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Duke Offshore Ltd.

BSE: 531471 Sector: Oil & Gas
NSE: N.A. ISIN Code: INE397G01019
BSE 00:00 | 16 Jan 24.05 -0.85
(-3.41%)
OPEN

23.40

HIGH

24.75

LOW

23.30

NSE 05:30 | 01 Jan Duke Offshore Ltd
OPEN 23.40
PREVIOUS CLOSE 24.90
VOLUME 525
52-Week high 62.50
52-Week low 14.53
P/E 36.44
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.40
CLOSE 24.90
VOLUME 525
52-Week high 62.50
52-Week low 14.53
P/E 36.44
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Duke Offshore Ltd. (DUKEOFFSHORE) - Auditors Report

Company auditors report

To The Members of Duke Offshore Limited

Report on the Standalone Indian Accounting Standards (Ind AS)Financial Statements

We have audited the accompanying standalone financial statements of Duke OffshoreLimited ("the Company") which comprise the Balance Sheet as at March31 2018the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information prepared based onthe relevant records(hereinafter referred to as "the Standalone Ind AS FinancialStatements").

Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015(as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the as sets of the Company and forpreventing and detecting fraud sand 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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone IndAS financialstatements based on our audit.

We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalone IndAS financial statements are free from material mis statement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its profit(including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016issued by the CentralGovernment of India in terms of sub-section(11) of section 143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanations given to uswe give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 (including other comprehensiveincome) the

Cash Flow Statement and the Statement of Changes in Equity dealt with by this Reportare in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian

Accounting Standards specified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 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 our separate Reportin Annexure B.

g. With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i) The Company has disclosed the impact if any of pending litigations as at March 312018 on its financial position in its standalone Ind AS financial statements.

ii) The Company has long term contract for which there were no material foreseeablelosses. The Company did not have any derivative contracts as at March 312018.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 312018.

For D.B. Ketkar & Co Chartered Accountants

FRN 105007W Narendra Ketkar Place : Mumbai Partner Date : 30th May 2018 Membership No.040521

Annexure - A to the Auditor's Report

The Annexure referred to in paragraph of audit report on Other Legal and RegulatoryRequirements of even date to the members of the Companyon the financial statements for theyear endedMarch 31 2018.

1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) As explained to us fixed assets have been physically verified by the management atregular intervals and no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the company does not have any immovableproperties.

2) The Company did not have any physical inventory during the year. Accordingly theprovisions of clause 3(ii) (a) and (b) of the Order are not applicable to the Company.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act2013 with respect to loans and investments made.

5) The Company has not accepted any deposits from the public.

6) As informed to us the Central Government has not prescribed the maintenance of costrecords under section 148 (1) of the Act for any of the services rendered by the Company.

7) a) As explained to us the Company did not have any dues on account of providentfund sales tax value added tax duty of customs cess employees' state insurance andduty of excise.According to the information and explanations given to us no undisputedamounts payable in respect of income taxand other material statutory dues were in arrearsas atMarch 31 2018 for a period of more than six months from the date they becamepayable.

b) According to the information and explanations given to us there are no materialdues of service-tax which have not been deposited with the appropriate authoritiesonaccount of any dispute.

8) The Company has not defaulted in repayment of loans and borrowings from anyfinancial institution banks government or debenture holders during the year.

9) The money raised by way of term loan was applied for the purpose for which it wasraised.

10) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

11) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/ provided managerialremuneration in accordance with the resolution passed at the general meeting.

12) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

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

14) According to the information and explanations given to usand based on ourexamination of the records of the Companythe Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

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

16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For D.B.Ketkar& Co. Chartered Accountants

FRN: 105007W Sd/- N. S. Ketkar Place : Mumbai (Partner) Date : 30th May 2018 MembershipNo.: 040521

Annexure - B to the Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DukeOffshore Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls.

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting("the Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risk ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting andpreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Chartered Accountants

FRN: 105007W

Sd/- N. S. Ketkar

Place : Mumbai (Partner)

Date : 30th May 2018

Membership No.: 040521