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Ducon Infratechnologies Ltd.

BSE: 534674 Sector: IT
NSE: DUCON ISIN Code: INE741L01018
BSE 00:00 | 20 Jul 18.65 -0.05
(-0.27%)
OPEN

19.70

HIGH

19.70

LOW

18.30

NSE 00:00 | 20 Jul 18.60 -0.15
(-0.80%)
OPEN

19.00

HIGH

19.25

LOW

18.50

OPEN 19.70
PREVIOUS CLOSE 18.70
VOLUME 10625
52-Week high 58.00
52-Week low 18.20
P/E 62.17
Mkt Cap.(Rs cr) 146
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.70
CLOSE 18.70
VOLUME 10625
52-Week high 58.00
52-Week low 18.20
P/E 62.17
Mkt Cap.(Rs cr) 146
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ducon Infratechnologies Ltd. (DUCON) - Auditors Report

Company auditors report

To the Members of Ducon Infratechnologies Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ducon InfratechnologiesLimited ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss Statement of Cash Flow for the year then ended andnotes to the financial statements including a summary of the significant accountingpolicies and other explanatory information.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 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 control 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 the 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 is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 its profits and its cash flow for 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 bythe Central Government of India in terms of Section 143 (11) of the Act we give in"Annexure A" a statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent applicable.

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 purposes 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 Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on March31 2017 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. 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 has disclosed the impact of pending litigations on its financialstatements. Refer to Note 25.1 to the financial statements.

ii. The Company does not have any long-term contracts including derivatives contractsfor which there are any material foreseeable losses.

iii. There was no amount required to be transferred to Investor Education andProtection Fund by the company.

iv. The Company has provided requisite disclosure in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 08 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer to Note 25.9 to the financial statements.

For Hitesh Shah & Associates
Chartered Accountants
Firm's Registration No.: 107416W
Place : Mumbai Hitesh Shah Partner
Date : May 30 2017 Membership No.: 040999

"Annexure A" forming part of Independent Auditor's Report

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the financial statements for the year ended March 31 2017 we report that:

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the company and thenature of its assets.

(c) The Company does not own any immovable properties; hence the clause 1 ofparagraph 3 of the Order is not applicable to the Company.

ii) The inventories have been physically verified during the year by the Management atreasonable intervals and the discrepancies noticed on physical verification of theinventory as compared to records has been properly dealt in the books of accounts and werenot material.

iii) The Company has not granted any loan secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained u/s 189of the Act. Accordingly the provisions of Clause (iii) (a) to (c) of paragraph 3 of theOrder are not applicable to the Company.

iv) The Company has not granted any loans or made investments or given loans orguarantees or security to the parties covered under Section 185 & 186 of the CompaniesAct 2013.

v) The company has not accepted any deposits from the public. Therefore the provisionof Clause (v) of paragraph 3 of the Order is not applicable to the Company.

vi) The Central Government has not prescribed the maintenance of cost records undersub- section (1) of section 148 of the Act for any of the activities of the Company.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records the Company has been generally regular in depositingundisputed statutory dues including income tax sales tax service tax cess and otherstatutory dues with the appropriate authorities.

(b) Details of dues of Income Tax which has not been deposited as at March 31 2017 onaccount of dispute are given below :-

Name of the Statute Period to which the amount relates Forum where the dispute is pending Amount (Rs.)
Income Tax A.Y. 2012-13 CIT (Appeals) Rs. 5400000/-

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks. The Company does not have loansor borrowings from financial institutions or government and has not issued any debentures.

ix) Based upon the audit procedures performed and according to the information andexplanations given to us the company has not raised money by way of initial public offeror further public offer (including debt instruments) and term loans. Accordingly theprovision of clause (ix) of paragraph 3 of the Order is not applicable to the company.

x) Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

xi) Based upon the audit procedures performed and according to the information andexplanations given to us the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013;

xii) In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company. Accordingly Clause (xii) of paragraph 3 of the Order isnot applicable.

xiii) According to the information and explanations given to us and based on ourexamination of records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and the details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) Based upon the audit procedures performed and according to the information andexplanations given by the management the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the clause (xiv) of paragraph 3 of the Order is not applicableto the Company.

xv) According to the information and explanations given to us and based on ourexamination of records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) ofparagraph 3 of the Order is not applicable.

xvi) In our opinion and according to the information and explanations given to us thecompany is not required to be registered under section 45 - IA of Reserve Bank of IndiaAct 1934.

For Hitesh Shah & Associates
Chartered Accountants
Firm's Registration No.: 107416W
Place : Mumbai Hitesh Shah Partner
Date : May 30 2017 Membership No.: 040999