Jun 30, 2015
We have audited the accompanying financial statements of Universal
Office Automation Limited ('the Company'), which comprise the balance
sheet as at 30th June 2015, the statement of Profit and Loss and the
Cash Flow Statement for the period then ended, and a summary 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone 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 controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the 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 and the Rules made
Except as matters stated in Emphasis of Matter given below, 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 depend 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 auditor 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. 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 standalone
financial statements.
Opinion
Subject to the matters stated in Emphasis of Matter,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 give 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 30th June 2015 and its
profit and its cash flow for the period ended on that date.
Emphasis of Matter
Without qualifying our report, we draw attention to
a) Sub note (g) of Note 2.1 regarding Deferred tax assets.
b) Note24 : Though the company has incurred losses far in excess of
paid up capital and reserves, since the director's are looking for
right opportunity to explore the similar line of business of activity,
the directors consider that it is appropriate to prepare, the financial
statements on going concern basis.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditor's Report) Order, 2015 ('the
order') issued by the central government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the annexure, a
statement on the matters specified in paragraphs 3 and 4 of the order,
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 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 it appears from our examination of those
books;
c. The Balance Sheet, the statement of Profit And Loss and 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 30th June 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 30th June 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. 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 the explanations given to us :
i. The Company does not have any pending litigations which would
impact its financial position except as stated in para 7 (c) of
annexure to Independent Auditor's Report.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Independent Auditor's Report -30th June 2015
(Referred to in our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by the Management
during the period at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during the period.
2. The Company did not have any stock at the end of the period
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of goods and
services.
5. In our opinion, and according to the information and explanations
given to us, the Company has not accept deposits as per the directives
issued by the Reserve Bank of India under the provisions of Sections 73
to 76 or any other relevant provisions of the Act and the rules framed
there under.
6. The Central Government has not prescribed maintenance of cost
records under Section 148(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 in depositing with appropriate authorities undisputed
statutory dues including provident fund, income tax, sales tax, cess
and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
30th June, 2015 for a period exceeding six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are no dues of, sales tax, income
Name of Nature of the Amount Forum where the
statute dues (Rs.in lacs) dispute is
pending
Central Excise Excise Duty 0.83 Collector of Act,
1944 Central Excise
Customs Act, Custom Duty 241.00 Collector of
1962 Custom
Sales Tax & 30.44 Sales Tax Tribunal
various other
Acts 53.57 commissioner
/ Commissioner
(Appeal)
tax, custom duty, wealth tax, excise duty and cess which have not been
deposited on account of any dispute except ,
(d) According to the information and explanation given to us , there
are no dues required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act,1956 (1 of 1956) and rules made there under.
8. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash losses
during the financial period covered by our audit and has not incurred
in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. In our opinion and according to the information and explanations
given to us, The company has not raised any term loan during the
period.
12. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
Place: New Delhi For S.D. Chopra & Associates
Date: 27th August, 2015 Chartered Accountants
Firm Registration No. 003789N
S.D. Chopra
Proprietor
Membership No. 082537
Mar 31, 2014
1. Report on the financial statements: We have audited the
accompanying financial statements of Universal Office Automation
Limited, which comprise the Balance Sheet as at 31st March, 2014 and
the statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
2. Management's responsibility for the financial statements:
Management is responsible for the preparation of these financial
statements that gives a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting standards referred to in sub section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give true and fair view and are free from material misstatement,
whether due to fraud or error.
3. Auditor's Responsibility: Our responsibility is to express an
opinion on these financial statement based on our audit. Except as
matters stated in paragraph 4 below, we conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with the ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend 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 auditor
considers internal control relevant to the company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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 ba sis for our audit opinion.
4. We draw attention to:
a) Sub note (g) of Note 2.1 regarding Deferred tax assets.
b) Note 24: Though the company has incurred losses far in excess of
paid up capital and reserves, since the director's are looking for
right opportunity to explore the similar line of business of activity,
the directors consider that it is appropriate to prepare, the financial
statements on going concern basis.
