TO THE MEMBERS OF ANSAL BUILDWELL LIMITED
Report on the Ind AS Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Ansal BuildwellLimited ("the Company") which comprise the Balance Sheet as at March 31 2019the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(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 Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof 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 of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit 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.
|Sr. No. ||Key Audit Matter ||Auditor's Response |
|1 ||Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 Revenue from Contracts with Customers" (new revenue accounting standard) ||Principal Audit Procedures |
| || ||We assessed the Company's process to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows: |
| ||The application of the new revenue accounting standard involves certain key judgments relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue recognised over a period. Additionally new revenue accounting standard contains disclosures which involve collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. || Evaluated the design of internal controls relating to Implementation of the new revenue accounting standard. |
| || || Selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation performance and inspection of evidence in respect of operation of these controls. |
| || || Tested the relevant information technology systems' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard. |
| || || Selected a sample of continuing and new contracts and performed the following procedures: |
| || || Read analyzed and identified the distinct performance obligations in these contracts. |
| || || Compared these performance obligations with that identified and recorded by the Company. |
| || || Considered the terms of the contracts to determine the transaction price including any variable consideration to verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration. |
| || || Samples in respect of revenue recorded for time and material contracts were tested using a combination of approved time sheets including customer acceptances subsequent invoicing and historical trend of collections and disputes. |
| || || In respect of samples relating to fixed price contracts progress towards satisfaction of performance obligation used to compute recorded revenue was verified with actual and estimated efforts from the time recording and budgeting systems. We also tested the access and change management controls relating to these systems. |
| || || Sample of revenues disaggregated by type and service offerings was tested with the performance obligations specified in the underlying contracts. |
| || || Performed analytical procedures for reasonableness of revenues disclosed by type and service offerings. |
| || || We reviewed the collation of information and report generated from the system used to prepare the disclosure relating to the periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. |
|2 ||Accuracy of revenues and onerous obligations in respect of fixed price contracts involves critical estimates ||Principal Audit Procedures |
| || ||Our audit approach was a combination of test of internal controls and substantive procedures which included the following: |
| ||Estimated effort is a critical estimate to determine revenues and liability for onerous obligations. This estimate has a high inherent uncertainty as it requires consideration of progress of the contract efforts incurred till date and efforts required to complete the remaining contract performance obligations. || Evaluated the design of internal controls relating to Recording of efforts incurred and estimation of efforts required completing the performance obligations. |
| ||Refer Notes 1.4a and 2.16 to the Standalone Financial Statements. || Tested the access and application controls pertaining to time recording allocation systems which prevents unauthorized changes to recording of efforts incurred. |
| || || Selected a sample of contracts and through inspection of evidence of performance of these controls tested the operating effectiveness of the internal controls relating to efforts incurred and estimated. |
| || || Selected a sample of contracts and performed a retrospective review of efforts incurred with estimated efforts to identify significant variations and verify whether those variations have been considered in estimating the remaining efforts to complete the contract. |
| || || Reviewed a sample of contracts with unbilled revenues to identify possible delays in achieving milestones which require change in estimated efforts to complete the remaining performance obligations. |
| || || Performed analytical procedures and test of details for reasonableness of incurred and estimated efforts. |
|3 ||Disclosure of Contingent liabilities. ||Principal Audit Procedures |
| ||As at March 31 2019 Contingent liability amounting to Rs.3588.64 Lakhs which are pending adjudication. Refer Note 33 to the Standalone Financial Statements. ||We have involved our internal experts to review the all the agreements and contracts of disputed cases to identify the geniuses of amount of contingent liability. |
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding 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 Responsibilities 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) 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 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 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 A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.
2. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 Ind AS Financial Statement dealt with by this Report are in agreement with therelevant 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 as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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 the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements Refer Note 33 to the Ind AS financialstatements;
ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
for I. P. Pasricha & Co.
