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Deccan Gold Mines Ltd.

BSE: 512068 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE945F01025
BSE 15:55 | 19 Jan 37.25 -0.65
(-1.72%)
OPEN

38.80

HIGH

38.80

LOW

36.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 38.80
PREVIOUS CLOSE 37.90
VOLUME 149358
52-Week high 55.00
52-Week low 32.70
P/E
Mkt Cap.(Rs cr) 346
Buy Price 0.00
Buy Qty 0.00
Sell Price 37.25
Sell Qty 584.00
OPEN 38.80
CLOSE 37.90
VOLUME 149358
52-Week high 55.00
52-Week low 32.70
P/E
Mkt Cap.(Rs cr) 346
Buy Price 0.00
Buy Qty 0.00
Sell Price 37.25
Sell Qty 584.00

Deccan Gold Mines Ltd. (DECGOLDMINES) - Auditors Report

Company auditors report

To the Members of Deccan Gold Mines Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Deccan GoldMines Limited ("the Company") which comprises the Balance Sheet as at March31 2017 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese 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 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act; safeguarding the assetsof the Company; preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate 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 these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India as specified under section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017; he year ended on (b) In the case of statement of Profit that date;and Loss of the Loss for (c) In the case of the Cash Flow Statement of the cash flowsfor 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 Section 143(11) of the Act we givein the Annexure I a statement on the matters specified paragraphs 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 it appears from our examination of those books;

c) The standalone financial statements dealt with by this Report are in agreement withthe books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting specified under section 133 of the Act read with rule 7 of the Companies(Accounts) rules2014 (as amended);

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2) of theAct;

f) We have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31st March 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 23rd May 2017 as per annexure- II expressed.

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) Amendment Rules2017 in ouropinion and 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 in its standalone financial statements

ii) The company does not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

iv) The company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with of booksof accounts maintained by the company. Refer Note 27 to the standalone financialstatements.

for v. k. BESwAL & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REGN NO 101083W

CA K.V. BESWAL PARTNER

Membership Number: 131054

Place : Mumbai

Dated : May 23 2017

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 quantitativedetails and situation of its fixed assets.

b) The fixed assets have been physically verified by the management at reasonable Weare informed that no material discrepancies were noticed by the management on suchverification.

c) The Company does not have any immovable properties.

2. Based on our scrutiny of the company's books of accounts and other records andaccording to the information and explanations given to us we are of the opinion that thecompany has not purchased/sold goods during the year nor is there any opening stockstherefore requirement on reporting on physical verification of stocks or maintenance ofinventory records in our opinion does not arise.

3. The Company has not granted any loans secured or unsecured to the companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013.

4. The Company has not made any investment granted any loans provided any guaranteesor security during the year therefore comments under this clause has not been called for.

5. According to the information and explanations given to us the Company has notaccepted any deposits from public.

6. As informed to us the Central Government has not prescribed the maintenance of Costrecords under section 148 of the Companies Act 2013 for any of the activities of thecompany.

7. In respect of Statutory Dues:

(a) According to record of the Company produced before us the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund investor education and protection fund employees' state insurance incometax sales tax wealth tax service tax customs duty excise duty cess and otherstatutory dues applicable to it.

(b) According to the information and explanations given no undisputed amounts payablein respect of Income-Tax sales tax wealth tax service tax customs duty exciseduty/cess were outstanding as at 31.03.2017 for a period of more than six months from thedate they became payable.

(c) According to the records of the company there are no dues of Income-Tax sales taxwealth tax service tax customs duty excise duty/cess which have not been deposited onaccount of any dispute

8. As per the information and explanations given to us the company has not obtained anyloan from any financial institutions or banks and issued debentures.

9. According to the records of the Company the Company has utilized the money raisedby way of right issue for the purpose for which it was raised. 10. Based upon the auditprocedures performed and information and explanations given by the management we reportthat no fraud on or by the Company has been noticed or reported during the course of ouraudit.

11. According to the records of the Company the Managerial Remuneration has been paidor provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013. 12. In our opinion and tothe best of our information and according to the explanations provided by the managementwe are of the opinion that the company is not a Nidhi Company. Hence in our opinion therequirements of para3 (xii) of the Order do not apply to the company.

13. According to the information and explanations given to us the Company in respectto transactions with related parties has complied provisions of sections 177 and 188 ofCompanies Act 2013 and has disclosed all particulars in Financial Statements.

14. The company has not made any preferential allotment or private placement of sharestherefore comments under this clause are not called for 15. In our opinion and to thebest of our information and according to the explanations provided by the management weare of the opinion that the company has not entered into any non-cash transaction withdirectors or persons connected with him and no provisions of section 192 have beencontravened.

16. In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act1934.

For v. K. Beswal & associates

CHARTERED ACCOUNTANTS FIRM REGN NO 101083W

CA K.V. BESWAL PARTNER

Membership Number: 131054

Place : Mumbai

Dated : May 23 2017

ANNEXURE II

Independent Auditor's report on the Internal financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial statements of DeccanGold Mines Limited ("the Company") as of and for the year ended 31 March2017 we have audited the internal financial controls over financial reporting (IFCoFR) ofthe company of as of that date.

Management's responsibility for Internal financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial on the criteria being specified by management. These maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly efficient conduct of the company's business including adherence to company'spolicies the safeguarding assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under theAct.

Auditors' responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India (ICAI) and deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate IFCoFR were established and maintained and ifsuch controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal financial Controls over financial reporting

6. A company's IFCoFR is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR includes those policies and procedures that :

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal financial Controls over financial reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion :

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2017 on the criteria beingspecified by management.

for v. k. BESwAL & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REGN NO 101083W

CA K.V. BESWAL PARTNER

Membership Number: 131054

Place : Mumbai

Dated : May 23 2017