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Ahluwalia Contracts India Ltd.

BSE: 532811 | NSE: AHLUCONT |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE758C01029 | SECTOR: Construction & Contracting - Civil

BSE Live

May 26, 12:52
165.90 2.85 (1.75%)
Volume
AVERAGE VOLUME
5-Day
367
10-Day
281
30-Day
641
331
  • Prev. Close

    163.05

  • Open Price

    169.00

  • Bid Price (Qty.)

    162.00 (4)

  • Offer Price (Qty.)

    165.90 (51)

NSE Live

May 26, 13:06
164.85 1.40 (0.86%)
Volume
AVERAGE VOLUME
5-Day
5,634
10-Day
4,428
30-Day
15,861
2,471
  • Prev. Close

    163.45

  • Open Price

    165.00

  • Bid Price (Qty.)

    163.40 (17)

  • Offer Price (Qty.)

    164.90 (7)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

REPORT ON THE STANDALONE INDIAN ACCOUNTING STANDARDS (‘IND AS’) FINANCIAL STATEMENTS

1. We have audited the accompanying standalone Ind AS Financial Statements of Ahluwalia Contracts (India) Limited (‘the Company’), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS

2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (‘the Act’) with respect to the preparation of these standalone Ind AS financial statements to give a true and fair view of the state of affairs( financial position), profit & loss ( financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunder including the accounting & auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules thereunder.

5. We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone Ind AS financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

OPINION

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, of the state of affairs of the Company as at 31st March, 2018, total comprehensive income (comprising of profit and other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

OTHER MATTER

9. The comparative financial information for the year ended 31st March, 2017 and the transition date opening balance sheet as at 01st April, 2016 prepared in accordance with Ind AS included in these financial statements, are based on the previously issued statutory financial statements for the year ended 31st March, 2017 and 31st March, 2016 respectively prepared in accordance with Accounting Standards prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016 which were audited by the predecessor statutory auditor of the Company, whose reports dated May 30, 2017 and May 24, 2016 respectively expressed unmodified opinion on those financial statements and have been adjusted for the differences in the accounting principles adopted by the company on transition to Ind AS, which have been audited by us. Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

10. As required by ‘the Companies (Auditor’s Report) Order, 2016’, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the “Order”), 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 give in the Annexure-A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on April 1, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to 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 “Annexure B’’.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:

i) The Company has disclosed the impact, if any, of pending litigations as at 31st March, 2018, on its financial position in its standalone Ind AS financial statements - Refer Note 42to the standalone Ind AS financial statements;

ii) The Company has made provision as at 31st March, 2018, as required under the applicable law or Indian Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2018.

iv) The reporting on disclosure relating to specified Bank Notes is not applicable to the company for the year ended 31st March, 2018.

Referred to in paragraph 10 of the Independent Auditors’ Report of even date to the members of Ahluwalia Contracts India Limited on the standalone Ind AS financial statements as of and for the year ended 31st March, 2018

(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details. A separate record for movement of fixed assets showing situation is maintained except for shuttering and scaffolding materials for which considering the nature of the business of the company, maintenance of record is not feasible.

(b) There is a regular programme of verification of fixed assets except for shuttering and scaffolding materials which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with the said programme part of the fixed assets have been physically verified by the management during the year. As informed, no material discrepancies were noticed on such verification.

(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 the immovable properties included in fixed assets are held in the name of the Company except given below:

LAND:

Total number

Whether leasehold/

Gross Block (as at Balance

Net Block (as at Balance

Remarks, if any.

of cases

freehold

Sheet date) (Rs. in lakhs)

Sheet date) (‘ in lakhs)

1

Leasehold - (Chattarpur, New Delhi)

13.60

13.60

Registration is pending as per Bye Laws prevailing thereon.

BUILDING ( KOLKATA):

Total number

Gross Block (as at Balance

Net Block (as at Balance

Remarks, if any.

of cases

Sheet date) (Rs. in lakhs)

Sheet date) (Rs. in lakhs)

1

13.60

13.60

Registration is pending as per State Government Directives /Bye Laws prevailing thereon.

(ii) In our opinion, the management has conducted physical verification of major items of inventory at reasonable intervals. No material discrepancies were noticed on physical verification of such stocks.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of clause 3(iii),(iii)(a),(iii)(b),(iii)(c) of the said order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, provisions of section 186 of the Companies Act 2013 in respect of investments made have been complied by the Company. There are no other loans, guarantees and securities granted in respect of which provisions of section 185 & 186 of the Companies Act, 2013 are applicable.

