Ansal Properties & Infrastructure Ltd. — Interim / Quarterly Report 2021

Jun 29, 2021

Script Code : ANSALAPINational Stock Exchange of India LtdExchange Plaza,Bandra-Kurla Complex,Bandra (East)Mumbai - 400 051	Script Code: 500013BSE Limited25th Floor,Phiroze Jeejeebhoy Towers,Dalal Street,Mumbai - 400 001

• Reg.: a) Quarterly / Yearly Audited Financial Results for the Financial Year ended on the 31% March, 2021.
  • b) Outcome of the Board Meeting dated the 29th June, 2021 {i.e. today}, concluded at 05:30 P.M.
• Ref: Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Dear Sirs,

In reference to the captioned matter and further to our previous letter dated the 22"4 June, 2021, please find enclosed herewith the following:

• 1. Quarterly / Yearly Audited Financial Results for the Financial Year ended on the 31st March, 2021 together with Consolidated Statement of Accounts comprising of audited Annual Accounts for the same accounting year of subsidiaries/joint venture companies and other companies in terms of Ind AS as Annexure I.
• 1. Copies of Auditors Reports (Standalone and Consolidated) submitted by the Statutory Auditors of the Company, M/s MRKS and Associates, Chartered Accountants, for the Financial Year ended on 31st March, 2021 as Annexure II.
• 1. Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results (Standalone and Consolidated) for the financial year ended on the 31st March, 2021 as Annexure ITI,

Further, with reference to the captioned subject, it may also be noted that the Board has not recommended any dividend for the Financial Year ended the 31st March, 2021.

This is for your information and record please,

Thanking you.

Yours faithfully, For Ansal Propertie structure Ltd. (Abdul Sami) General Manage M. No. FCS-7135

Encl: as above

Pirorperine _ x

ANSAL PROPERTIES & INFRASTRUCTURE LTD.

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024 STANDALONE (Rs in Lakh) CONSOLIDATED SL.No. Particulars Quarter ended Year ended Quarter ended Year ended 31/03/2024 (Audited) 31/12/2020 (Unaudited) 31/03/2020 (Audited) 31/03/2021 (Audited) 31/03/2020 (Audited) 31/03/2021 (Audited) 31/12/2020 (Unaudited) 31/03/2020 (Audited) 31/03/2021 (Audited) 31/03/2020 (Audited) Income (a) Revenue from operations (b) Other Income 29,711 3,252 15,992 237 23,397 387 72,195 4,019 79,438 1,545 33,327 4,476 19,236 2,017 39,617 1,081. 84,553 7,370 1,11,746 2,779 Total Income 32,963 16,229 23,784 76,214 80,983 37,803 21,247 | 40,698 91,923 1,14,525 Expenses (a) Consumption of Materials Consumed/ construction cost (b) (Increase)/decrease in stock-in-trade and work in progress (c) Employees benefits expense (d) Finance Cost (e) Depreciation and amortization expense (f) Other Expenditure 25,176 97 276 1,296 36 6,611 11,425 128 274 1,782 35 2,762 22,784 1,406 305 1,635 68 7,431 56,679 (121) 1,048 6,625 135 13,875 58,078 2,967 1,416 8,502 230 19,100 22,777 97 418 4,123 645 12,425 12,490 128 392 3,494 562 5,093 33,980 1,406 508 5,406 689 11,761 56,304 (121) 1,556 14,049 2,336 26,656 73,523 2,967 2,265 16,715 2,592 34,704 Total Expenses: 33,492 16,406 33,629 78,241 90,293 40,482 22,159 53,750 1,00,777 1,32,763 Profit/(Loss ) before exceptional items and-tax (I-IV) (529) (177) (9,845) (2,027) (9,310) (2,679) (912) (13,052) (8,854) (18,238) vi Exceptional items Provision for Impairment in value of Investments 9,132 9,132 7,106 7,106 Vit Profit/(Loss) before taxes (V-VI) (529) (177) (18,977) (2,027) (18,442) (912) (20,158) (8,854) (25,344) Vin For Ansal Tax expenses -Current Tax -Deferred Tax ing to earlier years (135) 36 2,185 (120) 25 (54) 1,883 49 (2,679) (98) (2,508) 1 (1) 14 84 1 1 {t) 984 (172) 11 1 (2,281) 2 625 127 RRA | (135) 36 2,090 (54) 1,932. (2,608) 100. - 822 (2,278) 752 Pr s )after Tax (VII-VIH) (394) (213) (21,067) (1,973) (20,374) (73) (1,012) (20,980) (6,576) (26,096) Certified True Copy

SL.No.	Particulars		Quarter ended			Year ended
								Quarter ended		Year ended
		31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020	31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020
		(Audited)	(Unaudited)	(Audited)	(Audited) .	(Audited)	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Share of Profit/(loss) in Associates/Joint ventures
Xl	Net Profit/ (Loss) for the period (IX+X)						(25)	19	(16)	49)	{19)
		(394)	(213)	(21,067)	(1,973)	(20,374)	(98)	(993)	(20,996)	(6,585)	(26,115)
xll	Profit((Loss) attributable to:
	Non controlling interestOwner of the Company	(394)	(213)	(21,067)	(1,973)	(20,374)	(98)	(1,119)	(20,526)	(6,066)	(24,120)
xill	Other Comprehensive Income (Loss)(net of tax)						(0)	126	(470)	(519)	(1,995)
		19-	(1)	(974)	28	(968)	15	{1)	(535)	24	(528)
XIV	Comprehensive IncomeTotal Comprehensive Profit/ (Loss) for the period[ComprisingOtherandtax)) (afterssoL(XI+XGH)Profit((
		(375)	(214)	(22,041)	(1,945)	(21,342)	(83)	(994)	(21,531)	(6,561)	(26,643)
XV	Comprehensive IncomeTotal Comprehensive Incomel/(Loss) for the period [ComprisingOtherandtax)Profit / (Loss) (afterattributable to:
	Owner of the Company	(375)	(214)	(22,041)	(1,945)	(21,342)	(85)
	Non controlling interest							(1,120)	(21,064)	(6,044)	(24,648)
XVI	Paid up Equity Share Capital	7,870	7,870					"126	(470)	(517)	(1,995)
	(Face value of Rs § per equity share)			7,870	7,870	7,870	7,870	7,870	7,870	7,870	7,870
Xvit	Reserves excluding Revaluation Reserves as per balance				11,161	13,107				(25,545)	(19,292)
	sheet of the previous accounting year
XVIII	Earning Per Share(EPS) (Rs.) ( not annualized )
	Before Extraordinary Items
	(a) Basic	(0.25)	(0.14)	(13.38)	(1.25)	(12.94)	(0.06)	(0.71)	(13.33)	(3.85)	(16.58)
	(b) Diluted	(0.25)	(0.14)	(13.38)	(1.25)	(12.94)	(0.06)	(0.74)	(13.33)	(3.85)	(16.58)
	(b) Diluted(a) Basic	(0.25)	(0.14)	(13.38)	(1.25)	(12.94)	(0:06)	(0.71)	(13.33)	(3.85)	(16.88)
		(0.25)	(0.14)	(13.38)	(1.25)	(12.94)	(0.06)	(0.71)	(13.33)	(3.85)	(16.58}

holders. The next date of hearing isBank-wise details are as under: -Having regard to theCompanies (indianconsider onDuring thedirectionDirectpublicThethetheThehas

Notes:

Dues certificates for both the loan and satisfied charges. NCLT has dismissed the Bank's petition filed earlier against the Company. The company has approached the Bank to withdraw the cases filed by it against the Company in DRT.

• ILFS Financial Services Limited ("IFIN") had earlier filed an application in NCLT against the Company, which was dismissed as withdrawn by NCLT, with a liberty to file a fresh application for the same cause of action. Subsequently, the Company has submitted a proposal to IFIN to pay Rs. 144 Cr. (which includes both principal amount and unpaid interest payable) to IFIN over a period of 360 days from execution of Settlement Agreement, which is under finalization. The Payment to IFIN will-be made by selling the securities mortgaged to IFIN. The company has further re-submitted a proposal to pay Rs. 109 Cr. as full & final settlement and IFIN is also considering.
• Allahabad Bank [now merged with INDIAN Bank] had earlier in principle agreed to the Company's proposal for restructuring of outstanding loan of Rs. 103.60 Cr. The Case filed by the Bank in DRT is pending and next date is 01/09/2021. Now, the bank stands merged with Indian Bank. The Company understand that Indian Bank is considering sale of all loan assets of the Group (availed from Indian Bank as well as erstwhile Allahabad Bank] to ARC. Settlement with bank is also under process.
• d) The Company had availed a loan of Rs. 7.00 Cr. from Bank of India for Bliss Delight Project, Lucknow, which had become NPA. The Company had entered into OTS Scheme with the bank for payment of Rs. 7.10 Cr. against full and final payments. Full OTS amount has been paid by the Company and No Dues certificate obtained. The Bank had earlier also filed a case in DRT, which would be withdrawn now.
• The Company is availing Working Capital facility Fund Based Limits of Rs. 31 Cr. and Bank Guaranty facility of Rs. 19.50 Cr. from Jammu & Kashmir Bank. There are over dues of Rs. 7.9 Cr. in the fund based facility due to levy of interest and as such the account is classified as NPA. The Company has received conditional NOC from J&K Bank for payment of Rs. 23.8 Crs. against the sale of two properties one in the name of Promoter dated 21-10-2020 and another in the name of the Company dated 19-09-2020. We wish to close one CC limit of Rs. 15.5 Crs. from the NOC amount.
• f) Ansal API Infrastructure Ltd. (AAIL), a wholly owned subsidiary company, has taken a loan of Rs. 390 Cr: from Pooled Municipal Debt Obligations Facility (PMDO) contributed by 15 lenders. The present principal outstanding is approx. Rs. 252 Cr. plus overdue / unapplied interest. The account is in NPA category. During the year ending March 31st, 2021, Vistra ITCL, security Trustee of PMDO, has auctioned t. We understand thy Sy

