Ansal Buildwell Ltd Auditor Reports

r * We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Ordcr.2020 ("the order") issued by the Central Government in terms of Section 143(11) of the Act. we give in "Annexure A" a statement on the matters specified in paragraph 3 and 4 of the Order.

1. In our opinion, the managerial remuneration for the year ended March 31. 2024 has been paid/ provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act.

2. As required by Section 143(3) of the Act, based on our audit 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 Standalone Balance Sheet, the Statement of Profit and Loss including Other Comprehensive

Income. Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report arc in agreement with the books of account.

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

c) On the basis of the written representations received from the directors as on March 31.2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of Section I <>4(2 > of the Act.

0 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 "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

g) 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. as amended, 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 standalone financial statements- Refer Note 34 to the Standalone Financial statements.

ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behal f of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in note 17 to the accompanying standalone Financial Statements, the Board of Directors of the Company have proposed final dividend @10% i.e.Rs.l/- per equity share of Rs. 10 each lor the year ended 31st March.2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of Dividend.

3. Based on our examination which included lest checks, the company has used accounting software lor maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

For I.P. Pasricha & Co

Chartered Accountants

FRN: 000120N

Inder Pal Singh Pasricha

Partner

Membership No.:080529

UDIN: 24080529BKASAQ9888

Place: New Delhi

Date: 30.05.2024

ANNEXUREATOTHE INDEPENDENT AUDITORS REPORT

(Referred under Report on Other Legal and Regulatory Requirements section of the Independent Auditors Report of even date to the members of Ansal Buildwcll I imited on the Standalone financial statements as at and for the year ended 31 March 2024).

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we slate that:

i. In respect of the Companys Property, Plant and Equipment, and Intangible Assets:

(a) A. The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and relevant details of Right -of-use Assets. 13. The Company has maintained proper records showing full particulars of Intangible assets.

(b) Property, plant and equipment 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) The title deeds of immovable properties are held in the name of the Company.

(d) I he Company has not revalued any of its Property, Plant and Equipment or intangible assets during the year.

(c) No proceedings have been initiated during the year or are pending against the Company as at March 31,2024 for holding any benami property under the Benami Transactions (Prohibition) Act. 1988 (as amended in 2016) and rules made thereunder.

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 the nature and size of the Company and no material discrepancies were noticed in physical verification.

(b) The Company has not been sanctioned working capital limits in excess of Rs. 5 crore, in aggregate, at any point of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)( b) of the order is not applicable.

iii.(a) Based on the examination of the books of accounts and records of the company, during the year the company has not provided loans or provided advances in the nature of loans or provided security to any other entity. Hence the reporting under clause 3(iii)(a)(A) to Clause 3(iii)(a)(B t of the order is not applicable.

(b) Based on the examination of the books of accounts and records of the company, the company has not provided security, granted loan and advances in the nature of loans to companies, firms. Limited Liability partnership or any other parties.

(c) Based on the examination of the books of accounts and records of the company, the company has not granted loan and advances in the nature of loans to companies, linns, Limited Liability partnership or any other parties and therefore paragraph 3 (iii) (c) is not applicable.

td) There is no overdue amount outstanding for more than 90 days, hence the paragraph 3(iii)(d) is not applicable.

(e) Based on the examination of the books of accounts and records of the company, there is no loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties.

(f) Based on the examination of the books of accounts and records of the company, the company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

iv. In our opinion and according to the information and explanations given to us. the Company has complied with the provisions of Sections 185 and 186 of the Companies Act. 2013 in respect of grant of loans, making investments and providing guarantees and securities.

v. In our opinion and according to the information and explanations given to us the Company has neither accepted any deposits from public nor accepted any amounts which are deemed to be deposits within the meaning of sections of 73 to 76 of The Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3<v) of the Order is not applicable to the Company.