(v) The Company has not accepted any deposits from the public within the meaning of Section 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 rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not carried out detailed examination of such accounts and records with a view to determining whether they are accurate or complete.

(vii) a) Undisputed statutory dues including provident fund, employees state insurance, income-tax, sales tax, service tax, duty of custom, duty of excise, value added tax, cess, goods & service tax and other material statutory dues have generally been regularly deposited with appropriate authorities except for delays in service tax & value added tax, goods & service tax and in case of provident fund & income tax there has been slight delay in few cases.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, sales tax, service tax, duty of custom, duty of excise, value added tax, cess, goods & service tax and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable except labour cess of Rs.68.69 lakhs which is subsequently deposit on 22-05-2018.

c) According to the records of the company, the dues outstanding of sales-tax, income-tax, duty of custom, duty of excise, service tax, value added tax, goods & service tax and cess on account of any dispute, are as follows: :

Name of the Statute

Nature of Dues

Amount (Rs. in Lakhs)

Period to which the amount relates

Forum where dispute is pending

Central Excise Act,1944

Demand for Excise Duty

14.27

March-2011 to November-2012

Commissioner Bangalore

Central Excise Act,1944

Demand for Excise Duty

360.90

2011-2012 to 2015-2016

Addl. Commissioner, CE Noida

Indian Stamp Act

Stamp duty on Real Estate Project

57.42

1990-1991

Allahabad High Court

Value Added Tax Act, Delhi

VAT Demand

69.88

2013-2014

Asst. Commissioner DVAT

Value Added Tax Act (Haryana),

VAT Demand

254.84

2011-2012

Additional Commissioner HVAT,

2003

Gurgaon

Value Added tax act, Haryana

VAT Demand

236.45

2014-15

Appeal still not filed

Value Added Tax Act (Orissa),

VAT Demand

76.57

2007-2012

Jt. Comm. Sales tax, Sambalpur

2004

Value Added Tax Act

VAT Demand

8.38

2010-2013

Asst. Comm. Commercial tax

(Karnataka), 2014

(Audit), Bangalore

Value Added Tax Act (UP) 2015

VAT Demand

11.37

2005-2007

Appellate Tribunal Ghaziabad

Value Added Tax Act

VAT Demand

16.43

2005-2006

Dy. Commissioner (Audit),

Maharashtra,2014

Mumbai

Value Added Tax Act

VAT Demand

417.69

2010-2011

Jt. Commissioner, Pune

Maharashtra,2014

Value Added Tax Act

VAT Demand

381.60

2010-2011

Dy. Commissioner, Pune

Maharashtra,2014

Value Added Tax Act

VAT Demand

38.13

2009-2010

Jt. Commissioner Sales

Maharashtra,2014

tax(Appeals), Mumbai

Value Added Tax Act

VAT Demand

1717.24

2011-2012

Appeal still not filed

Maharashtra,2014

Value Added Tax Act

VAT Demand

1569.84

2013-2014

Appeal still not filed

Maharashtra,2014

Value Added Tax Act (UP) 2015

VAT Demand

91.48

2008-2009

Addl. Commissioner Appeals-IV, Ghaziabad

Value Added Tax Act (Gujarat),

VAT Demand

21.63

2011-2013

Dy. Commissioner, Vadodara

2013

Value Added Tax Act 2005,West

VAT Demand

3.01

1998-99

Tribunal Kolkata

Bengal

Value Added Tax Act 2005,West

VAT Demand

45.19

2005-2006 & 2006-2007

Directorate of Commercial Tax /

Bengal

Sr. Jt. Commissioner, Kolkata

Value Added Tax Act 2005,West

VAT Demand

1.54

1997-1998

Settlement Commissioner,

Bengal

Kolkata

Value Added Tax Act 2005,West

VAT Demand

1023.48

2012-2013

Sr. Jt Commissioner of Sales Tax

Bengal

Value Added Tax Act 2005,West

VAT Demand

102.31

2008-2009

Additional Commissioner, Kolkata

Bengal

Value Added Tax Act 2005,West

VAT Demand

320.58

2013-2014

Joint Commissioner

Bengal

Value Added Tax Act 2005,West

VAT Demand

119.26

2014-2015

Joint Commissioner

Bengal

The Finance Act, 2004 and the

Service Tax Demand

210.83

2007-08 TO 2011-

Commissioner of Service Tax,

Service Tax Rules

12

Delhi

Service Tax Demand

174.71

2007-08 TO 201112

Commissioner of Service Tax, Delhi

Service Tax Demand

765.06

2011-12

Commissioner of Service Tax, Delhi

Service Tax Demand

13.22

2011-12

Commissioner of Service Tax, Delhi

Service Tax Demand

1,298.42

April-12 to March-13

Commissioner of Service Tax, Delhi

Service Tax Demand

36.49

2006-09

Asst. Commissioner, Jamnagar

Service Tax Demand

2.51

Apr.07 to Feb.08

Asst. Commissioner, Jamnagar

Service Tax Demand

6.20

Apr.07 to Feb.08

