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Firstobject Technologies Ltd.

BSE: 532379 Sector: IT
NSE: N.A. ISIN Code: INE683B01047
BSE 15:06 | 03 Jun 1.79 0.08
(4.68%)
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1.79

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1.79

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1.79

NSE 05:30 | 01 Jan Firstobject Technologies Ltd
OPEN 1.79
PREVIOUS CLOSE 1.71
VOLUME 125
52-Week high 9.98
52-Week low 1.48
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.79
Buy Qty 2963.00
Sell Price 1.79
Sell Qty 100.00
OPEN 1.79
CLOSE 1.71
VOLUME 125
52-Week high 9.98
52-Week low 1.48
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.79
Buy Qty 2963.00
Sell Price 1.79
Sell Qty 100.00

Firstobject Technologies Ltd. (FIRSTOBJTECH) - Auditors Report

Company auditors report

To the members of the FirstObject Technologies Ltd

We have audited the accompanying financial statements of First Object TechnologiesLimited ("the Company") which comprise the Balance Sheet as at 31st March2019 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 statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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 the 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 performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depends 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 auditors 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 controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating 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 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 five a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2019 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 (Auditors Report) order 2003 issued by the CentralGovernment of India in terms of subsection (4A) of Section 227 of the Companies Act 1956we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe said Order

1. 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 its appears from our 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 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 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act.

(f) With respect to the other matters to be included in Auditor’s Report omaccordance 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.

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements if any.

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

iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the company.

For JBRK & Co.
Chartered Accountants
Firm Registration No. 005775S
P.S.Ranganath
Place: Mumbai Partner
Date: 14.05.2019 M.No: 200839

ANNEXURE A - TO THE INDEPENDENT AUDITOR’S REPORT

The Annexure referred to in our report to the members of Firstobject Technologies Ltd(‘the Company’) on the financial statements for the year ended 31st March 2019.We report that:

On the basis of information and explanation given to us and on the basis of such checksas were considered appropriate and necessary we state that:

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular program of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals.

According to the information and explanations given to us no material discrepancieswere 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 there are no immovable properties held in thename of the Company.

(ii) The Company is in the Service Sector. Accordingly it does not hold any physicalinventories. Therefore Paragraph 3(ii) of the Order is not applicable to the company.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to Companies firms or other parties coveredin the register maintained under Section 189 of the Companies Act 2013. Accordingly theprovisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company andhence not commented upon.

(iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident fund Employees’State Insurance Income-tax Sales-tax Wealth Tax Custom Duty Excise Duty cess and anyother material statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities. As explained to us the Company did not have any dues onaccount of Employees’ State Insurance Customs duty and Excise duty.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans to banks or financialinstitutions.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans availed during the year areapplied for the purpose for which they have raised.

(x) 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 course of our audit.

(xi) According to the information and explanations give to us the provisions ofsection 197 read with Schedule V to the Act regarding managerial remuneration is notapplicable to the company.

(xii) 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 not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company there are no transactions with the relatedparties.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company was not required to comply with theprovisions of section 42 of the Companies Act 2013 as no amounts were raised during theyear through issue of shares through preferential allotment.

(xv) 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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For P.S.Ranganath & Associates.
Chartered Accountants
Firm Registration No. 005775S
P.S.Ranganath
Place: Mumbai Partner
Date: 14.05.2019 M.No: 200839

ANNEXURE B - TO THE INDEPENDENT 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 FirstobjectTechnologies Limited ("the Company") as of 31st March 2019 in conjunction withour audit of the 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 safeguardingof its 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 Companies Act 2013.

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 and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks 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 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 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 authorisations of management and directors of the company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 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 31st March 2019 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 P.S.Ranganath & Associates.
Chartered Accountants
Firm Registration No. 005775S
P.S.Ranganath
Place: Mumbai Partner
Date: 14.05.2019 M.No: 200839