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DB Realty

BSE: 533160|NSE: DBREALTY|ISIN: INE879I01012|SECTOR: Construction & Contracting - Real Estate
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Auditor's Report (DB Realty) Year End : Mar '18

INDEPENDENT AUDITOR’S REPORT

To the Members of D B Realty Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of D B Realty Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information, (hereinafter referred to as “Ind AS Financial Statements”).

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position (state of affairs), profit or loss (financial performance including other comprehensive income) cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, the Management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS Financial Statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind As Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Standalone Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Standalone Ind AS Financial Statements.

We are also responsible to conclude on the appropriateness of the Management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor''s report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the Standalone Ind AS Financial Statements.

Basis for Qualified Opinion

a. As stated in Note No. 60, regarding non recognition/ re-measurement of financial guarantees aggregating Rs. 456,164.86 lacs issued to banks/ financial institutions on behalf of various entities at fair value as required under Ind AS 109 - “Financial Instruments”. In absence of measurement of financial guarantees at fair value, we are unable to comment on the effects on the loss for the year.

b. As stated in Note No. 51, the Company has not evaluated whether any impairment provision is required for expected credit losses in accordance with Ind AS 109 - ''Financial Instruments'', for loans and advances aggregating Rs. 60,826.93 lacs and Investments aggregating Rs. 27,354.56 lacs, respectively, on March 31, 2018 to certain subsidiaries and associates which have incurred losses and have negative net worth as on March 31, 2018.

c. As stated in Note No. 2(B)(i)(d), the Company has measured its investments in equity instruments of one of its subsidiary company at fair value through other comprehensive income which the Management has not considered as a subsidiary. Had it been treated as a subsidiary, then as per accounting policy, it should be measured at cost. Consequently, investments in these instruments and other equity (other comprehensive income) are higher by Rs. 12,154.65 lacs and Rs. 9,626.48 lacs (net of tax) and deferred tax asset is lower by Rs. 2,528.17 lacs, respectively.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, the aforesaid Standalone Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs (financial position) of the Company as at March 31, 2018, its loss (financial performance including other comprehensive income), its cash flows and changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following matter in the notes to the Standalone Ind AS Financial Statements:

a. Note 50 (b) regarding no adjustment having been made in the value of inventory, pending outcome of the matter referred by the Company to the Supreme Court.

b. Note No. 7.2 regarding return on investments of Rs. 77,928.49 lacs in preference shares in a subsidiary company as on March 31, 2018. As explained by the Management, such investments are considered strategic and long term in nature and the current market value and future prospects of such investments are significantly in excess of Company''s investment in the investee company.

c. Note No. 9.2 regarding security deposits aggregating Rs. 6,476.33 lacs as on March 31, 2018, given to various parties for acquisition of development rights, as explained by the Management, the Company is in process of obtaining necessary approvals with regard to these properties and that their current market values are significantly in excess of their carrying values and are expected to achieve adequate profitability on substantial completion of such projects.

d. Note No. 13.1 regarding status of inventory consisting of projects having aggregate value of Rs. 30,584.05 lacs as on March 31, 2018 and the opinion framed by the Management about realizable value of the cost incurred, being a technical matter, has been relied upon by us

e. Notes No. 47, 48 and 49 regarding loans and advances aggregating Rs. 4,004.48 lacs and the investments aggregating Rs. 3,839.79 lacs as on March 31, 2018 are under litigation and are sub-judice. Based on the Management''s assessment of the outcome, no adjustments are considered necessary in respect of recoverability of balances. The impact, if any, of the outcome is unascertainable at present.

f. Note No. 52 as regards certain allegations made by the Enforcement Directorate against the Company and its two Key Managerial Persons, in a matter relating to Prevention of Money Laundering Act, 2002. This matter is sub-judice and the impact, if any, of the outcome is unascertainable at this stage.

g. Note No. 54 as regards attachment order issued by adjudicating authority under Prevention of Money Laundering Act, 2002, by which the Company''s assets amounting to Rs. 2,741.56 lacs have been attached on August 30, 2011. Consequently, the adjudicating authority has taken over the bank balance of Rs. 68.93 lacs and Investment in Redeemable Optionally Convertible Cumulative Preference Shares - Series A and Series C of a subsidiary company of Rs. 2,578.24 lacs in earlier years. The impact of the matter, if any, of its outcome is currently unascertainable.

h. Note No. 55 regarding the manner of recognition of the Company''s share in Association of Persons (''AOPs''), such share of profit/loss, as the case may be, are being recognized only when the AOP credits/debits the Company''s account in its books.

i. Note No. 46(A)(i)(ii)(iii) as regards the Audited Financial Statements of a Firm where the Company is one of the partners has following disclosures:

i. As regards recoverability of Trade Receivables of Rs. 2,722.98 lacs, the Partners of the Firm had taken effective steps for recovery and are not expecting any short realization. In the event of shortfall in realization, the same shall increase the debit balance of the Partners.

ii. Allegations made by the Central Bureau of Investigation (CBI) relating to the 2G spectrum case and regarding attachment order issued by adjudicating authority under Prevention of Money Laundering Act, 2002.

