Mar 31, 2015
We have audited the accompanying financial statements of Dhruva Capital
Services Ltd., which comprise the Balance Sheet as at 31 March 2015,
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 information.
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 prin- ciples 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 appro- priate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, imple- mentation
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 state- ments that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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
thereunder. 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, but not for the purpose of expressing an opinion on
whether the company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonable- ness 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
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) 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
As required by the Companies (Auditor's Report) Order,2015, issued by
the Central Government of India in term of sub-section (11) of section
143 of the Companies Act,2013, we give in the Annexure a statement on
the matters specified in the paragraphs 3 and 4 of the Order, to the
extent applicable.
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
purposes 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
books
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies [Audit and Auditors]
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial state- ments - Refer Note No. 21 &
22 to the financial statements .
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
The Annexure referred to in Our Report of even date to the members of
Dhruva Capital Services Limited on the accounts of the company for the
year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. As explained to us, the company is an NBFC and does not have any
inventory.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013. There is one such party and the amount involved is
Rs.55,92,826/-.The loan is in the nature of demand loan. (b) According
to the information and explanations given to us, since the nature of
loan is demand loan, there is no overdue amount exceeding Rs.100000/-.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and for sale
of goods and services. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public during
the year and hence this clause is not applicable.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the companies Act,
2013.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value
added tax, cess to the extent applicable and any other statutory dues
have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st of March, 2015 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
(c ) According to the information and explanations given to us, there
was no amount which was required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of companies act, 1956 and rules made thereunder.
8. The Company has been registered for a period exceeding five years
and hence this clause is not applicable.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by other from banks
or financial institutions.
11. Based on our audit procedures and on the information given by the
management, the company has applied the term loans for the purpose for
which they have been obtained.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For B. L. PAGARIA & CO.
CHARTERED ACCOUNTANTS
(FRN : 01821C)
Sd/-
Place : UDAIPUR (B. L. PAGARIA)
Dated : 27th May, 2015 PARTNER
(M.No. : 071017)
Mar 31, 2014
We have audited the accompanying financial statements of Dhruva Capital
Services Limited, Udaipur which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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") and in
accordance with the accounting principles generally accepted in India.
This responsibility includes the design, implementation and maintenance
of internal control 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 error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the 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
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
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 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 aforesaid 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date ; and
c) 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, 2003 ("the
Order") 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 Order.
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
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
books.
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
account.
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.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Dhruva Capital Services Limited on the accounts of
the company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed assets were disposed off during the year and
hence it does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the manage- ment as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. There is one such party and the amount involved is
Rs. 40,77,756/-.
(b) According to the information and explanations given to us, we are
of the opinion that the rate of interest and other terms and conditions
on which loan has been granted to the party, listed in the register
maintained u/s 301 of the Companies Act, 1956 are not, prima facie,
prejudicial to the interest of the Company.
(c) Since the loan is in the nature of demand loan, hence regular
receipt of principal amount and interest is not relevant.
(d) As explained to us, Company has taken reasonable steps to recover
the principal amount.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. There
is one such party and the amount involved at the end of the year is Rs.
4281/-.
(f) According to the information and explanations given to us, we are
of the opinion that the rate of interest and other terms and conditions
on which loan has been taken from party listed in the register
maintained u/s 301 of the Companies Act, 1956 are not, prima facie,
prejudicial to the interest of the Company.
(g) Only Demand loan is taken from the said partiy, hence regular
repayment of principal and interest is not relevant.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
materials, sale of goods, materials and services have been made in
pursuance of contract or arrangement entered in the register maintained
under Section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes. However, in case of dues relating to Income
Tax, the company has got relief from CIT(A),Udaipur but the I. Tax
department has preferred appeals before hon''ble ITAT, Jodhpur. The
details of the same has not been provided here as they are considered
to be undisputed on account of relief from CIT(A), Udaipur as well as
from ITAT, Jodhpur.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, the Company has availed the term loan for the purpose for
which it has been obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For B. L. PAGARIA & CO.
