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Lloyds Metals & Energy Ltd.

BSE: 512455 Sector: Metals & Mining
NSE: LLOYDMETAL ISIN Code: INE281B01032
BSE LIVE 15:40 | 18 Aug 18.75 2.55
(15.74%)
OPEN

16.15

HIGH

18.85

LOW

16.15

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 16.15
PREVIOUS CLOSE 16.20
VOLUME 32276
52-Week high 23.00
52-Week low 9.05
P/E 36.76
Mkt Cap.(Rs cr) 417
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.15
CLOSE 16.20
VOLUME 32276
52-Week high 23.00
52-Week low 9.05
P/E 36.76
Mkt Cap.(Rs cr) 417
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Lloyds Metals & Energy Ltd. (LLOYDMETAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF LLOYDS METALS AND ENERGY LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Lloyds Metals and EnergyLimited (“the Company”)which comprise the Balance Sheet as at 31stMarch 2016 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements Management is responsiblefor the preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe Accounting Standards notified under section 133 of the Companies Act 2013 and Rule 7of the Companies (Accounts) Rules 2014. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence on a test basisabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Company'spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 312016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (“theOrder”)issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. We have inquired into the matters specified under section 143(1) and based onthe information and explanations given to us there is no matter to be reported under thissection.

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

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose 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 those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards notified under section 133 of the CompaniesAct 2013 read with Rule 7 of the Companies (Accounts) Rules 2014;

e) In our opinion and based on the information and explanations given to us there areno financial transactions or matters which have any adverse effect on the functioning ofthe Company.

f) On the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director interms of subsection (2) of Section 164 of the Companies Act 2013.

g) There is no qualification reservation or adverse remark relating to the maintenanceof accounts and other matters connected therewith.

h) The Company has adequate internal

financial controls system in place and there is an operating effectiveness of suchcontrols. A report giving our responsibilities and opinion has been annexed herewith.

i) Such other matters as are prescribed by the Companies (Audit and Auditors) Rules2014 namely:-

i. The Company has disclosed the impact if any of pending litigations on itsfinancial position in its financial statements.

ii. The Company has made provision as required under any law or accounting standardsfor material foreseeable losses if any on long term contracts including derivativecontracts.

iii. There has been no any delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.

For and on behalf of
Todarwal & Todarwal
Chartered Accountants
ICAI Reg No : 111009W
Kunal Todarwal
Dated : 14th April 2016 Partner
Place : Mumbai M. No. : 137804

ANNEXURE TO AUDITORS' REPORT

[Referred to in above the Auditor's Report of even date to the Lloyds Metals and EnergyLimited on the Financial

Statements for the year ended 31st March 2016]

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As per the information and explanation given to us fixed assets are physicallyverified by the management according to a phased programme designed to cover all thelocations which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the programme the management during the yearphysically verified the fixed assets at certain locations and no material discrepancieswere noticed on such verification.

(c) In our opinion and according to the information and explanation given to us thetitle deeds of immovable properties are held in the name of the Company.

2. Inventory has been physically verified by the management during the year. In ouropinion the frequency of verification is reasonable.

3. (a) According to information and explanation given to us the Company has notgranted any secured or unsecured loans to companies firms Limited Liability Partnershipsor other parties covered in the register maintained under Section 189 of the Act.

In view of the above provisions of clause 3(iii) (b) and (c) are not applicable to theCompany.

4. In our opinion and according to information and explanation given to us the Companyhas in respect of loans investments guarantees and security provisions complied withsection 185 and 186 of the Companies Act 2013.

5. According to the information and explanation given to us the Company has notaccepted any deposits whether the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013. Hence the provisions of clause 3(v) are not applicable to the Company.

6. Pursuant to the rules made by the Central Government the maintenance of CostRecords have been prescribed u/s. 148(1) of the Companies Act 2013. We are of the viewthat prima facie the prescribed accounts and records have been maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

7. (a) According to the books and records as produced and examined by us in accordancewith generally accepted auditing practices in India and also management representationsundisputed statutory dues in respect of Provident fund employees' state insurance IncomeTax Sales Tax Service tax Custom duty Excise duty Value added tax Cess and otherstatutory dues if any applicable to it has been regularly deposited with theappropriate authorities.

(b) According to the records of the Company the disputed dues in respect of ExciseDuty of ' 5.20 lacs (Previous year ' 19.69 Lacs); Service tax ' NIL (Previous year ' NIL)and Sales Tax '1.03 lacs (Previous year Rs 1.03 lacs) as at March 31st 2016 have not beendeposited with appropriate authorities and no provision has been made for the same. Incometax VAT or customs duty.

Sr. No. Name of the Statute Amount (In Lacs) Forum where dispute is pending
1 The Central Excise Act 1944 5.20 Supreme Court
2 The Central Sales Tax Act 1956 1.03 Joint Commissioner -Sales Tax
Total 6.23

8. In our opinion and according to the information and explanation given to us and thebooks of accounts verified by us the Company has not defaulted in repayment of dues to afinancial institution bank Government or dues to debenture holders.

9. As per information given to us no money was raised by way of initial public offeror further public offer (including debt instruments) nor have any fresh term loans beentaken by the Company during the year. Hence the provisions of clause 3(ix) are notapplicable to the Company.

10. During the course of our examination of the books of account carried in accordancewith the generally accepted auditing standards in India we have neither come across anyinstance of fraud on or by the Company either noticed or reported during the year norhave we been informed of such case by the Management.

11. According to the information and explanation given to us and the books of accountsverified by us the Managerial remuneration has been paid or provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act.

12. The Company is not a Nidhi Company hence the provision of clause 3(xii) are notapplicable to the Company.

13. According to the information and explanation given to us and the books of accountsverified by us there are no transactions with the related parties.

14. According to information and explanation given to us the Company during the yearhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures hence the provision of clause 3(xiv) are not applicable to theCompany.

15. According to the information and explanation given to us and the books of accountsverified by us the Company has not entered into any non-cash transactions with directorsor persons connected with him.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For and on behalf of
Todarwal & Todarwal
Chartered Accountants
ICAI Reg No : 111009W
Kunal Todarwal
Dated : 14th April 2016 Partner
Place : Mumbai M. No. : 137804

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OFLLOYDS METALS AND ENERGY LIMITED AS ON 31st MARCH 2016

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”)

To the Members of Lloyds Metals and Energy Limited

We have audited the internal financial controls over financial reporting of LloydsMetals and Energy Limited (“the Company”) as of 31st March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

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 internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal 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 financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material 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 or 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
Todarwal & Todarwal
Chartered Accountants
ICAI Reg No : 111009W
Kunal Todarwal
Dated : 14th April 2016 Partner
Place : Mumbai M. No. : 137804