These matters are sub-judice and the impact, if any, of its outcome is currently unascertainable.

iii. As regards pending dispute towards liability of property tax of the Firm with Municipal Corporation of Greater Mumbai / Slum Rehabilitation Authority.

iv. As regards non-provision of disputed income tax liability of Rs. 2,911.63 lacs.

j. Note No. 46(B)(ii) regarding order passed by Hon''ble Delhi High Court in one of the Partnership Firm where the Company is a partner directing the Airport Authority of India (AAI) to conduct Aeronautical Studies without demolishing the structure of SRA buildings. In the opinion of the Management, the firm is hopeful for favorable outcome and hence it does not expect any financial outflow in this matter.

Our opinion is not modified in respect of these matters.

Other Matter

Note No. 46 regarding share of loss (net) from investment in three partnership firms, one Limited Liability Partnership and one Joint Venture aggregating Rs. 1,385.75 lacs, included in the Standalone Ind AS Financial Statements, is based on the financial statements of such entities. These financial statements have been audited by the auditors of these entities, whose reports have been furnished to us by the Management and our audit report on the Standalone Ind AS Financial Statements is based solely on such audit reports of the other auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditors'' Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in “Annexure 1”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

(2) As required by Section 143(3) of the Act, we report as under to the extent applicable:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit except for the matters described in the Basis for Qualified Opinion paragraph,;

b. Except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss, Statement of Cash Flow and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

d. Except for the possible effects of the matters described in the Basis for Qualified paragraph above, in our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with relevant rules issued thereunder;

e. The matters described under the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company;

f. On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;

g. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, we give our separate Report in “Annexure 2”.

h. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position in its Standalone Ind AS Financial Statements - Refer Note 45 on Contingent Liabilities and Note 46 to 49, 52 and 54 on litigations to the standalone Ind AS Financial Statements;

(ii) The Company did not have any long-term contracts including derivative contracts for which there could be material foreseeable losses;

(iii) There has been no delays in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of D B Realty Limited (''the Company”) on the Standalone Ind-AS Financial Statements for the year ended March 31, 2018]

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. In case of identification and situation of fixed assets, the Company is in process of tagging individual assets based on their specific location.

(b) During the year, fixed assets have been physically verified by the Management as per the regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties recorded as fixed assets in the books of account of the Company are held in the name of the Company, except for the details given below:

(Rs. in lacs)

Land/ Building

Total number of cases

Leasehold/

Freehold

Gross Block as on March 31, 2018

Net Block as on March 31, 2018

Remarks

Sale Office - Pune

1

Freehold

139.45

Company has acquired Development Rights on the said property.

(ii) Inventories comprise of payments for acquisition of lands, tenancy rights, related compensation, contract payments and other expenditure on construction and development of the project of the Company. As explained to us, site visit was carried out during the year by the Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. As informed, no material discrepancies were noticed on physical verification carried out during the year.

(iii) The Company has granted loans, secured or unsecured, to companies, firms, Limited Liability Partnerships and Joint Ventures covered in the register maintained under Section 189 of the Act.

(a) According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opinion that the terms and conditions of loans granted by the Company to eight parties covered in the register maintained under Section 189 of the Act, (total loan amount granted Rs. 12,707.10 lacs and balance outstanding as on March 31, 2018 is Rs. 6,156.60 lacs are prejudicial to the Company''s interest on account of the fact that the loans have been granted interest free.

(b) The schedule of repayment of principal and payment of interest in respect of such loans has not been stipulated. These loans are repayable on demand and principal and interest thereon have been received whenever demanded by the Company. Thus, we are unable to comment whether the repayments or receipts are regular and report amounts overdue for more than ninety days, if any, as required under paragraph 3(iii)(c) of the Order.

(iv) Based on information and explanation given to us in respect of loans, investments, guarantees and securities, the Company has complied with the provisions of Section 185 of the Act. Further, the provisions of Section 186 the Act are not applicable to the Company as it is engaged in the business of Real Estate development.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the provisions of Sections 73 to 76 of the Act and the rules framed there under.

(vi) The Central Government of India has prescribed the maintenance of cost records for the products of the Company under subsection (1) of Section 148 of the Act and the rules framed there under. However, at present the Company does not fall under the criteria for which such records are required to be maintained. Hence, the said rules are not applicable to the Company.

