Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF ANSAL BUILDWELL LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of Ansal Buildwell Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companyâs preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Companyâs internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A a statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
a) We have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) in our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014.
e) on the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ.
g) In our Opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules, 2014:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements âNote no. 35 to the financial statements;
(ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditorsâ Report to the members of Ansal Buildwell Limited on the accounts of the company for the year ended 31st March, 2016.
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:
i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) In accordance with the information provided to us, fixed assets have been physically verified by the management at regular intervals and no material discrepancies were noticed on such verification. In our opinion, periodicity of intervals of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii) As explained to us, the inventory has been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable having regard to nature & size of the company and no material discrepancies were noticed in physical verification.
iii) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 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, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
v) The Company has not accepted any deposits within the meaning of Sections 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 not applicable.
vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1)(d) of the Companies Act, 2013 and we are of the opinion that, prima facie, the prescribed accounts and cost records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
vii) (a) According to the information and explanations given to us, the Company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues, if any, applicable to it with appropriate authorities except in the cases as mentioned below:
S. No. |
Statutory Dues |
a* ° u )t |
Due Date of Payment |
Date of Payment |
Remarks |
1 |
Advance Tax installments for assessment year 2016-17 |
55,89,306/ 1,67,67,917/- |
15/06/2015 15/09/2015 |
- |
The Company has not paid advance tax during the year. |
2 |
Interest and damages on provident fund |
36,42,634/- |
Financial year from 1998-99 to 2005-06 |
Payable for the financial year from 1998-99 to 2005-06 |
(b) The disputed statutory dues aggregating '' 361.65 Lacs that have not been deposited on account of disputed matters pending before appropriate authorities are as under:
S. No. |
Name of the Statute |
Nature of the Dues |
nt ) on |
Period to which the amount relates |
Forum where dispute is pending |
1. |
Finance Act, 1994 |
Service Tax |
23,13,095/- |
Various financial years from 2004-05 to 2008-09 |
CESTAT |
2. |
Finance Act, 1994 |
Service Tax |
12,73,133/- |
Financial year 2009-10 |
CESTAT |
3. |
Finance Act,1994 |
Service Tax |
24,43,399/- |
Financial year 2010-11 |
CESTAT |
4. |
Finance Act, 1994 |
Service Tax |
36,64,947/- |
Financial year 2011-12 |
Additional Commissioner of Service Tax |
5. |
Finance Act,1994 |
Service Tax |
5,44,347/- |
Financial year 2012-13 |
Additional Commissioner of Service Tax |
7. |
Income Tax Act,1961 |
Regular Income Tax |
28,69,566/- |
Assessment year 1999-2000 |
Supreme Court |
8. |
Income Tax Act,1961 |
Regular Income Tax |
27,13,044/- |
Assessment year 2000-01 |
Supreme Court |
9 |
Income Tax Act,1961 |
Regular Income Tax |
76,60,486/- |
Assessment year 2001-02 |
Supreme Court |
10 |
Income Tax Act, 1961 |
Regular Income Tax |
69,06,996/- |
Assessment year 2003-04 |
Supreme Court |
11 |
Income Tax Act, 1961 |
Regular Income Tax |
57,76,047/- |
Assessment year 2005-06 |
Supreme Court |
viii) According to the records of the Company examined by us and the information and explanations given to us by the management, the Company has defaulted in repayment of dues to financial institutions and banks, details of which is as follows:
S. No. |
Loan Details |
Amount Involved (?) |
Period of default |
Remarks |
1 |
HDFC LTD |
9,06,000/- |
4 Days |
- |
2 |
HDFC LTD |
7,19,977/- |
4 Days |
- |
ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. In our opinion and according to the information and explanations given to us, term loans have been applied for the purpose for which they have been obtained.
x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii) In our opinion, and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii) In our opinion, based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv) In our opinion, based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv) In our opinion, based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors during the year, by acquisition of assets by assuming directly related liabilities, which in our opinion is covered under the provisions of section 192 of the Act, and for which approval has not been obtained in a general meeting of the company. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Ansal Buildwell Limited (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Due to inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 25th May, 2016 Membership No. 15874
Mar 31, 2015
We have audited the accompanying financial statements of Ansal
Buildwell Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
('the act') with respect to the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; design,
implementation and maintenance of adequate internal financial controls,
that are operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
a) We have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014.
