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Disclosure in auditor’s report explanatory

INDEPENDENT AUDITOR’S REPORT

 

 

 

 

To the Members of Dilip Buildcon Limited

 

 

Report on the Consolidated Financial Statements

 

 

1.

We have audited the accompanying Consolidated Financial Statements of Dilip Buildcon Limited (the Company), it subsidaries which comprise the Consolidated Balance Sheet as at 31st March 2014 and the Consolidated Statement of Profit and Loss and Consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

 

Management’s Responsibility for the Consolidated Financial Statements

2.

Management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Company in accordance with the accounting standards referred to in sub–section (3C) of section 211 of the Companies Act, 1956 (“the Act”), read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

 

Auditor’s Responsibility

3.

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

4.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other Auditors on  the Financial Statements of the subsidiaries, the consolidated 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:

 

 

(a)       in the case of the Consolidated Balance Sheet, of the state of affairs of the Company  as at 31st March 2014;

 

(b)        in the case of the Consolidated Statement of Profit and Loss, of the profit for the year ended on that date; and

 

(c)        in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.

 

Other Matter

 

5.         We did not audit the Financial Statements of certain subsidiaries whose      reports have been furnished to us and our opinion in those case is based           solely on the reports of the other audotirs.

 

 

Place: BHOPAL                                                          For NARESH RAJANI & CO.

Date: 05/08/2014                                                         Chartered Accountants

 

 

 

                                                                                    NARESH RAJANI

                                                                                    Proprietor

                                                                                    M. No.  077500                                                                                                                                                                                                                        Firm Reg. No: 008422C

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