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Dugar Housing Developments Ltd.

BSE: 511634 Sector: Infrastructure
NSE: N.A. ISIN Code: INE919M01018
BSE 00:00 | 25 Feb Dugar Housing Developments Ltd
NSE 05:30 | 01 Jan Dugar Housing Developments Ltd
OPEN 4.02
PREVIOUS CLOSE 4.02
VOLUME 100
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Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.02
CLOSE 4.02
VOLUME 100
52-Week high 4.02
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dugar Housing Developments Ltd. (DUGARHOUSING) - Auditors Report

Company auditors report

To

The Members of M/s DUGAR HOUSING DEVELOPMENTS LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the Standalone Ind AS financial statements of Dugar HousingDevelopments Ltd ("the Company") which comprise the Balance sheet as at 31stMarch 2020 and the statement of Profit and Loss (including other comprehensive income)statement of changes in equity and statement of cash flows for the year then ended andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312020 and loss changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (Sas) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion on the standalonefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements for the financial yearended 31st March 2020. These matters were addressed in the context of our audit ofstandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the state of affairs (financial position) profit orloss (financial performance including other comprehensive income) changes in equity andcash flows of the Company in accordance with the accounting principles generally acceptedin India including the Ind AS specified under Section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

Further to our comments in Annexure A as required by Section 143(3) of the Act wereport that:

a We have sought and except for the possible effect of the matter described in theBasis for opinion section above obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit.

b In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014.

e On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 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 Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

g.i The Company does not have pending litigations which would impact its standalonefinancial position;

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

g.iii There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For M N & ASSOCIATES

Chartered Accountants

(Firm's Registration No.018167S)

Neha D Partner (Membership No. 239773)

UDIN: 20239773AAAAAP743 Place: Chennai Date: June 24 2020

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Dugar Housing DevelopmentsLimited on the standalone Ind AS financial statements for the year ended 31st March 2020we report that:

i.

a The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with the programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to size of the company and the nature of its assets.

c According to the information and explanations given to us and on the basis ofexamination of the records the company does not hold any immovable property.

ii The Company is a Construction Company primarily engaged in Property development buthowever does not have any projects in hand. Accordingly it does not hold any physicalinventories. Thus paragraph 3(ii) of the order is not applicable to the company.

iii According to the information and explanations given to us the Company has notgranted loans to any Body Corporate covered in the register maintained under section 189of the Companies Act 2013 during the year. In respect of loans granted in earlier years:-

iii.a) In our opinion the said body corporate has been wound up and hence the chanceof recovery of the outstanding amount was remote and hence was written off.

iii.b) In the case of the loans granted to the body corporate listed in the registermaintained under section 189 of the Act the terms of repayment of principal and interestare not stipulated.

iii.c) There are no overdue amounts in respect of the loans granted to a body corporatelisted in the register maintained under section 189 of the act except as stated in point(iiii)(a) above.

iv According to the information and explanations given to us and as stated in Para(iii) above the Company has not complied with the provisions of section 185 and 186 ofthe Companies Act 2013 in respect of loans and investment made.

v According to information and explanations given to us the Company has not acceptedany deposits from the public and hence the directives issued by the Reserve Bank of Indiaand the provisions of Sections 73 to 76 or any other relevant provisions of the Act andthe Companies (Acceptance of Deposit) Rules 2015 with regard to the deposits acceptedfrom the public are not applicable.

vi In our opinion and according to the information given to us the requirement formaintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules 2014specified by the Central Government of India under section 148 of the Companies Act 2013are not applicable to the company for the year under audit.

vi.a) According to the records of the company and based on the information andexplanations given to us the company is regular in depositing undisputed statutory duesof service tax income tax professional tax with the appropriate authorities. Further asexplained to us no undisputed statutory dues of Service Tax Professional Tax Income Taxand Tax Deducted at Source and other material statutory dues were in arrears as at 31stMarch 2020 for a period of more than 6 months from the date they become payable.

vi.b) According to the information and explanations given to us there were no amountsthat have not been deposited on account of dispute with any statutory authorities. Howeveraccording to the information and explanations given to us the following dues of Income taxhave not jeen deposited by the company on account of disputes:

Sl. No Nature of Disputes and Assessment Year Amount (Rs.)
1 Income Tax - Assessment Year 1999-2000 3125000
Total 3125000

vii According to the information and explanations given to us and based on the auditprocedures the Company does not have any loans or borrowing from any financialinstitution banks government or debenture holder during the year. Thus paragraph3(viii) of the order is not applicable to the company.

viii Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of paragraph 3 (ix) of the Order are not applicable to the Company.

ix According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

x Based upon the audit procedures performed and the information and explanations givenby the management the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act.

xi In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of paragraph 4 (xii) of theOrder are not applicable to the Company.

xii According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of the Act and the detailshave been disclosed in the Financial Statements as required by the applicable Indianaccounting standards.

xiii According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly the provisions ofparagraph 3 (xiv) of the Order are not applicable to the Company.

xiv According to the information and explanations given to us by the management thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the order is not applicable to the company.

xv In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934.

For M N & ASSOCIATES

Chartered Accountants

(Firm's Registration No.018167S)

Neha D Partner

(Membership No. 239773)

UDIN: 20239773AAAAAP743

Place: Chennai

Date: June 24 2020

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Dugar Housing DevelopmentsLimited on the standalone Ind AS financial statements for the year ended 31stMarch 2020.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DugarHousing Developments Ltd ("the Company") as of March 31 2020 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting with reference to financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

1 pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2 provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

3 provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects maintained internalfinancial controls with reference to financial statements as of March 31 2020based onthe internal control with reference to financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants Of India.

For M N & ASSOCIATES Chartered Accountants

(Firm's Registration No.018167S)

Neha D Partner

(Membership No. 239773)

UDIN: 20239773AAAAAP7 43

Place: Chennai Date: June 24 2020

.