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IZMO Ltd.

BSE: 532341 | NSE: IZMO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE848A01014 | SECTOR: Computers - Software Medium & Small

BSE Live

Jul 10, 13:25
22.40 -0.30 (-1.32%)
Volume
AVERAGE VOLUME
5-Day
11,111
10-Day
6,184
30-Day
3,447
1,625
  • Prev. Close

    22.70

  • Open Price

    22.70

  • Bid Price (Qty.)

    22.20 (20)

  • Offer Price (Qty.)

    22.45 (112)

NSE Live

Jul 10, 13:30
22.40 0.05 (0.22%)
Volume
AVERAGE VOLUME
5-Day
26,801
10-Day
23,362
30-Day
18,272
25,295
  • Prev. Close

    22.35

  • Open Price

    23.45

  • Bid Price (Qty.)

    22.25 (16)

  • Offer Price (Qty.)

    22.40 (84)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of M/s LOGIX MICROSYSTEMS LIMITED, BANGALORE as at 31st March, 2006 and the Annexed Profit & Loss Account and Cash Flow Statement for the year ended on that date. 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 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 misstatements. 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 statements. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227 of the Companies Act, 1956 we further enclose in the annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company. 2. On the basis of written representations received from the Directors as at 31.03.2006 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31.03.2006 from being appointed as a director in terms of Section 274(l)(g) of the Companies Act, 1956. 3. Further to our comments in the Annexure referred above, we state that : (a) 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. (b) 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. (c) The Balance Sheet and the Profit and Loss Account referred to in this report are in agreement with the books of account. (d) We further report that: (i) The company is involved in software development which is a complex process. In the absence of a comprehensive system of documentation for recording the stage of completion vis-a-vis the its monetization, we are unable to comment on the basis of valuation of software products work-in-progress valued at Rs. 189.85 lacs as at the year end. (ii) Attention is drawn to Note 24 Schedule 27. The dues from the subsidiary includes Rs. 760.39 lacs outstanding for over six months as at the year end. Sundry debtors further includes a sum of Rs.172.16 lacs of long overdue overseas receivables from other parties. No provision has been made towards possible non-recovery of these dues, as the management is confident of complete realization. The impact, if any, on the financial statements have not been quantified. (iii) Subject to the above, the profit and loss account and the balance sheet comply with the accounting standards referred to in sub-section 3(c) of Section 211 of the Companies Act 1956. (e) Subject to above and further subject to the Notes on accounts in general and in particular, Note No. 14 regarding remuneration to directors, and the accounting policies, in our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view : i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date. iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. for VASAN & SAMPATH, Chartered Accountants Place: Bangalore (Unnikrishnan M) Date: August 31 2006 Partner Membership No : 205703 ANNEXURE TO THE Auditors ANNEXURE TO THE AUDITORS REPORT REFER IN PARAGRAPH ONE OF OUR REPORT DATED 31st August 2006 a) We are given to understand that, the Company is in the process of updating its records showing full particulars including quantitative details and situation of its Fixed Assets. b) The company follows a system of physical verification of assets over a period of three years. Accordingly, as explained to us, a part of the fixed assets of the company has been physically verified during the year by the management and no material discrepancy has been noticed, between book records and the assets physically verified. c) No substantial part of fixed assets has been disposed off during the year. ii. a) According to information and explanations given to us, the management has conducted physical verification of inventory at reasonable intervals. b) The procedure being followed by the management with regard to physical verification of inventory is reasonable and adequate in relation to the size of the company and the nature of its business. c) The company has maintained proper records of inventory. As explained to us, no material discrepancies were noted on physical verification. iii. a) During the year, the company has not granted or taken any other loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act. Consequently the related clauses iii (b,c & d) are not applicable. iv. In our opinion and according to information and explanation given to us, having regard to the explanation that certain items purchased are of special nature for which suitable alterative sources do not exist for obtaining comparative quotations, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of material and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the company carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have not observed nor have been informed of any continuing failure to correct major weaknesses in internal controls in these areas. v. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act have been entered in the register required to be maintained under that section. b) In our opinion and according to information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements and exceeding Rs. 5 lacs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time. vi. The Company has not accepted deposits from the public during the year and thus the provisions of section 58A and 58AA is not applicable. vii. The company does not have a formal internal audit system commensurate with the size and nature of its business. viii. The maintenance of cost records has not been prescribed for the company by the Central Government under clause (d) of sub-section (1) of section 209 of the Act. ix. a) The Company is regular in depositing undisputed applicable statutory dues including PF, Sales tax, Wealth Tax, Custom Duty, Cess and any other statutory dues with the appropriate authorities excepting Income Tax. The amounts outstanding for a period exceeding six months from the date they became payable are amounting to Rs.8.46 lacs has been subsequently paid. b) In our opinion and according to information and explanations given to us, there are no dues of Provident Fund, Income tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess which have not been deposited on account of any dispute. x. As at the year end, the accumulated losses of the company are not in excess of fifty percent of its net-worth. The company has not incurred cash losses during the financial year or in the immediately preceding financial year. xi. As per information and explanations given to us and in our opinion the company has not defaulted in (re)payment of dues to financial institutions or banks during the year. xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year. xiii. The clause on applicability of special statute to chit fund is not applicable. xiv. The Company makes short term investments in shares and mutual and units for which proper records have been maintained for the transactions and contracts and timely entries have been made for the same. These investments have been held by the company in its own name. xv. As explained to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi. In our opinion, and according to the information and explanations given to us, on an overall basis, during the year, the term loans have been applied for the purposes for which they were obtained. xvii. On the basis of on overall examination of the balance sheet of the company, in our opinion and according to the explanations given to us, there are no funds raised on a short term basis which have been used for long term investments and vice-versa. xviii. The Company has made preferential allotment of shares during the current year. The pricing for the issue was in accordance with the applicable SEBI guidelines and is not prejudicial to the interest of the company. xix. No debentures have been issued by the company during the year and thus creation of securities for the same is not applicable to the company. xx. The end use of the funds raised by way of preferential issues have been disclosed in the notes forming part of the financial statements. xxi. As explained to us and based on our examination of the books and records of the company carried out in accordance with generally accepted auditing practices in India, no fraud on or by the Company has been noticed or reported during the year. for VASAN & SAM PATH, Chartered Accountants Place: Bangalore (Unnikrishnan M) Date: August 31 2006 Partner Membership No : 205703