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Landmark Property Development Company Ltd.

BSE: 533012 Sector: Infrastructure
NSE: LPDC ISIN Code: INE197J01017
BSE 13:45 | 01 Mar 2.01 -0.07
(-3.37%)
OPEN

2.08

HIGH

2.10

LOW

2.00

NSE 12:58 | 01 Mar 2.00 -0.10
(-4.76%)
OPEN

2.10

HIGH

2.10

LOW

2.00

OPEN 2.08
PREVIOUS CLOSE 2.08
VOLUME 35506
52-Week high 2.88
52-Week low 1.06
P/E 67.00
Mkt Cap.(Rs cr) 27
Buy Price 2.01
Buy Qty 1406.00
Sell Price 2.08
Sell Qty 500.00
OPEN 2.08
CLOSE 2.08
VOLUME 35506
52-Week high 2.88
52-Week low 1.06
P/E 67.00
Mkt Cap.(Rs cr) 27
Buy Price 2.01
Buy Qty 1406.00
Sell Price 2.08
Sell Qty 500.00

Landmark Property Development Company Ltd. (LPDC) - Auditors Report

Company auditors report

TO THE MEMBERS OF LANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED

Opinion

Report on the Audit of the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of LANDMARK PROPERTYDEVELOPMENT COMPANY LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2019 the Statement of Profit and Loss (including the statement ofOther Comprehensive Income) the Cash Flow Statement and the Statement of Changes inEquity for the year then ended and notes to the financial statements including summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the Ind AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2019 and its profit including othercomprehensive income changes in equity and its cash flows and for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' section of ourreport.

We are independent of the Company in accordance with the ‘Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Ind AS financial statements.

Emphasis of Matter

We draw attention to Note 35 to the financial statements regarding business transferagreement dated 2nd April 2012 and the matter therein. Our opinion is notmodified in respect of this matter.

Key Audit Matters

Key Audit Matters are those matters that in our professional judgement were ofsignificance in our audit of the Ind AS financial Statements of the current period. Wehave determined that there are no key audit matter to communicate in our report.

Information other than the Ind AS Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the Ind ASfinancial statements and our auditor's report thereon. Our opinion on the Ind AS financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS Financial Statements

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 Ind AS financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company'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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibility for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign 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 hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of Section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inParagraphs 3 and 4 of the 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 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 Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended.

(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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 the requirements of section 197(16) of the Act as amended: According tothe information and explanation given to us the Company has not paid/ provided for anymanagerial remuneration during the year.

(h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements – Refer Note 34 to the Ind AS financialstatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses- Refer Note 26 (b) to the Ind ASfinancial statements.

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

Annexure "A" to the Independent Auditors' Report

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our Report of even date.

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

(b) Fixed assets verification has been conducted by the management during the year. Allthe fixed assets of the Company have not been physically verified by the management duringthe year but there is a regular phased programme of physical verification which in ouropinion is reasonable having regard to the size of the Company and nature of its fixedassets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the following title deed of immovable propertyis not held in the name of company: -

No. of Cases Asset Category Gross Block as at 31st March 2019 Net Block as at 31st March 2019 Remarks
(In Rs. ) (In Rs. )
1. Leasehold Land 44572 44572 The deed of conveyance is in the erstwhile name of the Company i.e. Konark Minerals Limited.

ii. The inventory includes Flats (includes semi-finished) and Plots. Physicalverification of inventory has been conducted by the management at reasonable intervalsduring the year. No discrepancies were noticed on the aforesaid verification.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theparagraphs 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are not applicable to theCompany.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of 186 of the Companies Act 2013 in respect ofloan given during the year. The Company has not given any loans during the year which arecovered under provisions of section 185 of the Companies Act 2013. In our opinion andaccording to the information and explanations given to us the Company has not madeinvestment or given guarantees or security which is covered under provisions of section185 and 186 of the Companies Act 2013.

v. According to the information and explanations provided by the management we are ofthe opinion that the company has not accepted any deposits from public covered undersection 73 to 76 or any other relevant provisions of the Companies Act 2013 and rulesframed there under. Accordingly the paragraph 3(v) of the Order is not applicable to theCompany.

vi. The Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013 is notapplicable to the business/services rendered by the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has been generally regular indepositing undisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of custom duty of excise value added tax Goodsand services tax cess and other material statutory dues applicable to it to theappropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax sales taxservice tax duty of custom duty of excise value added tax Goods and services tax andcess and other material statutory dues were outstanding as on 31st March 2019for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account there are no dues of income tax sales tax servicetax duty of custom duty of excise value added tax Goods and services tax and cesswhich have not been deposited on account of any dispute.

viii. Based on our audit procedures and on the information and explanations given tous the. The Company has not taken any loans or borrowings from financial institutionsbanks and government or has not issued any debentures. Accordingly paragraph 3(viii) ofthe Order is not applicable to the Company.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year nor it has raised money by wayof term loans. Accordingly paragraph 3(ix) of the Order is not applicable to the Company.

x. According to the information and explanations given to us no fraud by the Companyor no material fraud on the Company by its officers or employees has been noticed orreported during the year.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration during the year. Accordingly paragraph 3(xi) of the Order is notapplicable to the Company.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the Ind AS financial statements etc.as required by the applicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.Accordingly provisions of paragraph 3(xiv) of the Order are not applicable tothe Company.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as referred to in section 192 ofthe Companies Act 2013. Accordingly provisions of paragraph 3(xv) of the Order are notapplicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly provisions of paragraph 3(xvi) of the Order are notapplicable to the Company.

Annexure "B" To the Independent Auditor's Report

Annexure referred to in paragraph 2(f) under the heading "Report on other legaland regulatory requirements" of our report of even date.

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 LANDMARKPROPERTY DEVELOPMENT COMPANY LIMITED ("the Company") as of March 31 2019 inconjunction with our audit of the 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 the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 Institute ofChartered Accountants of India and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror.

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.

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 Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SCV & Co. LLP
CHARTERED ACCOUNTANTS
FIRM REGISTRATION No. 000235N/N500089
( ABHINAV KHOSLA )
Place : New Delhi ( PARTNER )
DATED: May 15 2019 MEMBERSHIP No. 087010

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