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our Opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the companies(Audit and Auditors) Rules, 2014:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 35 to the
financial statements;
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material forseeable losses thereon does not arise.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor education and Protection Fund by the
Company.
Annexure to Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of Ansal Buildwell Limited on the accounts of the company for
the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification.
ii) (a) As explained to us, the inventory has been physically verified
during the year by the Management. In our opinion, the frequency of
verification is reasonable having regard to nature & size of the
company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management, the
Company has maintained proper records of inventories. As explained to
us, no material discrepancies were noticed in physical verification as
compared to book records.
iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.Hence the requirement of
clause (iii) (a) and (b) of the said order is not applicable to the
company.
iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
v) The Company has not accepted any deposits within the meaning of
Sections 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 not applicable.
vi) We have broadly reviewed the books of account maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148(1)(d) of the
Companies Act, 2013 and we are of the opinion that, prima facie, the
prescribed accounts and cost records have been made and maintained.
However, we have not made a detailed examination of the cost records
with a view to determine whether they are accurate or complete.
vii) (a) According to the information and explanations given to us, the
Company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues, if any, applicable to it with appropriate
authorities except in the cases as mentioned below:
S. Statutory Amount Due Date
No. Dues (in Rs.) of
1 Advance Tax 85,96,734/- 15/06/2014
installments for 2,57,90,201/- 15/09/2014
assessment year
2015-16
2 Dividend 18,82,327/- 27/09/2014
Distribution Tax
3 Haryana VAT 56,604/- 18/09/2014
S. Statutory Date of Remarks
No. Payment Payment
1 Advance Tax - The Company has not
installments for - paid advance tax
assessment year during the year.
2015-16
2 Dividend 23/04/2015 Outstanding for more
Distribution Tax than6 months as on the
date of Balance sheet.
3 Haryana VAT 07/04/2015 Outstanding for more
than 6 months as on
the date of Balance
sheet.
(b) The disputed statutory dues aggregating Rs. 568.80 Lacs that have
not been deposited on account of disputed matters pending before
appropriate authorities are as under:
S. Name of Nature of Amount
No. the Statute the Dues (in Rs.)
1. Finance Service Tax 23,13,095/-
Act, 1994
2. Finance Service Tax 33,69,385/-
Act, 1994
3. Finance Service Tax 36,64,947/-
Act,1994
4. Income Tax Regular 54,67,014/-
Act,1961 Income Tax
5. Income Tax Regular 49,33,863/-
Act,1961 Income Tax
6. Income Tax Regular 1,38,29,105/-
Act,1961 Income Tax
7. Income Tax Regular 1,25,57,706/-
Act, 1961 Income Tax
8. Income Tax Regular 1,07,44,565/-
Act, 1961 Income Tax
S. Name of Period to which Forum where
No. the Statute the amount relates dispute is
pending
1. Finance Various financial years CESTAT
Act, 1994 from 2004-05 to 2008-09
2. Finance Various financial years CESTAT
Act, 1994 from 2009-10 to 2010-11
3. Finance Financial year 2011-2012 Additional
Act,1994 Commissioner of
Service Tax
4. Income Tax Assessment year 1999-2000 Supreme Court
Act,1961
5. Income Tax Assessment year 2000-2001 Supreme Court
Act,1961
6. Income Tax Assessment year 2001-2002 Supreme Court
Act,1961
7. Income Tax Assessment year 2003-2004 Supreme Court
Act, 1961
8. Income Tax Assessment year 2005-2006 Supreme Court
Act, 1961
(c) According to the information and explanation given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made there under has been transferred to
such fund within time.
viii) The Company, being registered for more than five years, has
neither accumulated losses as at the end of the financial year nor it
has incurred cash losses during the financial year as well as in the
immediately preceding financial year.
