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Ansal Properties & Infrastructure Ltd.

BSE: 500013 | NSE: ANSALAPI |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE436A01026 | SECTOR: Construction & Contracting - Housing

BSE Live

Sep 16, 16:00
8.94 -0.26 (-2.83%)
Volume
AVERAGE VOLUME
5-Day
20,363
10-Day
39,930
30-Day
81,071
42,348
  • Prev. Close

    9.20

  • Open Price

    9.26

  • Bid Price (Qty.)

    8.91 (251)

  • Offer Price (Qty.)

    8.99 (473)

NSE Live

Sep 16, 15:59
8.95 -0.20 (-2.19%)
Volume
AVERAGE VOLUME
5-Day
141,828
10-Day
188,878
30-Day
379,769
208,459
  • Prev. Close

    9.15

  • Open Price

    9.20

  • Bid Price (Qty.)

    8.95 (10)

  • 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 Properties & Infrastructure Limited (the Company) which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the 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 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 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 the assets of the company and for preventing and detecting fraud & 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 controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of 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 the matters which are re- quires 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 Stan- darks 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 financial controls relevant to the Company''s preparation of 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. 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 of the state of affairs of the Company as at March 31, 2015 and its profit and its cash flows for the year ended on that date. Emphasis of Matter We draw attention to : i. Note No. 30 wherein the Company has claimed a cumulative exemption of Rs. 3448 lacs upto the period ended March 31, 2011, continuing upto the end of current financial year, under section 80 IA of the Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the notification of the same by Central Board of Direct Taxes (Competent Authority). The Competent Authority rejected the initial application against which the Company has fled review petition. The Company has taken opinion from a senior counsel that its review petition satisfies all the conditions specified in the said Scheme of Industrial Park under Industrial Park (Amendment) Scheme, 2010. No exemption is claimed during the current year as there are no sales of industrial park units. ii. Note No. 31 wherein the Company is carrying project inventory of Rs. 16374 lacs for one of its Group Housing projects. The Company had applied to the Authority for developing the project on the basis of revised Scheme announced by the Authority for which approval has been received envisaging developing the project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pending final decision of the Authority in the matter and fulfllment of conditions precedent, the management is of the view that there is no impairment in the value of land/ project and we have relied on management contention. iii. Note no 42(b) wherein due to the reasons stated therein, the Company has not recognised the assets sale relating to its wind business owing to the uncertainty involved in consummating the transaction due to certain pre-conditions and, therefore, possible impairment in the value of these assets of Rs. 1500 lacs. However, our opinion is not qualified in respect of above matters. 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 section 143 (11) 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 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 accounting standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; and (e) On the basis of written representations received from the directors as on March 31, 2015 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) With respect to the other matters to be included in the Auditors'' 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 accordingly to the explanations given to us: i) The Company has disclosed the impact of pending litigation on its financial position in its financial statements as referred to in Note no 27 to the financial statements; ii) Read with our comments in the Emphasis of Matter paragraph above and Note no. 42(b) to the financial statements, the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and iii) There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company. Annexure referred to in paragraph 1 of ''Report on Other Legal and Regulatory Requirements'' of the Independent Auditors'' Report of even date to the members of Ansal Properties & Infrastructure Limited on its financial statements as of and for the year ended March 31, 2015 1. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. The Company has a phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. All the fixed assets identified during the year for verification have not been physically verified by the management. However, discrepancies noticed during physical verification have been recorded and accounted for in the books of account to the extent of verification carried out. 2. a. As explained to us, physical verification has been conducted by the management at reasonable intervals in respect of building material, stores & spares and inventory of shops/ fats/ houses. In our opinion, the frequency of such verification is reasonable. b. The procedures for the physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and nature of its business. c. In our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material and have been properly dealt with in the books of account. 