Page 125 - Kolte Patil AR 2019-20
P. 125

reporting to future periods are subject to the risk that the internal   Financial Controls Over Financial Reporting issued by the Institute of
            financial control over financial reporting may become inadequate   Chartered Accountants of India.
            because of changes in conditions, or that the degree of compliance
            with the policies or procedures may deteriorate.
                                                                                    For DELOITTE HASKINS & SELLS LLP
            OPINION                                                                            Chartered Accountants
            In our opinion, to the best of our information and according to the      (Firm‘s Registration No.117366W/W-100018)
            explanations given to us, the Company has, in all material respects, an
            adequate internal financial controls system over financial reporting
            and such internal financial controls over financial reporting were                         Saira Nainar
            operating effectively as at March 31, 2020, based on the criteria for                        (Partner)
            internal financial control over financial reporting established by the           (Membership No. 040081)
            Company considering the essential components of internal control             (UDIN: 20040081AAAAAZ4755)
            stated in the Guidance Note on Audit of Internal
                                                               Place: Mumbai
                                                               Date: 23 June 2020


            (Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

            (i)  In respect of fixed assets:                   competent persons, are at reasonable intervals and no material
                                                                  discrepancies were noticed on physical verification.
               (a)  The Company has maintained proper records showing full
                 particulars, including quantitative details and situation of   (iii)  According to the information and explanations given to us,
                 fixed assets.                                    the Company has granted loans, secured or unsecured, to
                                                                  companies, firms, Limited Liability Partnerships or other parties
               (b)  The Company has a program of verification of fixed assets
                 to cover all the items in a phased manner over a period of   covered in the register maintained under section 189 of the Act,
                 two years which, in our opinion, is reasonable having regard   in respect of which:
                 to the size of the Company and the nature of its assets.   (a)  The terms and conditions of the grant of such loans are, in
                 Pursuant to the program certain fixed assets were physically   our opinion, prima facie, not prejudicial to the Company’s
                 verified by the Management during the year. According to   interest.
                 the information and explanations given to us, no material   (b)  The schedule of repayment of principal and payment of
                 discrepancies were noticed on such verification.
                                                                     interest has not been stipulated and in the absence of such
               (c)  According to the information and explanations given to us,   schedule, we are unable to comment on the regularity of the
                 records examined by us and based on the examination of the   repayments or receipts of principal amounts and interest.
                 registered title deeds provided to us, we report that, the title   (c)  The loans granted are repayable on demand and there are
                 deeds, comprising all the immovable properties of buildings,   no overdue amounts outstanding as at year-end.
                 which are freehold, are held in the name of the Company
                 as at the balance sheet date. The Company does not have   (iv) In our opinion and according to the information and
                 any immovable properties taken on lease, which needs to be   explanations given to us, the Company has complied with the
                 disclosed as fixed asset in the financial statements.  provisions of Sections 185 and 186 of the Act in respect of grant
                                                                  of loans, making investments and providing guarantees and
            (ii)  The inventories held by the Company comprise raw materials,   securities, as applicable.
               stock of units in completed projects and work in progress of
               projects under development. In our opinion and according to   (v)  According to the information and explanations given to us, the
               the information and explanations given to us, having regard   Company has not accepted any deposit, under the provisions
               to the nature of inventory, the physical verification by way of   of sections 73 to 76 and other related provisions of the Act and
               verification of title deeds of land, site visits by the Management   hence reporting under clause 3 (v) of the Order is not applicable
               and certification of extent of work completion by   to the Company.

                                                                                          Annual Report 2019-20 | 123
   120   121   122   123   124   125   126   127   128   129   130