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Kilburn Office Automation Ltd.

BSE: 523218 Sector: Others
NSE: N.A. ISIN Code: INE793E01014
BSE LIVE 11:36 | 18 Sep 3.83 0.18
(4.93%)
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3.83

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3.83

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.83
PREVIOUS CLOSE 3.65
VOLUME 1
52-Week high 4.03
52-Week low 2.37
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.83
Sell Qty 3299.00
OPEN 3.83
CLOSE 3.65
VOLUME 1
52-Week high 4.03
52-Week low 2.37
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.83
Sell Qty 3299.00

Kilburn Office Automation Ltd. (KILBURNOFFAUT) - Auditors Report

Company auditors report

TO

THE MEMBERS OF KILBURN OFFICE AUTOMATION LIMITED

Report on the Financial Statements

I have audited the accompanying financial statements of KILBURN OFFICE AUTOMATIONLIMITED ("the Company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I 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.

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and subject to my remarks in paragraph 2 below the consequential effectof which on the net asset position of the company as at 31st March 2016 and theProfit/(Loss) for the year ended on that date is not ascertainable and to the best of myinformation and according to the explanations given to me the aforesaid financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016; and (b) in the case of Statement of Profit and Loss of the Loss for theyear ended on that date. and (c) in the case of the Cash Flow Statement of the cash flowsfor the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act I give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. We report that:

a. As indicated in Note No. 2.30 2.34 2.35 and 2.36 I am are unable to express anopinion on the recoverability of Loans and Advances Deposits & Sundry Debtors and theresultant provision if any that may arise there from.

3. The aggregate impact of my observations in paragraph 2 above on the results for theyear ended 31st March 2016 and the net assets position as at that date cannot be readilyascertained.

4. As required by section 143(3) of the Act we report that:

a. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purpose of our audit.

b. In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with books of account.

d. In my 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 31stMarch 2016 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2016 from being appointed as a director in terms of Section164(2) of the 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 myseparate 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 my information and according to the explanations given to me :

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 2.26 and 2.32 to the financialstatements.

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

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

For Rakesh Sethia & Co.
Firm Registration No.327065E
Chartered Accountants
Rakesh Sethia
Place: 29B Rabindra Sarani Kolkata-700073 Proprietor
Date: 27th May 2016 Membership No. 063487

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in my report to the members of the Company on the financialstatements for the year ended on March 31 2016. In term of the information andexplanations given to me and books of account examined by me in the normal course of auditand to the best of my knowledge and belief I report that:

1) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. A major portion of fixed assets hasbeen physical verified by the management in accordance with a phased programme ofverification adopted by the company. In my opinion the frequency of verification isreasonable. To the best of our knowledge no material discrepancies have been noticed onsuch verification.

According to the information and explanation received by me as the company owns noimmovable properties the requirement on reporting whether title deeds of immovableproperties held in the name of the company is not applicable.

2) The management has conducted physical verification in respect of finished goodsstores spare parts and raw materials at reasonable intervals. No material discrepancieshave been noticed on physical verification of stocks as compared to book records.

3) The company has not granted any loans or advances in the nature of loans to partiescovered in the registered maintained under section 189 of the Companies Act 2013. Hencethe question of reporting whether the terms and conditions of loans are prejudicial to theinterests of the company whether reasonable steps for recovery of overdues of such loansare taken does not arise.

4) In my opinion and according to the information and explanations given to me theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

5) In my opinion and according to the information and explanations given to me thecompany has complied with the provisions of section 73 section 76 and other relevantprovisions of the companies Act 2013 and the companies Acceptance of Deposit Rules 2014with regard to the deposit accepted from the members and the public. No order has beenpassed by the national company law tribunal or company law board or any court or any othertribunal with regard to deposit.

6) I have been informed by the management no cost records have been prescribed undersection 148(1) of the Companies Act 2013 in respect of products manufactured by thecompany.

7) According to the records of the company the company is regular in depositing withappropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income-tax sales-tax service tax duty of custom dutyof excise value added tax cess have generally been regularly deposited with theappropriate authorities though there has been a slight delay in a few cases.

According to the information and explanations given no undisputed amounts payable inrespect of income tax sales tax value added tax customs duty and excise duty wereoutstanding as at 31st March 2016 for a period of more than six months from the date theybecame payable except as per below statement:

Statement of Arrears of Statutory Dues Outstanding for More than Six Months

Name of the Statute Nature of the Dues Amount (Rs.) Period to which the amount relates Due Date Date of Payment Remarks if any
Income Tax Act 1961 Income Tax 1.19 Lacs AY 07-08 - - -
Income Tax Act 1961 Income Tax 1.54 Lacs AY 08-09 - - -
Income Tax Act 1961 Income Tax 3.36 Lacs AY 09-10 - - -
Service Tax Service Tax 7.31 Lacs From FY 2007-08 to 2009-10 - - -
Professional Tax Professional Tax 0.74 Lacs From FY 2012-13 to 2014-15 - - -

According to the records of the company there are no dues of sales tax value addedtax customs duty and excise duty cess which have not been deposited on account of anydispute except :-

Statement of Disputed Dues
Name of Statute Nature of Dues Amount (Rs.) Period to which the anount relates Forum where dispute is pending
Income Tax Act 1961 Disallowance of Certain Claims 275 Lacs Financial Year 2004-05 CIT(A) - Kolkata
Income Tax Act 1961 Disallowance of Certain Claims 1.50 Lacs Financial Year 2010-11 CIT(A) - Kolkata

8) According to records of the company the company has not borrowed from financialinstitutions or banks or government issued debentures till 31st March 2016. Hence in myopinion the questions of reporting on defaults in repayment of loans or borrowing to afinancial institutions bank government or dues to debentures.

9) According to the records of the company the company has not raised any moneys byway of Initial Public Offer or Further Public Offer. Nor has the company obtained any termloan hence comments under the clause are not called for.

10) Based upon the audit procedures performed and information and explanations given bythe management I report that no fraud on the company by its officers or employees nor anyfraud by the company has been noticed or reported during the course of our audit.

11) According to the information and explanations give to me and based on myexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12) In my opinion and to the best of my information & explanations provided by themanagement I am of the opinion that the company is not a nidhi company hence in myopinion the requirement of clause 3(xii) of the order do not apply to the company.

13) According to the information and explanations given to me and based on myexamination 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 give to me and based on myexamination 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.

15) According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not entered into 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 Rakesh Sethia & Co.
Firm Registration No.327065E
Chartered Accountants
Rakesh Sethia
Place: 29B Rabindra Sarani Kolkata-700073 Proprietor
Date: 27th May 2016 Membership No. 063487

"ANNEXURE B" TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON

THE FINANCIAL STATEMENTS OF KILBURN OFFICE AUTOMATION LIMITED

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

I have audited the internal financial controls over financial reporting of KILBURNOFFICE AUTOMATION LIMITED ("the Company") as of March 31 2016 inconjunction with my audit of the financial statements of the Company for the year ended onthat 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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 Companies Act 2013.

Auditors’ Responsibility

My responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on my audit. I conducted my 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.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 my 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 2016 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 Rakesh Sethia & Co.
Firm Registration No.327065E
Chartered Accountants
Rakesh Sethia
Place: 29B Rabindra Sarani Kolkata-700073 Proprietor
Date: 27th May 2016 Membership No. 063487