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Ansal Buildwell Ltd.

BSE: 523007 Sector: Infrastructure
NSE: N.A. ISIN Code: INE030C01015
BSE 00:00 | 15 Nov 36.95 -1.90
(-4.89%)
OPEN

36.95

HIGH

40.70

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36.95

NSE 05:30 | 01 Jan Ansal Buildwell Ltd
OPEN 36.95
PREVIOUS CLOSE 38.85
VOLUME 3221
52-Week high 63.00
52-Week low 21.05
P/E 4.97
Mkt Cap.(Rs cr) 27
Buy Price 38.00
Buy Qty 1.00
Sell Price 36.95
Sell Qty 898.00
OPEN 36.95
CLOSE 38.85
VOLUME 3221
52-Week high 63.00
52-Week low 21.05
P/E 4.97
Mkt Cap.(Rs cr) 27
Buy Price 38.00
Buy Qty 1.00
Sell Price 36.95
Sell Qty 898.00

Ansal Buildwell Ltd. (ANSALBUILDWELL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ANSAL BUILDWELL LIMITED Report on the Ind AS Financial Statements

We have audited the accompanying Indian Accounting Standards (Ind AS) financialstatements of

AnsalBuildwell Limited ("the Company") which comprise the balance sheet asat 31 March 2018 the statement of Profit and Loss (including Other Comprehensive Income)the statement of cash flows and the statement of changes in equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 Ind ASfinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Ind AS prescribed under section 133 of the Act read with relevant rulesissued thereunder.This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit of the IndAS financial statements in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of materialmisstatementoftheIndASfinancialstatements whether due to fraud or error. In making thoserisk assessments theauditorconsidersinternalfinancialcontrol relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion ontheIndASfinancialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid

Ind AS financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India including the Ind AS of the state of affairs of theCompanyasat31March2018anditsprofit(including other comprehensive income) its cash flowsand the changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening balance sheet as at 1 April 2016 included in these Ind ASfinancial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies(Accounting

Standards) Rules 2006 audited by the predecessor auditor whose report for the yearended 31 March 2017 and 31 March 2016 respectively expressed an unmodified opinion onthose financial statements as adjusted for the differences in the accounting principlesadopted by the Company on transition to the Ind AS which have been audited by us.

Our opinionisnotmodifiedinrespectof this matter.

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 "AnnexureA" a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. b) In our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books. c) The Ind ASFinancial Statements dealt with by this Report are in agreement with the books of account.d) In our opinion the Ind AS financial statements comply with the Indian AccountingStandards prescribed under section 133 of the Act read with relevant rules issuedthereunder. e) On the basis of the written representations received from the directors ason March 31 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act. f) With respect to the adequacy of the internal financialcontrols overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". g) In our opinion and to the bestof our information and according to the explanations given to us We report as under withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014: i. The Company has disclosedthe impact of pending litigations on its financial position in its Ind AS financialstatements Refer Note 33 to the Ind AS financial statements; ii. The Company did not haveany long term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There were no amounts which were 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 : 30.05.2018

‘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 of Ansal Buildwell Limited onthe Ind AS financial statements as at and for the year ended 31 March 2018) i. a. TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of property plant and equipment. b. In accordance with theinformation provided to us property plant and equipment have been physically verified bythe management at regular intervals and no material discrepancies were noticed on suchverification. In our opinion periodicityofintervalsofphysicalverificationis reasonablehaving regard to the size of the Company and the nature of its assets. c. According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company the title deeds of immovable properties are held in the name ofthe Company. ii. As explained to us the inventory has been physically verified during theyear by the Management. In our opinion the frequency of verification is reasonable havingregard to nature & size of the company and no material discrepancies were noticed inphysical verification. iii. According to the information and explanations given to us theCompany has not granted loans secured or unsecured to companies covered in the registermaintained under section 189 of the Companies Act

2013. Hence the requirement of clause (iii) (a) (b) and (c) of the said order is notapplicable to the company iv. In our opinion and according to the information andexplanations given to us the Company has complied with the provisions of Sections 185 and186 of the Companies Act 2013 in respect of grant of loans making investments andproviding guarantees and securities. v. According to the information and explanationsgiven to us the Company has not accepted any deposits within the meaning of Sections 73to 76 of the Act and relevant rules issued thereunder. Accordingly the provisions ofclause 3(v) of the Order are not applicable. vi. In respect of the maintenance of costrecords has been specified by the Central Government under section 148(1) of the CompaniesAct 2013we have broadly reviewed the cost records maintained by the

