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Duke Offshore | Auditor's Report > Oil Drilling And Exploration > Auditor's Report from Duke Offshore - BSE: 531471, NSE: N.A
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Duke Offshore
BSE: 531471|ISIN: INE397G01019|SECTOR: Oil Drilling And Exploration
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Mar 12
Auditor's Report (Duke Offshore) Year End : Mar '13
Report On Financial Statement
 
 We have audited the accompanying financial statements of M/s. Duke
 Offshore Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2013, and the Statement of Profit and Loss and also the
 cash flow statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management 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 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 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.
 
 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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013; and
 
 b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date;
 
 c) In the case of 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, 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
 comply with the Accounting Standards referred to in subsection (3C) of
 section 211 of the Companies Act, 1956, except note no. Q ( c ) of
 notes to accounts regarding to non provision of Gratuity Liability in
 compliance with AS 15;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 f) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF REPORT OF
 EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH, 2013
 
 As required by the Companies (Auditors Report) Order, 2003 issued by
 the Central Government of India in terms of sub-section (4A) of section
 227 of the Companies Act, 1956 our comments in respect of matters
 specified in paragraphs 4 and 5 of the said order are as follows:
 
 i.  (a) According to the information and explanations given to us and
 in our opinion, the Company has maintained proper records showing full
 particulars, including quantitative details and the situation of fixed
 assets.
 
 (b) According to the information and explanations given to us, the
 fixed assets have been physically verified by the management during the
 year at reasonable intervals. As explained to us, no material
 discrepancies were noticed as compared to the book records, on such
 physical verification.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has not made substantial disposal of the fixed
 assets during the year and the going concern status of the Company is
 not affected.
 
 ii.  (a) The inventories have been physically verified during the year
 by the management. In our opinion, the frequency of verification is
 reasonable.
 
 (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) The Company has maintained proper records of inventories. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventories as compared to the book records.
 
 iii. In respect of the loans, secured or unsecured, granted or taken by
 the Company to / from companies, firms or other parties covered in the
 register maintained under Section 301 of the Companies Act, 1956:
 
 (a) As explained to us, the Company has not granted any loans, secured
 or unsecured, to companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 (b) According to the information and explanations given to us, the
 Company has taken interest free loan from Two (2) parties listed in the
 register maintained under section 301 of the Companies Act, 1956. In
 respect of said loan, the maximum amount outstanding at any time during
 the year was Rs. 71,39,878/- and the year-end balance of loans taken
 from this party was Rs.36,39,878/- .
 
 (c) In our opinion and according to information and explanations given
 to us, other terms and conditions of loans taken by the company are not
 prima facie prejudicial to the interest of the Company.
 
 (d) According to the information and explanations given to us, the
 company is generally regular in repaying the principal amount.
 
 iv. 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 nature of its business
 for the purchase of fixed assets and also for sale of Services. During
 the course of our audit, we have not observed any continuing failure to
 correct major weaknesses in internal controls procedure.
 
 v. In respect of transactions entered in the register maintained in
 pursuance of section 301 of the Companies Act, 1956 in our opinion and
 according to information and explanations given to us, there are no
 transactions made in pursuance of contracts or arrangements that needed
 to be entered into the register maintained under section 301 of the
 Companies Act, 1956, and consequently the paragraph v(b) of the order
 is not applicable.
 
 vi. In our opinion and according to the information and explanations
 given to us, the company has complied with the Provisions of Section
 58A of the companies Act and its rules, and also the directives of
 Reserve Bank of India.  Since the company has not defaulted in
 repayment of deposits, compliance of Section 58AA of the Companies Act
 and its Rules, does not apply.
 
 vii. According to the information and explanations given to us and in
 our opinion, the Company has no formal internal audit department as
 such. However, its control procedures ensure reasonable internal
 checking of its financial and other records.
 
 viii. According to the information and explanations given to us, the
 maintenance of cost records have not been prescribed by the Central
 Government under section 209 (1) (d) of the Companies Act, 1956, in
 respect of activities of the Company.
 
 ix. (a) According to the information and explanations given to us and
 according to the records, the Company has been regular in depositing
 undisputed statutory dues, including, Income Tax, Wealth Tax, and any
 other statutory dues with appropriate authorities during the year. As
 per the information and explanations given to us and in our opinion,
 the statutes relating to Sales Tax, Employees Provident Fund,
 Employee''s State Insurance, Customs Duty, Excise Duty & Cess, are not
 applicable to the Company.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of the aforesaid dues were
 outstanding as at 31st March, 2013 for a period of more than six months
 from the date of them becoming payable.
 
 (b) The disputed statutory dues being interest U/s. 234 aggregating to
 Rs.  1,452,975/- for the A.Y. 2003 - 04 that have not been deposited on
 account of pending waiver application before appropriate authorities
 are as under.
 
 x. The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash losses during the
 financial year covered by the audit and in the immediately preceding
 the financial year.
 
 xi In our opinion and according to information and explanations given
 to us, the Company has no outstanding dues from the financial
 institution or bank or debenture holders at the beginning of the year
 and has not taken any dues during the financial year from the financial
 institution or bank or debenture holders and therefore the question of
 default in repayment of dues to financial institutions, banks and
 debenture holders does not arise.
 
 Xii In our opinion and according to information and explanations given
 to us, the Company has not given any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 xiii. In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund or a nidhi / mutual benefit
 fund / society.  Accordingly, the clause 4(xiii) and sub-clauses (a) to
 (d) of the Order is not applicable to the Company.
 
 xiv. In our opinion and according to the information and explanations
 given to us, the Company is not a dealer or trader in share,
 securities, debentures and other investments.
 
 xv. 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.
 
 xvi. According to the information and explanations given to us, the
 Company has not availed any term loans and consequently the paragraph
 4(xvi) of the Order is not applicable to the Company.
 
 xvii. According to the information and explanations given to us, the
 Company has not raised any funds on short-term or long-term basis and
 consequently the paragraph 4(xvii) of the Order is not applicable to
 the Company.
 
 xviii. 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.
 
 xix. According to the information and explanations given to us, the
 Company has not issued any debentures and consequently the paragraph
 (xix) of the Order is not applicable.
 
 xx.  The Company has not raised any money by public issue during the
 year.
 
 xxi. In our opinion and according to the information and explanation
 given to us, no material fraud on or by the Company has been noticed or
 reported during the year.
 
 
 
 For M/s. B. B. Shah & Company 
 
 Chartered Accountants
 
 Firm Reg. No. 129121W
 
 
 
 
 
 
 
 CA. Bipin B. Shah
 
    [Partner]
 
 Membership No. 16862
 
 
 
 Place : Mumbai 
 
 Date : 30.05.2013
Source : Dion Global Solutions Limited
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