Home  »  Company  »  Firstobject Technolo  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Firstobject Technologies Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of First Object Technologies Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act the Rules made there under.

We conducted our audit in accordance 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 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 the disclosures in the financial statements. The procedures selected depends 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 auditors considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and five a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, 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 Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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 best of 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 the Company so far as its appears form our examination of those books.

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the other matters to be included in Auditor's Report om 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 the explanations given to us.

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

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

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

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in Auditors to the M/s. FirstObject Technologies Ltd for the year ended 31st March, 2015. We report that:

1.1 The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2 The Company has phased programme of physical verification of fixed assets, which in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. In accordance with the programme, the fixed assets have been physically verified by the management during the year. No material discrepancies were noticed during the year on such verification.

1.3 The Company has not disposed off any fixed assets of its own use, excepting the assets which has technical obsolescence, as such the assets disposed off during the year were not substantial and therefore do not affect the going concern status of the Company.

2.0 In our opinion and according to the information and explanations given to us, the company has not granted/ taken any loan secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956/2013.

3.0 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 with regard to purchases of fixed assets. During the course of our audit, no major weakness has been noticed in the above controls and therefore the reporting of the same does not arise.

4.0 In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956/ 2013.

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that need to be entered into the register have been so entered.

b) According to the information and explanations given to us, where each of such transactions in excess of Rs.5.lakhs in respect of any party, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time

5.0 The Company has not accepted public deposits in accordance with the provisions of Section 58AA of the Companies Act, 1956/2013.

6.0 In our Opinion, Company has an internal audit system, commensurate with the size of the Company and nature of its business.

7.0 The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956/2013.

8.0 a) According to the records of the company, provident Fund, Investor Education and Protection Fund, Employees State

Insurance, Income tax, Wealth tax, and Sales tax as applicable were regularly deposited during the year with the appropriate authorities as applicable.

b) According to the information and explanations given to us and the books and records examined by us, There are no dues towards sales tax, income tax, customs duty, wealth tax, excise duty and cess, which has not been deposited on account of dispute.

9.0 The Company has accumulated losses at the end of the financial year and has not incurred cash loss during the current financial year and immediately preceding financial years.

10. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks.

11. According to the information and explanations given to us and based on our examinations of records, the company has not granted loans and advances on the basis of security by way of pledge of shares and other securities.

12. The Company is not a chit fund / niche / metal benefit fund or society.

13. Based on our examinations of records and the information and explanations given to us, the company does not deal/ trade in shares, securities, and other investments.

14. In our opinion and according to the information and explanations given to us, the company has not given guarantees.

15. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not availed any new Term Loan and Overdraft facility during the current year, but continued the previous loans.

16. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall examination of the balance sheet of the company, funds raised on short term basis,. Prima facie, have not been used during the year for long term investment and vice versa.

17. According to the information and explanation given to me, the company has not made any preferential allotment of shares to promoters, strategic investors and others covered in the register maintained under section 301 of the act.

18. Company has not issued any debentures during the year.

19. The Company has not made any public issue of shares during the year.

20. To the best our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

21. In our opinion and according to the information and explanation given to us, the nature of the company's business/ activities during the year have been such that clause (ii) of paragraph 4 of the Companies (Auditors Report) order, 2003 are not applicable to the company.

For JBRK & Co. Chartered Accountants Firm Registration No. 005775S

P.S.Ranganath Partner M.No: 200839

Place: Hyderabad Date: 14.05.2015


Mar 31, 2014

1. We have audited the attached Balance Sheet of M/s. FIRSTOBJECT TECHNOLOGIES LIMITED as at 31st March, 2014 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub - section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments. In the Annexure referred to in paragraph 3 above, we report that:

a) 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, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors as on March 31st, 2014 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31st, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(ii) in the case of the Profit & Loss Account, of the profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in Auditors to the M/s. FirstObject Technologies Ltd for the year ended 31st March, 2014. We report that:

1.1 The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2 The Company has phased programme of physical verification of fixed assets, which in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. In accordance with the programme, the fixed assets have been physically verified by the management during the year. No material discrepancies were noticed during the year on such verification.

1.3 The Company has not disposed off any fixed assets of its own use, excepting the assets which has technical obsolescence, as such the assets disposed off during the year were not substantial and therefore do not affect the going concern status of the Company.

2.0 In our opinion and according to the information and explanations given to us, the company has not granted/ taken any loan secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3.0 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 with regard to purchases of fixed assets. During the course of our audit, no major weakness has been noticed in the above controls and therefore the reporting of the same does not arise.

4.0 In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act 1956.

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that need to be entered into the register have been so entered.

b) According to the information and explanations given to us, where each of such transactions in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time

5.0 The Company has not accepted public deposits in accordance with the provisions of Section 58AA of the Companies Act, 1956.

6.0 In our Opinion, Company has an internal audit system, commensurate with the size of the Company and nature of its business.

7.0 The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

8.0 a) According to the records of the company, provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Wealth tax, and Sales tax as applicable were regularly deposited during the year with the appropriate authorities as applicable.

b) According to the information and explanations given to us and the books and records examined by us, There are no dues towards sales tax, income tax, customs duty, wealth tax, excise duty and cess, which has not been deposited on account of dispute.

