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Dhruv Estates Ltd.

BSE: 507886 Sector: Infrastructure
NSE: N.A. ISIN Code: INE780E01011
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 31.00
PREVIOUS CLOSE 31.00
VOLUME 5
52-Week high 39.15
52-Week low 22.00
P/E 206.67
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 31.00
Sell Qty 237.00
OPEN 31.00
CLOSE 31.00
VOLUME 5
52-Week high 39.15
52-Week low 22.00
P/E 206.67
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 31.00
Sell Qty 237.00

Dhruv Estates Ltd. (DHRUVESTATES) - Auditors Report

Company auditors report

TO

THE MEMBERS OF DHRUV ESTATES LIMITED

Report on the Financial Statements: We have audited the accompanying standalonefinancial statements of Dhruv Estates Limited ("the Company") which comprisethe balance sheet as at 31 st March 2016 the statement of profit and loss the cash flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management’s Responsibility for the Standalone Financial Statements: TheCompany’s Board of Directors is responsible for the matters in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation and presentationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities selectionand application of appropriate accounting policies making judgments and estimates thatare reasonable and prudent and design implementation and maintenance of internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made 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 presentationof the 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 31st March 2016; ii) in the case of the statement of profit and loss of the profit for theyear ended on that date; and

(iii) in the case of the cash flow statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 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 statement of profit and loss and cash flow statement dealt withby 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 31 stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2016 from being appointed as a director in terms of section164(2) of the Act.

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.

Sd/-
Place: Mumbai For PANKAJ B. MEHTA & CO. (PANKAJ B.MEHTA)
Date: 27th April 2016 Chartered Accountants. Proprietor.
(firmRegn. No. 107342W) Membership No.30048

ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the financial statements for the year ended 31 March 2016 we report that:

i. The Company does not hold any fixed assets during the year ended 31 st March 2016.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 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 dutyand other 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. As 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.

For PANKAJ B. MEHTA & CO.
Chartered Accountants
(firm Regn. No. 107342W)
Sd/-
Place: Mumbai PANKAJ B. MEHTA
Date : 27th April 2016 Proprietor
Membership No. 30048

ANNEXURE B 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 2016 we reportthat:

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DhruvEstates Limited ("the Company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls: The Company’smanagement is responsible for establishing and maintaining internal financial controlsbased on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India (’ICAI). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors’ Responsibility : Our responsibility is to express an opinion on theCompany’s internal financial controls over financial reporting based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting : A company's internalfinancial control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting : Becauseof the inherent limitations of internal financial controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion: In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2016 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For PANKAJ B. MEHTA & CO.
Chartered Accountants
(firm Regn. No. 107342W)
Sd/-
Place: Mumbai PANKAJ B. MEHTA
Date : 27th April 2016 Proprietor
Membership No. 30048