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IZMO Ltd.

BSE: 532341 | NSE: IZMO | Series: NA | ISIN: INE848A01014 | SECTOR: Computers - Software Medium & Small

BSE Live

Jul 03, 16:00
24.60 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
5,792
10-Day
4,150
30-Day
2,584
23,803
  • Prev. Close

    24.60

  • Open Price

    25.80

  • Bid Price (Qty.)

    24.00 (1000)

  • Offer Price (Qty.)

    25.35 (200)

NSE Live

Jul 03, 15:55
24.35 -0.35 (-1.42%)
Volume
AVERAGE VOLUME
5-Day
24,879
10-Day
27,744
30-Day
16,346
55,830
  • Prev. Close

    24.70

  • Open Price

    25.70

  • Bid Price (Qty.)

    24.35 (95)

  • Offer Price (Qty.)

    0.00 (0)

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 (the Company) as at March 31, 2008 and the profit & loss account and 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. 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. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) 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. Further to our comments in the Annexure referred 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 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 and Cash Flow Statement referred to in this report are in agreement with the books of account; d We further report that: i In the absence of a comprehensive system of documentation for recording the stage of completion vis-a-vis its monetization, we are unable to comment on the basis of valuation of software products work- in-progress valued at Rs. 599.09 lacs as at the year end. ii Attention is drawn to Note No 30(b) in Schedule 24 in respect of accounting of share based compensation costs. The company has adopted the Intrinsic Value Method and recognized expense of Rs. 80.29 lakhs. However, the Company has not disclosed the impact on net results and EPS (both basic & diluted) had the Fair Value Method been used. e. Subject to the above, and further non-adherence to the requirement of Actuarial Valuation as required by Accounting Standard 15, though the company has made a provision for employee benefits as per the employment rules the impact of which has not been quantified, 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. f. On the basis of written representations received from the Directors, as at March 31, 2008 and taken on record by the Board of Directors, we report that none of the directors are disqualified as at March 31, 2008, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. g. Subject to above and further subject to the Notes on accounts in general, 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 and Cash Flow Statement 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 in conformity with the accounting principles generally accepted in India: i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; 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. ANNEXURE TO THE Auditors Report THE ANNEXURE REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF LOGIX MICROSYSTEMS LIMITED (THE COMPANY) FOR THE YEAR ENDED MARCH 31, 2008 i. 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 has a regular system of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of 3 years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No Material discrepancies were noticed on such verification. 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 neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. 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, 1956 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. Though the company has an internal audit process, the same is to be strengthened to make it commensurate with the size and nature of its business. viii. The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for any of the Services rendered by the Company. 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 subject to few instances of delays in remittance of Tax deducted at Source. The amounts outstanding for a period exceeding six months from the date they became payable as at the year-end amount to Provident Fund Rs. 0.48 lacs which has been subsequently paid & Unclaimed dividend pending transfer to the Investor Education & Protection Fund of Rs 0.61 lacs. b In our opinion and according to information and explanations given to us, there are no dues of Provident Fund, Wealth Tax, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess which have not been deposited on account of any dispute. x. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. xi. According to the information and explanations given to us and on the basis of examination of books of accounts, the Company has not defaulted in repayment of dues to financial institutions or banks during the year. xii. Adequate documents and records are maintained in cases where the company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society. xiv. The Company makes investments in Shares, Mutual Fund units and other Investments 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 taken by the Company 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. xviii. The Company has made preferential allotment of shares to parties covered in the register mentioned under section 301 of the Companies Act, 1956during 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 issue of equity shares 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 course of our audit. for VASAN & SAMPATH, Chartered Accountants (Unnikrishnan M) Place: Bangalore Partner Date : September 5 2008 Membership No : 205703