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Kilburn Office Automation
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Mar 12
Auditor's Report (Kilburn Office Automation) Year End : Mar '13
Report of the Financial Statements
 
 We have audited the accompanying financial statements of KILBURN OFFICE
 AUTOMATION LIMITED, which comprise the Balance Sheet as at March 31,
 2013, the Statement of Profit and Loss and the Cash Flow Statement for
 the year then ended, and a summary of significant accounting policies
 and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standard on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and subject to our remarks in paragraph 2 below the
 consequential effect of which on the net asset position of the company
 as at 31st March, 2013 and the ProfitZ(Loss) for the year ended on that
 date is not ascertainable, and to be best of our information according
 to the explanations given to us the financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with accounting principles generally
 accepted in India:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 (b) in the case of Statement of Profit and Loss , of the Loss for the
 year ended on that date; and 
 
 (c) in the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.  Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  We report that:
 
 a.  As indicated in Note No. 1 (b), Service Income, Interest Income &
 Interest Expenses are accounted for on cash basis. However the
 consequential effect on the results for the year and net assets
 position of the company as at the year-end has not been ascertained.
 
 b.  As indicated in Note No. 2.39 and 2.40, we are unable to express an
 opinion on the recoverability of Loans and Advances and the resultant
 provision, if any, that may arise there from.
 
 3.  The aggregate impact of our observations in paragraph 2 above on
 the results for the year ended 31st March, 2013 and the net assets
 position as at that date cannot be readily ascertained.
 
 4.  As required by section 227(3) of the Act, we report that:
 
 a.  Subject to our remarks in paragraph 2 (a) and (b) above and other
 relevant notes, we have obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purpose of our audit;
 
 b.  in our opinion, subject to our remarks in paragraph 2 (a) above,
 proper books of account as required by law have been kept by the
 Company so far as appears from our examination of those books;
 
 c.  the Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement, dealt with by this Report are in agreement with books of
 account;
 
 d.  in our opinion and Subject to our remarks in paragraph 2 (a) and
 (b) above, the Balance Sheet, Statement of Profit and Loss and Cash
 Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 e.  on the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2013, from being
 appointed as a directors in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO AUDITOR''S REPORT
 
 In term of the information and explanations given to us and books of
 account examined by us in the normal course of audit and to the best of
 our knowledge and belief, we state as under: -
 
 i) The company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets. These
 fixed assets were physically verified by the management during the
 year. We have been informed that no discrepancies were noticed on such
 physical verification. Substantial parts of fixed assets have not been
 disposed off during the year, which will affect its status as going
 concern.
 
 ii) The Stock of inventory (excluding stocks with third parties and in
 transit) has been physically verified during the year by the Management
 at reasonable intervals. In our opinion, the procedures of physical
 verification of inventory followed by the Management are reasonable and
 adequate to the size of the company and the nature of its business. The
 Company is maintaining proper records of inventory. The discrepancies
 noticed on physical verification of stock as compared to book records
 were not material. In respect of inventory lying with third parties,
 these have substantially been confirmed by them and those in transit
 have been verified by the management with reference to subsequent
 receipt and/or relevant documents.
 
 iii) The company has not granted any loan, secured or unsecured to
 companies, firms or other parties covered in the register required to
 be maintained under section 301 of the Companies Act, 1956.  Hence
 question of reporting whether the terms and conditions of such loans
 are prejudicial to the interest of the company, whether reasonable
 steps for recovery of over dues of such loans are taken does not arise.
 
 The company had taken unsecured loan from 5 parties covered in the
 register required to be maintained u/s 301 of the Companies Act, 1956.
 The maximum amount involved during the year was '' 1,392.77 Lacs. In our
 opinion, the rate of interest and other terms and conditions of loan
 taken by the company from companies, firms or other parties listed in
 the register required to be maintained under Section 301 of the
 Companies Act, 1956 are not, prima facie, prejudicial to the interest
 of the company. The company is regular in the payment of interest.
 There is no specific stipulations which regard to repayment of loans.
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business for purchase of inventory and fixed assets and for sale of
 goods. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in internal control.
 
 v) As per information and explanations given to us, we are of the
 opinion that the contracts or arrangements that need to be entered into
 a register required to be maintained in pursuance of section 301 of the
 Act have been so entered. In our opinion, each of these contracts or
 arrangements made in pursuance of contracts or arrangements have been
 made at prices which are reasonable having regard to the prevailing
 market prices at the relevant time.
 
