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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

Aug 11, 09:53
32.20 2.90 (9.90%)
Volume
AVERAGE VOLUME
5-Day
13,458
10-Day
9,358
30-Day
7,908
3,214
  • Prev. Close

    29.30

  • Open Price

    32.00

  • Bid Price (Qty.)

    32.20 (591)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Aug 11, 09:53
31.60 2.85 (9.91%)
Volume
AVERAGE VOLUME
5-Day
19,063
10-Day
21,716
30-Day
20,076
1,898
  • Prev. Close

    28.75

  • Open Price

    31.60

  • Bid Price (Qty.)

    31.60 (9512)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

I have audited the accompanying standalone financial statements of Izmo Limited (formerly Logix Microsystems Limited) (''the Company''), which comprise the balance sheet as at 31 March 2015, 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. Management''s Responsibility for the Standalone 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 oftheAct, 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. Auditors'' Responsibility My responsibility is to express an opinion on these standalone financial statements based on my audit. I 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 thereunder. I conducted my audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that I 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the standalone financial statements. Opinion In my opinion and to the best of my information and according to the explanations given to me, the aforesaid standalone 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 31 March 2015 and its profit and its cash flows for the year ended on that date. Other Matter a) The Consolidation of Financial Statements and Consolidation of Cash Flow Statements of his subsidiaries has not been complied as per Companies Act 2013.1 am therefore unable to comment on the impact, if any, on the Profit & Loss account as at the Balance Sheet date. my opinion is not modified in respect of this matter. Report on Other Legal and Regulatory Requirements 1. As required by the 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, I give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) ofthe Act, I report that: a) I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit. b) in my opinion proper books of account as required by law have been kept by the Company so far as it appears from my examination of those books; c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account; d) in my opinion, the aforesaid standalone 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act; and f) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my opinion and to the best of my information and according to the explanations given to me. i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 24.24 to the financial statements; ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 24.25 to the financial statements; iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report The Annexure referred to in my Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015,1 report that: i) a)The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b)The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In my opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. ii) The Company is a service company, primarily rendering software services. Accordingly, it does not hold any physical inventories.Thus, paragraph 3(ii) ofthe Order is not applicable. iii) a)The Company has granted loans to one bodies corporate covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount. c) In respect of loans granted, the terms of repayment of the principal amount and the payment of the interest have not been stipulated and hence I am unable to comment as to whether receipt of the principal amount and the interest is regular. d) Where overdue amount in respect of a loan granted is more than rupees one lakh, reasonable steps have not been taken by the Company for recovery of the principal amount. iv) In my opinion and according to the information and explanations given to me, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. I have not observed any major weakness in the internal control system during the course of the audit. Annexure to the Independent Auditors'' Report v) The Company has not accepted any deposits from the public. vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company. vii) a) According to the information and explanations given to me and on the basis of my examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to me, the Company did not have any dues on account of employees'' state insurance and duty of excise. According to the information and explanations given to me, undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable. Name of the Nature of Amount Period to Date of statute the dues (Rs) which the Payment amount relates Income Tax TDSon 11,30,408 March Amount not Act,1961 foreign 2015 paid till date Payments b) According to the information and explanations given to me, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to me, the following dues of income tax have not been deposited by the Company on account of disputes: Name of the Nature of Amount Amount Paid statute the dues (Rs) Under Protest (Rs) IncomeTax Transfer 5,51,67,570 NIL Act, 1961 Pricing 2008-09 IncomeTax Transfer 3,90,81,185 NIL Act, 1961 Pricing 2009-10 Name of the Period to Forum where dispute statute which the is pending amount relates IncomeTax F.Y Appellate Act, 1961 Tribunal IncomeTax F.Y Appellate Act, 1961 Tribunal c) As regards provision for current year taxation the company is in the process of making payment towards TDS on NonResident dues of Rs. 11,30,408/- under the provisions of IncomeTax Act,1961. Management is of the opinion that Dues with respect to withholding taxes shall be paid in full before the due date of filing of Income tax returns and accordingly no disallowance under the provisions oflncome Tax Act,1961 shall be attracted in respect of the same. viii) 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. ix) According to the information and explanations given to me and on the basis of examination of books of accounts, I observe that the Company has defaulted in repayment of term loans installments amounting to Rs.260.02 Lakh (Principal amount of Rs.194.62 Lakh and Interest ofRs.65.40 Lakh) payable from September 2012 to March 2015 and Rs. 11.19 Crore towards other credit facilities payable from September 2011. x) In my opinion and according to the information and the explanations given to me, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xi) The Company did not have any term loans outstanding during the year. xii) According to the information and explanations given to me, no material fraud on or by the Company has been noticed or reported during the course of my audit. R. Vijayanand Chartered Accountant M. No: 202118 Place: New York,U.S.A Date : 30th May, 2015