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P.c. BINDAL & co.

Chartered Accountants

101, Sita Ram Mansion, 718121, Joshi Road,

Karol Bagh, New Delhi-l 10 005
W 235498221 23 Fax: 23623829
e-mail: pcbindalco@gmail.com

Limited Review Report

To,
The Board of Directors of

APEX BUILDSYS LIMITED

We have reviewed the accompanying statement of unaudited financial results of Apex
Buildsys Limited for the period ended 30 th September, 2016. This statement is the
responsibility of the Company's Management and has been approved by the Board of
Directors. Our responsibility is to issue a report on these financial statements based on our
review.
Attention
is drawn to the fact that the figures for the corresponding
quarter
th
ended 30 September 2015 including the reconciliation of net loss for the corresponding
quarter under IND AS vis-a- vis under previous GMP, as reported in these financial
results have been approved by the Company's Board of Directors and have not been
subjected to review.
We conducted our review in accordance with the Standard on Review Engagement (SRE)
2400, Engagements to Review Financial Statements issued by the Institute of Chartered
Accountants of India. This standard requires that we plan and perform the review to
obtain moderate assurance as to whether the financial statements are free of material
misstatement. A review is limited primarily to inquiries of company personnel and
analytical procedures applied to financial data and thus provide less assurance than an
audit. We have not performed an audit and accordingly, we do not express an audit
opinion.
We believe that our audit provides a reasonable basis for our qualified opinion as
elaborated hereunder:
1. Out of total trade receivables of Rs 13,576.95 lacs as on 30th September 2016, trade
receivables for Rs 2,837.01 lacs are outstanding from the period prior to 1st October 2014.
No provision has been made for bad or doubtful debts by the Company. We further
observe that:
a) The Realisation of Trade Receivables is slow in comparison with company's operating
cycle period. Further, Trade receivables include receivables which have no movement
since October 2014. There is delay in obtaining confirmation and subsequent
reconciliation from such receivables which may further lead to slow realisation.
b) Management has informed that the company has (i) filed arbitration in some cases, (ii)
undertaking confirmation and reconciliation process in cases other than arbitration
cases, and (iii) been continuously following up with customers for recovery and as

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industry is now recovering, it will increase cash inflow from such receivables. In view
of this the management is of the opinion that it is not appropriate to make any
provision at this point of time.
2. Parties Balances are subject to confirmation from them.

3. There is delay in deposit of statutory dues including VAT, Service Tax, Excise ft Income
Tax, Entertainment Tax, Professional Tax, ESI & Provident Fund etc. and other similar
dues and also delay in filing of returns ft forms. No provisions have been made for possible
interest and Penalty which may be levied due to delay/ non-compliances as exact
quantification is not possible.
4. The loans/ credit facilities provided by lenders have been classified as Non-Performing
Assets (NPA) by all lenders as on date.
5. The Appointment of woman director is under process.
Based on our review conducted as above, except for the possible effects of the matters

describes in the aforesaid paragraph 1 to 5 for our basis of qualified opinion, nothing has
come to our attention that causes us to believe that the accompanying statement of
unaudited financial results prepared in accordance with applicable accounting standards
and other recognized accounting practices and policies has not disclosed the information
required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 including the manner in which it is to be
disclosed, or that it contains any material misstatement.

PLace: Noida (U.P)

Date: 10.12.2016

Partner

Membership No: 088638