ix) According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has defaulted in repayment of dues to financial institutions and banks,
details of which is as follows:
S. Loan Details Amount Default
no Involved Involved
(Including
Interest)
1. Axis Bank-Power Rs. 2,68,663 Delay in repayment
Drive Loan of EMI, paid
through cheque
2. Tata Capital Limited a) Rs. 20,390 a)Delay in repayment
-Secured Loan of EMI, paid
(combined all four through cheque
loans) b) Rs. 20,390 a)Delay in repayment
of EMI, paid
through cheque
c)Rs. 24,430 a)Delay in repayment
of EMI, paid
through cheque
S. Loan Details Due Date Date of Period of
no of EMI Actual default
Payment
1. Axis Bank-Power 01/09/2014 11/09/2014 10 Days
Drive Loan
2. Tata Capital Limited 03/04/2014 14/04/2014 11 Days
-Secured Loan
(combined all four
loans) 03/05/2014 10/05/2014 7 Days
15/06/2014 24/06/2014 9 Days
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and/or financial institutions.
xi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xii) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 29th May, 2015 Membership No. 15874
Mar 31, 2014
We have audited the accompanying financial statements of Ansal
Buildwell Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report Referred to in paragraph 1
under the heading of ''Report on other legal and regulatory
requirements'' of our report of even date:
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of physical
verification of assets is reasonable having regard to nature & size of
the Company.
(c) During the year, the Company has not disposed off a substantial
part of the fixed assets.
ii) (a) As explained to us, the inventory has been physically verified
during the year by the Management. In our opinion, the frequency of verification is reasonable having regard to nature & size of the
company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management, the
Company has maintained proper records of inventories. As explained to
us, no material discrepancies were noticed in physical verification as
compared to book records.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clause 4
(iii)(a) to (d) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.
(b) The Company has taken unsecured loans from the one party covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum outstanding balance was Rs. 75,75,367/- and year-end
balance is Rs. 1,75,367/-
(c) In our opinion the rate of interest and other terms and conditions
of such Loans are not prima facie, prejudicial to the interests of the
Company.
(d) The loan taken from the party covered under Section 301 of the
Companies Act, 1956 is a short term loan from the director of the
company in the nature of demand loan, therefore, there is no specific
schedule of repayment of the said loan.
iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Section
58A and 58AA and any other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits
accepted from the public. According to information and explanations
given to us, no order under the aforesaid sections has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal.
vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system which, in our
opinion, is commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (1) of
Section 209 of the Act and we are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. However,
we have not made a detailed examination of the cost records with a view
to determine whether they are accurate or complete.
ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues,
if any, applicable to it with appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2014 for a period of more than six months from the
date they became payable.
(c) The disputed statutory dues aggregating Rs.56.82 Lacs that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
Name of Nature of Amount Period to which
the Statute the Dues (in Rs.) the amount relates
Finance Service Tax 23,13,095/- Various financial years
Act, 1994 from 2004-05 to 2008-09
Finance Act Service Tax 33,69,385/- Various financial years
1994 from 2009-10 to 2010-11
Name of the Statute Forum where dispute is pending CESTAT
Finance Act, 199 4CESTAT
Finance Act, 199 4CESTAT
x) The Company has neither accumulated losses as at the end of the
financial year nor it has incurred cash losses during the financial
year as well as in the immediately preceding financial year.
xi) According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has not defaulted in repayment of dues to financial institutions and
banks except dues amounting to Rs. 3.25 crores to a bank which were due
for payment upto 31stMarch, 2014 but have not been paid till the date
of this report.
xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / society are not applicable to the Company and
therefore, paragraph 4(xiii) of the Order is not applicable.
xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, this clause
of the Order is not applicable to the Company.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and/or financial institutions.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short-term
assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 29th May, 2014 Membership No. 15874
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Ansal
Buildwell Limited ("the Company"), which comprise th Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financia position and
financial performance of the Company in accordance with the accounting
principles generally accepted in Indi including Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act"). Thi responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation an presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether du
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standard require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance abou whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material misstatemen
of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers interna control relevant
to the Company''s preparation and fair presentation of the financial
statements in order to design audi procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accountin Policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overal presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements giv the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accountin principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of Indi in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessar for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreemen with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accountin Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record b the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 under the heading of ''Report on other legal
and regulatory requirements'' of our report of even date.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of physical
verification of assets is reasonable having regard to nature & size of
the Company.