Asst. Commissioner, Jamnagar

Service Tax Demand

23.03

Dec.-06 to Mar.08

Asst. Commissioner, Jamnagar

Service Tax Demand

52.83

2008 to-2009

Commissioner Appeal Bangalore

Service Tax Demand

431.49

2005-06/ 2008-09

Asstt. Commissioner, Service tax, Mumbai

Service Tax Demand

573.60

2012-2013

Asstt. Commissioner,Service tax, Mumbai

Service Tax Demand

0.87

2007-2009

Asst. Commissioner, S.Tax, LDH

Service Tax Demand

12.60

2008-2009

Jt. Commissioner,S.tax, LDH

Service Tax Demand

3.75

Apr.07 to Sep.07

Commissioner,S.tax, LDH

Service Tax Demand

769.87

2006-2008

Cestate, Chandigarh

Service Tax Demand

120.46

July-2004 to Dec-2006

Commissioner CESTAT, Allahabad

Service Tax Demand

33.09

Mar.12 to Mar.13

Commissioner Appeal, Noida

Service Tax Demand

18.51

April-2006 to Oct-2009

CESTAT, Chennai

Service Tax Demand

47.75

Oct 10 to Feb 12

Tribunal,Noida

Service Tax Demand

71.73

April-12 to March-13

CESTAT,New Delhi

Service Tax Demand

20.10

April-10 to Dec.2014

CESTAT,New Delhi

Service Tax Demand

15.07

April-2012 to March-2013

Dy Commissioner, Service Tax, Noida

Service Tax Demand

5.68

July-2011 to March-2012

Commissioner, Central Excise (Appeals), Noida

Service Tax Demand

2622.25

01.03.05 TO 31.03.09

CESTAT, Kolkata

Service Tax Demand

20.37

Apr.08 to Aug.08

CESTAT,Kolkata

Service Tax Demand

103.48

Oct.05 to Jan.08

CESTAT,Kolkata

Service Tax Demand

11.92

2008-09 200910

Commissioner, S.tax, Jaipur

Service Tax Demand

0.71

April-2009 to Mar-2014

Commissioner Appeal,Noida

Employees Provident Fund

Provident Fund Demand

5,457.34

2006-2007 to

Employee Provident Fund

& Miscellaneous Provision

2008-2009

Appellant Tribunal, New Delhi

Act,1952

(viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution and banks. The Company does not have any dues outstanding to debenture holders.

(ix) Based on the audit procedures applied by us and according to the information & explanations provided by the management, the Company has not raised any moneys by further public offer (including debt instruments) during the year. Term loans taken by the company during the year have been applied for the purpose for which the loans were obtained.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the company or no fraud/ material fraud on the company by the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the records of the Company examined by us and the information and explanation given to us, the Company has paid and provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the Companies Act, 2013.

(xii) In our opinion & according to the information & explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) According to the records of the Company examined by us and the information and explanation given to us, the company has complied with section 177 and 188 of the Companies Act 2013 in relation to transaction with related parties and the details have been disclosed in the financial statements, as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and 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) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. 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

We have audited the internal financial controls over financial reporting of Ahluwalia Contracts (India) Limited (“the Company”) as of 31st March, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s management is responsible for establishing and maintaining 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. 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 company’s 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.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s 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 “Guidance Note”) 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 auditor’s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS 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 Company’s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone Ind AS 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 (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the standalone Ind AS financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the 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 31st March, 2018, 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 Amod Agrawal & Associates

Chartered Accountants

Firm Registration No.005780N

Place: New Delhi VIRENDRA KUMAR

Dated: 30th May, 2018 Partner

Membership No.-085380