&

The next date ofregard.AAIL in thiscompany i.e.borrowerDRT against therecovery suite inTrustee has filed07/07/2021.through itsDRT isPMDOhearing inrequest.	Subsequently, AAIL.date ofnextThepetitions.DRT.NCLT &withdrawal of theCompany i.e. AAIL torequest forBank has taken the SubsidiarysubmittedandFY2020during08/10/2021.CorporationBankCorporationDRT onone lender, i.e.10/08/2021 andtoof Rs. 2 Cr.lenders,NCLT isOut of the fifteensumpaid ahearing inhad	Lucknow, for constructionCompany discussing withwithdrawnconsidering other ways to settleconsidering selling thereducedBank, the buyer hasgotprojectBank isTheof theBank,NPA.sanction of OTS by thethat theCompany isIndianareaBank declared the loan asFSIfromunderstandtower,Now the33.03 Cr.of theWeBank.Due to delay inoutstanding principal is Rs.Company in 'DRT.heightproposal from theProject. Thechange 'jinproposal to the Bank.decided not to further construct thethetowithdrawn its OTSDueagainstnow theLucknow.recovery suiteandOTSGolf City,loan of Rs. 45 Cr.Project and offeredCompany hashas filedSushantaccordingly theCompany hasBankTowers,Company has taken abuyer for sale of theIndianGatewayBank.assets to ARC.therefore theits offer andtheGolfwithTheofag)	Investmentmatter to anmeanwhileaward,Equity of APIPL iscomplete business of 38signedK.P.M.G isloss of Rs 69.20Decemberarbitrator.(BTA)arbitrationAward,amount if any, which can't be ascertained as oninvestment in APIPL. In theHorizonAgreementthesubmitted to thecompany has. bookedreferred93% of theinteriminterimClearTransferFurther theandhadper thetheShares so thatLtd(APIPL)perwas jointlyVenturesBusinessaward. AsAs2020.investors for their2019-20, theLtd.pronounced.whichper thePvt.Grainwell31,EquityarbitrationMarchInfrastructureagreement,company asintoYearwassamealong withcompany w.e.f.interim(CCDs)guarantee to theFinancialawardstatement of Profit & Loss. The finaladjustment for thesettlementPhalakDebenturesAPIPL to theimplementinterim arbitrationinvestorspreviousAnsalsubsidiary of theentered intocorporateequityDuring2020 toConvertibleinvested infromKPMG. TheLimited astransferredamount, if any.arbitrator,March 31,Company had givenhadhaveCumulativeanymoresubsequent to the report ofInvestors)Holdingswhichbeendated2020-21 in thethenotshortfallwithinvestment ofinvestors. ("investors")haveInvestorcompany and theDimensionsAPIPL isArbitrator on their dispute with APIL. ThefiledGurgaonascertainagreementAPIPL & theduring F.Y.InvestorsHence,Newconverted theirVersalia,conducting audit of APIPL todeterminedparties, (i.e., theand29.40 Cr.settlementcompany,debentureLtdacres inVenturesby the2020, will beCr. & loss of Rs.have51theofasandheldbasisInvestorsthebetweenLtdVelfordacresbothnowPTEthe31,8.
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theirUPRERAPRJ10150whereNomanagerConvertibleof thedelay thebearingwithUPRERAPRJ9594partauthorities.through itsdue toconnectionprojectCompulsorilypurchasedbutUPRERAPRI70S90 andanotherRealty Trust)process of implementing the direction given by RERAsettlementcompliance inandhasandUPRERAPRJ7090,regard toThe CompanySharesCompany Limited (acting as Trustee of IFINonagreedpara-wiseEquityWithUPRERAPRJ4754,Company.forum.investorinUPRERAPRJ7122,give79.34 Crappellatetotheof thedirectedUPRERAPRJ9594,amount of Rs.Company andsubsidiarybeforeNowasRERAappealwherein itLimited, abearingtheancompany is inUPRERAPRJ10009,investedcompany has filedInvestor" and IL & FS TrustThough,respect of three projectRERAInfrastructureInvestor" hadpending.UPUPRERAPRJ4754,fromUPRERAPRJ7122,part is stillTheNoticeTownships"Indianaction."ForeignCauseLucknow. InUPRERAPRJ10150 andClause.remainingcoerciveLimitedAnsalShowProjectsRealty Limited - II fundinvoked ArbitrationofManagerstakenSushant Golf City,andreceived(CCPS)against 640.66%haveShareshasInvestmentUPRERAPRJ10009,authoritiesNoticeinvestment i.e.Companyinvestor hasPreferencelocated at. IIRF IndiapreviousIL&FSRERAThe109.	AwardinterestCourt to challenge theprovision for thecompliance with the earlier order ofstatements.31.08.2019 and thebalancerealizedThealong withFurther,consideration ispronounced.Contingent Liability in the financialCourt.no55.78 Cr189 Cr. as onAccordingly,HighHighthe salewasDelhiamounting to Rs.Delhigroupamount of Rs.thewhencase.Registry of thepartialLandmarkConciliation Act ingoodandaffidavit of their-assets. Further, inCourt ashas aCompany,Landmark group has filed a petition for execution of the Award, stating decretalsame aswithapprox. in theview that itarbitrationHighdisclosed theincluding the34 of Arbitration &Registry of theCompany is of theof19.97 Cr.Hon'ble High Court is 05.07.2021.matterCompany hasGroup,amount of Rs.thetheU/s.companies of Ansaldeposited indirected to file aninpetitiontheAwardHowever; theopinion,deposited anthethebehas filedshall2018,legalliability of fourmade.beenbuyers. The next date of hearing before(approx.) Cr.SeptemberonCompany hasGrouphavebeenBasedCompanyAnsalbooks of accounts haslevy of interest.several3010.12105.08 Cr.Court, theendedpromoter directors of theof Rs.andquartercontemplates jointIn the interim, theconsiderationamounting to Rs.Highincludingsame in theHon'bletheDuringAwardfromsalethe11,	Ansalimpairment in the value of theM/s.fromrecoverableCr. ismanagement assessment of cash flow of Karnal Project, there is no61.56of Rs.amountanCompany,a subsidiary of the(P) Ltd.,Based onTownshipTownship Pvt. Ltd.Landmarkamount.AnsalLandmark (Karnal)recoverableofbooksthesaidIn12.
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1. Ansal Hi-tech Townships Limited, a subsidiary of the Company had filed a case in Mumbai High Court (against Peninsula Brook Field) for non- disbursement of Rs. 100 Cr NCDs, and resultant damages of Rs. 250 Cr. Peninsula BrookField also through their Debenture Trustee, Vistra ITCL, filed a case for recovery of their dues before the Mumbai High Court against the Company, which has provided Corporate Guarantee. The Company offered in the Court that they are ready to sell four properties which are mortgaged to the said debenture holder. The Company has sold one property & entered into ATS for sale of second property with DMART for Rs: 23.61 Crs. Peninsula Brookfield has also filed a case in NCLT for the recovery of their dues against the Subsidiary company— Ansal Hi-Tech Townships Ltd. The next date of hearing in NCLT is — 10/08/2021. Meanwhile, the Company along with its Group Company, namely Ansal Colonizers and Developers Pvt. Ltd has settled NCDs aggregating of the principal amount of Rs. 62.09 Crs. from the investors by way of barter of properties and down payments. The Company is also negotiating for One Time Settlement with the Debenture holders represented by its manager Peninsula BrookField for the remaining NCDs so that all the cases by both the parties may be withdrawn.

2. Star Facilities Management Limited, the wholly owned subsidiary of the Company has made investment of Rs. 40 Lakhs in Equity Shares of Pro- Facilities Services Private Limited and presently holds 40% stake in this Company. However, the investee company is mis-managing its affairs and the company has filed petition for oppression and mismanagement of affairs against investee Company. The same is pending presently with NCLT.

3. NCDRC has disposed the matter under Consumer Case No. 1951 of 2016 of Bhirgu Kaushik and 14 Others Vs. Ansal Hi Tech Townships Limited with the direction to Ansal Hi Tech Townships Limited to refund the entire deposit amount to the customers who are not willing to wait for possession for their booked units, Company Shall pay the compensation to the allotters in the form of 8% per annum Simple Interest from the date of each payment till the date of Refund and Company Shall Pay a sum of Rs. 50,000/- as cost of litigation to the complainants collectively. The Company is has filed review petition wherein notice has been issued to customers. The next date of hearing is in Sept-21.

4. Ansal IT City and Parks Ltd. ("The Company"), Subsidiary of APIL has entered into Memorandum of Business Undertaking on 21.09.2020 with Mahalaxmi Infrahome Private Limited and share purchase agreement dated 26.11.2020 with HDFC Venture Trustees Co. Limited, as result of these Agreements Mahalaxmi-Infrahome Private Limited will become shareholder of the Company. As per agreement debentures of HDFC of Rs. 7 Crores and interest thereon and Share capital (7,80,000 equity) of HDFC Hiref will be settled by Mahalaxmi Infrahome Private Limited by payment of Rs. 11 Crores out of the total sale consideration of Rs. 44.80 Crore. During the FY 20-21, APIL has booked a loss of Rs 8.07 Cr. on account of redemption of Debenture in Ansal IT City and Parks Ltd. As per agreement with Mahalaxmi Infrahome Private Limited shareholding will be transferred after necessary approvals from regulatory authorities i.e. Pa a, Wilag . As on date we are not jiea-positi wey oS sto ascertain the final ax

