Oct.05 to Jan.08 CESTAT Kolkata
Employees Provident Fund & Miscellaneous Provision Act1952 Provident Fund Demand 5457.34 2006-07 to 2008-09 Employees Provident Fund Appellate Tribunal New Delhi and High Court New Delhi
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 andexplanations 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 andexplanations 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 not applicable.

(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 the Companies Act 2013 in relation totransaction with related parties and the details have been disclosed in the financialstatements as required by the applicable accounting standards.

(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 Amod Agrawal& Associates
Chartered Accountants
Firm Registration No.005780N
SMITA GUPTA
Partner
Place: New Delhi Membership No.- 087061
Dated: 26th June 2021 UDIN: 21087061AAAAAD9872

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