CHARTERED ACCOUNTANTS
(FRN : 01821C)
Sd/-
Place : UDAIPUR (B. L. PAGARIA)
Dated : 27th May, 2014 PARTNER
(M.No.: 071017)
Mar 31, 2012
1. We have audited the attached Balance Sheet of DHRUVA CAPITAL
SERVICES LIMITED, UDAIPUR as at 31 st March, 2012, the Profit & Loss
Account and also the Cash Flow Statement for the year ended on that
date annexed thereto. These financial statements are the responsi-
bility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of information and explanations
furnished to us, we enclose in the Annexure, a Statement on the matters
specified in Paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, 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
audit.
b. In our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in Section 21 1 (3C) of the Companies Act, 1956.
e. On the basis of written representations received from the Directors
of the Company as on 31 st March, 2012 and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on 31 st March, 2012 from being appointed as director of the Company
under clause (g) of sub section (1) of section 274 of the Companies
Act,1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
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 31st March, 2012.
(ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date and
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
[Referred to in paragraph (3) of our report of even date]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details & situation of
fixed assets.
(b) The Fixed Assets of the Company were physically verified by the
Management during the year under audit and no material discrepancies
have been noticed on such verification. In our opinion, the frequency
of such physical verification is reasonable.
(c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern status of the Company.
2. (a) As informed to us, physical verification of the Stock-in-Trade
(including stock on hire, lease and Investments) of the Company was
conducted by the Management during the year and in our opinion, the
frequency of verification was reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedure for physical verification of stock followed
by the Company are reasonable and adequate in relation to the size of
the Company and nature of its business.
(c) As explained to us no discrepancies were noticed between the
physical stocks as verified and book records.
3. (a) The Company has not granted any loan to parties covered in the
register maintained under section 301 of the Companies Act., 1956.
(b) This clause is not applicable in lieu of clause 3 (a) above.
(c) This clause is not applicable in lieu of clause 3 (a) above.
(d) This clause is not applicable in lieu of clause 3 (a) above.
(e) The Company has taken loan, secured or unsecured, from Companies
covered in the register maintained under section 301 of the Act. There
are two such parties and the amount involved is Rs. 10,06,279/-
(f) According to the information and explanations given to us, we are
of the opinion that the rate of interest and other terms and conditions
on which loan has been taken from Company, listed in the register
maintained u/s 301 of the Companies Act, 1956 is not, prima facie,
prejudicial to the interest of the Company.
(g) Only demand loan is taken from the said party, hence regular
repayment of principal and interest is not relevant.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for advancing of loans, purchase of Stocks, Securities, Plant
& Machinery, Equipments and other similar Assets and for the sale of
goods.
5. (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained u/s 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
materials, sale of goods, materials and services have been made in
pursuance of contract or arrangement entered in the Register maintained
under Section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public and as
such the directives issued by the Reserve Bank of India and the
provisions of Section 58A & 58 AA of the Companies Act, 1956 and the
rules framed there under related with public deposits are not
applicable.
7. In our opinion and according to the information and explanations
given to us, the Company's present internal audit system, which have
been designed to cover all the important areas and location, is
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Govt. U/s 209 (1) (d) of the Companies Act, 1956.
9. (a) The Company is regular in depositing with appropriate
authorities, undisputed Statutory dues including income Tax, Sales Tax,
Wealth Tax, Cess and other material statutory dues applicable to it.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of Income tax, Wealth Tax, Sales
Tax, Custom Duty and Excise Duty were outstanding as on 31st March,
2012 for a period of more than six months from the date they become
payable.
(c) According to the records of the Company examined by us and the
information and explanations given to us, there are no dues of income
tax, sales tax, wealth tax, cess and other material statutory dues
which have not been deposited on account of any dispute. However, in
case of dues relating to Income Tax, the company has got relief from
CIT (A), Udaipur but the I.T. department has preferred appeals before
hon'ble ITAT, Jodhpur.The details of same have not been provided here
as these are considered to be undisputed on account of relief from
CIT(A), Udaipur.
10. The company does not have accumulated losses as at the end of
financial year and has not incurred Cash Losses in current financial
year and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
12. In our opinion and according to information and explanations given
to us, adequate documents and records have been maintained in case of
loans and advances granted on the basis of securities by way of pledge
of vehicles, plant and machinery, shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund, a nidhi or a
mutual benefit society.
14. The Company has maintained proper records of transactions and
contracts of dealing in investment, trading in shares and other
securities and timely entries have been made therein. All the
investments are held in the name of the Company.
