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Laxmi Cotspin Ltd.

BSE: 538411 Sector: Industrials
NSE: LAXMICOT ISIN Code: INE801V01019
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Laxmi Cotspin Ltd. (LAXMICOT) - Auditors Report

Company auditors report

To

The Members

Laxmi Cotspin Limited

Jaina

CIN U17120MH2005PLC156866

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Laxmi CotspinLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss for the period ended and a summary ofsignificant 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a. In case of the Balance Sheet of the "State of Affairs" of the Company asat 31st March 2017; and

b. In the case of the Statement of Profit and Loss of the "Profit" for theyear ended on that date;

c. In the case of the Cash Flow Statement of the "Cash flows" for the yearended on that date.

Emphasis of Matter

The Company has not considered the effect of ICDS while calculating the amount ofincome tax provision and Deferred Tax Liability amount of which cannot be quantified. Ouropinion is not qualified in this matter

Report on Other Legal and Regulatory Requirements

1. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

2. As required by the Companies (Auditor's Report) 2016 ("the Order") issuedby the Central Government of India in terms of sub-section (11) of the section 143 of theact we give in the Annexure-B a statement on the matters specified in paragraphs 3 and 4of the order.

3. As required by section 143 (3) of the Act we report that: -

a) We have sought and except for the matter described in the Emphasis of matterparagraph obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

b) Except for the possible effects of the matter described in the Emphasis of matterparagraph above in our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books.

c) Since the company does not have any branches the report on the accounts of thebranch offices audited by other auditor u/s 143 (8) of the Act is not applicable.

d) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

e) Except for the possible effects of the matter described in the Emphasis of matterparagraph in our opinion the Balance Sheet Statement of Profit and Loss and Cash Flowstatement comply with the Accounting Standards specified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

f) The matter described in the Emphasis of matter paragraph above in our opinion maynot have an adverse effect on the functioning of the company.

g) On the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 315t March 2017 from being appointed as a director in termsof Section 164 (2) of the Act.

h) The qualification relating to maintenance of accounts and other matters connectedtherewith are as stated in Emphasis of matter paragraph above.

i) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its financial statements- refer Notes on accounts 2.2 (i).to the financialstatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

tii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The company has provided requisite disclosers in it's financial statements as toholding as well as dealings in specified bank notes during the period 8thNovember 2016 to 30th December 2016 and such discloser is in accordance withthe books of accounts maintained by the company.

For C N A & Associates

Chartered Accountants

FRN-128929-W

CA Anand Partamp

(Partner)

M.No:117766

Place: Aurangabad.

Date: 26th May 2017

Annexure 'A' To the Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 {'the Act')

We have audited the internal financial controls over financial reporting of LaxmiCotspin Limited ('The Company') as of 31st March 2017 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended and as onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting('the Guidance Note') issued by the Institute of Chartered Accountants of India ('theICAI')". These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing ('the Standards') prescribed under section 143(10) of theAct and Guidance Note to the extent applicable to an audit of internal financialcontrols both issued by the ICAI. Those Standards and the Guidance Note require that wecomply with the ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Financial Statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's interna! financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A Company's internal financial control over financial reporting includes those policiesand procedures that

i. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

ii. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the company; and

iii. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error ot fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanation givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For C N A & Associates

Chartered Accountants

FRN 128929-W

CA Anand Partanto

(Partner)

M. No. 117766

Date: 26th May 2017

Place: Aurangabad