Chartered Accountants FRN: 000120N
Maneet Pal Singh Partner
Membership No.: 516612
Place : New Delhi
Date : 30.05.2019
ANNEXURE A' TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' section of the Independent Auditor's Report of even date to the members ofAnsal Buildwell Limited on the Ind AS financial statements as at and for the year ended 31March 2019)
i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.
b. In accordance with the information provided to us property plant and equipmenthave been physically verified by the management at regular intervals and no materialdiscrepancies were noticed on such verification. In our opinion periodicity of intervalsof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
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. According to the information and explanations given to us the Company has notgranted loans secured or unsecured to companies covered in the register maintained undersection 189 of the Companies Act 2013. Hence the requirement of clause (iii) (a) (b) and(c) of the said order is not applicable to the company
iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities.
v. According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of Sections 73 to 76 of the Act and relevantrules issued thereunder. Accordingly the provisions of clause 3(v) of the Order are notapplicable.
vi. In respect of the maintenance of cost records has been specified by the CentralGovernment under section 148(1) of the Companies Act 2013 we have broadly reviewed thecost records maintained by the Company pursuant to the Companies (Cost Records and Audit)Rules 2014 as amended and prescribed by the Central Government under Section 148(1) ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.
vii. According to the information and explanations given to us in respect of statutorydues:
a. According to the information and explanations given to us the Company is regular indepositing undisputed statutory dues including Provident Fund Investor Education andProtection Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax Goods and Service Tax Customs Duty Excise Duty Cess and other material statutorydues if any applicable to it with appropriate authorities. There are no undisputedamounts payable in respect of statutory dues in arrears as at March 31 2019 for a periodof more than six months from the date they became payable.
b. The disputed statutory dues aggregating Rs. 332.85 Lacs that have not been depositedon account of disputed matters pending before appropriate authorities are as under:
|S. No. ||Name of Statute ||Nature of dues ||Amount (in ' ||Period to which the amount relates ||Forum where dispute is pending |
|1. ||Finance Act 1994 ||Service Tax ||1273133/- ||Financial year 2009-10 ||CESTAT |
| || || ||2443399/- ||Financial year 2010-11 ||CESTAT |
| || ||Total (a) ||3716532/- || || |
|2. ||Income Tax Act1961 ||Regular Income Tax ||2869566/- ||Assessment year 1999-00 ||Supreme Court |
| || || ||2713044/- ||Assessment year 2000-01 ||Supreme Court |
| || || ||7660.486/- ||Assessment year 2001-02 ||Supreme Court |
| || || ||6906996/- ||Assessment year 2003-04 ||Supreme Court |
| || || ||5776047/- ||Assessment year 2005-06 ||Supreme Court |
| || ||Total (b) ||25926139/- || || |
|3. ||Employees Provident Fund & Miscellaneous Provision Act 1952 ||Interest on Provident Fund ||1196664/- ||Various Financial Year 1998-99 to 2005-2006 ||High Court |
| || ||Damages on Provident Fund ||2445970/- ||Various Financial Year 1998-99 to 2005-2006 ||Employees Provident Fund Appellate Tribunal |
| || ||Total (c) ||3642634/- || || |
| ||Grand Total (a+b+c) || ||33285305/- || || |
viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to financial institutionsbanks and government and dues to debenture holders except as below:
|S. No. ||Loan Details ||Due Date ||Payment Date ||Amount Involved (Rs.) ||Period of Default in days |
|1. ||India Infoline Finance Limited ||05-Apr-18 ||21-Apr-18 ||35157.00 ||16 |
| || ||05-May-18 ||18-May-18 ||35157.00 ||13 |
| || ||05-Jun-18 ||19-Jun-18 ||35157.00 ||14 |
| || ||05-Jul-18 ||13-Jul-18 ||35157.00 ||8 |
| || ||05-Aug-18 ||19-Sep-18 ||35157.00 ||45 |
| || ||05-Sep-18 ||31-Oct-18 ||35157.00 ||56 |
| || ||05-Oct-18 ||06-Dec-18 ||35157.00 ||62 |
| || ||05-Nov-18 ||24-Dec-18 ||35157.00 ||49 |
| || ||05-Dec-18 ||30-Jan-19 ||35157.00 ||56 |
| || ||05-Jan-19 ||06-Mar-19 ||35157.00 ||60 |
| || ||05-Apr-18 ||10-Apr-18 ||1722695.00 ||5 |
| || ||05-May-18 ||18-May-18 ||1722695.00 ||13 |
| || ||05-Aug-18 ||09-Aug-18 ||1722695.00 ||4 |
| || ||05-Sep-18 ||26-Sep-18 ||1722695.00 ||21 |
| || ||05-Oct-18 ||24-Oct-18 ||1722695.00 ||19 |
| || ||05-Nov-18 ||17-Nov-18 ||1722695.00 ||12 |
| || ||05-Jan-19 ||07-Jan-19 ||1722695.00 ||2 |
| || ||05-Apr-18 ||21-Apr-18 ||2460992.00 ||16 |
| || ||05-May-18 ||18-May-18 ||2460992.00 ||13 |
| || ||05-Jul-18 ||13-Jul-18 ||2460992.00 ||8 |
| || ||05-Aug-18 ||19-Sep-18 ||2460992.00 ||45 |
| || ||05-Sep-18 ||31-Oct-18 ||2460992.00 ||56 |
| || ||05-Oct-18 ||06-Dec-18 ||2460992.00 ||62 |
| || ||05-Nov-18 ||24-Dec-18 ||2460992.00 ||49 |
| || ||05-Dec-18 ||31-Jan-19 ||2460992.00 ||57 |
| || ||05-Jan-19 ||06-Mar-19 ||2460992.00 ||60 |
| || ||05-Feb-19 ||30-Mar-19 ||2460992.00 ||53 |
| || ||05-May-18 ||18-May-18 ||901995.00 ||13 |
| || ||05-Aug-18 ||30-Aug-18 ||901995.00 ||25 |
| || ||05-Sep-18 ||24-Oct-18 ||901995.00 ||49 |
| || ||05-Oct-18 ||06-Dec-18 ||901995.00 ||62 |
| || ||05-Nov-18 ||24-Dec-18 ||901995.00 ||49 |
| || ||05-Dec-18 ||30-Jan-19 ||901995.00 ||56 |
| || ||05-Jan-19 ||06-Mar-19 ||901995.00 ||60 |
| || ||05-Feb-19 ||01-Mar-19 ||901995.00 ||24 |
|2. ||Indiabulls Housing Finance Limited ||05-Apr-18 ||21-Apr-18 ||346653.00 ||16 |
| || ||05-May-18 ||15-May-18 ||346653.00 ||10 |
| || ||05-Apr-18 ||21-Apr-18 ||519980.00 ||16 |
| || ||05-May-18 ||14-May-18 ||519980.00 ||9 |
| || ||05-Apr-18 ||21-Apr-18 ||693307.00 ||16 |
| || ||05-May-18 ||14-May-18 ||693307.00 ||9 |
|3. ||HDFC Bank ||05-Apr-18 ||11-Apr-18 ||27130.00 ||6 |
| || ||05-Jul-18 ||11-Jul-18 ||27130.00 ||6 |
| || ||05-Aug-18 ||14-Aug-18 ||27130.00 ||9 |
| || ||05-Sep-18 ||12-Sep-18 ||27130.00 ||7 |
| || ||05-Nov-18 ||26-Nov-18 ||27130.00 ||21 |
| || ||07-May-18 ||08-May-18 ||66285.00 ||1 |
| || ||05-Apr-18 ||11-Apr-18 ||39895.00 ||6 |
| || ||05-May-18 ||15-May-18 ||39895.00 ||10 |
| || ||05-Jul-18 ||16-Jul-18 ||39895.00 ||11 |
| || ||05-Aug-18 ||21-Aug-18 ||39895.00 ||16 |
| || ||05-Sep-18 ||12-Sep-18 ||39895.00 ||7 |
| || ||05-Oct-18 ||30-Oct-18 ||39895.00 ||25 |
| || ||05-Nov-18 ||19-Nov-18 ||39895.00 ||14 |
| || ||05-Jan-19 ||07-Jan-19 ||39895.00 ||2 |
| || ||05-Aug-18 ||06-Aug-18 ||48045.00 ||1 |
| || ||05-Aug-18 ||06-Aug-18 ||44756.00 ||1 |
| || ||05-Aug-18 ||06-Aug-18 ||114066.00 ||1 |
| || ||05-Sep-18 ||15-Sep-18 ||114066.00 ||10 |
| || ||07-May-18 ||08-May-18 ||129080.00 ||1 |
| || ||07-Sep-18 ||17-Sep-18 ||129080.00 ||10 |
| || ||05-Apr-18 ||11-Apr-18 ||39720.00 ||6 |
| || ||05-Jul-18 ||11-Jul-18 ||39720.00 ||6 |
| || ||05-Aug-18 ||21-Aug-18 ||39720.00 ||16 |
| || ||05-Sep-18 ||12-Sep-18 ||39720.00 ||7 |
| || ||05-Oct-18 ||30-Oct-18 ||39720.00 ||25 |
| || ||05-Nov-18 ||19-Nov-18 ||39720.00 ||14 |
| || ||05-Jan-19 ||07-Jan-19 ||39720.00 ||2 |
|4. ||IVL Finance ||05-Jul-18 ||13-Jul-18 ||1927797.00 ||8 |
| || ||05-Aug-18 ||30-Aug-18 ||1927797.00 ||25 |
| || ||05-Sep-18 ||06-Sep-18 ||1927797.00 ||1 |
| || ||05-Oct-18 ||02-Nov-18 ||1927797.00 ||28 |
| || ||05-Nov-18 ||13-Nov-18 ||1927797.00 ||8 |
| || ||05-Dec-18 ||24-Dec-18 ||1927797.00 ||19 |
| || ||05-Jan-19 ||14-Feb-19 ||1927797.00 ||40 |
| || ||05-Feb-19 ||15-Mar-19 ||1927797.00 ||38 |