(DDJAY) for quick realizationsdevelopers inFund" for completion of construction of existing projects of theMarchbecause settlement with theadvancesreport bypayable as per thecompaniesimpact on going concern.endedMahalaxmiandqualified thestatutoryTheothersuchperiod2011-12managément certified accounts.period.theland tonot24.93 Cr for theandto2021 are as under:interest-freesadyances tanextamount iscompany hasYearsharerepaymentsgivingcontinue in thealthough there is noAwas Yojna2021pyFinancialofandtransferthat31,Popeaf we.provision of interest of Rs.subsidiaryinventory existmultiplefyMarchthehas in the viewDayal Jan/ year ended 315t March,ofinventory inexpected tobarter deal by offering land parcels,164.18 Cr issued to the parties outside the group as attimedue tocommon design.ivencompanies are based onAuditor of thepandemic,under Deenthemoveliquidity issuesatofwhich isbe consideredquarterpurchaseready totaking following actions to cope up existing uncertainty including impact of Covid -19developmentInvestmentTheconstructing multi story buildings to SCOs withmadeHowever, theperiodinvestmcompany.developers. whereagainstfaceCompany has notCompany and 6 Subsidiarycurrentwillresponse to qualifications in the Audit Report for thecontinues to"SWAMIHFurther ATIL is settling the Investor by buying the fulldevelopment in to PlottingCr.transactionsubsidiarycustomers.through16.20system in thesponsoredproject of otherRs.Companysubsidiary of theLtd, alenders /Investorsof saidotherandtheInfrastructureCrunder Gol!applicable tooutcomethestatements of one joint venture143.74liquidity indebenture of Rs.Industry, Converting existing license of built upunder process.theLimited, aBulk sale of plots to settle lenders.Ventures Ltd.Rs.FinalBanks/customers inTownshipcompany.payaffected18% aschange fromEstateauthorities.amounting to Rs 0.04 Crore.tosettlement withTownshipsoutstandingliable@holders arerecession in RealalsoAnsalother projects of theApproaching SBICAPinterestShifting of existingmake suitablepandemicCompany istowardsManagement'srespectively toHi-techPrivate Limited.2021 onmentioningagreement.debentureThe financialcompany.of funds.makeliabilities19AnsalDue toThe31,ToCovidTob.19. Thea.d.c.e.i)li)f.17.18.
obligations.Company is
Infrahome

ili) As per interim arbitration award, KPMG is conducting audit of APIPL to ascertain shortfall amount, if any. The Company has already booked a loss of Rs. 98.60 crore in the statement of profit & loss. The final amount if any, which can't be ascertained as on as on March 31, 2021, will be determined subsequent to the report of KPMG. The adjustment for the same will be made after receipt of report from KPMG.

iv) Settlement with ICICI Prudential Venture Capital Fund Real Estate (IPVCF) the debenture holder of Ansal Landmark Township Private Limited (ALTPL) is under process.

Place: New Delhi Date: June 29, 2021

For and on behalf of the Board

DIN-00002007

Sa\r (Sushil Ansal) Chairman

Certified True Copy

Ansal Properties and Infrastrugture Limited

Abdul Sami anager (Corporate Affairs) & conerattianss Conon Secretary Membership NO: FCS-7135

ANSAL PROPERTIES & INFRASTRUCTURE LIMITED

ANSAL PROPERTIES & INFRASTRUCTURE LIMITEDSTATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2021Rs. in LakhSTANDALONECONSOLIDATEDAs atAs atAs at .As at31.3.202131.3.202031.3.2021(Audited)(Audited)(Audited)Assets(1) Non - current assets(a) Property, plant and equipment7971,34839,496(b) Capital work - in - progress--9,5607,974(c) Investment Property565956(d) Other intangible assets141414(e) Goodwill--16,587(f) Financial assets(i) investments54,05455,4544,8545,349(ii) Trade receivables--7,663(iii) Loans171170556655(iv) Others4,0153,703"4,654(g) Deferred tax assets (net)9268813,920(h) Other non - current assets43,03841,56025,95427,277Total non - current assets1,03,0711,03,189- 1,15,314(2) Current assets(a) Inventories3,57,4803,86,1155,25,2785,51,458(b) Financial assets{i) Investments---(ii) Trade receivables17,9858,50220,26912,111(iii) Cash and cash equivalents1,8161,3253,2221,765.(iv) Bank balances>-43(v) Loans7472,4911,7011,429(vi)Others2,5147868102,091(c) Current tax assets (net)3,4523,5573,8064,174(d) Other current assets —73,67968,75553,89460,687Total current assets.4,57,6734,71,5316,08,9846,33,718Total assets5,60,7445,74,7207,24,2987,49,044Equity and liabilitiesEquity(a) Equity share capital7,8707,8707,8707,870(b) Other equity11,16113,107(25,545)(19,292)(c) Non controlling interest--3,0263,784Total Equity19,03120,977(14,649)(7,638)Liabilities(1} Non - current liabilities(a) Financial liabilities(i) Borrowings3,9858,46320,16828,128(ii) Trade payables--(iii) Other financial liabilities46962310,92715,128(b) Provisions1,8811,8853,1202,927(c) Deferred tax liabilities (net)----(d) Other non-current {liabilities25269,3679,583Total non - current liabilities6,36010,99743,58255,766(2) Current liabilities(a) Financial liabilities(i) Borrowings3,1103,6523,1105,350(ii)Trade payables(a) Total outstanding dues of Micro Enterprises & Small Enterprises-03776(b) Total outstanding dues of Creditors other than MicroEnterprises & Small Enterprises1,05,3971,00,5641,04,83397,988(iii) Other financial liabilities58,30856,7381,28,3941,1;(b) Other current liabilities3,68,1313,81,329(c) Provisions4,58,406o407463
					31.3.2020
					(Audited)
					42,251
					59
					4516,587
					7,129
					-4,345
					3,685.
					1,15,326
6,95,365
[ SIGURaA\y), \o>[Total equity & liabilities5,60,7445,74,7207,24,298<br>9,0	Total current liabilities	5,35,353	5,42,746	585	eS580

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ANSAL PROPERTIES & INFRASTRUCTURE LIMITED(Standalone) CIN - L45101DL1967PLC004759 Cash flow statement for the period ended March 31, 2021

ANSAL PROPERTIES & INFRASTRUCTURE LIMITED(Standalone)
CIN - L45101DL1967PLC004759Cash flow statement for the period ended March 31, 2021
	For the period ended	For the year ended
	March 31, 2021	March 31, 2020
	Rs, in lakh	Rs. in lakh
Cash flow from operating activities:
Profit/(Loss) before tax	(2,027.96)	(18,442.50)
Depreciation & amortization
Interest & finance charges	134.866,619.13	229.59
Interest income	(432.72)	8,416.82
Amounts written back	(3,548.02)	(870.02)
Amounts written off	867.11	(584.42)246.50
Provision for Impairment in the value of Investments	-	9,131.66
Provision for doubtful debts	393.38	1,637.07
Profit(-)/Loss on sale of long term investments	806.80	(326.23)
Loss on sale of property, plant & equipment includes	89.08	38.15
investment properties
Profit on sale of property, plant & equipmentOperating (loss)/profits before working capital changes	(420.65)	(317.40)
	2,481.00	(840.77)
Adjusted for:
Increase/(decrease) in trade payables & others	(3,844.79)
(Increase)/decrease in inventories	28,635.03	26,121.18(17,177.22)
(Increase)/decrease in trade and other receivables	(9,875.56)	7,138.81
(Increase)/decrease in loans and advances & other assets	(7,566.75)	(2,721.37)
Cash generated from operations
	9,828.93	12,520.63
Taxes paid
Net cash generated from operating activities	104.18	(747.81)
	9,933.11	11,772.82
Cash flow from investing activities:
Interest received	432.72	870.02
Proceeds from sale of property plant & equipment incldues	604.08	478.78
investment properties
Amount paid for purchase of property plant & equipment	(19.28)	(3.12)
Proceeds from sale of investmentsAmount paid for purchase of debentures	593.20	346.43
Net cash generated from investing activities	-	(2,644.13)
	ZA nSSOS1,610.73a	(952.02)wnt
Cash flow from financing activities:

ANSAL PROPERTIES & INFRASTRUCTURE LIMITED(Standalone) CIN - L45101DL1967PLC004759

ANSAL PROPERTIES & INFRASTRUCTURE LIMITED(Standalone)CIN - L45101DL1967PLC004759
Cash flow statement for the period ended March 31, 2021
Interest & finance charges paid	(3,707.70)	(4,719.80)
Proceeds/(repayment) from short term borrowings	(542.98)	256.35
(Repayment)/proceeds from long term borrowings	(7,339.61)	(6,418.90)
Payment of lease rentals-principle & interest	(35.22)	(82.58)
Net cash used in financing activities	(11,625.51)	(10,964.93)
Net (decrease)/increase in cash and cash equivalents	(81.67)	(144.13)
Cash-and cash equivalents at the beginning of the year	854.10	998,23
Cash and cash equivalents at the end of the year	772.43	854.10
Components of cash and cash equivalents	As at
	March 31, 2021	As atMarch 31,2019
	Rs. in lakh	Rs. in lakh

Components of cash and cash equivalents	As at	As at
	March 31, 2021	March 31,2019
	Rs. in lakh	Rs. in lakh
Cash on handCheques in handBalances with schedule banks	31.7992.46	47.77100.38
in current accountsOthersNon current bank balancesBooks overdraft	1,691.62--(1,043.44)	1,176.73--(470.78)
Net cash and cash equivalents	772.43	854.10

Net cash and cash equivalents	772.43	854.10

Ansal Properties & Infrastructure Limited CIN - L45101DL1967PLC004759 ° _Consolidated cash flow statements for the year ended Mar, 2021

	For the year ended	For the year ended
	Mar 31, 2021Rs. in Lakhs	Mar 31, 2020Rs. in Lakhs
Cash flow from operating activities:
(loss) before tax
	-8,854	-25,344
Depreciation	2,336
Interest & financecharges	14,049	2,59217,277
Interest income	-460	-887
Amount written offAmounts written back	209	349
Loss on sale of	-69	-754
fixed assets Profit on sale of fixedassets	-462	-
Provision of doubtfuldebts	-421	-703
Impairment of goodwill—	-	1,637
Profit for associate	-	7,106
	-9	19
	6,319	1,254
Operating profits before working capital changes
Adjusted for:
Trade payables & othersInventories	6,875	20,345
	26,180	-6,854
Trade and other receivables	-10,814	5,678
Loans and advances& other assetsOther financial	8,534	'1,197
liabilities	-14,922	-10,496
	15,853	9,870
Cash generated from operations	22,172	11,124
Taxes paid
Net cash from/(usedin) operating activities	-36821,804	-407—10,717
Cash flow from Investing activities:
Interest received	460	887
Proceeds from fixeddeposit with bankAddition	-	-1,034
in plant property and equipment and other:intangible asset
	421	-456
Sale . of plant property and equipment and other:intangible asset	419
Purchase of Investments		754
Impact of changein control of subsidiary	-297	-
Amount receivedfrom JV share sale	1,851	1,445
Premium paid onsubsidiary debenture purchase	-	346
Net cash from investingactivities		-744
	2,854	1,198
Cash flow from financing activities:
Interest & finance charges paidLease Payment- Principal	-14,128	-1,505
	-227	-83
(Repayment) /proceeds from short term borrowings
(Repayment)/proceedsfrom long term borrowings	"2,240	—3or
Net cash from/(used in) financing activities	-7,959-24,554	-10,265.-12,244
Net (decrease) in cash and cash equivalents	104	-329
Cash and cash equivalents at the beginning of the
year
Transfer under BTA
Cash and cash equivalents at the closing of year