Company pursuant to the Companies (Cost Records and Audit) Rules 2014 as amended andprescribed by the Central Government under Section 148(1) of the Companies Act 2013 andare of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete. vii. (a) According to theinformation and explanations given to us in respect of statutory dues: According to theinformation and explanations given to us the Company is regular in depositing undisputedstatutory dues including Provident Fund Investor Education and Protection FundEmployees' State Insurance Income Tax Sales Tax Wealth Tax Service Tax Goods andService Tax Customs Duty Excise Duty Cess and other material statutory dues if anyapplicable to it with appropriate authorities.

There are no undisputed amounts payable in respect of statutory dues in arrears as atMarch 31 2018 for a period of more than six months from the date they became payableexcept in the cases as mentioned below.

Statutory Dues Amount (Rs.) Due Date of Payment Date of Payment Remarks
1. Advance Tax instalment for the assessment year 2018-19 15-Jun-17 15-Sept-17 The Company has not paid advance tax during the year.
2. TDS Payable 1668388 7-Aug-17 24-Apr-18 Amount paid before the signing of this report.
1832326 7-Sept-17 24-Apr-18
3. GST Payable 896700 20-Aug-17 Till May-18 Amount paid before the signing of this report.
1103308 20-Sept-17

(b) The disputed statutory dues aggregating Rs. 332.85Lacs that have not been depositedon account of disputed matters pending before appropriate authorities are as under:

S. Name of No. Statute Nature of dues Amount (in Rs) 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) 3716433/-
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 1196664/- High Court
Provident Interest on Various Financial Year 1998-99 to 2005-2006
Fund & Provident Fund
Miscellaneous 2445970/- Employees
Provision Act Damages on Various Financial Year 1998-99 to 2005-2006 Provident Fund
1952 Appellate Tribunal
Provident Fund
Total (c) 3642634/-
Grand Total (a+b+c) 33285206/-

viii . In our opinion and according to the information and explanations given tous the Company has not defaulted in repayment of loans or borrowings to financialinstitutions banks and government and dues to debenture holders except as below:

Loan Details Due Date Payment Date Amount Involved Period of Default
(Rs)
1. India Infoline Finance Limited 05-Nov-17 06-Nov-17 4218844 1
05-Dec-17 07-Dec-17 4218844 2
05-Feb-18 16-Feb-18 35157 11
05-May-17 01-Jun-17 1722695 27
05-Jun-17 29-Jun-17 1722695 24
05-Jul-17 18-Jul-17 4183687 13
05-Oct-17 06-Oct-17 1722695 1
05-Jan-18 16-Jan-18 4183687 11
05-Feb-18 23-Feb-18 4183687 18
05-Mar-18 14-Mar-18 4183687 9
05-Jun-17 30-Jun-17 2460992 25
05-Sep-17 15-Sep-17 2460992 10
05-Oct-17 09-Oct-17 2460992 4
2. Indiabulls Housing Finance Limited 05-May-17 31-May-17 866633 26
05-Jun-17 29-Jun-17 1559940 24
05-Jul-17 13-Jul-17 346653 8
05-Oct-17 13-Oct-17 346653 8
05-Nov-17 06-Nov-17 2253247 1
05-Dec-17 07-Dec-17 2253247 2
05-Jan-18 16-Jan-18 2253247 11
05-Feb-18 23-Feb-18 2253247 18
05-Mar-18 14-Mar-18 1559940 9
05-Jul-17 17-Jul-17 1906594 12
05-May-17 22-Jun-17 693307 48
05-Oct-17 12-Oct-17 1386614 7
05-May-17 19-Jul-17 693307 75
05-Jun-17 30-Jun-17 693307 25
3. HDFC Bank 05-Apr-17 06-Apr-17 350014 1
05-Jun-17 15-Jun-17 106745 10
05-Sep-17 06-Sep-17 66850 1
05-Nov-17 08-Nov-17 313612 3
05-Feb-18 14-Feb-18 151501 9
05-Mar-18 06-Mar-18 233997 1
07-May-17 09-May-17 195365 2
07-Jun-17 15-Jun-17 195365 8
07-Jul-17 14-Jul-17 66285 7
07-Aug-17 17-Aug-17 195365 10
07-Sep-17 16-Sep-17 195365 9
07-Nov-17 09-Nov-17 195365 2
07-Jan-18 09-Jan-18 195365 2
07-Feb-18 16-Feb-18 195365 9
07-Mar-18 14-Mar-18 195365 7
05-Sep-17 14-Sep-17 84651 9
05-Oct-17 11-Oct-17 79615 6
05-Mar-18 13-Mar-18 79615 8
05-Jun-17 06-Jun-17 243269 1
05-Sep-17 16-Sep-17 232873 11
05-Feb-18 07-Feb-18 162111 2
05-Aug-17 14-Aug-17 44756 9
05-Apr-17 07-Apr-17 34360 2
05-May-17 09-May-17 34360 4
05-Jun-17 07-Jun-17 34360 2
05-Jul-17 14-Jul-17 34360 9
05-Aug-17 08-Aug-17 34360 3
05-Oct-17 07-Oct-17 34360 2
05-Nov-17 09-Nov-17 34360 4
05-Dec-17 07-Dec-17 34360 2
05-Jan-18 09-Jan-18 34360 4
05-Feb-18 16-Feb-18 34360 11
05-Mar-18 07-Mar-18 34360 2
05-Aug-17 16-Aug-17 114066 11
07-Jul-17 17-Jul-17 129080 10
4. ICICI Bank 15-Aug-17 16-Aug-17 109512 1
15-Oct-17 16-Oct-17 109512 1
5. PNB HOUSING FINANCE LTD 10-Jun-17 12-Jun-17 720000 2
10-Jul-17 11-Jul-17 712036 1
10-Sep-17 11-Sep-17 712036 1
10-Dec-17 11-Dec-17 520378 1
10-Feb-18 12-Feb-18 520378 2
10-Mar-18 12-Mar-18 418868 2
6. TOYOTA FINANCIAL SERVICES 02-Apr-17 03-Apr-17 37803 1
INDIA LTD 02-Jul-17 03-Jul-17 37803 1
02-Sep-17 04-Sep-17 37803 2
02-Oct-17 03-Oct-17 37803 1
02-Mar-18 03-Mar-18 37803 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 andaccording to the information and explanations given to us no fraud by the Company and nomaterial fraud on the Company by its officers or employees has been noticed or reportedduring the year. xi. According to the information and explanations give to us and based onour examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act. xii. In our opinion andaccording to the information and explanations given to us the Company is not a NidhiCompany. Accordingly paragraph 3(xii) of the Order is not applicable. xiii. In ouropinion and according to the information and explanations given to us the Company is incompliance with Section 188 and 177 of the Companies Act 2013where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements etc. as required by the applicable accountingstandards. xiv. During the year the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures and hence reportingunder clause(xiv) of the CARO 2016 is not applicable to the Company. xv. In our opinionbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors during the year by acquisition of assets by assumingdirectly related liabilities which in our opinion is covered under the provisions ofsection 192 of the Act and for which approval has not been obtained in a general meetingof the company. Accordingly paragraph 3(xv) of the Order is not applicable. xvi. TheCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct

1934.

For I. P. Pasricha & Co.
Chartered Accountants
FRN: 000120N
Maneet Pal Singh
Partner
Membership No.: 516612
Place : New Delhi
Date : 30.05.2018

‘ANNEXURE B' TO THE INDEPENDENT AUDITOR'S 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 of Ansal Buildwell Limited onthe Ind AS financial statements as at and for the year ended 31 March 2018)

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 controlsoverfinancialreporting of AnsalBuildwell Limited ("the

Company") as of 31 March 2018 in conjunction with our audit of the Ind ASfinancial 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 by the Company considering ontheinternalcontroloverfinancial 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the company's business including adherenceto company's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial Information as required under the Act.

Auditor's 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 theStandards on Auditing issued by the Institute of Chartered Accountants of India (ICAI)and deemed to be prescribed under section 143(10) of the Actto the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI.. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wereestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting included obtainingfinancialcontrolsoverunderstandingofinternal financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company's internal financial controlsover financial 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 that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on the IndAS financial 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 over financial reporting tofuture periods are subject to the risk that internal reporting may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialfinancial reporting and such internal financial at 31 March 2018 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 : 30.05.2018