|5. ||TFS India Ltd. ||20-May-18 ||21-May-18 ||80083.00 ||1 |
| || ||20-Apr-18 ||21-Apr-18 ||91090.00 ||1 |
| || ||20-May-18 ||29-Jun-18 ||91090.00 ||40 |
| || ||20-Jun-18 ||29-Jun-18 ||91090.00 ||9 |
| || ||20-Jul-18 ||20-Aug-18 ||91090.00 ||31 |
| || ||20-Aug-18 ||15-Sep-18 ||91090.00 ||26 |
| || ||20-Sep-18 ||03-Oct-18 ||91090.00 ||13 |
| || ||20-Oct-18 ||14-Nov-18 ||91090.00 ||25 |
| || ||20-Nov-18 ||27-Nov-18 ||91090.00 ||7 |
| || ||20-Dec-18 ||11-Jan-19 ||91090.00 ||22 |
| || ||20-Jan-19 ||04-Feb-19 ||91090.00 ||15 |
| || ||20-Feb-19 ||05-Mar-19 ||91090.00 ||13 |
| || ||20-Mar-19 ||28-Mar-19 ||91090.00 ||8 |
|6. ||Mahindra & Mahindra Financial Services Limited ||05-Nov-18 ||28-Nov-18 ||30020.00 ||23 |
| || ||05-Dec-18 ||06-Dec-18 ||30020.00 ||1 |
| || ||05-Jan-19 ||07-Jan-19 ||30020.00 ||2 |
|7. ||ICICI Bank ||15-Apr-18 ||16-Apr-18 ||28160.00 ||1 |
| || ||15-Jul-18 ||16-Jul-18 ||28160.00 ||1 |
| || ||15-Aug-18 ||16-Aug-18 ||28160.00 ||1 |
|8. ||PNB Housing Finance Ltd. ||10-Jun-18 ||21-Jun-18 ||418868.00 ||11 |
| || ||10-Nov-18 ||21-Nov-18 ||418868.00 ||11 |
| || ||10-Dec-18 ||13-Dec-18 ||418868.00 ||3 |
| || ||10-Jan-19 ||16-Jan-19 ||418868.00 ||6 |
| || ||10-Feb-19 ||15-Feb-19 ||418868.00 ||5 |
| || ||10-Mar-19 ||15-Mar-19 ||418868.00 ||5 |
|9. ||Toyota Financial Services India Ltd. ||02-Apr-18 ||03-Apr-18 ||37803.00 ||1 |
ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). In our opinion and according to the information andexplanations given to us the term loans have been applied by the Company during the yearfor the purpose for which they were obtained.
x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during the year.
xi. According to the information and explanations given 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 and according to the information and explanations given to us theCompany is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.
xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the CARO 2016 is not applicable to the Company.
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 I. P. Pasricha & Co.
Maneet Pal Singh
Membership No.: 516612
Place : New Delhi
Date : 30.05.2019
ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 2(f) under Report on Other Legal and RegulatoryRequirements' section of the Independent Auditor's Report of even date to the members ofAnsal Buildwell Limited on the Ind AS financial statements as at and for the year ended 31March 2019)
Independent Auditor's report on the Internal Financial Controls 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 AnsalBuildwell Limited ("the Company") as of 31 March 2019 in conjunction with ouraudit of the Ind AS financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of the company'sbusiness including adherence to 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.
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 the Institute ofChartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls bothapplicable to an audit of Internal Financial Controls and both issued by the ICAI.. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls 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 Ind AS 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 controls overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial controls 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 Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations 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 Ind ASfinancial 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 internal financial controls overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2019 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.
for I. P. Pasricha & Co.
Chartered Accountants FRN: 000120N
Maneet Pal Singh Partner
Membership No.: 516612
Place : New Delhi
Date : 30.05.2019