Ansal Properties & Infrastructure Limited CIN - L45101DL1967PLC004759 _Consolidated cash flow statements for the year ended Mar,2021) |

Components of cash and cash equivalents	For the year ended	For the year ended
	Mar 31, 2021Rs. in Lakhs	Mar 31, 2020Rs. in Lakhs
'Cash on handCheques in handBalances with schedule banks on current accountsDepositNon current bank balancesBook OverdraftNet cash and Cash equivalents	141922,92959-_~1,3491,872	1152241,421636231,146

MRKS AND ASSOCIATES

CHARTERED ACCOUNTANTS

Dna "X()

independent Auditors' Report on the Quarterly and year to date Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of Ansal Properties & Infrastructure Limited

Report on the Audit of the Standalone Financials Results

Qualified Opinion

• 1. We have audited the accompanying standalone financial results of Ansal Properties & Infrastructure Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• 1. In our opinion and to the best of our information and according to the explanations given to us, the statement:
  • i. are presented in accordance with the requirements of the Listing Regulations, as applicable to the Company in this regard; and
  • ii. except for the effects of the matter described in the "Basis for Qualified Opinion" paragraph below, give a true and fair view in conformity with the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of the loss and other comprehensive loss and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021 and the statement of assets and liabilities and the statement of cash flows as at and for the year ended March 31, 2021.

3. Basis for Qualified conclusion

• a. We draw attention to Note 19 (ii) of the Statement wherein the Company has purchased properties aggregating to Rs. 16,078 lakhs from one of its subsidiary (holding 70.57% equity shares) Ansal Townships Infrastructure Limited (ATIL) in the financial year 2011-12. In the Audit Report of F.Y. 2018- 19, The Auditor has qualified the report on the basis that ATIL has not made any provision of Interest on balance amount of Rs. 14,374 lakhs whereas as per agreement with other customers, delay in payment attracts to 18% interest p.a. In view of the above, we are unable to ascertain the possible impact it may have on the profit and financial position of the company and hence not commented upon.
  • of the minority investor shareholder of the ATIL, "IIRF India Realty Ltd" has o interest free advance and has demanded that the ATIL shall recover interest @ 18%

Regd Office QU- 358, Pitampura, New Delhi 1 10088

Tel: +91-11-47079095 @ Email: ates: ek. FW : > www. mrks.in

amount so advanced. The interest receivable amounts to Rs. 291.60 lakhs for period ended March 31, 2021 from the Company.

The Company has not made any provision for interest payable of Rs. 291.60 lakhs to ATIL. As a result, loss of the Company anc¢ its liabilities are understated by this amount.

c. We draw attention to note no 19 (iii) of the statement wherein during the last quarter of F.Y. 2019-20, the Company had entered into a business transfer agreement (BTA) between PE Investor in Ansal Phalak Infrastructure Private Limited (APIPL) subsidiary of. the Company on the basis of interim arbitration award/ master settlement agreement (MSA). As per MSA, 93% of the equity share capital of the-Company is now held by PE Investor. As.a result, APIPL is not a subsidiary of the Company anymore.

The final arbitration award will be subject to final audit report of KPMG appointed as per section 26 of the Arbitration Act. KPMG will audit all the transactions undertaken since incorporation. Any shortfall or excess.of amount payable or receivable due to their findings will be adjusted subsequently. We have been informed by the Company that the audit of KPMG is under progress. The Company has already booked a loss of Rs. 9860 Lakhs in the statement of profit & lass. The final amount will be determined subsequent to the report of KPMG which is not ascertainable at this stage and hence not recorded by Company.

• d. We further report that, without considering items mentioned at para (a), (b) and (c) above, the effect of which could not be determined,. had the observations made by us in para (b) above been considered, the loss for the period would have been Rs. 2236.60 lakhs {as against the reported figure of Total comprehensive loss of Rs. 1,945 lakhs.)
• 1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fuifilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

5. Emphasis of Matter

Without qualifying our conclusion, we draw attention to the following matters:

a. Refer Note 5 of the Statement, the Company had claimed a cumulative exemption of Rs. 3,448 lakhs up to the period ended March 31, 2011, continuing up to the end of current period, under section 80 IA of the Income Tax Act, 1961 being tax profits arising out of sale of Industrial Park units, pending the Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-1hde34 °F © Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002

_ Regd Office QU-35B, Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : othceQmris.coigaw Website : www.mrks.in

• b. Refer Note 6 of the Statement, pursuant to Orders of the Company Law Board (CLB) dated the December 30, 2014 and April 28, 2016, the Company was required to refund all its public deposits as per the schedule. Further, as per National Company Law Tribunal Order dated January 13, 2017 and in response to an application filed by the Company, as on March 31, 2021 an amount of Rs. 3,506 lakhs are due for payment (out of total outstanding principal of Rs. 8,996 lakhs). The Company's petition regarding revised schedule for repayment of deposits and interest thereon is pending before NCLT. Next date of hearing is 20.07.2021.
• c. Refer Note 10 of the Statement, wherein IIRF India Realty Limited Il Fund "Foreign Investor" and IL & * FS Trust Company Limited (acting as. Trustee of IFIN Realty Trust) through its manager IL&FS Investment Managers Limited "Indian Investor" had invested an amount of Rs. 7,934 Lakhs in Equity Shares and Compulsorily Convertible Preference Shares (CCPS) of Ansal Townships Infrastructure Limited, a subsidiary of the Company. The Company has purchased part of the investment i.e. 40.66% and remaining part is still pending. The Investor has invoked the Arbitration clause in respect of its dispute and final outcome is still pending.
  • d. Refer Note 7 of the Statement, as per prescribed norms issued by Reserve Bank of India (RBI) and the exercise of powers conferred on the-Bank under Securitization and Reconstruction of Financial Assets and.Enforcement of Security Interest Act, 2002 (SARFAESI) the following banks have issued notices thedetails of which are as follows:
    • i. One of the lender banks "Allahabad Bank/ (the Lender) now. "Indian Bank" has classified the bank accounts of the Company as Non — Performing Assets (NPA). The principal loan outstanding as on 31* March 2021 is Rs 10,360 lakhs. The bank has filed case against the company in Debts Recovery Tribunal (DRT). Next date of hearing is 01-09-2021. Settlement process with bank is going' on.
    • ii. The Company has taken working capital/overdraft facility from Jammu & Kashmir J&K) Bank Limited aggregating to Rs. 3,886.20 lakhs including overdue interest of Rs. 780.38 lakhs. The above mentioned overdue interest is classified as NPA by the J & K Bank. The Company has received conditional NOC from J&K Bank against the sale of two properties — one in the name of Promoter dated 21-10-2020 and andéther in the name of the Company dated 19-09-2020. The Company wish to close one CC limit of Rs. 15.5 Crs. from the sale proceeds of asset.
    • iii. In the case of ILFS financial Services Limited ("IFIN"), IFIN has filed an application in NCLT against the Company. The Company has proposed to pay Rs. 144 Cr. including unpaid interest over a period of 360 Days by selling the securities mortgaged to IFIN. The company has re-submitted a proposal to pay Rs. 109 Cr. as a full & final payment and IFIN is considering it favourably.
  • e. Refer Note 13 of the Statement, the Company and the debenture holder of a subsi cases on each other for their dues/claims in Hon'ble Mumbai High Court. The corporate guarantee to the debenture holder on behalf of the AHTL. The debentu an application with NCLT under Insolvency & Bankruptcy Code. The Company i settling this dispute and the matter is subjudice.

esoro Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi- 8 34 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088 "Tel: +91-11-47079095 @ Email: office@mrks.cc co.in (ost www.mrks.in

• f. Refer Note 11-of the Statement, wherein the Company has received an Arbitration Award relating to litigation with Landmark Group wherein the Company is jointly and severally liable to pay an amount of Rs. 18,900 lakhs. The Company has sought legal recourse. Details with regard to payment and legal issues are explained in the said note, Further, in partial compliance with the earlier order of the Hon'ble High Court, the Company has deposited an amount of Rs. 19.97 Cr. approx. in the Registry of the Delhi High Court and balance consideration of Rs. 10.12 Cr. shall be deposited in the registry of the high court for hearing of section 34 application by the Ansal Group. Based on the legal advice the Company is hopeful of a favourable outcome and the matter is subjudice. We have relied upon management contention. The next date of hearing before Hon'ble High Court is 05.07.2021.
• g. Refer Note 9 of the Statement, wherein the Parent has received Show Cause Notice from UP RERA wherein it was directed to give para-wise compliance in connection with their previous Notice against 6 Projects UPRERAPRJ7122, UPRERAPRJ10009, UPRERAPRJ9594, UPRERAPRJ4754, UPRERAPRJ7090 and UPRERAPRJ10450 located at Sushant Golf City, Lucknow. In respect of three project bearing RERA No UPRERAPRJ7122, UPRERAPRJ7090, and UPRERAPRJ9594 where RERA authorities have taken coercive action. The company has filed appeal before appellate forum. With regard to another project bearing No. UPRERAPRJ10009, UPRERAPRJ10150 and UPRERAPRJ4754, company is in process of implementing the direction given by RERA authorities.
• h. Refer note 15 of the Statement, NCDRC has disposed the matter under Consumer Case No. 1951 of 2016 of Bhirgu Kaushik and 14 Others Vs. Ansal Hi Tech Townships Limited with the direction to refund _the entire deposit amount to the complainants' customers along with simple interest of 8% per annum and Rs. 50,000 as litigation cost. The Company has filed review petition and next date of hearing is Sept-21.
• 1. The accumulated losses of the Company as on March 31, 2021 is Rs. 1,13,793.38 lakhs (these accumulated losses-were partly due to the reversal of earlier profits of Rs. 1,17,518.87 lakhs in retained earnings as at April 1, 2018 by the Company on adoption of Ind AS — 115 "Revenue from Contracts with Customers" with effect from April 1, 2018). As at March 31, 2021, the accumulated losses exceed the share capital and free reserves of the Company. Due to recession in the industry and current Covid situation in India, the Company continues to face challenges in liquidity of inventory and profitability. The management of the company has taken various initiatives, and in view of its confidence in achieving these initiatives, the management has assessed that the going concern assumption is appropriate in the preparation of the standalone financial results of the Company for the Quarter ended March 31, 2021. Our conclusion is not modified in respect of this matter.

