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Deccan Gold Mines Ltd.

BSE: 512068 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE945F01025
BSE LIVE 15:52 | 02 Dec 42.35 -1.00
(-2.31%)
OPEN

43.00

HIGH

43.50

LOW

42.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 43.00
PREVIOUS CLOSE 43.35
VOLUME 61293
52-Week high 69.90
52-Week low 25.40
P/E
Mkt Cap.(Rs cr) 382.42
Buy Price 42.35
Buy Qty 19.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.00
CLOSE 43.35
VOLUME 61293
52-Week high 69.90
52-Week low 25.40
P/E
Mkt Cap.(Rs cr) 382.42
Buy Price 42.35
Buy Qty 19.00
Sell Price 0.00
Sell Qty 0.00

Deccan Gold Mines Ltd. (DECGOLDMINES) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To the members of Deccan gold mines limited

Report on the financial statements

We have audited the accompanying financial statements of deccan gold mines limitedwhich comprise the balance sheetasatmarch312014 profit and loss and cash flowstatement for the year thestatement then ended and a summary of significant accountingpolicies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the accounting standards referred to in sub-section (3c) ofsection 211 of the companies act 1956 ("the act") read with the generalcircular 15/2013 dated 13th september 2013 of the ministry of corporate affairs in respectof section 133 of the companies act 2013. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the standards on auditing issued by theinstitute of chartered accountants of india. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Report on other legal and regulatory requirements

As required by the companies (auditor’s report) order 2003 ("theorder") issued by the central government of india in terms of sub-section (4a) ofsection 227 of the act we give in the annexure a statement on the matters specified inparagraphs 4 and 5 of the order.

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 ourknowledge 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[and proper returns adequatefor the purposes of our audit have been received from branches not visited by us];

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 balance sheet statement of profit and loss and cash flowstatement comply with the accounting standards referred to in sub-section (3c) of section211 of the companies act 1956 read with the general circular 15/2013 dated 13th september2013 of the ministry of corporate affairs in respect of section 133 o f the companies act2013.

e. On the basis of written representations received from the directors as on march 312014 and taken on record by the board of directors none of the directors is disqualifiedas on march 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the companies act 1956.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in india:

(a) in the case of the balance sheet of the state of affairs of the company as atmarch 31 2014

(b) in the case of statement of profit and loss of the loss for the year ended on thatdate and

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

For v. K. Beswal & associates

Chartered accountants

Firm regn no 101083w

Ca k.v. beswal

Partner

Membership number: 131054

Place : mumbai

Dated : 29 may 2014

ANNEXURE TO THE AUDITOR’S REPORT OF EVEN DATE

(referred to in paragraph 1 thereof)

1. In respect of fixed assets

a) the company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) the fixed assets have been physically verified by the management at reasonableintervals during the year. We are informed that no material discrepancies were noticed bythe management on such verification.

C) based on our scrutiny of the records of the company and the information &explanation received by us we report that there were no sale of fixed assets during theyear. Hence the question of reporting whether the sale of any substantial part of fixedassets has affected the going concern of the company does not arise.

2. As the company has not purchased or sold any goods during the year nor does thecompany have any opening stock therefore the requirement to report the physicalverification of stocks or maintenance of inventory records in our opinion does not arise.

3. The company has not granted or taken any loans to/from companies firms or otherparty covered in the register maintained u/s.301 of the companies act 1956.

4 in our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the company and thenature of its business. Further on the basis of our examination of the books and recordsof the company carried out in accordance with the auditing standards generally acceptedin india and according to the information and explanations given to us we have neithercome across nor have we been informed of any continuing failure to correct weaknesses inthe aforesaid internal control system.

5. A) based on the audit procedures applied by us and the information and explanationsprovided by the management we are of the opinion that the transactions that need to beentered into the register maintained under section 301 have been so entered. B) in ouropinion and according to the information and explanations given to us the transactionsmade in pursuance of contracts or arrangements entered in the register maintained undersection 301 and exceeding the value of rs. 5 lacs in respect of any party during the yearhave been made at prices which are reasonable having regard to prevailing market prices atthe relevant time.

6. In our opinion and according to the information and explanations given to us sincethe company has not accepted any deposits from public within the meaning of section 58-a58aa or any other provision of the act the question of compliance with the provisions ofsection 58a 58aa or any other provisions of the act does not arise.

7. In our opinion the company has an internal audit system commensurate with its sizeand nature of its business.

8. As informed to us the central government has not prescribed the maintenance of costrecords under section 209(1)(d) of the companies act 1956.

9. According to the records of the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues including income taxsales tax wealth tax custom duty excise duty service tax cess and other statutorydues applicable to it. According to information & explanation given there were noundisputed amounts payable in respect of income tax wealth tax service tax sales taxcustom duty excise duty service tax cess & other statutory dues which remainedoutstanding as at 31st march 2014 for a period more than six months from the date theybecame payable.

10. The accumulated losses of the company are more than 50% of its net worth as at 31stmarch 2014. The company has incurred a cash loss of rs 31.65 lacs in the current financialyear and rs.67.67 lacs in the immediately preceding financial year.

11. According to the records of the company the company has not borrowed fromfinancial institutions or banks or issued any debentures during the year hence in ouropinion the question of reporting on defaults in repayment of dues to financialinstitutions or banks or debenture holders does not arise.

12. According to the information and explanation given to us the company has notgranted any loans and advances on the basis of security by way of pledge of sharesdebentures or other securities. 13. In our opinion and to the best of our information andaccording to the explanations provided by the management we are of the opinion that thecompany is neither a chit fund nor a nidhi /mutual benefit society. Hence in our opinionthe requirements of para 4 (xiii) of the order do not apply to the company.

14. As per records of the company and information and explanations given to us by themanagement company is not dealing or trading in shares securities and debentures andother investments.

15. The company has not given any guarantee in connection with loans taken by othersfrom banks or financial institutions.

16. According to the records of the company the company has not taken any term loan.

17. According to the information and explanations given to us and on an overallexamination of the balance sheet of the company we report that no funds raised onshort-term basis have been used for long-term investment by the company.

18. The company has made preferential allotment of shares to parties and companiescovered in the register maintained under section 301 of the act. In our opinion prices atwhich shares have been issued is not prejudicial to the interest of the company.

19. No debentures have been issued by the company during the year and hence thequestion of creating securities in respect thereof does not arise.

20. The company has not raised any money by public issues during the period covered byour audit report.

21. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

For v. K. Beswal & associates

Chartered accountants

Firm regn no 101083w

Ca k.v. beswal

Partner

Membership number: 131054

Place : mumbai

Dated : 29 may 2014

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