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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

“ANNEXURE B” TO THE INDEPENDENT AUDITORS’ REPORT

(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.

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