Management's Responsibilities for the Financial Results

1. These standalone results have been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible. for the preparation and presentation of the go hkteb yaricial information of the Company and the statement of assets and liabilities and the statemPabert cas Mh accordance with the applicable accounting standards prescribed under Section 133 fe & relevant rules issued thereunder and other accounting principles generally accep compliance with Regulation 33 of the Listing Regulations. This responsibility also inclu adequate accounting records in accordance with the provisions of the Act for safeguardinee Bdtnacsie "Hs of the Company and for preventing and detecting frauds and other irregularitiés; selection and application of

Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-11 10034 are Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 'Regd Office QU-35B, Pitampura, New Delhi-110088 °

Tel: +91-11-47079095. @ Email : office@mrks.co,inge=

CHARTERED ACCOUNTANTS

appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

• 1. In preparing Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
• 1. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Redsonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected.to influence the economic decisions. of users taken on the basis of the Statement.
• 1. As part of an audit in accordance with SAs,.we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
  • e 'Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate.to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to these financial results, in place and the operating effectiveness of such controls. '
  • e £valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
  • e Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw obtained up to the date of our suas report. However, future events or conditi Company to cease to continue as a going concern.

Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-1 18632 ore Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B; Pitampura, New Delhi- 110088

Tel: +91-11-47079095 @ Email tenis eee est > www.mrks.in

Or

• * Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represents the underlying transactions and events ina manner that achieves fair presentation.
• 1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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. — .

• 1. The Statement includes the standalone results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to.the third quarter of the current financial year, which were subjected to a limited review.
• 1. These results are based on and should be read with the audited financial statements of the Company for the year ended March 31, 2021 on which we issued a qualified audit opinion vide our report dated June 29, 2021.

For MRKS AND ASSOCIATES Chartered Accountants ICAI Registration No: 023711N

Saurabh Kuchhal

Partner Membership No: 512362 Place: New Delhi Date: 29" June, 2021 UDIN: 21512362AAAAFN8083

age 6 of 6 Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaii Subhash Place, Pitampura, New Delhi-11 34 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-358B, Pitampura, New Delhi-1 10088 Tel: +91-11-47079095 @ Email: office@mrks.co.in @ Website : www.mrks.in

(2) {| Gers YS

MRKS AND ASSOCIATES

CHARTERED ACCOUNTANTS

Denexus > ~— +ly

Independent Auditors' Report on the Quarterly and year to date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended

To The Board of Directors, Ansal Properties and Infrastructure Limited

Report on the audit of the Consolidated Financial Results

Qualified Opinion

• We have audited the accompanying statement of quarterly and year to date consolidated financial results of Ansal Properties & Infrastructure Limited ("Holding Company or APIL or the Company") and its subsidiaries/step down subsidiaries (the Holding Company and its subsidiaries/ step down subsidiaries together referred to as "the Group") and its joint ventures for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("the Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
  • In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiaries/ step down subsidiaries and Jointly controlled entities & of management certified financial statements, the Statement:
  • includes the results of the entities as referred in annexure A;
  • b) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
  • c) except for the effects of the matters described in the "Basis for Qualified Opinion" paragraph below, gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss and other comprehensive loss and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2071. Za S50 7 Cy haf {f~ aN / fls "\ Ws | SRAM } 5. |

Ne,

Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office. Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : office@mrks.co.in @ Website : www.mrks.in -

3. Basis of Qualified Conclusion

We draw attention to:

• a) We draw attention to Note 19 (ii) of the Statement wherein the Company has purchased properties aggregating to Rs. 16,078 lakhs from one of its subsidiary. (holding 70.57% equity shares} Ansal Townships Infrastructure Limited (ATIL) in the financial year 2011-12. In the Audit Report of F.Y. 2018-19, The Auditor has qualified the report on the basis that ATIL has not made any provision of Interest on balance amount of Rs. 14,374 lakhs whereas as per agreement with other customers, delay in payment attracts to 18% interest p.a. In view of the above, we are unable to ascertain the possible impact it may have on the profit and financial position of the company and hence not commented upon.
• b) We draw attention to Audit Report of ATIL F.Y. of 2018-19 & Note 19 (ii) of the Statement wherein ATIL has not made provision for interest of Rs. 291.60 lakhs receivable on advance of Rs. 1620 lakhs given to the APIL for the period ended March.31, 2021. As a result, share of total comprehensive income attributable to minority shareholders of Group is overstated by 85.79 lakhs for the quarter ended March 31, 2021.
• c) We draw attention to Note 19 (iii) of the Statement, APIL had entered into a business transfer agreement (BTA) between PE Investor in Ansal Phalak Infrastructure Private Limited (APIPL) subsidiary of APIL on the basis of interim arbitration award/ master settlement agreement (MSA). As per MSA, 93% of the equity share capital of APIL is now held by PE Investor. As a result, APIPL is not a subsidiary of APIL anymore. The final arbitration award will be subject to final audit report of KPMG appointed as per section 26 of the Arbitration Act. KPMG will audit all the transactions undertaken since incorporation. Any shortfall or excess of amount payable or receivable due to their findings will be adjusted subsequently. We have been informed by APIL that the audit of KPMG is under progress. The Company has already booked a loss of Rs. 9860 Lakhs in the statement of profit & loss. The final amount will be determined subsequent to the report of KPMG which is not ascertainable at this stage and hence not recorded by Company.
• d) Refer Note 19 (i) of the Statement wherein one of the subsidiary Ansal Hitech Townships Limited (AHTL) has not provided interest aggregating to Rs. 2,793 lakhs for the period ended March 31, 2021 on outstanding debentures of Rs. 13,791 lakhs issued to parties outside the Group. This has resulted in understatement of inventory and understatement of liability for interest by Rs. 2,793 lakhs in the financials of the subsidiary for the period ended March 31, 2021,
• . ie e) Refer Note 19 (iv) of the Statement wherein on January 16, 2019, ICICI Prude Capital Fund Real Estate (IPVCF) the debenture holder of one of the su

ss J — Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura,.New Delhi-110034 Branch office. Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : office@mrks.co.in-@ Website :www.mrks.in

a ROBE of 13

Landmark Township Private Limited (ALTPL), invoked the default interest @ 27% p.a. However, ALTPL has provided normal interest @ 21.75% p.a. instead of default rate of interest @ 27% p.a. Therefore, ALTPL has not made provision for additional interest of Rs. 186 lakhs for the period ended March 31, 2021. As a result Profit of the Group and the share of total comprehensive income attributable to minority interest overstated by Rs. 99.19 lakhs and Rs. 86.81 lakhs respectively.

We further report that, without considering items mentioned at para (a} and (c} above, the effect of which could not be determined, had the observations made by us in para (b), (d) & (e) above been considered, the loss for the year would have been Rs. 8,936.12 lakhs (as against the reported figure of Parents' share of total comprehensive loss of Rs. 6,043.93 lakhs), current financial liabilities would have been Rs. 6,98,344.09 lakhs (as against the reported figure of Rs. 6,95,365.09 lakhs).

1. We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us &, other auditors in terms of their reports and information provided for the entities for which management certified financial statements/ results are available as referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the Statement.

5. Emphasis of Matter

Without qualifying our conclusion, we draw attention to the following matters:

i. Refer Note 5 of the Statement, the Parent had claimed a cumulative exemption of Rs. 3,448 lakhs up to the period ended March 31, 2011, continuing up to the end of current period, 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 parent has filed review petition. The Parent 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 q sales of industrial park units.

Branch Office Delhi GF- 31 Pearls Omaxé Tower, Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088 Tel: #91-11-47079095 @ .Email : office@mrks.co.in'@ Website : www.mrks.in

• ii. Refer Note 6 of the Statement, pursuant to Orders of the Company Law Board (CLB) dated the December 30, 2014 and April 28, 2016, the Parent was required to refund all its public deposits as per the schedule. Further, as per National Company Law Tribunal Order dated January 13, 2017 and in response to an application filed by the parent, as amended/extended from time to time, the Parent was required to repay Rs. 200 lakhs per month (Rs. 100 lakhs per month from January 2019 onwards) as per revised schedule. As on March 31, 2021 an amount of Rs. 3,506 lakhs are due for payment (out of total outstanding principal of Rs. 8,996 lakhs). The Parent's petition regarding revised schedule for repayment of deposits and interest thereon is pending before NCLT. Next date of hearing is 20.07.2021.
• iii, Refer Note 10 of the Statement wherein IIRF India IRF India Realty Limited 1 Fund "Foreign Investor" and IL & FS Trust Company Limited (acting as Trustee of IFIN Realty Trust) through its manager IL&FS Investment Managers Limited "Indian Investor" had invested an amount of Rs. 7934 lakhs in Equity Shares and Compulsorily Convertible Preference Shares (CCPS) of ATIL subsidiary of the Company. The Parent has purchased part of the investment i.e. 40.66% and remaining part is still pending. The Investor has invoked the arbitration clause in respect of its dispute and final outcome is still pending.
  • iv. Refer Note 7 of the Statement, as per prescribed norms issued by Reserve Bank of India (RBI) and the. exercise of powers conferred on the Bank under Securitization and Reconstruction of Financial Assets:and Enforcement of Security Interest Act, 2002 (SARFAESI) the following banks have issued notices the details of which are as follows:
    • (a) One of the lender banks "Allahabad Bank" (the Lender) now "Indian Bank" has classified the bank accounts of the Parent as Non — Performing Assets (NPA). The principal loan outstanding'as on 31% March, 2021 is Rs 10,360 lakhs. The bank has filed case against the parent in Debts Recovery Tribunal (DRT). Next date of hearing is 01-09-2021. Settlement process with bank is going on.
    • (b) The parent has taken working capital/ overdraft facility from Jammu & Kashmir (J & K) Bank Limited aggregating to Rs. 3,886.20 lakhs including overdue interest of Rs. 780.38 lakhs. The above mentioned overdue interest is classified as NPA by the J & K Bank. The Company has received conditional: NOC from J&K Bank against the sale of two properties — one in the name of Promoter dated 21-10-2020 and another in the name of the Company dated 19-09- 2020. The Company wish to close one CC limit of Rs. 15.5 Crs. from the sale proceeds of asset.
    • (c) In the case of ILFS financial Services Limited ("IFIN"), IFIN has filed an application in NCLT against the Company. The Company has iSepropcsed 1 to pay Rs. 144 Cr. inclugi

Branch Office .Delhi GF-31 Pearls Omaxe Tower; Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram -.122002 Regd Office QU-35B, Pitampura, New Delhi-110088

© Tel: +91-11-47079095: @ Email : office@mrks.co.in.@ Website : www.mrks.in

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.

has re-submitted a proposal to pay Rs. 109 Cr. as a full & final payment and IFIN is considering it favourably.