15. The Company has not given any guarantee for loans taken by others
from banks/financial institutions.
16. According to the information and explanations given to us the
Company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds have been used to finance short term assets except
permanent working capital.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures and hence clause 4 (xix)
of the Companies (Auditor's Report) Order, 2003 is not applicable to
the Company.
20. During the year covered by our report, the Company has not raised
any money by way of public issue.
21. According to the information and explanations given to us, no
fraud on or by the company have been noticed or reported during the
course of our audit.
In compliance of Non Banking Financial Companies Auditors Report
(Reserve Bank) Direction 2008 contained in the Notification No.
DNBS-201/DG (VL) 2008 dated 18th September, 2008 issued by the RBI U/s
45 (IA) of the RBI Act 1934, we report as under :
(a) That the Company has been granted Certificate of Registration as
provided in section 45 IA of the RBI Act, 1934 issued by R.B.I. on
1.9.1999 but the same is not valid for accepting public deposits.
(b) That the Company is entitled to continue to hold the Certificate of
Registration in terms of its asset / income pattern as on 31st March,
2012.
(c) That the Board of Directors has passed a resolution for
non-acceptance of public deposit during the year.
(d) That the Company has not accepted any public deposit during the
year under audit.
(e) That the Company has complied with Prudential Norms relating to the
recognization of assets, classification & provision for doubtful debts,
subject to the following :
(i) The Company has not framed any policy for Demand and Call Loans.
(ii) The Company has also not framed any Investment policy.
For B. L. PAGARIA & CO.
CHARTERED ACCOUNTANTS
(FRN : 01821C)
Sd/-
Place : UDAIPUR (B. L. PAGARIA)
Dated : 25th May, 2012 PARTNER
(M No : 071017)
Mar 31, 2010
1. We have audited the attached Balance Sheet of DHRUVA CAPITAL
SERVICES LIMITED USAIPUR as at 31st March,2010,the Profit & Loss Account
and also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsi- bility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
Includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of information and explanations
furnished to us, we enclose in the Annexure, a Statement on the matters
specified in Paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, 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
audit.
b. In our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in Section 21 1 (3C) of the Companies Act, 1956.
e. On the basis of written representations received from the Directors
of the Company as on 31 st March, 2010 and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on 31 st March, 2010 from being appointed as director of the Company
under clause (g) of sub section (1) of section 274 of the Companies
Act,1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts read together with the
notes thereon give the information required by the Companies Act, 1956,
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, 2010, (ii) In the case of Profit and Loss
Account, of the Profit for the year ended on that date and (iii) In the
case of cash flow statement, of the cash flows for the year ended on
that date.
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details & situation of
fixed assets.
(b) The Fixed Assets of the Company were physically verified by the
Management during the year under audit and no material discrepancies
have been noticed on such verification. In our opinion, the frequency
of such physical verifica- tion is reasonable.
(c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern status of the Company.
2. (a) As informed to us, physical verification of the Stock-in-Trade
(including stock on hire, lease and Investments) of the Company was
conducted by the Management during the year and in our opinion, the
frequency of verification was reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedure for physical verification of stock followed
by the Company are reasonable and adequate in relation to the size of
the Company and nature of its business.
(c) As explained to us no discrepancies were noticed between the
physical stocks as verified and book records.
3. (a) The Company has granted loan to parties covered in the register
maintained under section 301 of the Comapnies Act., 1956. There is 1
party covered in the register maintained under section 301 of the
Companies Act, 1956., to which the Company has granted loan. The
maximum amount involved during the year was Rs. 7145556/- and the year
end balance of loan granted to such party was Rs. 7145556/-.
(b) According to the information and explanations given to us, we are
of the opinion that the rate of interest and other terms and conditions
on which loan has been given to party listed in the register maintained
u/s 301 of the Companies Act. 1956 are not, prima facie, prejudicial
to the interest of the Company.
(c) Only Demand loan is provided to the said party, hence regular
repayment of principal and interest is not relevant.
(d) There is no overdue amount of loans taken from or granted to
Companies, firms or other parties listed in the register maintained u/s
301 of the Companies Act, 1956.
