Ansal Properties & Infrastructure
BSE: 500013 | NSE: ANSALINFRA | ISIN: INE436A01026 | Construction & Contracting - Housing
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Ansal Properties &
Infrastructure Limited as at 31st March, 2009, the annexed Profit and
Loss Account and Cash Flow Statement of the Company for the year ended
on that date. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on ouraudit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance whether the financial
statements are free of material mis-statement. 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order to the extent applicable.
4. 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 the
books.
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit & Loss account dealt
with by this report comply with Accounting Standards referred to in
Section 211 (3C) of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, we report that none of the directors is disqualified as on
31st March, 2009, from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956
f) The accounts read with Accounting Policies and other notes in our
opinion and to the best of our information and according to the
explanations given to us, 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:-
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009 and;
ii)
inthecaseoftheProfitandLossAccount,oftheprofitfortheyearendedonthatdate.
iii) in the case of Cash-Flow Statement, of Cash Flows for the
yearended on that date.
5. Without qualifying our report we draw attention to the following:
5.1 Underlying agreements defining terms and conditions of advances
given and received are not available in the following cases.
a) Note 2(b) relating to advances given to Subsidiary Companies
amounting to Rs. 10015 lacs.
b) Note 3(b) relating to advances given to Collaborators amounting to
4281 lacs.
c) Note 4 relating to advances received from Group Companies amounting
to Rs. 4666.60 lacs.
5.2 Attention is also drawn to Note no. 3(a) regarding net investments
in two projects under collaboration arrangements amounting to Rs. 4631
lacs where discussions with the collaborators are in progress in
connection with the restructuring of ownerships of the two projects and
Note No. 3(b) relating to advances to collaborators of Rs. 9955 lacs
(including Rs. 5187 lacs which are more than three years old) and are
under review for appropriate timing of launch of the concerned
projects.
ANNEXURE TO THE AUDITORS REPORT (REFERRED TO IN PARAGRAPH 3 THEREOF)
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the Financial Statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification in a phased manner which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on fixed assets verified during
2007-2008.
(c) In our opinion, the Company has not disposed of a substantial part
of its fixed assets during the year.
2. In respect of its inventories
(a) The inventories of building materials, stores and spare parts have
been verified by the management.
(b) 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) The Company has maintained proper records of inventories. The
inventory consisting of flats / shops / houses etc. were physically
verified during the previous year and inventory of unsold land at two
projects was verified during the year. Discrepancies noticed on
physical verification of such inventory as compared to the book records
were material in a few cases resulting in increase in stock of
Rs.748.44 lacs.. (Refer Note 10(c)).
3. (a) The Company has not granted unsecured loans to companies
covered in the register maintained undersection 301 of the Companies
Act, 1956.
(b) The Company has taken deposits from one of the parties 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 deposits are not prima facie, prejudicial to the interest of the
Company. The maximum amount of deposit during the year was Rs.610 lacs
and the year end balance was Rs 2 lacs.
(c) In respect of deposits taken, repayment of principal and interest
has been regular.
4. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory, fixed assets and for the sale of services. During the course
of our audit, no major weakness has been noticed in the internal
controls in respect of these areas. Owing to the nature of the business
of the Company it does not sell any goods. Accordingly, clause 4(iv) of
the Order with respect to sale of goods is not applicable to the
Company
5. (a) The particulars of all contracts or arrangements that need to
be entered in the register maintained under Section 301 of the Act have
been so entered.
(b) The transactions made in pursuance of contracts or arrangements
entered into the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of Rs.5,00,000/- in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
However, in the case of lease of a plot of land to one of the
charitable trusts on a lease rental of Rs.5000/- per month for running
a school in the colony developed by the Company, because of the special
nature of the transaction it was not feasible to ascertain whetherthe
transaction has taken place at the prevailing market price.
6. The Company has complied with the provisions of section 58A, 58AAor
any other relevant provisions of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. In this regard, no order under
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
otherTribunal on the Company.
7. In our opinion the Company has an internal audit system which is
commensurate with its size and nature of its business and steps are
being taken to further strengthen the system.
