Zenith Infotech Ltd


BSE: 532298 | NSE: ZENITHINFO | ISIN: INE899A01017 
Market Cap: [Rs.Cr.] 4 | Face Value: [Rs.] 10
Industry: Computers - Software - Medium / Small

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Auditor's Report

AUDITORS REPORT

To The Members of Zenith Infotech Limited

1. We have audited the attached Balance Sheet of Zenith Infotech Limited, Mumbai asat 30th September, 2012 and also the Profit and Loss Account and the Cash Flow Statementof the Company for the year ended on that date, annexed thereto. These financialstatements are the responsibility of the Company's management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

2. We conduct our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. AnAudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the CentralGovernment of India in terms of Section 227 (4A) of the Companies Act, 1956, we give inthe Annexure, a statement on the matters specified in paragraphs 4 of the said Order.

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

a. We have obtained all the information and explanations, which to the best of ourknowledge 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 theCompany so far as appears from our examination of such books and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us.

c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with bythis Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statementdealt with by this report comply with the Accounting Standards referred to in sub-section(3C) of Section 211 of the Companies Act, 1956 except as referred to in Notes on FinancialStatements.

e. On the basis of written representations received from the Directors as on 30thSeptember 2012 and taken on record by the Board of Directors, we report that none of theDirectors is disqualified as on 30th September, 2012 from being appointed as a Director interms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanationsgiven to us, the said accounts read with significant accounting policies and other notesthereon, give the information required by the Companies Act, 1956, in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 30thSeptember, 2012,

(ii) In the case of Profit and Loss Account, of the loss for the year ended on thatdate, and

(iii) In the case of Cash Flow Statement, of the cash flows for the year ended on thatdate.

For C.L. Khanna & Co.
Chartered Accountants
Place: Mumbai (C.L. KHANNA)
Date: 14th February, 2013 Proprietor
Membership No. 004988

ANNEXURE TO THE AUDITORS REPORT

Re: Zenith Infotech Limited

(Referred to in paragraph 3 of our report of even date)

(i) The nature of the Company's business activities during the year is such thatClauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003are not applicable to the Company for the year ended on 30th September 2012.

(ii) In respect of Fixed Assets:

(a) The Company has maintained proper records to show full particulars, includingquantitative details wherever feasible and situation of fixed assets.

(b) The fixed assets have been physically verified by the Management periodically andthe frequency of verification of fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(c) In our opinion and according to the information and explanations given to us, theCompany has not made any substantial disposals during the year.

(iii) In respect of Inventories:

(a) The stocks have been physically verified during the year by the management. In ouropinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of stocks followed by the management arereasonable and adequate in relation to the size of the Company, and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us, theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iv) According to information and explanations given to us, the Company has not grantedany loans, secured and unsecured, to companies, firms or other parties covered in theregister maintained under Section 301 of the Companies Act 1956.

(v) In our opinion and according to the information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services.

(vi) In respect of particulars of contracts and arrangements entered in the registermaintained in pursuance of Section 301 of the Companies Act 1956;

(a) To the best of our knowledge and belief and according to the information andexplanations given to us, particulars of contracts and arrangements that needed to beentered into the register have been so entered.

(b) In our opinion and according to the information and explanations given to us, thetransactions of purchase of goods and services and sale of goods, and services aggregatingduring the year in excess of Rs. 5 Lakhs in respect of each party have been made at priceswhich are reasonable having regard to the prevailing market prices of such goods, orservices or the prices of which transaction for similar goods, or services have been madewith other parties.

(vii) The Company has not accepted any deposits from the public, consequently theprovisions of Section 58A, Section 58AA or any other relevant provisions of the CompaniesAct, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

(viii) The Company's internal audit work is being carried out by M/s SRM &Co..Chartered Accountants, Mumbai. In our

opinion, the Company has an adequate internal audit system commensurate with the sizeand the nature of its business.

(ix) According to the information and explanations given to us in respect of Statutoryand other dues:

(a) The Company has generally been regular in depositing undisputed statutory dues,including Provident Fund, Investor Education and Protection Fund, Employees StateInsurance, Income-tax, Sales-tax, Wealth Tax, Cess, Service tax and any other statutorydues with the appropriate authorities during the year.

(b) The disputed statutory dues that are pendinq before appropriate authorities are asunder:

NAME OF THE STATURE NATURE OF DUES AMOUNT (RS. IN LAKHS) PERIOD FORUM WHERE DISPUTE IS PENDING
BMC ACT, 1888 Property Tax 14.14 April 2009 To March 2011 Small Causes Court, Mumbai

(x) The Company has accumulated losses at the end of the year. It has also incurredcash loss of Rs.4681.38 lakhs during the current accounting year whereas, it did not incurany cash loss in the immediately preceding year.

(xi) Based on the Audit procedures and on the information and explanation given by themanagement, we are of the opinion that the Company has not defaulted in the repayment ofdues to banks.

(xii) According to the information and explanations given to us, the Company has notgiven loans and advances on the basis of security by way of pledge of shares, debenturesand other securities.

(xiii) In our opinion and according to the information and explanations given to us,the Company has not given any guarantee for loans taken by others from banks and financialinstitutions.

(xiv) During the year, no Term loans were availed by the company.

(xv) According to the Cash Flow Statement and other records examined by us and theinformation and explanations given to us, on an overall basis, funds raised on short termbasis have, prima facie, not been used during the year for long term investment.

(xvi) The Company has not made any preferential allotment during the year.

(xvii) No securities have been created by issue of debentures during the year.

(xviii) The Company has not raised any money by public issue of shares during the year.

(xix) To the best of our knowledge and belief and according to the information andexplanations given to us, no fraud on or by the Company was noticed or reported during theyear.

For C.L. Khanna & Co.
Chartered Accountants
Place: Mumbai (C.L. KHANNA)
Date: 14th February, 2013 Proprietor
Membership No. 004988
   

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Key Information

Key Executives:

Raj Kumar Saraf , Chairman  

Vijay Mukhi , Director  

Akash Saraf , Managing Director  

Vinjamuri Govindaraja Chari , Company Secretary  


Company Head Office / Quarters:
Gala No 9 Grd Flr Bldg 2 Sec-3,
Millennum Business Park Mahape,
Navi Mumbai,
Maharashtra-400710
Phone :
Fax :
E-mail :
Web : http://www.zenithinfotech.com
Registrars:

No data found

Fund Holding

 
Scheme Name No. of Shares
No data found

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