9.0 The Company has accumulated losses at the end of the financial year and has incurred cash loss during the current financial year and it hadn''t incurred any cash loss during the preceding financial year.

10. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks.

11 According to the information and explanations given to us and based on our examinations of records, the company has not granted loans and advances on the basis of security by way of pledge of shares and other securities.

12. The Company is not a chit fund / niche / metal benefit fund or society.

13. Based on our examinations of records and the information and explanations given to us, the company does not deal/ trade in shares, securities, and other investments.

14. In our opinion and according to the information and explanations given to us, the company has not given guarantees.

15. To the best of our knowledge and belief and according to the information and explanations given to us, the company has availed Term Loan and Overdraft facility during the year.

16. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall examination of the balance sheet of the company, funds raised on short term basis,. Prima facie, have not been used during the year for long term investment and vice versa.

17. According to the information and explanation given to me, the company has not made any preferential allotment of shares to promoters, strategic investors and others covered in the register maintained under section 301 of the act.

18. Company has not issued any debentures during the year.

19. The Company has not made any public issue of shares during the year.

20. To the best our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

21. In our opinion and according to the information and explanation given to us, the nature of the company''s business/ activities during the year have been such that clause (ii) of paragraph 4 of the Companies (Auditors Report) order, 2003 are not applicable to the company.

For JBRK & Co. Chartered Accountants Firm Registration No. 005775S

P.S.Ranganath Partner M.No: 200839

Place: Hyderabad Date: 15.05.2014


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. FirstObject Technologies Ltd as at 31st March, 2010 and the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on the date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion."

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments. In the Annexure referred to in paragraph 3 above:

i. 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;

ii. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

Mi. The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

iv. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred in Section 211(3C) of the Companies Act, 1956;

v. On the basis of the written representations from the directors, taken on record by the Board of Directors, none of the directors are disqualified as on 31st March,2010 from being appointed as a director under Section 274(1)( g) of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii. in the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date; and

iii. in the case of the Cash Flow Statement of the Cash Flows of the Company for the year ended on the date.

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in Auditors report to the M/s. FirstObject Technologies Ltd for the year ended 31 st March, 2010. We report that:

1.1 The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2 The Company has phased programme of physical verification of fixed assets, which in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. In accordance with the programme, the fixed assets have been physically verified by the management during the year. No material discrepancies were noticed during the year on such verification.

1.3 The Company has not disposed off any fixed assets of its own use, excepting the assets which has technical obsolescence, as such the assets disposed off during the year were not substantial and therefore do not affect the going concern status of the Company.

During the year, a major fire broke out at our companys operational premises located at Srinagar Colony, Hyderabad due to an electric short circuit. The company had to shift its operations to an alternative site located at Kukkatpally, Hyderabad during the said period the work continued without any break.Some of the fixed assets of the Company got destroyed in the fire accident.

2.0 In our opinion and according to the information and explanations given to us, the company has not granted/ taken any loan secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3.0 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 with regard to purchases of fixed assets. During the course of our audit, no major weakness has been noticed in the above controls and therefore the reporting of the same does not arise.

4.0 In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956.

a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that need to be entered into the register have been so entered.

b) According to the information and explanations given to us, where each of such transactions in excess of Rs.5.lakhs in respect of any party, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time.

5.0 The Company has not accepted public deposits in accordance with the provisions of Section 58AA of the Companies Act, 1956.

6.0 In our Opinion, Company has an internal audit system, commensurate with the size of the Company and nature of its business.

7.0 The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956.

8.0 a) According to the records of the company, provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Wealth tax, and Sales tax as applicable were regularly deposited during the year with the appropriate authorities.

b) According to the information and explanations given to us, and the books and records examined by us, there are no dues towards sales tax, income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on account of dispute.

9.0 The Company has accumulated losses at the end of the financial year and has not incurred cash losses during and immediately preceeding financial years.

10. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks.

11 According to the information and explanations given to us and based on our examinations of records, the company has not granted loans and advances on the basis of security by way of pledge of shares and other securities.

12. The Company is not a chit fund / niche / metal benefit fund or society.

13. Based on our examinations of records and the information and explanations given to us, the company does not deal/ trade in shares, securities, and other investments.

14. In our opinion and according to the information and explanations given to us, the company has not given guarantees.

15. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not availed any term loans during the year.

16. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall examination of the balance sheet of the company, funds raised on short term basis,. Prima facie, have not been used during the year for long term investment and vice versa.

17. According to the information and explanation given to me, the company has made preferential allotment of shares to promoters, strategic investors and others covered in the register maintained under section 301 of the act.

18. Company has not issued any debentures during the year.

19. The Company has not made any public issue of shares during the year.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

21. In our opinion and according to the information and explanation given to us, the nature of the companies business/ activities during the year have been such that clause (ii) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

For J&K.Agarwal & Co.

Chartered Accountants

Sd-

(J.K.Agarwal)

Partner M.No: 35554

Place: Mumbai

Date: 04-09-2010



 
Subscribe now to get personal finance updates in your inbox!