8. The Central Government has not prescribed the maintenance of cost
records U/s209 (1)(d) of the CompaniesAct,1956foranyoftheproductsofthe
Company.
9 (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues relating to Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and other statutory dues. However, in the case of service
tax, Tax deducted at source in some of the cases there was delay in
deposit of these taxes . No undisputed amounts payable in respect of
these dues were outstanding at the year end for a period of more than
six months from the date they became payable.
(b) According to the records of the Company examined by us, the
disputed amounts in respect of income- tax, sales tax, wealth tax,
service tax/custom duty and excise duty / cess not deposited with the
appropriate authorities are as follows.
S.No. Name of Statute Nature of Dues Amount
(Rs.in lacs)
(i) Income Tax Disallowance of 57.68
expenses claimed &
miscellaneous
matters
(ii) Income Tax Disallowance of 65.37
expenses claimed &
miscellaneous
matters
(iii) F.B.T Re-computation of 0.49
interest
(iv) Wealth Tax Re-computation of 0.45
deductions as per
appeal order
(v) Wealth Tax Re-computation of 0.50
deductions as per
appeal order
(vi) Wealth Tax Re-computation of 0.96
deductions as per
appeal order
(vii) Local Area Local Area 8.72
Development Tax Development Tax
(HR)
(viii) Sales Tax (Delhi) Sales Tax 4.47
(ix) Sales Tax (Delhi) Sales Tax 39.17
(x) Sales Tax Sales Tax 13.16
(Haryana)
Assessment Forum where
S.No. Name of Statute Year pending
(i) Income Tax 2005-06 Commissioner of
Income Tax (Appeals)
(ii) Income Tax 2006-07 Commissioner of
Income Tax (Appeals)
(iii) F.B.T. 2006-07 Asstt. Commissioner
of Income Tax
(iv) Wealth Tax 1992-93 Asstt. Commissioner
of Wealth Tax
(v) Wealth Tax 1997-98 Deputy Commissioner
of Wealth Tax
(vi) Wealth Tax 2000-01 Deputy Commissioner
of Wealth Tax
(vii) Local Area 2003-04 Joint Excise &
Development Tax Taxation
(HR) Commissioner
(Appeal) Gurgaon
(viii) Sales Tax (Delhi) 1999-2000 Joint Commissioner
(Appeal) Delhi sales
tax
(ix) Sales Tax (Delhi) 2004-05 Addl. Commissioner
(Appeal) Delhi sales
tax
(x) Sales Tax 2005-06 Joint Commissioner
(Haryana) (Appeal) Gurgaon.
10. The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
11. In a few cases the Company had delayed beyond the stipulated
dates, repayment of dues to banks and financial institutions for which
necessary approvals for rescheduling of repayments were obtained from
the lenders before the year end. However, payment of Rs.1 crore due in
March, 2009 to one of the Banks has been paid subsequent to the close
of the year. Interest due upto 31st March, 2009 amounting to Rs.1373
lacs has also been paid subsequent to the close of the year.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statutes applicable to chit fund/
nidhi /mutual benefit fund/societies are not applicable to the company.
14. In our opinion, the company is not a dealer or trader in shares,
securities, debentures and other investments.
15. The Company has given guarantees for loans taken by others from
Banks or Financial Institutions. In our opinion the terms and
conditions of the guarantees in other cases are prima facie not
prejudicial to the interest of the Company.
16. In our opinion on an overall basis, the Company has applied term
loans for the purpose for which the loans are obtained.
17. On the basis of an overall examination of the Balance Sheet and
cash flow statement of the Company, in our opinion, there are no funds
raised on short term basis which have been used for long term
investments.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has created security in respect of debentures issued
during the year in accordance with the terms of issue of debentures.
20. The Company has not raised any money by public issue during the
year. Accordingly provisions of
clause4(xx)oftheOrderarenotapplicabletotheCompany.
21. No fraud on or by the Company has been noticed or reported during
the year.
For KHANNA & ANNADHANAM
Chartered Accountants
Place : New Delhi ( B.J.Singh )
Dated : 24th June, 2009 Partner
Membership No.: 007884
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| Source : Religare Technova | |
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