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Notes to Accounts of Duke Offshore Ltd.

Mar 31, 2015

II Schedules Forming part of Notes on Accounts

Note 1: Deferred tax liabilities (Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as perthe Financial Statements.

The Deferred Tax Assets and Liabilities are measured as perthe tax rates / laws that have been enacted by the Balance Sheet Date.

Note: 2 Related Party Disclosures Key Management Personnel (KMP)

Sr. No. Name Designation

1 Mr. Avik G. Duke Chairman & Managing Director

2 Mr. Suresh Pawar Director

3 Mr. Pramod Patekar Independent Director

4 Cmde. Alan Quadras Independent Director

5 Mrs. Harshika Kataria Independent Director

6 Mr. Sujay N. Kanatawala Independent Director

Transactions with related parties during the year. Disclosure in respect of transactions that are more than 10% of the same type with related parties during the year.


Mar 31, 2014

Note 1 : Deferred tax liabilities (Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as per the Financial Statements.

The Deferred Tax Assets and Liabilities are measured as per the tax rates / laws that have been enacted by the Balance Sheet Date.

Transactions with related parties during the year: Disclosure in respect of transactions that are more than 10% of the same type with related parties during the year.


Mar 31, 2012

These financial statements have been prepared in accordance with the Accounting Standards as prescribed by the Institute of Chartered Accountants of India and referred to in section 211(3) (c) of the Companies Act 1956. Significant accounting policies adopted in the presentation of the accounts are:

CHANGE IN ACCOUNTING POLICY

During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for the preparation and presentation of its financial statement. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statement. However, it has significant impact on presentation and disclosure made in financial statement. The company has also reclassified the previous year figures in accordance with the requirement applicable in the current year.

Note 1: Deferred tax liabilities(Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as per the Financial Statements.

Note 2: Other Current Liabilities

* Refund of Application Money Received for allotment of shares is due to one of the shareholder Rs. 6,000/-


Mar 31, 2010

1. CONFIRMATION

Some of the Balances in respect of amounts receivable and payable to certain parties are subject to conformation and reconciliation thereof from the respective parties.

2. OUTSTANDING PAYMENT TO MICRO & SMALL ENTERPRISES:

The Company initiated the process of identifying Micro Small and Medium Enterprises (MSME) by requesting vendors for confirmation to the letters circularized by it. As no response have been received up to now, from the vendors to whom request were made, it is considered that there are no dues/ payments to SMEs for the current year. Accordingly, disclosure as envisaged in part I of Schedule VI of the Companies Act,1956 is not applicable which has been relied upon by the auditors.

3. CONTINGENT LIABILITY AND OTHER COMMITMENT:

a) Claim against the company not acknowledged as debts Rs. 14,52,975/- (P.Y. Rs. 27,49,462/-) consist of Income Tax Dues for the financial year 2002-03, for which the Company has sought waiver of the penal interest from the office of Chief Commissioner of Income Tax Range 10 (1), Mumbai.

b) The Company has not made Compliance of AS-15 issued by the ICAI with regard to provision for Gratuity amounting to Rs. 17,50,000/- dues payable to employees as the same is accounted as and when due for payment. Accordingly the profit of the company to that extent has been overstated and liability was understated.

4. RELATED PARTY DISCLOSURE

(A) Key Management Personnel

(i) Mr. George Duke- CEO

(ii) Mr. Avik Duke - Managing Director

(iii) Mr. Suresh Pawar - Director

(iv) Mr. Prood Patehekar - Independent Director

(iii) CMDE. Alan - Independent Director

5. DEFERRED TAX ASSET/(LIABLITY)

In compliance with Accounting Standard-22 issued by the Institute of Chartered Accountants of India, the company has recognized in these Financial Statements Deferred tax Assets/Liabilities for future tax implications attributable to the timing differences that result between the profits offered for the Income Tax and the profit as per the financial statements.

Signatures to Schedule 1 to 15 forming an integral part of Balance Sheet and Profit & Loss Account for the Year ended March 31, 2010. As per our Report of even date attached















 
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