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, related to the manufacture or service of construction activities, and arc of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

vii. (a) According to the information and explanations given to us. Undisputed statutory dues including goods and serv ices tax, provident fund, employees state insurance, income-tax. sales-lax, serv ice tax, duty of custom, cess and other statutory dues have generally been regularly deposited with the appropriate authorities though there has been an insignificant delay in a few cases.

According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory 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 information and explanations given to us. the disputed statutory dues aggregating Rs. 36.43 (In Lakhs). Details areas follows:

viii. According to the information and explanations given to us The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3( viii) of the Order is not applicable to the Company.

ix. (a) In our opinion and according to the information and explanations given to us. the Company has not defaulted in repayment of loans or borrowings to financial institutions, banks and government and dues to debenture holders.

(b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) Term Loans were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the financial statements of the company, no funds raised on short term basis has been used for long term purpose of the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

(0 The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Hence, the requirement to report on clause (ix) (f) of the Order is not applicable to the Company.

x. (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of 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. Accordingly, clause 3(x) (b) of the Order is not applicable.

xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

xii. The Company is not a Nidhi Company as per the provisions of the Companies Act. 2013. Therefore, the requirement to report on clause (xii)(a),(b) and (c) of the Order is not applicable to the Company.

xiii In our opinion and according to the information and explanations given to us by the management, the Company is in compliance with Section 188 and 177 of the Companies Act. 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

xiv (a) In our opinion and according to information and explanations given to us, the Company has an internal audit system commensurate with the size and nature of its business as required under the Provisions of section 138 of the Act.

(b) Wc have considered the report issued by the Internal Auditors of the Company till date for the period under audit.

xv. In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors, and hence provisions of section 192 of the Companies Act. 2013 arc not applicable to the Company.

xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi )(a) of the Order is not applicable.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtained a valid Certificate of Registration (CoR) from RBI as per R131 Act. 1934.

(c) In our opinion, there is no core investment Company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions. 2016) and accordingly reporting under clause 3(xvi) (c) of the Order is not applicable.

(d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions. 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d)are not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year and accordingly this clause is not applicable to the company.

xix. According to information and explanation given to us and On the basis of the financial ratios disclosed in note 41 to the financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the e\ idence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. According to the information and explanations given to us. the Company does not have any unspent amounts towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of the financial year. Accordingly, reporting under clause 3(xx) of the order is not applicable to the Company.

xxi. The reporting under clause 3(xxi) of the order is not applicable in respect of audit of Standalone financial statements of the company. Accordingly, no comment has been included in respect of said clause under this report.

For I.P. Pasricha & Co

Chartered Accountants

FRN: 000120N

InderPal Singh Pasricha

Partner

Membership No.:080529

UDIN:24080529BKASAQ9888

Place: New Delhi

Date: 30.05.2024

ANNEXURF. B TO THE INDEPENDENT AUDITORSREPORT

(Referred to under ‘Report on Other Legal and Regulatory Requirements section of the Independent Auditors Report ofeven date to the members of Ansal Buildwell Limited on the financial statements as at and for the year ended 31 March 2024)

Independent Auditors report on the Internal Financial Controls tinder Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Ansal Buildwell Limited ("the Company") as of 31 March 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys 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 the Companys business, including adherence to Companys 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys 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 Repotting (the "Guidance Note") and the Standards on Auditing, issued by the Institute of Chartered Accountants of India (ICA1) and deemed to be prescribed under section 143(10) of the Act. 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 ICAI. Those Standards and the Guidance Note require that wc comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were 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 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 auditors 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 Companys internal financial controls over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Companys internal financial controls 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 Companys internal financial controls 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 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 Companys assets that could have a material effect on the 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 he detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that internal financial controls 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, adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2024. 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 I.P. Pasricha & Co

Chartered Accountants

FRN: 000120N

InderPal Singh Pasricha

Partner

Membership No.:080529

UDIN:24080529BKA$AQ9888

Place: New Delhi

Date: 30.05.2024.