• (d) Ansal API Infrastructure Ltd. (AAPIL), a wholly owned subsidiary of the Company, has taken a loan of Rs. 39,000 lakhs from Pooled Municipal Debt Obligations Facility (PMDO). The present outstanding is Rs. 25,200 lakhs excluding overdue interest. This account is classified as NPA by the lenders. During last quarter ending March'21, Vistra ITCL, security Trustee of PMDO, has auctioned some small land parcels for value aggregating Rs 20.52 Cr. approx. and distributed the same to all lenders. Further, AAIL has given a fresh proposal to PMDO to release a small part of the security against payment of approx. Rs. 12.5 Cr. Management understand that PMDO is considering request. Out of the fifteen lenders, Corporation Bank Limited (CBL) filed the case against AAPIL'in NCLT & DRT for recovery of overdue amount. AAIL has paid Rs. 2 Cr. to CBL during. The AAPIL is in discussion with CBL to resolve the matter and next date of hearing in NCLT is 10.08.2021 and in DRT is 08.10.2021.
• v. Refer Note 14 of the Statement, the auditor of one of the subsidiary company 'Star Facilities Management Limited" (SFML) has drawn attention to the fact that SFML made investment in Pro-Facilities Services Private Limited & hold 40% equity shares in that company. However, the investee Company is mis- managing its affairs and the SFML-has filed a petition in NCLT for oppression and mismanagement of affairs against the investee company. The same is pending presently with NCLT.
• vi. Refer Note 9 of the Statement, wherein the Parent has received Show Cause Notice from UP RERA wherein it was directed to give para-wise compliance in connection with their previous Notice against 6 Projects UPRERAPRIJ7122, UPRERAPRJ10009, UPRERAPRI9594, UPRERAPRJ4754, UPRERAPRJ7090 and UPRERAPRJ10150 located at Sushant Golf City, Lucknow. In respect of three project bearing RERA No UPRERAPRJ7122, UPRERAPRJ7090, and UPRERAPRJ9594 where RERA authorities have taken coercive action. The company has filed appeal before appellate forum. With regard to another project bearing No UPRERAPRJ10009, UPRERAPRJ10150 and UPRERAPRJ4754, company is in-process of implementing the direction given by RERA authorities.
• vil. Refer Note 11 of the Statement, wherein the Parent has received an Arbitration Award relating to litigation with Landmark Group wherein the Parent is jointly and severally liable to pay an amount of Rs. 18,900 lakhs. The Parent has sought legal recourse. Details with regard to payment and legal issues are explained in the said note. Further, in partial compliance with the earlier order of the Hon'ble High Court, the Company has deposited an amount of Rs. 19.97 Cr. approx. in the Registry of the Delhi High Court and balance consideration of Rs. 10.12 Cr. shall be deposited in the registry of the high court for hearing of section 34 application by the Ansa Group. Based on the legal advice the Parent is hopeful of a favorable outcome is subjudice. We have relied upon management contention. The next date off heari 'sg bef Hon'ble high court is 05.07.2021. \

Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi:110034 Branch office. Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088

_ Tel: +9:1:11-47079095 @ Email : office@mrks.co.in @ Website : www.mrks.in

• viii. Refer Note 12 of the Statement, wherein auditors of ALTPL, subsidiary of the parent has drawn attention to the fact that an amount of Rs. 6,156 lakhs are receivable from Ansal Landmark (Karnal) Township Private Limited (ALKTPL). Based on the management assessment no impairment in the value of said recoverable amount is made in the books of accounts of ALTPL.
• ix. Refer Note 13 of the Statement, the Company and the debenture holder of a subsidiary Company Ansat Hi-tech Township Limited (AHTL) having overdue principal amount of Rs. 13,791 lakhs have filed cases on each other for their dues/claims in Hon'ble Mumbai High Court. The Company has given corporate guarantee to the debenture holder on behalf of the AHTL. The debenture holder has moved an application with NCLT under Insolvency & Bankruptcy Code. The Company is in the process of settling this dispute and the matter is subjudice.
• x. Refer note 15 of the Statement, NCDRC has disposed the matter under Consumer Case No. 1951 of 2016 of Bhirgu Kaushik and 14 Others Vs. Ansal Hi Tech Townships Limited with the direction to refund the entire deposit amount to the complainants' customers along with simple interest 8% per annum and Rs. 50,000 as litigation cost. The company has filed review petition and next date of hearing is jn Sept-21.
• xi. Refer note 16 of the Statement, Ansal IT-City and Parks Ltd., subsidiary of parent has entered into memorandum of Business Undertaking on 21.09.2020 with Mahalaxmi Infrahome Private Limited and share purchase agreement dated 26.11.2020 with HDFC Venture Trustees Co. Limited, as result of these Agreements Mahalaxmi Infrahome Private Limited will become shareholder of Ansal IT City. As per agreement debentures of HDFC of Rs. 7 Crores and interest thereon and Share capital (7,80,000 equity) of HDFC Hiref has been settled by Mahalaxmi Infrahome Private Limited by payment of Rs. 11 Crores.
• 1. The accumulated losses of the Company as on March 31, 2021 is Rs. 1,13,793.38 lakhs (these accumulated losses were partly due to the reversal of earlier profits of Rs. 1,17,518.87 lakhs in retained earnings as at April 1, 2018 by the Company on adoption of Ind AS — 115 "Revenue from Contracts with Customers" with effect from April 1, 2018). As at March 31, 2021, the accumulated losses exceed the share capital and free reserves of the Company. Due to recession in the industry and current, Covid situation in India, the Company continues to face challenges in liquidity of inventory and profitability. The management of the company has taken various initiatives, and in view of its confidence in achieving these initiatives, the management has assessed that the going concern assumption is appropriate in the preparation of the standalone financial results of the Company for the Quarter ended March 31, 2021. Our conclusion is not modifi matter.

(At) Page 6 of 13

Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 "Regd Office QU-35B, Pitampura, New Delhi-1 10088

Tel: +91-11-47079095 @ Email : office@mrks.co.in.@ Website : www.mrks.in

Management's Responsibilities for the Consolidated Financial Results

• 1. The Statement has been. prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net (loss) and other comprehensive (loss) and other financial information of the Group in accordance: with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective company included in the Group or jointly controlled . entities 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 the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid. \_ Pd
  • 1. In preparing the Statement, the Board of Directors of. the. companies included in the Group or its jointly controlled entities and are responsible for assessing the ability of their respective company included in the Group or its jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or its jointly controlled entities or to cease operations, or has no realistic alternative but to do so.
  • 9, The Board of Directors of the companies included in the Group or its jointly controlled entities are also responsible for overseeing the financial reporting process of their respective companies included in the Group or its jointly controlled entities.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

L——— "Tt \ / ey & "|

1. As part of an audit in accordance with SAs, we exercise professional judgme professional scepticism throughout the audit. We also:

Branch Office Delhi'GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : office@mrks.co.in. @ Website : www.mrks.in

e Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible .for expressing our opinion on whether the Holding Company, " subsidiary/step down subsidiaries companies and Jointly controlled entities incorporated in India (based on the auditors' report of the auditors of the subsidiary/ step down subsidiaries companies and Jointly controlled entities) has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made bythe Board of Directors.
• e Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, 'based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue.as a.going concern. If we. conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• e Evaluate 'the overall presentation, structure, and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• ¢ Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group or its jointly controlled entities of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision,.and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain We remain solely responsible for our audit opinion. fine PSSON
  • ['s/ ude a 12. We communicate with those charged with governance of the Holding Company regarding! AE | | Yey fo jf} Vs] other matters, the planned scope and timing of the audit and significant audit findings, includ ng ap =, Qe Acco 4

ra

( Oc ) Page 8 of 13

Branch Office Delhi GF+31 Pearls Omaxe Tower, Netaji subhach Place, Pitampura, New Delhi-110034 Branch office. Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B, Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : office@mrks.co.in.@ Website. : www.mrks.in

significant deficiencies in internal control that we identify during our audit. 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 ail relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

• 1. The Statement include the audited Financial information of Eighty Six subsidiaries/ step down subsidiaries companies (86), whose Financial Statements reflect total assets of Rs. 3,18,938.52 lakhs as at March 31, 2021, total revenue of Rs. 7,421.64 lakhs and Rs. 16,890.01 Jakhs and total net profit/(loss) after tax of. (Rs.. 225.91. lakhs) and (Rs. 4,174.54 lakhs), total comprehensive " Income/(loss) of (Rs. 4810.53 lakhs) and (Rs. 6,930.13 lakhs) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 respectively, and net cash. outflow of (Rs. 1,033.38 lakhs) for the year ended March 31, 2021, which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entities have been furnished to us and our opinion on the Statement in so far as it relates.to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
• 1. The accompanying Statement includes, the unaudited financial. information for 6 subsidiaries {including step down subsidiaries) duly certified by the management have been furnished to us, whose Financial Statements reflect total assets of Rs. 23,552.68 lakhs as at March 31; 2021, total revenue of Rs. 448.37 lakhs and Rs. 595.97 lakhs for the quarter and period ended March 31, 2021, respectively; Profit/(Loss) after tax of Rs. (365.43 lakhs) and Rs. (813.33 lakhs) forthe quarter and period ended March 31, 2021 respectively and total comprehensive Profit/(loss) of Rs. (364.21 lakhs) and Rs. (813.33 lakhs) for the quarter and period ended March 31, 2021, respectively, as considered in this statement. Our report to the extent it concerns these subsidiaries (including step down subsidiaries) on the unaudited quarterly consolidated financial results is based solely-on the management certified financial results. These subsidiaries (including step down subsidiaries) are not material to the Group.
• 1. We did not review the unaudited financial results of 1 joint venture, wherein Group's share of loss including other comprehensive income/(loss).of Rs. (628.42 lakhs) and Rs. (612.61 lakhs) for the quarter and period ended March 31, 2021 as considered in this Statement.

