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Duke Offshore Ltd.

BSE: 531471 Sector: Oil & Gas
NSE: N.A. ISIN Code: INE397G01019
BSE 00:00 | 20 Jun 41.95 -0.20
(-0.47%)
OPEN

41.05

HIGH

44.00

LOW

41.00

NSE 05:30 | 01 Jan Duke Offshore Ltd
OPEN 41.05
PREVIOUS CLOSE 42.15
VOLUME 2218
52-Week high 135.00
52-Week low 41.00
P/E
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.05
CLOSE 42.15
VOLUME 2218
52-Week high 135.00
52-Week low 41.00
P/E
Mkt Cap.(Rs cr) 21
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 Financial Statements

We have audited the accompanying financial statements of Duke Offshore Limited(‘‘the Company") which comprise the Balance Sheet as at March 312017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withaccounting 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of accounting records relevant to the preparation and presentation of thefinancial 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 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 Rules made there under.

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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriaje 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 March312017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act we give inthe "AnnexureA" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

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 ofouraudit;

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 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 aforesaid financial statements comply with the applicableAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

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) ofthe Act;

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 "AnnexureB"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:

h. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

i. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

j. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

k. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in specified bank notes during the period from November 82016 to December 30 2016 based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books of accountsmaintained by the company and as produced to us by the management- Refer Note 25

For D. B. Ketkar & Co.
Chartered Accountants
FRN: 105007W
Place : Mumbai Sd/- N. S. Ketkar (Partner)
Date : 30.05.2017 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 Company on the financial statements forthe year ended March 312016.

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.

b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax and other material statutory dues were in arrears as atMarch 312017 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us there are no materialdues of service- tax which have not been deposited with the appropriate authorities onaccount of any dispute. However according to information and explanations given to usthe following dues of income tax have not been deposited by the Company on account ofdisputes:

Name of the Statue Nature of Dues Amount (Rs.) Period to which amount relates Forum where dispute is pending
The Income Tax Act 1961 Interest 1452975/- 2003-2004 Commissioner of IncomeTax

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. However thesame has exceeded the limit of 5% specified in section II part II of schedule V to the Actby Rs. 1901580/-. The Company has sought the permission of the Central Government toratify the same.

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 us and based on ourexamination of the records of the Company the 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 us and 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
Place : Mumbai Sd/- N.S.Ketkar (Partner)
Date : 30.05.2017 Membership No.: 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 312017 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required undertheAct.

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 dnd 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 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 authorizations of management and Directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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

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 312016 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.

For D. B. Ketkar & Co.
Chartered Accountants
FRN: 105007W
Place: Mumbai Sd/- N. S. Ketkar (Partner)
Date : 30.05.2017 M. No. 040521