Report on the Financial Statements: We have audited the Report on the
Financial Statements of DHRUV ESTATES LIMITED (''the Company) as at 31
st March,2013 and the Profit and Loss Account for the year ended on
that date annexed thereto and Cash Flow statement for the year ended on
that date and a summary of significant accounting policies and other
explanatory information. Management''s Responsibility for the Financial
Statements: Management is responsible for 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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 (the Act). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statement that give a true and fair view and are free from
material misstatement, whether fraud or error. Auditor''s
Responsibility: Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit in
accordance with 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 financial statements are free of
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 control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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 financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
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 March 2013; (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
1. As required by the Companies (Auditors Report) Order, 2003 (the
Order), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
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 Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. On the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub section (1)of
section 274 of the Companies Act,1956.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph.(3) of the Auditors'' Report of even date to
the members of Dhruv Estates Limited on the Financial statements for
the year ended March 31, 2013)
1) The property under development of the Company have been physically
verified by the management at the close of the year and in our opinion,
the frequency of such verification is reasonable.
2) The Company has not taken/granted any loans, secured or unsecured,
from/to companies, firms or other parties listed in the Register
maintained under Section 301 of the ''Act'' or from/to companies under
the same management as defined under the Section 370 (1B) of the Act.
3) In our opinion and according to information and explanations given
to us the transactions that need to be entered into the Register in
pursuance of Section 301 of the Act, have been so entered.
4) The Company has given loan or advances in the nature of loans to
other and interest free loan to employees and they are repaying the
principal amount as stipulated.
5) 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. Further on
the basis of or examination of the books and records of the Company,
and according to the information and explanations given to us, we have
niether come across nor have been informed of any containing failure to
correct major weakness in the aforesaid internal control system
6) The Company has not accepted any deposits from the public during the
year. Within the meaning of section 58A and 58AA of the act and the
rules framed therunder.
7) In our opinion, present coverage of internal audit together with the
present internal control system is adequate and commensurate with the
size of the Company and the nature of its business.
8) The central Government of the India has not prescribed the
maintenance of the cost records under clause(d)of sub-section (1) of
section 209 of the Act.
9) In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
10) 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 year.
11) Provident Fund dues have been regularly deposited with the
appropriate authorities during the year. We have been informed that the
provisions of Employees'' State Insurance Act, 1948, are not applicable
to the Company.
12) Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment, and vice versa.
13) There are no undisputed amounts payable in respect of Income Tax,
Wealth Tax and Sales-Tax outstanding as at 31st March, 2013 for more
than six months from the date they became payable. The Company has no
liability with regard to the payment of customs duty and excise duty.
14) The Company has no accumulated Losses as at March 31, 2013 and it
has not incurred any cash loss during the financial year ended on that
15) In our opinion and as per the explanations given to us, the Company
has not charged any personal expenses to revenue account other than
those payable under contractual obligations or in accordance with
generally ac- cepted business practice.
16) In our opinion and according to the information and explanations
given to us, no fraud by the Company and no significant fraud on the
Company has been noticed or reported by the Management during the year
that ulti- mately causes the financial statements to be materially
17) Other clauses of the said Order are not applicable to the Company.
For PANKAJ B. MEHTA & CO.
(firm Regn. No. 107342W)
Place : Mumbai
PANKAJ B. MEHTA
Dated :27th May, 2013 Proprietor
Membership No. 30048