You are here » Home » Companies » Company Overview » Landmark Property Development Company Ltd

Landmark Property Development Company Ltd.

BSE: 533012 Sector: Infrastructure
NSE: LPDC ISIN Code: INE197J01017
BSE 00:00 | 21 Jun 2.90 -0.16
(-5.23%)
OPEN

3.08

HIGH

3.09

LOW

2.79

NSE 00:00 | 21 Jun 3.00 -0.05
(-1.64%)
OPEN

3.20

HIGH

3.20

LOW

2.90

OPEN 3.08
PREVIOUS CLOSE 3.06
VOLUME 5699
52-Week high 6.49
52-Week low 2.70
P/E 72.50
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.08
CLOSE 3.06
VOLUME 5699
52-Week high 6.49
52-Week low 2.70
P/E 72.50
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

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 2017 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of the significant accounting policiesand other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 (asamended) This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentationof the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

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 theauditor's judgmentincluding the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in orderto design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and knowledge and according to theexplanations given to us the aforesaid 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 31st March 2017 and its profit and its cashflows for the year ended onthat date.

Emphasis of Matter

We draw attention to Note T-7 to the financial statements regarding business transferagreement dated 2nd April 2012 and the matter therein. Our opinion is notmodified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Government of India in terms of sub-section (11) of section 143 of the Actand on the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we give in the"Annexure A" a statement on the matters specified in the paragraphs 3 and 4 ofthe 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 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Sectio 133 of the Act read with Rule 7 of the Companies(Accounts)Rules 2014 (as amended).

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31stMarch 2017 from being appointed as a director in termsof Section 164 (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:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note T1 to 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 be transferred during the year tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 14 to the financial statements.

For V. SankarAiyar& Co.
Chartered Accountants
ICAI Firm Regn. No. 109208W
R.Raghuraman
Place : New Delhi (Partner)
Dated: 22-05-2017 Membership No. 081350

"Annexure A" referred to in the Independent Auditors' report to theshareholders of Landmark Property Development Company Limited on the accounts for the yearended 31st March 2017.

i a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The management has physically verified most of the fixed assets at the year end thefrequency of which in our opinion is reasonable. No material discrepancies were noticedon such verification.

c) The title deeds of immovable properties are held in the name of the Company

ii The Company does not have any inventory in the nature of raw materials componentsstores spares and tools during the year. Therefore the provisions of clause3 (ii) (b)& (c) of the Order are not applicable.

iii The Company has not granted any loans during the year secured or unsecured tocompanies firms limited liability partnerships or other parties required to be coveredin the register maintained under section 189 of the Act. Therefore the provisions ofclause 3(iii)(a) (b) and (c) of the Order are not applicable.

iv In our opinion and according to the information and explanations given to us and therepresentation obtained from the management (i) the Company has not granted any loans toany of its directors or any other person to whom director is interested or given guaranteeor provided any security in connection with any loan taken by him or such other personwithin the meaning of section 185 of the Act and (ii) the Company has not given any loangiven any guarantee or provided any security and acquired securities within the meaning ofsection 186 of the Act except loan given to employees in the normal course of business.

v The Company has not accepted deposits during the year from the public within theprovisions of section 73 or any other provisions of the Companies Act 2013 and the Rulesframed there under.

vi The Central Government has not prescribed maintenance of cost records undersub-section (1) of section148 of the Companies Act 2013 in respect of Company'sactivities.

vii a) According to the records of the Company the Company has been generally regularin depositing undisputed statutory dues including provident fund income tax sales taxservice tax and any other statutory dues with the appropriate authorities. There were noarrears of undisputed statutory dues as at 31st March 2017 which wereoutstanding for a period of more than six months from the date they became payable. We areinformed that there is no liability towards duty of customs due of excise and cess forthe year under audit.

b) There are no disputed dues which have remained unpaid as on 31st March2017 on account of Income-tax sales-tax value added tax and service tax except asfollows:

Nature of dues Assessment Year Amount (Rs.) Forum where pending
Income Tax 2008-09 & 2014 -15 5918410 DCIT Delhi

viii The Company has not taken any loans or borrowings from a financial institutionbank government or debenture holders. Therefore the question of default in repayment ofdues does not arise.

ix According to the information and explanations given to us the Company has notraised money by way of initial / further public offer or taken any term loans during theyear.

x Based on the audit procedure performed and the representation obtained from themanagement we report that no case of fraud by the Company or by its officers or employeeson the Company has been noticed or reported during the year under audit.

xi According to the information and explanations given to us the Company has not paidor provided any managerial remuneration within the meaning of section 197 of the Act.Therefore the provisions of clause 3(xi) of the Order are not applicable.

xii The Company is not a nidhi company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable.

xiii According to the information and explanations given to us and the representationobtained from the management the Company has complied with section 177 &188 of theAct in respect of transactions with related parties.

xiv During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Therefore the provisionsof clause 3(xiv) of the Order are not applicable.

xv According to the information and explanations given to us and the representationobtained from the management the Company has not entered into any non-cash transactionswith directors or persons connected with him.

Therefore the provisions of clause 3(xv) of the Order are not applicable.

xvi In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-I of the Reserve Bank of IndiaAct 1934.

For V. SankarAiyar& Co.
Chartered Accountants
ICAI Firm Regn. No. 109208W
R.Raghuraman
Place : New Delhi (Partner)
Dated: 22-05-2017 Membership No. 081350

"Annexure B" referred to in the Independent Auditors' report to theshareholders of Landmark Property Development Company Limited on the accounts for the yearended 31st March 2017.

We have audited the internal financial controls over financial reporting of the Companyas of March 31 2017 in conjunction with our audit of the financial statements of theCompany for the year ended 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed 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 issued by ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 judgement 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.

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on 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 an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For V. SankarAiyar& Co.
Chartered Accountants
ICAI Firm Regn. No. 109208W
R.Raghuraman
Place : New Delhi (Partner)
Dated: 22-05-2017 Membership No. 081350