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Life Insurance Corporation of India

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Associate Partners:

  • Kotak Mutual Fund
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  • State Bank of India
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Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
State Bank of India
CoinSwitch Kuber
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Ansal Housing Ltd.

BSE: 507828 | NSE: ANSALHSG |

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Series: BE | ISIN: INE880B01015 | SECTOR: Construction & Contracting - Housing

BSE Live

Jan 28, 15:40
9.47 0.05 (0.53%)
Volume
AVERAGE VOLUME
5-Day
28,712
10-Day
39,609
30-Day
75,459
36,178
  • Prev. Close

    9.42

  • Open Price

    9.69

  • Bid Price (Qty.)

    9.65 (10)

  • Offer Price (Qty.)

    9.70 (1150)

NSE Live

Jan 28, 15:42
9.55 0.15 (1.60%)
Volume
AVERAGE VOLUME
5-Day
165,577
10-Day
194,065
30-Day
311,611
140,796
  • Prev. Close

    9.40

  • Open Price

    9.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the accompanying standalone financial statements of Ansal Housing & Construction Limited (the Company), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone Financial Statements 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 and presentation of these standalone 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 the Companies (Accounts) Rules, 2014. 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 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 standalone 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Basis of Qualified Opinion The managerial remuneration paid to the Managing Director of the Company during the year is in excess of the limit provided in Section 197 read with Schedule-V of the Companies Act, 2013 by Rs. 84.57 lacs due to the inadequacy of the profit for the year computed in the manner referred to in Section 198 of the Companies Act, 2013. The Company has decided to apply to the Central Government under Section 197(10) of the Companies Act, 2013. No adjustments in this respect have been made in the accounts. Qualified Opinion Subject to our comment under basis of qualified opinion, in our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March 2015, and its profit and its 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 Section 143 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 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 the 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 and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f ) 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 information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements Refer to Note No. 28.1 to the financial statements. ii. As the company follows percentage of completion method of accounting for revenue from real estate development contracts, in a few cases projects may result in a loss in a particular year which are generally set of against profits of the future years. The management has confirmed to us that there are no material foreseeable losses in the case of long term contracts. 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 the Independent Auditors'' Report (Referred to in paragraph 1 under the heading ''Report on Other legal and Regulatory Requirements'' of our report of even date) 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 and accounts and other records examined by us in the normal course of audit, we report that: 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the fixed assets are physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification. 2. a) As per information and explanations given to us, the inventory of building materials, stores and spares, restaurant''s provisions, beverages etc. and fats/shops/ houses etc. at major locations has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. According to the information and explanations given to us, keeping in view the nature of the operations of the Company, inventory of work-in-progress cannot be physically verified. b) In our opinion and according to the 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) The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. The Company had granted unsecured interest free loan of Rs, 500 lacs to a wholly owned subsidiary company in the earlier years which was repaid during the year. In respect of loan given to the wholly owned subsidiary, there was no stipulation regarding repayment and the loan given was interest free. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods and services. During the course of audit, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures. 5. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under. According to the information and explanations given to us, in this regard, 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 on the Company. 6. As per information and explanations given to us and as broadly reviewed by us, the Company has maintained the cost records prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate or complete. 7. a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, 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, wherever applicable. However, there were delays in deposit of employee state insurance dues and sales tax in a few cases and in the deposit of service tax and advance tax during the year. Other than for undisputed amount of employee state insurance of Rs, 0.23 lacs, according to the information and explanations given to us, there are no undisputed amounts payable in respect of these dues which have remained outstanding at 31st March, 2015 for a period of more than six months from the date they became payable. b) According to the information and explanations given to us and the records of the Company examined by us, the disputed amounts payable in respect of income-tax, sales tax, wealth tax, custom duty and excise duty / cess not deposited with the appropriate authorities are as follows: Name of the statute Nature of dues Amount * (Rs, In lacs) Income Tax Act Income Tax 765.79 Wealth Tax Act Wealth Tax 0.49 UP Sales Tax Act Sales Tax 84.08 UP Value Added Tax Act Sales Tax 381.33 UP Value Added Tax Act Sales Tax 56.94 MP Value Added Tax Act Sales Tax 5.00 Haryana Value Added Sales Tax 79.46 Tax Act Employees Provident Provident Fund 33.39 Fund Act The Finance Act, 1994 Service Tax 271.31 NAME OF THE STATUTE Period to which the amount Forum where dispute relates is pending Income Tax Act Various Assessment Years Supreme Court Wealth Tax Act Assessment Year 2004-05 CWT (Appeals)-I, New Delhi UP Sales Tax Act Assessment Years 2003-04 to Tribunal, Commercial Tax, 2007-08 Ghaziabad UP Value Added Tax Act Assessment Years 2007-08 to Tribunal, Commercial Tax, 2010-11 Ghaziabad UP Value Added Tax act Assessment 2013-14 Additional Commercial of Trade Tax, Ghaziabad MP Value Added Tax Act Assessment Year 2008-09 Tribunal, Commercial Tax, Bhopal Haryana Value Added Tax Assessment Year Act 2010-11 Joint Excise & Taxation Commissioner (Appeals), Haryana Employees Provident June 1994 to Fund act March 2006 Delhi High Court The Finance Act,1994 October 2003 to March 2010 Custom, Excise and Service Tax Appellate Tribunal, New Delhi * The amounts are net of payments made under protest to the authorities. c) According to the information and explanations given to us the amounts which are required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under have been transferred to such fund within time. 8. The Company does not have any accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. 9. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks and financial institutions covered by the Order during the year. 10. The Company has given guarantees for loans taken by its wholly owned subsidiaries and other companies from banks or financial institutions. In our opinion and based on the information and explanations given to us, the terms and conditions of the guarantees are not, prima facie, prejudicial to the interest of the Company. 11. According to the information and explanations given to us and the records examined by us, terms loans obtained for financing real estate projects, in our opinion, on an overall basis, were used for the real estate projects. 12. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For Khanna & Annadhanam Chartered Accountants (Firm Registration No. 001297N) (Jitender Dhingra) Place : New Delhi Partner Date : 27th May, 2015 Membership No. 90217