THE MEMBERS OF DHRUV ESTATES LIMITED
Report on the Standalone Financial Statements : We have audited the accompanyingstandalone financial statements of Dhruv Estates Limited ("the Company") whichcomprise the Balance Sheet as at 31st March 2017 the Statement of Profit and Loss theStatement of Cash Flows for the year then ended and a Summary of Significant AccountingPolicies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements: The Company'sBoard of Directors is responsible for the matters in Section 134(5) of the Companies Act2013 ("the Act") with respect to the preparation and presentation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent and design implementation and maintenance of internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Auditor's Responsibility: Our responsibility is to express an opinion on thesestandalone financial statements based on our audit. We have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
Opinion: In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity 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 31stMarch 2017;
(ii) in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and
(iii) in the case of the Statement of 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the order.
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 bestof 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 theCompany so far as appears from our examination of those books;
c. the Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowsdealt with by this Report are in agreement with the books of account;
d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on 31st March2017 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2017 from being appointed as a director in terms of Section 164(2) of theAct.
f. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and
g. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financialposition.
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
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|Place : Mumbai ||For PAnKAj B. MEHTA & CO. ||(PAnKAj B.MEHTA) |
|Date : 26th April 2017 || ||Proprietor |
| ||Chartered Accountants. ||Membership No.30048 |
| ||(firm Regn. No. 107342W) || |
ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017 we reportthat:
i . The Company does not hold any fixed assets during the year. Therefore theprovisions 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 reasonable.
(b) In our opinion the procedures of physical verification of inventory followed bythe Management are reasonable and adequate in relation to the size of the Company and thenature of its business.
(c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory.
iii. The Company has not granted/ taken any loans secured or unsecured to/ fromcompanies firms or other parties covered in the register maintained under Section 189 ofthe Act. Therefore the provisions of Clause 3(iii) of the said Order are not applicableto the Company.
iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act in respect of the activities carried on by the Company.
vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company in our opinion the Company is regular indepositing undisputed statutory dues including provident fund investor education andprotection fund employees' state insurance wealth tax customs duty excise duty andother material statutory dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income tax sales tax wealth tax servicetax customs duty and excise duty which have not been deposited on account of anydispute.
viii. As the Company does not have any borrowings from any financial institution orbank nor has it issued any debentures as at the balance sheet date the provisions ofClause 3(viii) of the Order are not applicable to the Company.
ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. AccordinglyClause 3(ix) of the Order is not applicable.
x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.
xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration. Hence the provisions of Clause 3(xi) of the said Order are notapplicable to the Company.
xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly Clause 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company there are no transactions with the relatedparties. Accordingly Clause 3(xiii) of the Order is not applicable.
xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly Clause 3(xv) ofthe Order is not applicable.
xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.
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|Place : Mumbai ||For PAnKAj B. MEHTA & CO. ||PAnKAj B. MEHTA |
|Date : 26th April 2017 ||Chartered Accountants ||Proprietor |
| ||(firm Regn. No. 107342W) ||Membership No. 30048 |