(c) During the year, the Company has not disposed off a substantial
part of the fixed assets.
ii) (a) As explained to us, the inventory has been physically verified
during the year by the Management at reasonable intervals. In our
opinion, the frequency of verification is reasonable having regard to
nature & size of the company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management &
explained to us no material discrepancies were noticed in physical
verification as compared to books. Also in our opinion, the Company has
maintained proper records of inventory.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly the
provisions of clause 4(iii) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
(b) The Company has taken Short Term Loans from the directors and
covered in the register maintained under Section 301 of the Companies
Act, 1956. In our opinion the rate of interest and other terms and
conditions of such Loans are not prima facie, prejudicial to the
interests of the Company.
(c) In respect of public deposits taken, repayment of principal and
interest has been regular.
iv) As per explanation of the Company that certain materials purchased
are of such a nature for which requisite alternative sources do not
exist for the purpose of comparison of quotations, in our opinion and
according to the information and explanations given to us, there are
adequate internal control systems commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory, fixed assets and for the sale of goods. During the course of
our audit, no major continuing failure has been noticed in the internal
control procedures.
v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered. (b) In
our opinion and according to the information and explanations given to
us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of Rupees Five Lakhs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Section
58A and 58AA and any other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits
accepted from the public. According to information and explanations
given to us, no order under the aforesaid sections has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal.
vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system which, in our
opinion, is commensurate with the size and nature of its business.
viii) To the best of our knowledge & explanations given to us, The
Central Government has not prescribed the maintenance of cost records
u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
Company.
ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues,
if any, applicable to it with appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2013 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, no
disputed tax dues are payable by the company.
x) The Company has neither accumulated losses as at the end of the
financial year nor it has incurred cash losses during the financial
year as well as in the immediately preceding financial year. xi)
According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has not defaulted in repayment of dues to financial institutions and
banks.
xii) In our opinion and according to the information and explanations
given to us, the Company has not ranted loans or advances on the basis
of security by way of pledge of hares, debentures and other securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / society are not applicable to the Company and
therefore, paragraph 4(xiii) of the Order is not applicable. xiv) In
our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. xv) According to the
information and explanations given to us, the Company has not given any
guarantee for loans taken by others from banks and/or financial
institutions.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short-term
assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place:New Delhi Partner
Date :30th May, 2013 Membership No. 15874
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s ANSAL BUILDWELL
LIMITED as at 31st March, 2012 and the Profit & Loss Account and Cash
Flow Statement for the year ended on that date annexed hereto, which we
have signed under reference to this report. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express the opinion on these financial statements
based on audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
(together the 'Order') issued by the Central Government in terms of
Section 227(4A) of the Companies Act, 1956, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii. In our opinion proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report are in agreement with the books of
account.
iv. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report comply with the Accounting
Standards referred to Section 211(3C) of the Companies Act, 1956.
v. On the basis of written representations from the Directors as on
31st March, 2012, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March,
2012, from being appointed as a Director under Section 274(1)(g) of the
Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) in so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2012;
(b) in so far as it relates to the Profit & Loss Account, of the profit
of the Company for the year ended on that date;
(c) in so far as it relates to the Cash Flow, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS' REPORT TO THE
MEMBERS OF ANSAL BUILDWELL LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2012.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of physical
verification of assets is reasonable having regard to nature & size of
the Company.
(c) During the year, the Company has not disposed off a substantial
part of the fixed assets.
ii) (a) As explained to us, the inventory has been physically verified
during the year by the Management at reasonable intervals. In our
opinion, the frequency of verification is reasonable having regard to
nature & size of the company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management &
explained to us no material discrepancies were noticed in physical
verification as compared to books. Also in our opinion, the Company has
maintained proper records of inventory.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly the
provisions of clause 4(iii) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
(b) The Company has taken Short Term Loans from the directors and
covered in the register maintained under Section 301 of the Companies
Act, 1956. In our opinion the rate of interest and other terms and
conditions of such Loans are not prima facie, prejudicial to the
interests of the Company.