5. Opinion: Subject to the matters stated in paragraph 4, in our
opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and gives a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b. in the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
6. Report on other legal and regulatory requirements
1. As required by the Companies(Auditor's Report) Order, 2003 ("the
Order") issued by the Central government of India in terms of sub
section (4A) of Section 227 of the Act, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
c. The Balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the balance sheet, statement of profit and cash
flow statement comply with the accounting standards referred to in
subsection (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31, March, 2014 from being
appointed as a director in terms of clause (g) of sub section of
Section 274 of the Companies Act, 1956
Annexure to the Auditor's Report
Annexure referred to in in our report to the member of Universal Office
Automation Limited( 'the Company') for the year ended 31, March, 2014.
We report that
1. i. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
ii. The physical verification of the fixed assets has not been carried
out during the year.
iii. None of the fixed assets have been disposed off during the year.
2. The company has no inventory at the end of the year.
3. i. According to the information and explanations given to us the
company has not taken any loans secured or unsecured from the firms or
other parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
ii. The company has not granted any loans secured or unsecured to the
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. i) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements that
need to be entered into the register maintained under section 301 of the
companies Act, 1956 have been so entered.
ii) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The company has not accepted fixed deposits from the public during
the year and there is no balance outstanding as at 31st March, 2014.
7. There were no internal audit systems in operation during the year.
However, the company has internal control system which, in our opinion,
is adequate in relation to the size of the company.
8. The Central Government has not prescribed the maintenance of cost
records by the company under Section 209(1)(d) of the Companies Act,
1956 for any of its products.
9. i) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sale tax, wealth tax, service tax, cess and
other statutory dues applicable to it.
ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty and excise duty were outstanding, as at
31stMarch, 2014 for a period of more than six months from the date they
become payable.
iii) According to the information and explanations given to us, the
dues of Sales Tax, Customs Duty, Excise Duty which have not been
deposited on account of any dispute and the forum where the dispute is
pending are as under:
Name of the Nature of the Amount
statute dues [Rs. in lacs]
Central Excise Act, 1944 Excise Duty 0.83
Customs Act, 1962 Custom Duty 49.96
241.00
Sales Tax & various other -
Acts 30.44
55.00
Name of the Forum where dispute is
statute pending
Central Excise Act, 1944 Collector of Central Excise
Customs Act, 1962 Supreme Court
Collector of Custom
Sales Tax & various other
Acts Sales Tax Tribunal
Dy. Commissioner/Commissioned Appeal)
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company do not have any borrowings from financial
institutions, bank or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of share etc.
13. Provisions of any special statute applicable to chit funds are not
applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from the banks or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
19. The company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For S.D. Chopra & Associates
Chartered Accountants
S.D. Chopra
Proprietor
Place: New Delhi Membership No. 82537
Date: 30th May, 2014 Firm Registration No. 003789N
Mar 31, 2013
1. Report on the financial statements: We have audited the
accompanying financial statements of Universal Office Automation
Limited, which comprise the Balance Sheet as at 31st March, 2013 and
the statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
2. Management''s responsibility for the financial statements:
Management is responsible for the preparation of these financial
statements that gives a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting standards referred to in sub section (3C) of Section 211
of the Companies Act, 1956 (''the Act''). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give true and fair view and are free from material misstatement,
whether due to fraud or error.
3. Auditor''s Responsibility: Our responsibility is to express an
opinion on these financial statement based on our audit. Except as
matters stated in paragraph 4 below, we conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with the ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend 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 auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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.
4. We draw attention to:
a) Sub note (g) of Note 2.1 regarding Deferred tax assets.
b) Note 24: Though the company has incurred losses far in excess of
paid up capital and reserves, since the director''s are looking for
right opportunity to explore the similar line of business of activity,
the directors consider that it is appropriate to prepare, the financial
statements on going concern basis.
5. Opinion: Subject to the matters stated in paragraph 4, in our
opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and gives a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
b. in the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
6. Report on other legal and regulatory requirements
1. As required by the Companies(Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central government of India in terms of sub
section (4A) of Section 227 of the Act, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
c. The Balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the balance sheet, statement of profit and cash
flow statement comply with the accounting standards referred to in
subsection (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31, March, 2013 from being
appointed as a director in terms of clause (g) of sub section of
Section 274 of the Companies Act, 1956
Annexure to the Auditor''s Report
Annexure referred to in in our report to the member of Universal Office
Automation Limited( ''the Company'') for the year ended 31, March, 2013.
We report that
1. i. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
ii. The physical verification of the fixed assets has not been carried
out during the year.
iii. None of the fixed assets have been disposed off during the year.
