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Kilburn Office Automation Ltd.

BSE: 523218 Sector: Others
NSE: N.A. ISIN Code: INE793E01014
BSE 00:00 | 04 Jun Kilburn Office Automation Ltd
NSE 05:30 | 01 Jan Kilburn Office Automation Ltd
OPEN 7.53
PREVIOUS CLOSE 7.53
VOLUME 1
52-Week high 7.53
52-Week low 3.64
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.53
CLOSE 7.53
VOLUME 1
52-Week high 7.53
52-Week low 3.64
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 31 2017the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 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.

I believe that the audit evidence obtained by me 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 consequentialeffect of which on the net asset position of the company as at 31st March 2017 and on thelosses 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 2017; and

(b) in the case of Statement of Profit and Loss of the Loss for the year ended on thatdate. and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

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

2. We report that:

a. As indicated in Note No. 2.30 2.34 2.36 and 2.37 I am unable to express anopinion on the recoverability of Loans and Advances Deposits Sundry Debtors and theSundry Creditors resultant provision if any that may arise there from.

b. As indicated in Note No. 2.39 of the financial statements further provision forDeffered tax asset for the year has not been recognized for this year.

3. The aggregate impact of my observations in paragraph 2 above on the results for theyear ended 31st March 2017 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 2017 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2017 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.

iv) The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealing in Specified Bank Notes (SBN's) during theperiod from 8th November 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company. Refer Note 2.29 to the Notes to FinancialStatement.

For Rakesh Sethia & Co.
Chartered Accountants
RAKESH SETHIA
(Proprietor)
Place: 29B Rabindra Sarani Kolkata-700073 Membership No. 063487
Date: 27th May 2017 Firm Registration No.327065E

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 2017. 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 thecompany owns no immovable properties the requirement on reporting whether title deeds ofimmovable properties 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 fund employees'state insurance income- tax sales-tax service tax duty of custom duty of excisevalue added tax cess have generally been regularly deposited with the appropriateauthorities 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 2017 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 2.75 Crores 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 2017. 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 hence in my opinion therequirement 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.
Chartered Accountants
RAKESH SETHIA
(Proprietor)
Place: 29B Rabindra Sarani Kolkata-700073 Membership No. 063487
Date: 27th May 2017 Firm Registration No.327065E