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Zenith Computers Ltd.

BSE: 517164 Sector: Consumer
NSE: ZENITHCOMP ISIN Code: INE598B01013
BSE 15:41 | 27 Mar 2018 Zenith Computers Ltd
NSE 05:30 | 01 Jan 1970 Zenith Computers Ltd
OPEN 1.36
PREVIOUS CLOSE 1.43
VOLUME 284
52-Week high 2.69
52-Week low 0.92
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.50
Buy Qty 9.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.36
CLOSE 1.43
VOLUME 284
52-Week high 2.69
52-Week low 0.92
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.50
Buy Qty 9.00
Sell Price 0.00
Sell Qty 0.00

Zenith Computers Ltd. (ZENITHCOMP) - Auditors Report

Company auditors report

ZENITH COMPUTERS LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The Members of Zenith Computers Limited 1. We have audited the attached Balance Sheet of Zenith Computers Limited as at 31st March, 2012 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conduct 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. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the 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 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 accounts as required by law have been kept by the Company so far as appears from our examination of such books and proper returns adequate for the purposes of our audit have been received from the branches. (c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) 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. (e) On the basis of written representations received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms 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 explanations given to us, the said accounts read with significant accounting policies and other 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, 2012; (ii) In the case of Profit and Loss Account of the profit for the year ended on that date, and (iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For C.L. Khanna & Co. Chartered Accountants Place: Mumbai (C.L. KHANNA) Date : 14th August, 2012 Proprietor (MEM.SHIP NO. 004988) ANNEXURE TO THE AUDITORS REPORT Re: Zenith Computers 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 that Clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company for the year ended on 31st March, 2012. (ii) In respect of Fixed Assets: (a) The Company has maintained proper records to show full particulars, including quantitative details wherever feasible and situation of fixed assets. (b) The fixed assets have been physically verified by the Management periodically and the frequency of verification of fixed assets is reasonable having regard to the size of the Company and the nature of its assets. (c) In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposals during the year. (iii) In respect of Inventories: (a) The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company, and the nature of its business. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) According to information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act 1956. (v) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. (vi) In respect of particulars of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act 1956; (a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services aggregating during the year in excess of Rs. 5 Lakhs in respect of each party have been made at prices that are reasonable having regard to the prevailing market prices of such goods, materials or services or the prices at which transaction for similar goods, materials or services have been made with other parties. (vii) The Company has not accepted any deposits from the public, consequently the provisions of Section 58A, Section 58AA or any other relevant provisions of the Companies Act, 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 S R M & co., Chartered Accountants, Mumbai. In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. (ix) The books of account maintained by the Company pursuant to the rules made by the Central Government for maintenance of cost records in respect of the Company's products under Section 209(1)(d) of the Companies Act, 1956, are broadly reviewed by us and we are of the opinion that prima facie, the prescribed accounts and records are maintained. We have not, however, made a detailed examination of the records, with a view to determining whether they are accurate or complete. (x) According to the information and explanations given to us in respect of Statutory and other dues: (a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, VAT, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities during the year. (b) The disputed statutory dues that are pending before appropriate authorities are as under: SR. NAME OF THE NATURE OF DUES AMOUNT FORUM WHERE DISPUTE NO. STATUTE (RS. IN IS PENDING LAKHS) 1. Central Sales Sales tax 203.56 Appellate Tax Act, 1956 Authorities/ and Sales Tribunal/High Court Tax & VAT Acts of various States 2. Customs Act, Custom duty 305.72 Dy Commissioner 1962 of Customs, Adjudication Cell, Mumbai 3. Central Excise Excise duty 517.15 Asst. Commissioner Act, 1944 of Central Excise 4. BMC Act. 1888 Property tax 19.83 (Adj), Goa Small Causes Court, Mumbai (xi) The Company neither has accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately preceding financial year. (xii) Based on the Audit procedures and on the information and explanation given by the Management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks. (xiii) According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiv) 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 financial institutions. (xv) The term loan taken was applied for the purposes for which it was taken. (xvi) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment. (xvii) The Company has not made any preferential allotment during the year. (xviii) No securities have been created by issue of debentures during the year. (xix) The Company has not raised any money by public issue during the year. (xx) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For C.L. Khanna & Co. Chartered Accountants Place: Mumbai (C.L. KHANNA) Date : 14th August, 2012 Proprietor (MEM.SHIP NO. 004988)