(c) In respect of public deposits taken, repayment of principal and
interest has been regular.
iv) As per explanation of the Company that certain materials purchased
are of such a nature for which requisite alternative sources do not
exist for the purpose of comparison of quotations, in our opinion and
according to the information and explanations given to us, there are
adequate internal control systems commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory, fixed assets and for the sale of goods. During the course of
our audit, no major continuing failure has been noticed in the internal
control procedures.
v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Section
58A and 58AA and any other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits
accepted from the public. According to information and explanations
given to us, no order under the aforesaid sections has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal.
vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system which, in our
opinion, is commensurate with the size and nature of its business.
viii) To the best of our knowledge & explanations given to us, The
Central Government has not prescribed the maintenance of cost records
u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
Company.
ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other material
statutory dues, if any, applicable to it with appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2012 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, no
disputed tax dues are payable by the company.
x) The Company has neither accumulated losses as at the end of the
financial year nor it has incurred cash losses during the financial
year as well as in the immediately preceding financial year.
xi) According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has not defaulted in repayment of dues to financial institutions and
banks.
xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / society are not applicable to the Company and
therefore, paragraph 4(xiii) of the Order is not applicable.
xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and/or financial institutions.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short-term
assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place : New Delhi Partner
Date : 14th August, 2012 Membership No. 15874
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s ANSAL BUILDWELL
LIMITED as at 31st March, 2011 and the Profit & Loss Account and Cash
Flow Statement for the year ended on that date annexed hereto, which we
have signed under reference to this report. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express the opinion on these financial statements based on audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
(together the 'Order') issued by the Central Government in terms of
Section 227(4A) of the Companies Act, 1956, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii. In our opinion proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report are in agreement with the books of
account.
iv. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report comply with the Accounting
Standards referred to Section 211(3C) of the Companies Act, 1956.
v. On the basis of written representations from the Directors as on
31st March, 2011, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March,
2011, from being appointed as a Director under Section 274(1)(g) of the
Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) in so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2011;
(b) in so far as it relates to the Profit & Loss Account, of the profit
of the Company for the year ended on that date;
(c) in so far as it relates to the Cash Flow, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS' REPORT TO THE
MEMBERS OF ANSAL BUILDWELL LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2011.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of physical
verification of assets is reasonable having regard to nature & size of
the Company.
(c) During the year, the Company has not disposed off a substantial
part of the fixed assets.
ii) (a) As explained to us, the inventory has been physically verified
during the year by the Management at reasonable intervals. In our
opinion, the frequency of verification is reasonable having regard to
nature & size of the company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management &
explained to us no material discrepancies were noticed in physical
verification as compared to books. Also in our opinion, the Company has
maintained proper records of inventory.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly the
provisions of clause 4(iii) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
(b) The Company has taken Short Term Loans from the directors and
covered in the register maintained under Section 301 of the Companies
Act, 1956. In our opinion the rate of interest and other terms and
conditions of such Loans are not prima facie, prejudicial to the
interests of the Company.
(c) In respect of public deposits taken, repayment of principal and
interest has been regular.
iv) As per explanation of the Company that certain materials purchased
are of such a nature for which requisite alternative sources do not
exist for the purpose of comparison of quotations, in our opinion and
according to the information and explanations given to us, there are
adequate internal control systems commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory, fixed assets and for the sale of goods. During the course of
our audit, no major continuing failure has been noticed in the internal
control procedures.
v) (a) According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Section
58A and 58AA and any other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits
accepted from the public. According to information and explanations
given to us, no order under the aforesaid sections has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal.
vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system which, in our
opinion, is commensurate with the size and nature of its business.
viii) To the best of our knowledge & explanations given to us, The
Central Government has not prescribed the maintenance of cost records
u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
Company.
ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues,
if any, applicable to it with appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2011 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, no
disputed tax dues are payable by the company.
x) The Company has neither accumulated losses as at the end of the
financial year nor it has incurred cash losses during the financial
year as well as in the immediately preceding financial year.
xi) According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has not defaulted in repayment of dues to financial institutions and
banks.
xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / society are not applicable to the Company and
therefore, paragraph 4(xiii) of the Order is not applicable.
xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other invest- ments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and/or financial institutions.
xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short-term
assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Firm Regd No. : 018322N
H.L. SEKHRI
Place: New Delhi Partner
Date :10th August, 2011 Membership No. 15874
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s ANSAL BUILDWELL
LIMITED as at 31st March, 2010 and the Profit & Loss Account and Cash
Flow Statement for the year ended on that date annexed hereto, which we
have signed under reference to this report. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express the opinion on these financial statements based on audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (AuditorÃs Report) (Amendment) Order, 2004,
(together the Order) issued by the Central Government in terms of
Section 227(4A) of the Companies Act, 1956, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii. In our opinion proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books.
iii. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report are in agreement with the books of
account.
iv. The Balance Sheet, the Profit & Loss Account and Cash Flow
Statement referred to in this Report comply with the Accounting
Standards referred to Section 211(3C) of the Companies Act, 1956.
v. On the basis of written representations from the Directors as on
31st March, 2010, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March,
2010, from being appointed as a Director under Section 274(1)(g) of the
Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) in so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2010;
(b) in so far as it relates to the Profit & Loss Account, of the profit
of the Company for the year ended on that date;
(c) in so far as it relates to the Cash Flow, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORSÃ REPORT TO THE
MEMBERS OF ANSAL BUILDWELL LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31ST MARCH, 2010.
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
regular intervals. As explained to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of physical
verification of assets is reasonable having regard to nature & size of
the Company.
(c) During the year, the Company has not disposed off a substantial
part of the fixed assets.
ii) (a) As explained to us,the inventory has been physically verified
during the year by the Management at reasonable intervals. In our
opinion, the frequency of verification is reasonable having regard to
nature & size of the company.
(b) In our opinion & according to explanations given to us the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) On the basis of information provided to us by the management &
explained to us no material discrepancies were noticed in physical
verification as compared to books. Also in our opinion, the Company has
maintained proper records of inventory.
iii) (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly the
provisions of clause 4(iii) of the Companies (Auditors Report) Order
2003 are not applicable to the Company.
(b) The Company has taken Short Term Loans from the directors and
covered in the register maintained under Section 301 of the Companies
Act, 1956. In our opinion the rate of interest and other terms and
conditions of such Loans are not prima facie, prejudicial to the
interests of the Company.
(c) In respect of public deposits taken, repayment of principal and
interest has been regular.
iv) As per explanation of the Company that certain materials purchased
are of such a nature for which requisite alternative sources do not
exist for the purpose of comparison of quotations, in our opinion and
according to the information and explanations given to us, there are
adequate internal control systems commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory, fixed assets and for the sale of goods. During the course of
our audit, no major continuing failure has been noticed in the internal
control procedures. v) (a) According to the information and
explanations given to us, the transactions that need to be entered into
the register maintained under Section 301 of the Companies Act, 1956
have been so entered. (b) In our opinion and according to the
information and explanations given to us, the transactions made in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupees Five Lakhs in respect of any party during the year
have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time. vi) In our opinion and
according to the information and explanations given to us, the Company
has complied with the provisions of Section 58A and 58AA and any other
relevant provisions of the Act and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to deposits accepted from the public.
According to information and explanations given to us, no order under
the aforesaid sections has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal. vii) In our opinion and according to the
information and explanations given to us, the Company has an internal
audit system which, in our opinion, is commensurate with the size and
nature of its business.
viii) To the best of our knowledge & explanations given to us, The
Central Government has not prescribed the maintenance of cost records
u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the
Company.
ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues,
if any, applicable to it with appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March, 2010 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, no
disputed tax dues are payable by the company.
x) The Company has neither accumulated losses as at the end of the
financial year nor it has incurred cash losses during the financial
year as well as in the immediately preceding financial year.
xi) According to the records of the Company examined by us and the
information and explanations given to us by the management, the Company
has not defaulted in repayment of dues to financial institutions and
anks.
xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
xiii) The provisions of special statute applicable to chit fund / nidhi
/ mutual benefit fund / society are not applicable to the Company and
therefore, paragraph 4
(xiii) of the Order is not applicable. xiv) In our opinion, the
Company is not dealing or trading in shares, securities, debentures and
other investments. xv) According to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks and/or financial institutions.
xvi)In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they have been obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short-term
assets except permanent working capital.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) According to the information & explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For SEKHRI & ASSOCIATES
Chartered Accountants
Date :20th August, 2010 H.L. SEKHRI
Place:New Delhi Partner
Membership No. 15874
Firm Regd No. : 018322N