Our opinion on the statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of respective independent auditors and the financial information certified by the Board of Directors.

1. These results are based on and should be read with the audited financial statements o the Company for the year ended March 31, 2021 on which we issued a qualified audit opinion vide our report dated June 29, 2021. i —_~ fi = ,. \ ( SY rg

Branch office Gurugram 216, Tower-2,-DLF Corporate Greens, Sector: 7A4A, Gurugram - - 122002 ey Regd Office QU-35B, Pitampura, New Delhi-1 10088.

Tel: +91-11-47079095 @ Email-: office@mrks.co.in.@ Website.: www.mrks.in

1. The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review, as required under the Listing Regulations.

For MRKS AND ASSOCIATES

Chartered Accountants

ICAI Registration No: 0237

Membership No: 512362 Place: New Delhi. . Date: 29th June, 2021 — UDIN:21512362AAAAFO9577

3} Page 10 of 13

Branch Office Delhi GF+31 Pearls Omaxe Tower; Netaji Subhash Place, Pitampura, New Delhi-110034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram.- 122002 Regd Office QU-358, Pitampura, New Delhi-110088:- Tel: +91-11-47079095 @ Email : office@mrks.co.in @ Website': www.mrks.in

Oo | MRKS AND ASSOCIATES

CHARTERED ACCOUNTANTS

Annexure —A

	MRKS AND ASSOCIATES
	Annexure —A
	Subsidiaries/Step Down subsidiaries
1	_Delhi Towers Limited
2	Ansal IT City & Parks Limited
3	Star Facilities Management Limited
4	Ansal API infrastructure Limited'
5	Charismatic Infratech Private Limited
6	Ansal Hi-Tech Townships Limited ©
7	Ansal SEZ Projects Limited
8	Ansal Townships Infrastructure Limited
9	Ansal Seagull SEZ Developers Limited
10	Ansal Colours Engineering SEZ Limited
11	Ansal Landmark Townships Private LimitedAnsal Condominium. Limited -
1213	Aabad Real Estates Limited
14	-Anchor Infra projects Limited
15	Benedictory Realtors Limited.
16	Caspian Infrastructure Limited
17	Celestial Realtors Limited .
18	Chaste Realtors Limited__
19	Cohesive Constructions Limited
20	Cornea Properties Limited
21	Creative Infra Developers Limited
22	Decent Infratech Limited .
23	Diligent Realtors Limited
24	Divinity Real Estates Limited
2526	Einstein Realtors LimitedEmphatic Realtors Limited
27	* —Harapa Real Estates Limited
28	Inderlok Buildwell Limited
29	Kapila Buildcon Limited
30	Kshitiz Realtech Limited
31	Kutumbkam Realtors Limited
32	Lunar Realtors Limited
33	Marwar Infrastructure Limited
	Mugqaddar Realtors Limited
34
35	Paradise Realty Limited-

(= (ove SRAM * Page 11 of 13

cS oh -Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Sub Reise, New Delhi-110034 Branch. office. Gurugram 216, Tower-2, DLF Corporate Greens, sr-74A, Gurugram - 12200 Regd Office QU-35B, Pitampura, New Delhi-1 10088: - a

Tel: +91-11-47079095 @ Email : office@mrks.co.in @ Website: www.mrks.in

MRKS AND ASSOCIATES

		MRKS AND ASSOCIATES
		CHARTERED ACCOUNTANTS
38	Pivotal Realtors Limited
39	Plateau Realtors Limited
40	Retina Properties Limited
41	Sarvodaya.Infratech Limited
42	Sidhivinayak Infracon Limited
4344	Shohrat Realtors LimitedSuperlative Realtors Limited
45	Taqdeer Realtors Limited
46	Thames Real Estates Limited
47	Auspicious Infracon Limited
4g	Medi Tree Infrastructure Limited:	/
49	.Phalak tnfracon Limited
50	Rudrapriya Realtors LimitedTwinkle Infraprojects Limited	I
-5152	Sparkle Realtech Private Limited
53	Awadh Realtors Limited
54	Affluent Realtors Private Limited
55	Haridham Colonizers Limited
56	Ablaze Buildcon Private Limited
5758	Quest Realtors Private LimitedEuphoric Properties Private Limited
59	Sukhdham Colonizers Limited
60	Dreams Infracon Limited
61	Effulgent Realtors Limited
62	MangalMurthi Realtors Limited
63	Arz Properties LimitedTamanna Realtech Limited
6465	Singolo Constructions Limited	-
66	Unison Propmart Limited	—
67	Lovely Building Solutions Private Limited
6869	Komal Building Solutions Private Limited
	H. G. Infrabuild Private Limited
70	Caliber Properties Private LimitedAugustan Infrastructure Private Limited
	Alaknanda Realtors Private Limited
	Ansal Infrastructure Project Limited
	Chamunda Properties Private Limited	FoF EEN
	Chandi Properties Private Limited
7475	[esCanyon Realtors Private Limited	x oot hes)

Branch. Office Delhi GF-31: Pearls Omaxe Tower, Netaji Netaji Subhash Place, Pitampura, New Delhi-110034 (Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A,.Gurugram - 122002 -Regd Office QU-35B, Pitampura, New Delhi-110088..» ..

Tel: +91-11-47079095 @ Email : office@mrks.co.in © Website: : -wwew.meks.i in

MRKS AND ASSOCIATES

CHARTERED ACCOUNTANTS

Kushmanda Properties Private Limited78Katra Realtors Private Limited79Kaveri Realtors Private Limited80Lord Krishna Infraprojects Limited81Prithvi Buildtech Private Limited82Rudraprayag Realtors Private Limited83Saubhagya Real Estates Private Limited847Saraswati Buildwell Private Limited85Satluj Real Estates Private Limited86 Sunshine Colonisers Private Limited87_Bajrang Realtors Private Limited88Delhi Towers &-Estates Private Limited8990Kabini Real Estates Private Limited-Sampark Hotels Private Limited91Yamnotri Properties Private Limited92Joint ventures93 Ansal Lotus Melange Projects Private Limited;

Page 13 of 13 Branch Office Delhi GF-31 Pearls Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-1 10034 Branch office Gurugram 216, Tower-2, DLF Corporate Greens, Sector-74A, Gurugram - 122002 Regd Office QU-35B; Pitampura, New Delhi-110088

Tel: +91-11-47079095 @ Email : office@mrks.co.in @ Website. : www.mrks.in

ANNEXURE - 1 Rearexue = 17 (4)

Statement of impact of Audit Qualifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results (Standalone)

Statement of impact of Audit Qualification for the Financial Year ended March 31, 2021 (See 1 regulation 33/52 of the SEBI (LODR) (Amendment) Regulations 2016.

		ANNEXURE -	Rearexue1	= 17(4)
		Statement of impact of Audit Qualifications (for audit report with modified opinion) submittedalong with Annual Audited Financial Results (Standalone)
		Statement of impact of Audit Qualification for the Financial Year ended March 31, 2021 (Seeregulation 33/52 of the SEBI (LODR) (Amendment) Regulations 2016.		1in Lakhs)(Rs.
	Sl.{ No	Particulars-	Audited figures (asreported beforeadjusting forqualifications) ___	Audited Figures (asreported afteradjusting for qualifications) __
_ Ili)	1. 2.34,(5.6 7.8a.	Turmover/ Total Income JotalExpenditure Net Profit / (Loss)-Earnings Per Share () Total AssetsTotal Liabilities Net Worth Any Other Financial item(s s) (as felt appropriated by the management) Audit Qualification (each audit qualification separately ):-Detail of Audit Qualification:-We draw attention to Note 19 (ii) of the Statement wherein the Company has purchased properties aggregating to Rs. 16,078 lakhs from one of its subsidiary (holding 70.57% equity shares) Ansal Townships Infrastructure Limited (ATIL) in the financial year 2011-12. In theAudit Report of F.Y. 2018-19, The Auditor has qualified the report on the basis that ATIL hasnot made any provision of Interest on balance amount of Rs. 14374 lakhs whereas as peragreement with other customers, delay in payment attracts to 18% interest p.a. in view of the	s—'('C;CC 824]76214(1,945) (1.25)560,744)541,713 19,031 L	6,214 78,534 (2,237) (1.25)5,60,744 5,42,005 18,739 ; _-
	b._ c.d.e.P_	above, we are unable to ascertain the possible impact it may have on the profit and financialposition of the company and hence not commented upon.Type of Audit Qualification:Frequency of Qualification : Continuing MatterFor Audit Qualification(s) where the impact is Quantifiéd by the Auditors,Management's ViewsN/A.For Audit Qualification(s) where the impact is not Quantified by the Auditors:(i) Management's estimation on the impact of Audit Qualificationthe Debenture holder is in process.(ii) ) If Management is unable to estimate the impact, reason for ihe same 'N/A(iii) Auditor's Comments on (i) and (ii)Detail of Audit Qualification : We draw attention to Audit Report of ATIL F.Y. of 2018-19 &Note 19 (ii) of the Statement wherein ATIL has not made provision for interest receivable onadvance of Rs. 1620 lakhs given to the Company. One of the minority investor shareholder ofthe ATIL, "IIRF India Realty Ltd" has objected to granting interest free advance and has	SeQualified Opinionaee: refer the auditors report	——: N/A.: The settlement with___
		demanded that the ATIL shall recover	interest @ 18% per annum on the amount so advanced.