2. The company has no inventory at the end of the year.
3. i. According to the information and explanations given to us the
company has not taken any loans secured or unsecured from the firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. ii. The company has not granted any loans
secured or unsecured to the firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. i) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under section 301
of the companies Act, 1956 have been so entered. ii) In our opinion
and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The company has not accepted fixed deposits from the public during
the year and there is no balance outstanding as at 31st March, 2013.
7. There were no internal audit systems in operation during the year.
However, the company has internal control system which, in our opinion,
is adequate in relation to the size of the company.
8. The Central Government has not prescribed the maintenance of cost
records by the company under Section 209(1)(d) of the Companies Act,
1956 for any of its products.
9. i) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sale tax, wealth tax, service tax, cess
and other statutory dues applicable to it.
ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty and excise duty were outstanding, as at
31stMarch, 2013 for a period of more than six months from the date they
become payable.
iii) According to the information and explanations given to us, the
dues of Sales Tax, Customs Duty, Excise Duty which have not been
deposited on account of any dispute and the forum where the dispute is
pending are as under:
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company do not have any borrowings from financial
institutions, bank or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of share etc.
13. Provisions of any special statute applicable to chit funds are not
applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from the banks or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
19. The company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S.D. Chopra & Associates
Chartered Accountants
S.D. Chopra
Proprietor
Place: New Delhi Membership No. 82537
Date: 29th May, 2013 Firm Registration No. 003789N
Mar 31, 2012
1. Report on the financial statements: We have audited the
accompanying financial statements of Universal Office Automation
Limited, which comprise the Balance Sheet as at 31st March, 2012 and
the statement of Profit and Loss and the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
2. Management's responsibility for the financial statements:
Management is responsible for the preparation of these financial
statements that gives 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
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
true and fair view and are free from material misstatement , whether
due to fraud or error.
3. Auditor's Responsibility: Our responsibility is to express an
opinion on these financial statement based on our audit. Except as
matters stated in paragraph 4 below, we conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with the ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend 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 auditor
considers internal control relevant to the company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
3. We draw attention to:
a) Sub note (h) of Note 2.1 regarding Deferred tax assets.
b) Note 24: Though the company has incurred losses far in excess of
paid up capital and reserves, since the director's are looking for
right opportunity to explore the similar line of business of activity,
the directors consider that it is appropriate to prepare, the financial
statements on going concern basis.
5. Opinion: Subject to the matters stated'in paragraph 4, In our
opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and gives a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
b. in the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
6. Report on other legal and regulatory requirements
1. As required by the Companies(Auditor's Report) Order, 2003 ("the
Order") issued by the Central government of India in terms of sub
section (4A) of Section 227 of the Act, we give in the annexure a
statement on the matters specified in paragrahs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
c. The Balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the balance sheet, statement of profit and cash
flow statement comply with the accounting standards referred to in
subsection (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2012 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 st March, 2012 from
being appointed as a director in terms of clause (g) of sub section of
Section 274 of the
Companies Act, 1956
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
1. i. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
ii. The physical verification of the fixed assets has not been carried
out during the year.
iii. None of the fixed assets have been disposed off during the year.
2. The company has no inventory at the end of the year.
3. i. According to the information and explanations given to us the
company has not taken any loans secured or unsecured from the firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
ii. The company has not granted any loans secured or unsecured to the
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. i) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under section 301
of the companies Act, 1956 have been so entered,
ii) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The company has not accepted fixed deposits from the public during
the year and there is no balance outstanding as at 31st March, 2012.
7. There were no internal audit systems in operation during the year.
However, the company has internal control system which, in our opinion,
is adequate in relation to the size of the company.
8. The Central Government has not prescribed the maintenance of cost
records by the company under Section 209(l)(d) of the Companies Act,
1956 for any of its products.
9. i) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sale tax, wealth tax, service tax, cess
and other statutory dues applicable to it.
ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty and excise duty were outstanding, as at
31st March, 2012 for a period of more than six months from the date
they become payable.
iii) According to the information and explanations given to us, the
dues of Sales Tax, Customs Duty, Excise Duty which have not been
deposited on account of any dispute and the forum where the dispute is
pending are as under:
Nature of the Nature of the Amount Forum where dispute is
statute dues [Rs. in lacs] pending
Central Excise
Act, 1944 Excise Duty 0.83 Collector of Central
Excise
Customs Act,
1962 Custom Duty 49.96 Supreme Court /
241.00 Collector of Custom
Sales Tax & various
other
Acts 30.44 Sales Tax Tribunal /
57.10 Dy. Commissioner/
Commissioner(Appeal)
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company do not have any borrowings from financial
institutions, bank or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of share etc.
13. Provisions of any special statute applicable to chit funds are not
applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from the banks or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
19. The company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S.D. Chopra & Associates
Chartered Accountants
S.D. Chopra
Place: New Delhi Proprietor
Date: 28h May, 2012 Membership No. 82537
Mar 31, 2010
1. We have audited the attached Balance Sheet of Universal Office
Automation Limited, as at 31st March, 2010 the Profit and Loss Account
and also the Cash Flow Statement for the year ended on that date
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.
2. Except as matters stated in paragraph 3 below, we conducted our
audit in accordance with 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 management, as well
as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. We draw attention to:
a) Note 5 on schedule à 14 regarding Deferred tax assets.
b) Note 8 on schedule à 14 Though the company has incurred losses far
in excess of paid up capital and reserves, since the directors are
looking for right opportunity to explore the similar line of business
of activity, the directors consider that it is appropriate to prepare,
the financial statements on going concern basis.
4. As required by the Companies (Auditors Report) order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004
(together Ãthe Order), 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 & 5 of the said Order.
5. Further to our comments in the Annexure referred in paragraph 4
above, we report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
v. On the basis of written representations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi. Subject to the matters stated in paragraph 3, in our opinion and to
the best of our information and according to the explanations given to
us, the said accounts read together with the Accounting Policies and
notes thereon and attached thereto, 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:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as on 31st March, 2010;
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
Annexure to Auditors Report [Referred to in paragraph 4 of the
Auditors Report of even date to the members of Universal Office
Automation Limited on the financial statements for the year ended March
31, 2010]
1. i. The company has maintained proper records to
show full particulars including quantitative details and situation of
its fixed assets.
ii. The physical verification of the fixed assets has not been carried
out during the year.
iii. None of the fixed assets have been disposed off during the year.
2. The company has no inventory at the end of the year.
3. i. The company has not taken any loans secured or
unsecured from the firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
ii. The company has not granted any loans secured or unsecured to the
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. i) According to the information and explanations
given to us, we are of the opinion that the particulars of contracts or
arrangements that need to be entered into the register maintained under
section 301 of the companies Act, 1956 have been so entered.
ii) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The company has not accepted fixed deposits from the public during
the year and there is no balance outstanding as at 31st March, 2010.
7. There were no internal audit systems in operation during the year.
However, the company has internal control system which, in our opinion,
is adequate in relation to the size of the company.
8. The Central Government has not prescribed the maintenance of cost
records by the company under Section 209(1)(d) of the Companies Act,
1956 for any of its products.
9. i) According to the records of the company, the
company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees state insurance, income tax, sale tax,
wealth tax, service tax, cess and other statutory dues applicable to
it.
ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax wealth
tax, service tax, custom duty and excise duty were outstanding, as at
31stMarch, 2010 for a period of more than six months from the date they
become payable.
iii) According to the information and explanations given to us, the
dues of Sales Tax, Customs Duty, Excise Duty which have not been
deposited on account of any dispute and the forum where the dispute is
pending are as under:
Nature of the Nature of the Amount Forum where dispute is
statute dues [Rs. in lacs] pending
Central Excise
Act, 1944 Excise Duty 0.83 Dy.Commissioner/ Commissioner
of Central Excise
Customs
Act, 1962 Custom Duty 49.96 Supreme Court
241.00 Collector of Custom
Sales Tax &
various other
Acts 52.30 Sales Tax Tribunal
200.01 Dy. Commissioner
Commissioner(Appeal)
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and has incurred
cash losses in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company do not have any borrowings from financial
institutions, bank or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of share etc.
13. Provisions of any special statute applicable to chit funds are not
applicable to the company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. The company has not given any guarantee for loans taken by others
from the banks or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
19. The company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S.D. Chopra & Associates
Chartered Accountants
S.D. Chopra
Place: New Delhi Proprietor
Date: 28th May, 2010 Membership No. 82537