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Universal Office Automation Ltd.

BSE: 523519 Sector: Others
NSE: N.A. ISIN Code: INE951C01012
BSE 00:00 | 25 Apr 2.37 0.11
(4.87%)
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2.37

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2.37

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2.37

NSE 05:30 | 01 Jan Universal Office Automation Ltd
OPEN 2.37
PREVIOUS CLOSE 2.26
VOLUME 5350
52-Week high 4.95
52-Week low 2.19
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.37
CLOSE 2.26
VOLUME 5350
52-Week high 4.95
52-Week low 2.19
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Universal Office Automation Ltd. (UNIVERSALOFFICE) - Auditors Report

Company auditors report

Auditors' Report

Independent Auditor's Report To the Members of UNIVERSAL OFFICE AUTOMATION LIMITEDReport on the Standalone Financial Statements

We have audited the accompanying financial statements of Universal Office AutomationLimited (‘the Company') which comprise the balance sheet as at 31stMarch 2017 thestatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 the Rules made thereunder.

Except as matters stated in Emphasis of Matter given below we conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

Opinion

Subject to the matters stated in Emphasis of MatterIn our opinion and to the best ofour information and according to the explanations given to us 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 of the state of affairs of the Company as at 31st March 2017 and its loss and itscash flow for the year ended on that date.

Emphasis of Matter

Without qualifying our report we draw attention to

a) Note 2.1 (g)- regarding Deferred tax assets.

b) Note22 -though the company has incurred losses far in excess of paid up capital andreserves since the director's are looking for right opportunity to explore the similarline of business of activity the directors consider that it is appropriate to preparethe financial statements on going concern basis.

c) Note 25- regarding non- reconciliation and non-confirmations of Loans and advancesadvances from customers/ex-employees and trade payables being shown as liabilities tovarious parties.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditor's Report) Order 2016 (‘the order') issued bythe central government of India in terms of sub-section (11) of Section 143 of the Act wegive in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of theorder to the extent applicable :

2. 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 and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d. In our 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 2017and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017from being appointed as a director in terms of Section164 (2) of the Act; and

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 Annexure B.

g. With respect to the other matters included in the

Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us :

i. The Company does not have any pending litigations which would impact its financialposition except as stated in para 7 (c) ofannexure to Independent Auditor's Report.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the

th th

period from 08 November 2016 to 30 December 2016 and these are in accordance with thebooks of accounts maintained by the company.(Refer Note no. 24 to the financialstatements)

For S.D. Chopra & Assosciates
Chartered Accountants
Firm Registration No. 003789N
S.D. Chopra
Place: New Delhi Proprietor
Date: 26.05.2017 Membership No. 082537

UNIVERSAL OFFICE AUTOMATION LIMITED

(Referred to in our report of even date)

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

b) The fixed assets have been physically verified by the Management during the year atreasonable intervals and no material discrepancies were noticed.

c) None of the fixed assets have been disposed off during the year.

2. The Company did not have any stock at the end of the year

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.

4. In respect of loans investments guarantees and security the provisions of section185 and 186 of the Companies Act 2013 have been complied with.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits as per the directives issued by the Reserve Bank ofIndia under the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the rules framed thereunder.

6. The Central Government has not prescribed maintenance of cost records under Section148(1) of the Act for any of the products of the Company.

7. (a) According to the records of the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund income tax sales tax cess and other statutory dues applicable to

it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sale tax service tax custom duty andexcise duty were outstanding as at 31st March 2017for a period exceeding six m o n t h s fr o m t h e d a t e t h e y b e c a m e payable.

(c) According to the information and explanations given to us there are no dues ofsales tax income tax custom duty wealth tax excise duty and cess which have not beendeposited on account of any dispute except

Name of the statute Nature of the dues Amount [`in lacs] Forum where dispute is pending
Central Excise Act 1944 Excise Duty 0.83 Collector of Central Excise
Customs Act 1962 Custom Duty 241.00 Collector of Custom
Sales Tax & various other Acts 30.09 50.57 Sales Tax Tribunal Dy. Commissioner/ Commissioner (Appeal)

8. In our opinion and according to the information and explanations given to us theCompany does not have any borrowings from financial institution bank or debentureholders.

9. The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year under review.

10. According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. The company is not a Nidhi Company. Hence this clause is not applicable to thecompany.

13. All the transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 and the details have been disclosed in the FinancialStatements etc.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him.

16. The requirement of section 45-IA of the Reserve Bank of India Act 1934 is notapplicable to the company.

For S.D. Chopra & Assosciates
Chartered Accountants
Firm Registration No. 003789N
S.D. Chopra
Place: New Delhi Proprietor
Date: 26.05.2017 Membership No. 082537

Annexure-B to Independent Auditor's Report -

31 March 2017

UNIVERSAL OFFICE AUTOMATION LIMITED

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

1. We have audited the internal financial controls over financial reporting ofUniversal Office Automation Limited (‘the Company')as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

2. 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

Reporting issued 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 under the Act.

Auditors' Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 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.

5. 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

6. 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 withgenerally accepted accounting principles and that receiptsand expenditures 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

7. 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 years are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

8. 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 2017 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 S.D. Chopra & Assosciates
Chartered Accountants
Firm Registration No. 003789N
S.D. Chopra
Place: New Delhi Proprietor
Date: 26.05.2017 Membership No. 082537