		The interest receivable amounts to Rs. 291.60 lakhsfor period ended March 31, 2021 fromthe Company.
		The Company has not made any provision for interest payable of Rs. 291.60 lakhs to ATIL.As a result, loss of the Company and its liabilities are.understated by this amount.
		Type of Audit QualificationQualified Opinion:Frequency of QualificationContinuing Matter:
	2/0	whereimpactQuantifiedAuditors, Qualification(s)AuditForthebytheisManagement's ViewsSettlement is in the process.:
	(i)	For Audit Qualification(s) where the impact is not Quantified by the Auditors :N/A.Management's estimation on the impact of Audit Qualification: N/A
	(ii)(iii)	If Management is unable to estimate the impact, reason for the same :NAAuditor's Comments on (i) and (ii): refer the auditors report
ii)		We draw attention to note no 19 (iii) of the statement whereinDetail of Audit Qualification :during the last quarter of F.Y. 2019-20, the Company had entered into a business transferagreement (BTA) between PE Investor in Ansal Phalak Infrastructure Private Limited (APIPL)subsidiary of the Company on the basis of interimaward/. master settlementarbitrationagreement (MSA). As per MSA, 93% of the equity share capital of the Company is now heldby PE Investor. As a result, APIPL is not a subsidiary of the Company anymore.
		The final arbitration award will be subject to final audit report of KPMG appointed as perKPMG willundertaken sinceaudit all the transactionssection 26 of the Arbitration Act.incorporation. Any shortfall or excess of amount payable or receivable due to their findingswill be adjusted subsequently. We have been informed by the Company that the audit ofKPMG is under progress. The Company has already booked a loss of Rs. 9860 Lakhs in thestatement of profit & loss. The final amount will be determined subsequent to the report ofKPMG which is not ascertainable at this stage and hence not recorded by Company.
	2/0	Type of Audit QualificationQualified Opinion.:Frequency of QualificationContinuing Matter:
		whereimpactQuantifiedAuditQualification(s)Auditors,Forthetheby.isManagement's ViewsNot Applicable._:
	(i)	For Audit Qualification(s) where the impact is not Quantified by the Auditors :Management'simpactTheimpactestimationQualificationof Auditontheof:
	(ii)	Qualification cannot be ascertained.If Management is unable to estimate the impact, reason for the same :
	(iii)	The impact will be ascertained upon third party audit report.Auditor's Comments on (i) and (ii):Refer auditors report
		Signatories :-
		Sh=Chairman and Whole Time DirectorShri Sushil Ansal:
		CFOShri Prashant Kumar:—_—
		Audit Committee Chairman:Shri Kulamani Biswal
		Shri Saurabh KuchhalStatutory Auditors:
		New DelhiDate: 29.06.2021 'Place°::
		L\

ANNEXURE ~ 1 Keessexneennt fy) a */ , |

regulation 33/52 of the SEB] (LODR) (Amendment) Regulations 2016.

				G@NSaL APi
				Building Lifestyles Since 1967
				Keessexneennt fy)a
		ANNEXURE	~1
		Statement of impact of Audit Qualifications (for audit report with modified opinion) submittedalong with Annual Audited Financial Results (Consolidated)
ee		Statement of impact of Audit	Qualification for the Financial Year ended March 31, 2021 (See
		regulation 33/52 of the SEB] (LODR) (Amendment) Regulations 2016.
				(Rs. in Lakhs)
] SI.		Particulars	Audited figures (as	Audited Figures (as
	No.		reported before	reported after
			adjusting for	adjusting for
		_oe	qualifications)	qualifications)
1.		Turnover / Total Income	91,923	91,923
2.		Total Expenditure	1,00,777	1,03,669
	3.	Profit Net/ (Loss)	(6,561)	_ (9,453)
4.		Earnings Per Share (°)	(3.85)	(5.69)-
		5. _ Total Assets	7,24,298	7,24,298
6.		Total Liabilities	_7,38,947	741,839
	7.	Net Worth	(14,649)	(17,541)
8.		Any Other Financial ltem(s) (as feltappropriated by the management)
				_
		Audit Qualification (each audit qualification separately):-		-
		Detail of Audit Qualification:-
i) a.
		Wedraw attentionNotethe19to(ii) of	Statementwherein	the Companypurchasedhas
		propertiesaggregating16,078lakhstoRs.	framone ofits subsidiary	70.57%(holdingequity
		shares) Ansal Townships Infrastructure Limited (ATIL) in the financial year 2011-12. In the Audit
		Report of F.Y. 2018-19, The Auditor has qualified the report on the basis that ATIL has not made
		any provision of Interest on balance amount of Rs. 14374 lakhs whereas as per agreement with
		other customers, delay in payment attracts to 18% interest p.a. In view of the above, we are
		unable to ascertain the possible impact it may have on the profit and financial position of the
		company and hence not commented upon.
		Type of Audit Qualification	Qualified Opinion.
		:_ Frequency of QualificationContinuing:
alo e		For Audit Qualification(s) where the impact is Quantified by the Auditors,		a
		Management's Views : N/A
		For Audit Qualification(s) where the impact is not Quantified by the Auditors		:
		___(i) Management's estimation on the impact of Audit Qualification :		a
		_(ii) If Management is unable to estimate the impact, reason forthe same: NA __
		(ili) Auditor's Comments on (i) and (ii)	: as per auditors report
	@.	AuditQualification:-Detailof
ii)
		WedrawattentionReportAuditATILofto	2018-19Note&F.Y.of	Statementof the19(ii)
__		madewhereinprovisionATILhasnotfor	291.60interestlakhsofRs.	advancereceivableonof
		1620periodlakhsgivenAPILthefor theRs.to	endedMarch2021.31,BOG	shareAsresult,of totalaRshareholders of Group is overstated by 85.79

		lakhs for the quarter ended March 31, 2021.
	b.	Type of Audit QualificationQualified Opinion:
	c.d.	Frequency of QualificationContinuing: ForAuditQualification(s)
		wheretheimpactisQuantifiedbytheAuditors,Management'sViews:TheCompanyhassubmittedaproposaltoDebentureholder for settlement of dues.
		e. For Audit Qualification(s) where the impact is not Quantified by the Auditors : NA
		(i) Management's estimation on the impact of Audit Qualification:(ii) If Management is unable to estimate the impact, reason for the same :NA(iii) Auditor's Comments on (i) and (ii):
iii)	a.	Detail of Audit Qualification
		We draw attention to Note 19 (iii) of the Statement, APIL had entered into a business transferagreement (BTA) between PE Investor in Ansal Phalak Infrastructure Private Limited (APIPL)subsidiary of APIL on the basis of interim arbitration award/ master settlement agreement
		(MSA). As per MSA, 93% of the equity share capital of APIL is now held by PE Investor. As aresult, APIPL is not a subsidiary of APIL anymore. The final arbitration award will be subject tofinal audit report of KPMG appointed as per section 26 of the Arbitration Act. KPMG will auditall the transactions undertaken since incorporation. Any shortfall or excess of amount payable
		or receivable due to their findings will be adjusted subsequently. We have been informed byAPIL that the audit of KPMG is under progress. The Company has already booked aloss of Rs.
		9860 Lakhs in the statement of profit & loss. The final amount will be determined subsequentto the report of KPMG which is not ascertainable at this stage and hence not recorded byCompany.
	b.	Type of Audit QualificationQualified Opinion.:
	a)0	Frequency of QualificationContinuing:ForAuditQualification(s)wheretheimpactisQuantifiedbytheAuditors,Management's Views:Not Applicable.
	e.	For Audit Qualification(s) where the impact is not Quantified by the Auditors
		(i) Management'sestimationontheimpactof AuditQualification:TheimpactofQualification cannot be ascertained.
		(ii) If Management is unable to estimate the impact, reason for the same :The impact will be ascertained upon post audit by third party.
iv)	a.	(ili) Auditor's Comments on (i) and (ii) : Please refer the auditors report for the comment Detail of Audit Qualification :-
		Refer Note 19 (i) of the Statement wherein one of the subsidiary Ansal Hitech Townships
		Limited (AHTL) has not provided interest aggregating to Rs. 2,793 lakhs for the period ended
		March 31, 2021 on outstanding debentures of Rs. 13,791 lakhs issued to parties outside theGroup. This has resulted in understatement of inventory and understatement of liability for
		interest by Rs. 2,793 lakhs in the financials of the subsidiary for the period ended March 31,2021.
		TypeQualificationQualified Opinion.of Audit
	b.c.	:Frequencyof Qualification:Continuing<br>=

\

d.	whereimpactQuantifiedAuditQualification(s)Auditors, thebythe Foris Management's viewsSettlement is under process with Debenture Holders:
e.	For Audit Qualification(s), where the impact is not Quantified by the Auditors:(i) Management's estimation on the impact of Audit QualificationNA
	:(ii) If Management is unable to estimate the impact, reason for the same:NA
(iii)	Auditor's Comments on (i) and (ii): Please refer the auditors report for the comment
	a Detail of Audit Qualification :-
	Refer Note 19 (iv) of the Statement wherein on January 16, 2019, ICICI Prudential VentureCapital Fund Real Estate (IPVCF) the debenture holder of one of the subsidiary Ansal LandmarkTownship Private Limited (ALTPL), invoked the default interest @ 27% p.a. However, ALTPL has21.75%27%providednormal@@insteadof defaultinterestinterestratep.a.ofp.a.Therefore, ALTPL has not made provision for additional interest of Rs. 186 lakhs for the periodended March 31, 2021. As a result Profit of the Group and the share of total comprehensiveincome attributable to minority interest overstated by Rs. 99.19 lakhs and Rs. 86.81 lakhsrespectively. ©
b.	Type of Audit QualificationQualified Opinion.:
c.__ d.	Frequency of QualificationContinuing.:whereimpactQuantifiedAuditQualification(s)Auditors,thebythe ForisManagement's views: Settlement is in process.
e.	For Audit Qualification(s), where the impact is not Quantified by the Auditors:NA
	(i) Management's estimation on the impact of Audit Qualification :
	(ii) If Management is unable to estimate the impact, reason for the same:NA
(iii)	Auditor's Comments on (i) and (ii): refer audit report
	Signatories :-
	SA(—Chairman and Whole Time DirectorShri Sushil Ansal:
	aSaCFO=Shri Prashant Kumar:
	Audit Committee Chairman:Shri Kulamani Biswal
	———_—Shri Saurabh KuchhalStatutory Auditors:
	New Delhi29.06.2021PlaceDate::
	)