(e) The Company has repaid loan, secured or unsecured, from Company
covered in the register maintained under section 301 of the Act.
(f) According to the information and explanations given to us, we are
of the opinion that the rate of interest and other terms and conditions
on which loan has been taken from Company, listed in the register
maintained u/s 301 of the Companies Act, 1956 is not, prima facie,
prejudicial to the interest of the Company.
(g) Only demand loan is taken from the said party, hence regular
repayment of principal and interest is not relevant.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for advancing of loans, purchase of Stocks, Securities, Plant
& Machinery, Equipments and other similar Assets and for the sale of
goods.
5. (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into
the register maintained u/s 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and
explanations given to us, there are no transactions of purchase of
goods and materials, sale of goods, materials and services have been
made in pursuance of contract or arrangement entered in the Register
maintained under Section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public and as
such the directives issued by the Reserve Bank of India and the
provisions of Section 58A & 58 AA of the Companies Act, 1956 and the
rules framed there under related with public deposits are not
applicable.
7. In our opinion and according to the information and explanations
given to us, the Companys present internal audit system, which have
been designed to cover all the important areas and location, is
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Govt. U/s 209 (1) (d) of the Companies Act, 1956.
9. (a) The Company is regular in depositing with appropriate
authorities, undisputed Statutory dues including income Tax, Sales Tax,
Wealth Tax, Cess and other material statutory dues applicable to it.
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of Income tax, Wealth Tax, Sales
Tax, Custom Duty and Excise Duty were outstanding as on 31st March,
2010 for a period of more than six months from the date they become
payable.
(c) According to the records of the company examined by us and the
information and explanations given to us, there are no dues of income
tax, sales tax, wealth tax, cess and other material statutory dues
which have not been deposited on account of any dispute. However, in
case of dues relating to Income Tax, the company has got relief from
CIT (A), Udaipur but the I.T. department has preferred appeals before
honble ITAT, Jodhpur.The details of same have not been provided here
as these are considered to be undisputed on account of relief from
CIT(A), Udaipur.
10. The company does not have accumulated losses as at the end of
financial year and has not incurred Cash Losses in current financial
year and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks.
12. In our opinion and according to information and explanations given
to us, adequate documents and records have been maintained in case of
loans and advances granted on the basis of securities by way of pledge
of vehicles, plant and machinery, shares, debentures and other
securities.
13. In our opinion, the company is not a chit fund, a nidhi or a
mutual benefit society.
14. The Company has maintained proper records of transactions and
contracts of dealing in investment, trading in shares and other
securities and timely entries have been made therein. All the
investments are held in the name of the Company.
15. Tiû Company has not given any guarantee for loans taken by others
from banks/financial institutions.
16. According to the information and explanations given to us the
Company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds have been used to finance short term assets except
permanent working capital.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures and hence clause 4 (xix)
of the Companies (Auditors Report) Order, 2003 is not applicable to
the Company.
20. During the year covered by our report, the Company has not raised
any money by way of public issue.
21. According to the information and explanations given to us, no
fraud on or by the company have been noticed or reported during the
course of our audit.
In compliance of Non Banking Financial Companies Auditors Report
(Reserve Bank) Direction 2008 contained in the Notification No.
DNBS-201/DG (VL) 2008 dated 18* September, 2008 issued by the RBI U/s
45 (IA) of the RBI Act 1934, we report as under:
(a) That the Company has been granted Certificate of Registration as
provided in section 45 IA of the RBI Act, 1934 issued by R.B.I, on
1.9.1999 but the same is not valid for accepting public deposits.
(b) That the Company is entitled to continue to hold the Certificate of
Registration in terms of its asset / income pattern as on 31st March,
2010.
(c) That the Board of Directors has passed a resolution for
non-acceptance of public deposit during the year.
(d) That the Company has not accepted any public deposit during the
year under audit.
(e) That the Company has complied with Prudential Norms relating to the
recognization of assets, classification & provision for doubtful debts,
subject to the following :
(i) The Company has not framed any policy for Demand and Call Loans.
(ii) The Company has also not framed any investment policy.
For B.L, PAGARIA & CO.
CHARTERED ACCOUNTANTS
Sd/-
Place : UDAIPUR (B.L PAGARIA)
Dated : 28th May, 2010 PARTNER