 vi) In our opinion and according to the information and explanations
 given to us, the company has complied with the provisions of Sections
 58A and 58AA of the Act and the Companies (Acceptance of Deposits)
 Rules, 1975 with regard to the deposits accepted from the public.
 According to the information and explanations given to us, no order
 under the aforesaid sections has been passed by the Company Law Board
 on the company.
 
 vii) In our opinion, the company has an internal audit system
 commensurate with the size and natoTe of its business.
 
 viii) We have broadly reviewed the books of accounts maintained by the
 Company in respect of its product as prescribed by the Central
 Government for maintenance of cost records under section 209 (1) (d) of
 the Companies Act, 1956 and are of the opinion that prima facie the
 prescribed accounts and records have been maintained. However, we have
 not carried out a detailed examination of accounts and records.
 
 ix) According to the information and explanations given to us and the
 records of the company examined by us, in our opinion, the company is
 generally regular in depositing the undisputed statutory dues with
 respect to provident fund, income-tax, sales-tax, employees'' state
 insurance and service tax dues as applicable with the appropriate
 authorities though there is delay in some cases. However, the company
 is regular in depositing other statutory dues including investors''
 education and protection fund, wealth tax, customs duty, excise duty
 and other material statutory dues, as applicable.
 
 According to the information and explanations given to us, no
 undisputed amounts, payable in respect of Provident Fund, income tax,
 wealth tax, sales tax, service tax, customs duty and excise duty were
 in arrears, as at 31st March, 2013 for a period of more than six months
 from the date they became payable, except Income Tax of Rs. 6,09,290/-,
 ESIC of Rs. 7,537/-, Service Tax of Rs.26,36,458/-, Profession Tax of
 Rs.10,373/-, Centrai Sales Tax (CST) of Rs. 16,79,005/- & VAT of
 Rs.63,41,338/-.
 
 According to the information and explanations given to us and the
 records of the company examined by us, there are no dues on account of
 sales tax, income tax, wealth tax, service tax, customs4 duty, excise
 duty and cess which have not been deposited on account of dispute
 except :
 
 
 Name of      Nature of        Amount      Assessment     Forum where
 Statute        Dues        (T In Lakhs)     Year         dispute is 
                                                          pending
 
 Income Tax 
 Act''         Income Tax       275.00       2005-2006     CIT-Appeals
 1961                                                     -Kolkata
 
 
 x) The accumulated losses of the company are more than 50% of its net
 worth. The company has incurred cash losses of Rs. 8,79,71,390/- in the
 financial year under report and of Rs. 1,25,81,487/- in the immediately
 preceding financial year. In arriving at the accumulated losses and net
 worth as above, we have considered all qualifications which are
 quantifiable in the audit reports of the years to which these losses
 pertain except qualification made in para 2(a) under Report on other
 Legal and Regulatory Requirements of Auditor''s Report.
 
 xi) According to the records of the company examined by us and on the
 basis of the information and explanation given to us, the company has
 not defaulted in repayment of dues to any financial institution or bank
 as at the balance sheet date. The company has not issued any
 debentures.
 
 xii) As informed to us, the company has not granted any loans or
 advances on the basis of security by way of pledge of shares,
 debentures and other similar securities.
 
 xiii) The provisions of any special statute applicable to chit fund /
 nidhi / mutual benefit fund/societies are not applicable to the
 company. Therefore, the provisions of this clause of the Companies
 (Auditor''s Report) Order 2003, as amended by the Companies (Auditor''s
 Report) Amendment Order, 2004 are not applicable to the company.
 
 xiv) The company is not dealing in shares, securities, debentures and
 other investments
 
 xv) In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loans taken by
 others from banks or financial institutions during the year.
 
 xvi) The company has not taken any term loans. Hence, comments under
 the clause are not called for.
 
 xvii) According to the information and explanation given to us, we
 report that no funds raised on short- term basis have been used for
 long term investment by the company and vice versa.
 
 xviii) The company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under section
 301 of the Act.
 
 xix) The company has not issued any debenture.
 
 xx) The company has not raised any money by public issues during the
 period covered by our audit report.
 
 xxi) During the course of our examination of the books and records of
 the company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the company, noticed or reported during the year, nor
 have we been informed of such case by the management.
 
 
 
 
                                       For Rakesh Sethia & Co.
 
                                       Firm Registration No.327065E 
 
                                       Chartered Accountants 
 
                                       CA RAKESH SETHIA
 
 Place: Kolkata                        Proprietor
 
 Date: 30th May, 2013                  Membership No. 063487
Source : Dion Global Solutions Limited
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