(vii) (a) The Company is not regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, employees'' state insurance, income tax, service tax, value added tax, goods and service tax, cess and other material statutory dues applicable to it, and there have been serious delays in a few cases. As explained to us, the provisions regarding sales tax, customs duty and excise duty are presently not applicable to the Company. and

According to the information and explanations given to us, undisputed dues in respect of provident fund, employees'' state insurance, income tax, sales tax, service tax, value added tax, goods and service tax, cess and any other material statutory dues applicable to it, which were outstanding, at the yearend for a period of more than six months from the date they became payable are as follows:

Name of the statute

Nature of the dues

Amount

Period to which the amount relates

Due Date

Date of Payment

Finance Act, 1994

Service Tax Liability and interest thereon

4.55

April 2010 to March 2012

Various Dates

Not Paid

Finance Act, 1994

Service Tax under Reverse Charge Mechanism

1.04

June 2017

Various Dates

Not Paid

Finance Act, 1994

Krishi Kalyan Cess

0.09

August 2016 to June 2017

Various Dates

Not paid

Finance Act, 1994

Swachh Bharat Cess

0.08

August 2016 to June 2017

Various Dates

Not paid

Finance Act, 1994

Work Contract Tax

0.02

June 2017

July 21, 2017

Not paid

The Maharashtra Value Added Tax Act, 2002

Value Added Tax

0.12

May 2017

June 21, 2017

Not paid

Mumbai Municipal Corporation Act, 1888

Property Tax

368.35

April 2010 to September 2017

Various Dates

Not paid

Wealth Tax Act, 1957

Wealth Tax

9.38

April 2013 to March 2015

Various Dates

Not paid

The Maharashtra Value Added Tax Act, 2002

Value Added Tax

10.06

March 2016

April 21, 2016

Not paid

(b) According to the information and explanation given to us, the dues outstanding with respect to, income tax, sales tax, service tax, value added tax, goods and service tax, on account of any dispute, are as follows:

(Rs. in lacs)

Name of the statute

Nature of dues

Amount

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Income Tax

39.14

A.Y 2010-11

Commission of Income Tax (Appeals)

Income Tax Act, 1961

Income Tax

627.95

A.Y 2012-13

Commission of Income Tax (Appeals)

Income Tax Act, 1961

Income Tax

290.44

A.Y 2013-14

Commission of Income Tax (Appeals)

Income Tax Act, 1961

Income Tax

170.55

A.Y 2014-15

Income Tax Appellate Tribunal, Mumbai

Income Tax Act, 1961

Income Tax

1,210.54

A.Y 2015-16

Commission of Income Tax (Appeals)

Finance Act, 1994

Service Tax

5,419.40*

F.Y. 2011-12 to F.Y. 2015-16

Commission of Service Tax

(*Excluding interest and penalty as the case may be)

(viii) According to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to financial institutions and banks, except for the details given below:

(Rs. In lacs

Sr No

Particulars

Amount of Default as at 31st March, 2018

Period of Default

1

ICICI Bank Limited

Principal

645.98

Since January, 2018

Interest

203.69

Since July, 2017 Onwards

2

Reliance Home Finance Limited

Interest

1,198.47

Since December 2017 Onwards

3

Reliance Commercial Finance Limited

Interest

36.20

Since December 2017 Onwards

(ix) In our opinion and according to the information and explanation given to us, the Company has not raised money by way of initial public issue offer / further public offer (including debt instruments) during the year. However, the Company has obtained term loans and, utilized the same for the purposes for which they were raised.

(x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company or any fraud on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such instance by the Management. However, we are informed that during the financial year 2010-2011, the CBI in its charge sheet filed in connection with irregularities in the allotment of 2G telecom license, has accused certain Directors of the Company (in their capacity as promoters of a telecom licensee Company). Two other Management Personnel of the Company have also been charge sheeted in their capacity as Directors of another Company (Refer Note 54) which is alleged to have paid an amount of Rs. 20,000 lacs as illegal gratification in the same connection. As explained to us, the Company is not directly a party to the allegations and Special Court has passed the order acquitting all the accused via order dated 21.12.2018. However, the matter is sub-judice in the Delhi High Court as on reporting date due to appeal filed by CBI against the order of Special court.

Also, the Company is in receipt of summons from Special Court for Prevention of Money Laundering Act (PMLA), Mumbai as one of the accused in connection with a complaint filed by Enforcement Directorate under ECIR No. ECIR/MBZO/07/2015 and ECIR/MBZO/08/2015. The Hon''ble Court has also now summoned two of the Key Managerial Personnel''s (KMP) of the Company as accused as per the said complaint. The matter in relation to the Company and the KMPs involves certain advances given by the Company in the ordinary course of its business to another company, which was subsequently refunded fully upon cancellation of the understanding (Refer Note 52).

(xi) According to the information and explanations given to us, the Company has not paid / provided for managerial remuneration. Accordingly, paragraph 3(xi) of the Order is not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanation given to us, all transactions entered into by the Company with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable and the details have been disclosed in the Standalone Ind AS Financial Statements etc., as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Therefore, paragraph 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him during the year.

(xvi) According to the information and explanations given to us and based on legal opinion obtained, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934

[Referred to in paragraph 2 under ''Report on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of D B Realty Limited on the Standalone Ind AS Financial Statements for the year ended March 31, 2018]

Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of D B Realty Limited (“the Company”) as of March 31, 2018 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company''s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”) (“the Guidance Note”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing specified under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal 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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has in all material respects, an adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as of March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For Haribhakti & Co. LLP

Chartered Accountants

ICAI Firm Registration No.103523W/W100048

Snehal Shah

Partner

Membership No. 048539

Mumbai: May 28, 2018

Source : Dion Global Solutions Limited
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