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Landmark Property Development Company Ltd.

BSE: 533012 Sector: Infrastructure
NSE: LPDC ISIN Code: INE197J01017
BSE 00:00 | 22 Jun 5.16 0.24
(4.88%)
OPEN

5.16

HIGH

5.16

LOW

5.16

NSE 00:00 | 22 Jun 4.85 0.20
(4.30%)
OPEN

4.85

HIGH

4.85

LOW

4.85

OPEN 5.16
PREVIOUS CLOSE 4.92
VOLUME 71655
52-Week high 5.16
52-Week low 1.21
P/E 172.00
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.16
CLOSE 4.92
VOLUME 71655
52-Week high 5.16
52-Week low 1.21
P/E 172.00
Mkt Cap.(Rs cr) 69
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 Audit of the Ind AS Financial Statements Opinion

We have audited the accompanying Ind AS financial statements of LANDMARK PROPERTYDEVELOPMENT COMPANY LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2020 the Statement of Profit and Loss (including the Statement of Other

Comprehensive Income) the Statement of Cash Flow 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 2020 and its profit including othercomprehensive income its cash flow statement and the statement of changes in equity forthe year ended on that date.

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 our report.We are independent of the Company in accordance with the ‘Code of Ethics' issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the Ind AS financial statements under the provisions ofthe Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Ind AS financial statements.

Emphasis of Matter

a) We draw attention to Note 34 to the Ind AS financial statements regardingbusiness transfer agreement dated 2nd April 2012 and the matter therein. Our opinion isnot modified in respect of this matter.

b) We draw attention to Note 38 to the Ind AS financial statements which describes theuncertainties and the impact of Covid-19 pandemic on the Company's operations carryingamounts of investments recoverability of receivables and other assets and management'sevaluation of the future performance of the Company. Our opinion is not modified inrespect 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

Company's Annual Report but does not include the Ind AS financial statements and ourauditor's report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance 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 statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

(c) The Balance Sheet the Statement of Profit and Loss (including other Comprehensiveincome) Statement of Changes in Equity and the Cash Flow Statement 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 asamended.

(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of

Directors none of the directors is disqualified as on 31st March 2020 from beingappointed as a director in terms of 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) As required by Rule 11 of the Companies (Audit and Auditors) Rules 2014 issued bythe Central Government of India in terms of clause (j) of sub-section (3) of section 143of the Act in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its Ind AS financial statements Refer Note 34 to the Ind ASfinancial statements. ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses- Refer Note 26(b) to the Ind AS financial statements. iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany.

3. 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.

For SCV & Co. LLP CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

( ABHINAV KHOSLA )
PARTNER
MEMBERSHIP No. 087010
ICAI UDIN:20087010AAAABT6658
PLACE: New Delhi
DATED: 20th July 2020

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 2020 (In Rs. ) Net Block As at 31st March 2020 (In Rs. ) Remarks
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 noundisputed amounts payable in respect of provident fund employees' state insuranceincome tax sales tax service tax duty of custom duty of excise value added tax Goodsand services tax and cess and other material statutory dues were outstanding as on 31stMarch 2020 for 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 on the Company by its officers or employees has been noticed or reported during theyear.

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 usand based on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Companies Act 2013 whereapplicable and details of such transactions have been disclosed in the Ind AS financialstatements 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.

For SCV & Co. LLP CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

( ABHINAV KHOSLA)
PARTNER
MEMBERSHIP No. 087010
ICAI UDIN: : 20087010AAAABT6658
PLACE: New Delhi
DATED: 20th July 2020

Annexure "B" To the Independent Auditor's Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of the independent Auditor's Report of even date to the members ofLANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED on the Ind AS financial statements for theyear ended 31st March 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 LANDMARKPROPERTY DEVELOPMENT COMPANY LIMITED ("the Company") as of March 31 2020 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 Reporting issued by theInstitute of Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding 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 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 the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal

Financial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement offinancial statements whether IndAS due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate tointernal financial controls system over 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

(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 Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the Ind AS 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 to future periods are subject to controls over financialevaluation of the internal financial the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 over financial reporting were operatingeffectively as at March 31 2020 based on the internal control over financial internalfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For SCV & Co. LLP CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

(ABHINAV KHOSLA )
PARTNER
MEMBERSHIP No. 087010
ICAI UDIN: 20087010AAAABT6658
PLACE: New Delhi
DATED: 20th July 2020