We have audited the accompanying financial statements of Dhruv
Estates Limited (the Company''), which comprise the balance
sheet as at 31 st March 2Q15, the statement of profit and loss,
the cash flow statement for the year then ended and a
summary of significant accounting policies and other explanatory
Management''s Responsibility for the Financial Statements: The
Company''s Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 (the Act) with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that
were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or
Auditor''s Responsibility: Our responsibility is to express an
opinion on these 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
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 financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. 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. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give
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 Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
Opinion: In our opinion and to the best of our information and
according to the explanations given to us, the 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 st March 2015;
(ii) in the case of the statement of profit and loss, of the profit
for the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (the
Order) issued by the Central Government of India in terms of
subsection (11) of section 143 of the Act, we give in the Annexure 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 that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
c. the balance sheet, statement of profit and loss and cash flow
statement dealt with by this Report are in agreement with the books of
d. in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under section 133 of
the Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors
as on 31st March 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 st March 2015 from
being appointed as a director in terms of section 164(2) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our Independent Auditor''s Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
i. The Company does not hold any fixed assets during the year ended 31
st March 2015. Therefore, the provisions of Clause 3(i) of the Order
are not applicable to the Company.
ii. (a) The inventory has been physically verified by the Management
during the period. In our opinion, the frequency of verification is
(b) In our opinion, the procedures of physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory.
iii. The Company has not granted/ taken any loans, secured or
unsecured, to/ from companies, firms or other parties covered in the
register maintained under section 189 of the Act. Therefore, the
provisions of Clause 3(iii) of the said Order are not applicable to
iv. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and for the sale of services. Further, on the
basis of our examination of the books and records of the Company, and
according to the information and explanations given to us, we have
neither come across, nor have been informed of, any continuing failure
to correct major weaknesses in the aforesaid internal control system.
v. The Company has not accepted any deposits within the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under.
vi. The Central Government of India has not prescribed the maintenance
of cost records under sub-section (1) of section 148 of the Act.
vii. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues, including
provident fund, investor education and protection fund, employees''
state insurance, wealth tax, customs duty, excise duty and other
material statutory dues, as applicable, with the appropriate
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income
tax, sales tax, wealth tax, service tax, customs duty, and excise duty
which have not been deposited on account of any dispute.
viii. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the
financial year ended on that date or in the immediately preceding
ix. As the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the balance
sheet date, the provisions of Clause 3(ix) of the Order are not
applicable to the Company.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken
by others from banks or financial institutions during the period.
Accordingly, the provisions of Clause 3(x) of the Order are not
applicable to the Company.
xi. The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the Order are not applicable to the
The Annexure referred to in our Independant Auditors'' Report to the
members of the Company on the Financial Statements for the year ended
31 st March 2015, we report that:
xii. 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
material fraud on or by the Company, noticed or reported during the
period, nor have we been informed of any such case by the Management.
For PANKAJ B. MEHTA & CO. Sd/-
Chartered Accountants (PANKAJ B. MEHTA)
(firm Regn. No. 107342W) Proprietor
Date : 27th April, 2014