TO THE MEMBERS OF
LANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of LANDMARK PROPERTYDEVELOPMENT COMPANY LIMITED("the Company") which comprise the Balance Sheetas at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records inaccordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementationand maintenance of adequate internal financial controls that wereoperating effectively for ensuringthe accuracy and completeness of the accounting recordsrelevant to the preparation and presentationof the financial statements that give a trueand fair view and are free from material misstatementwhether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10)of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors judgmentincluding the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Companys Directors as well as evaluating theoverall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis forour audit opinion on the financial statements.
In our opinion and to the best of our information and knowledge and according to theexplanations given to us theaforesaid financial statements give the information requiredby the Act in the manner sorequired and give a true and fair view in conformity with theaccounting principles generally accepted inIndia of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to Note S-7 to the financial statements regarding business transferagreement dated 2nd April 2012 and the matter therein. Our opinion is not modified inrespect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Government of India in terms of sub-section (11) of section 143of the Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Annexure A" a statement on the matters specified in the paragraphs3 and 4 of the said Order.
2. As required by Section 143 (3) of the Act we report that:
(a) We have sought and obtained all the information and explanations which to the bestof ourknowledge and belief were necessary for the purposes of our audit.
(b) In our opinion proper books of account as required by law have been kept by theCompany so faras it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with bythis Report are in agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with theAccountingStandards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts)Rules 2014.
(e) On the basis of the written representations received from the directors as on31stMarch 2016taken on record by the Board of Directors none of the directors isdisqualified as on31stMarch 2016 from being appointed as a director in terms of Section164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditors Report inaccordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of ourinformation and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in itsfinancial statements Refer Note S 1to the financial statements;
ii. The Company did nothave any long-term contracts including derivative contractsduring the year and therefore the question of making provisions for material losses insuch contracts does not arise.
iii. There were no amounts which were required to betransferred during the year to theInvestor Education and Protection Fund by the Company.
| ||For V. Sankar Aiyar & Co. |
| ||Chartered Accountants |
| ||ICAI Firm Regn. No. 109208W |
| ||V. Rethinam |
|Place: New Delhi ||Partner |
|Dated: 18-05-2016 ||Membership No. 10412 |