3. a. 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 Act. Accordingly clauses 3(iii) (a) & (b) of the Order are not applicable. b. Since there are no such loans, the comments regarding repayment of the principal amount &interest due thereon and overdue amounts are not required. 4. According to the information and explanations given to us during the course of audit, there are adequate internal control systems commensurate with size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of services. Further, on the basis of our examination of the books & records of the Company, carried out in accordance with the generally accepted auditing practices in India, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control systems. The Company''s activity does not qualify for sale of goods. 5. During the year, the Company has fled a scheme for extension of time for repayment of its fixed deposits with Company Law Board (CLB). CLB has approved extension of time for repayment of fixed deposits with certain conditions vide Order dated 30.12.2014 under sections 74(2) of the Act (CLB Order). The Company has complied with the CLB Order. Further, provisions of section 73 to 76 or any other relevant provisions of the Act, as applicable, have been complied with by the company. 6. We have broadly reviewed the cost accounting records maintained by the Company pursuant to the Rules made by the Central Government under section 148(1) of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we are not required to make a detailed examination of such records. 7. a. According to the information and explanations given to us, and records of the Company examined by us, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales tax, Wealth-tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues, as applicable, with the appropriate authorities during the year. There are no such dues outstanding at the year end for a period of more than six months from the date they became pay- able. b. According to the records of the Company, the details of dues of Income-tax, Sales-tax, Wealth-tax, Service-tax, Customs Duty, Excise Duty, Value added tax and Cess which have not been deposited on account of any dispute and the forum where the dispute is pending, are as follows : S.No. Name of Statute Nature of Dues Amount (Rs.in lacs) (i) Sales Tax Act Delhi Sales Tax 4.47 (ii) Sales Tax Act UP Sales Tax 0.29 (iii) UP Trade Tax Act UP Sales Tax 1.08 (iv) Local Area Local Area 8.73 Development Development Tax, (v) Sales Tax Act Delhi Sales Tax 33.17 (vi) UP Trade Tax Act UP Sales Tax 0.06 (vii) UP Trade Tax Act UP Sales Tax 8.00 (viii) UP Trade Tax Act Work Contract 98.29 Tax (ix) Income Tax Act, Income Tax, 1,493.10 1961 (x) Income Tax Act, Income Tax, 504.28 1961 (xi) Income Tax Act Income Tax 140.00 1961 (xii) Income Tax Act Income Tax 1,240.00 1961 (xiii) Wealth Tax Act Wealth Tax 0.45 (xiv) Wealth Tax Act Wealth Tax 0.50 (xv) Wealth Tax Act Wealth Tax 0.96 Name of Statute Assessment Forum where pending Year Sales Tax Act 1999-00 Assessing Authority Special Zone, Delhi Sales Tax Act 2006-07 Additional Commissioner (Appeal), Ghaziabad UP Trade Tax Act 2008-09 Commercial Tax Tribunal Ghaziabad Local Area Development 2003-04 Joint Excise & Taxation Commissioner (Appeal), Gurgaon Sales Tax Act 2004-05 Trade Tax Tribunal, Delhi UP Trade Tax Act 2007-08 Additional Commissioner (Appeal), Ghaziabad UP Trade Tax Act 2011-12 Commercial Tax Tribunal Ghaziabad UP Trade Tax Act 2009-10 Commercial Tax Tribunal Ghaziabad Income Tax Act, 1961 2010-11 ITAT. New Delhi Income Tax Act, 1961 2011-12 ITAT. New Delhi Income Tax Act, 1961 2012-13 ITAT. New Delhi Income Tax Act, 1961 1988-89 ITAT. New Delhi to 2014-15 Wealth Tax Act 1992-93 Asst. Commissioner of Wealth Tax, New Delhi Wealth Tax Act 1997-98 Deputy Commissioner of Wealth Tax, New Delhi Wealth Tax Act 2000-01 Asst. Commissioner of Wealth Tax, New Delhi c. The company does not have any amount which is required to be transferred to Investor Education and Protection Fund during the year in accordance with relevant provisions of Companies Act, 1956 ( 1 of 1956) and Rules made thereunder. 8. The Company does not have accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 9. On the basis of the audit procedures performed by us, the information & explanations furnished and representations made by the management, the Company has delays in repayment of dues including interest to banks and financial institutions. While such delays were there on different occasions during the year, the relevant amounts have been paid to the respective banks and financial institutions and the delay events have been made good, such delays which have remained outstanding at the year end are enumerated in note 32 to the financial statements. There are no outstanding debentures at yearend. 10. According to the information and explanations given to us, the Company has given guarantees against loans taken by others from banks & financial institutions; the terms & conditions of such guarantees are not, prima facie, prejudicial to the interest of the Company. 11. In our opinion and according to the information and explanations given to us, the term loans raised during the year by the Company have been generally applied for the purpose for which the said loans were obtained and for overall project related activity in general. 12. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have we been informed of such case by the management. For S. S. KOTHARI MEHTA & Co. Chartered Accountants FRN 000756N ARUN K TULSIAN Date: 16th May, 2015 Partner Place: New Delhi Membership No. 89907