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LS Industries Ltd.

BSE: 514446 Sector: Industrials
NSE: N.A. ISIN Code: INE345D01031
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LS Industries Ltd. (LSINDUSTRIES) - Auditors Report

Company auditors report

LS INDUSTRIES LIMITED (FORMERLY KNOWN AS LIFESTYLE FABRICS LIMITED) ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members of LS Industries Limited (formerly known as Lifestyle Fabrics Limited) 1. We have audited the attached balance sheet of LS Industries Limited (formerly known as Lifestyle Fabrics Limited), as at March 31, 2011, the profit and loss account and the Cash Flow Statement 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 conducted our audit in accordance with the 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 are amended by Companies (Auditor Report) (Amendment) Order 2004 (together the 'order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comment in the annexure referred to above, we report that: (i) a) We have obtained all the information and explanations, which to the best of our knowledge 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 the Company, so far as appears from our examination of those books; c) 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; (ii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iii) On the basis of written representations received from the directors, as on March 31, 2011 and taken on record by the board of directors, we report that none of the director is disqualified as on March 31, 2011 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 explanation given to us, the said accounts read together with the 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: (a) In the case of the balance sheet, of the state of affairs of the Company as at March 31, 2011; (b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date. For Doogar & Associates (Reg. No. 000561N) Chartered Accountant Vikas Modi (Partner) M. No. 505603 Place: Panchkula Dated: 30.08.2011 ANNEXURE TO THE AUDITORS' REPORT Annexure to the Auditor's Report of even date to the members of LS Industries Limited (formerly known as Lifestyle Fabrics Limited) on the Financial Statements for the year ended 31st March 2011 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is considered reasonable having regard to the size of the Company and the nature of its assets No material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of fixed assets during the year, and accordingly, going concern is not affected. (ii) (a) The inventories have been physically verified during the year by the management. In our opinion, frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. (iii) As informed, the company has not granted / taken any loan to / from any party which is covered in the register maintained under section 301 of the Companies Act. 1956. Therefore, the provisions of clause 4(iii) of the Companies (Auditors Report) Order, 2003 are not applicable in the case of the Company. (iv) In our opinion and according to the Information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. Further, on the basis of our examination of the books & records of the company, carried out in accordance with the generally accepted auditing practices in India, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control systems. (v) In our opinion and according to the information and explanations given to us, the Company has not entered into any transaction which needs to be entered into the register required to be maintained in pursuance of section 301 of The Companies Act, 1956. Therefore, the provisions of clause 4iv) of the Companies (Auditors Report) Order, 2003 are not applicable in the case of the Company. (vi) The Company has not accepted any deposits from the public hence the provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 including the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company. (vii) The Company has an internal audit system which in our opinion is commensurate with the size of the Company and the nature of its business. (viii) We have broadly reviewed the records including the Books of Accounts made and maintained by the Company pursuant to the Rules made by the Central Government for maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956, and are of the opinion that prima-facie the prescribed accounts and records have been made and maintained. (ix) (a) According to the records of the company and other information and explanation given to us, the company is generally regular in depositing statutory dues such as provident fund, Employee's State Insurance, income tax, sales tax, vat, service tax, custom duty aid other material undisputed statutory dues with the appropriate authorities. Further there are no arrears of outstanding statutory dues as at the last date of the financial year concerned, for a period of more than six months from the date they became payable. (b) In our opinion and according to the information and explanations given to us, there are no statutory dues outstanding as at 31st March, 2011 which have not been deposited on account of any dispute. (x) The company has no accumulated losses at the end of the financial year. Further the company has not incurred cash losses in the current financial year. In the immediately preceding financial year the company had incurred cash losses. (xi) In our opinion and according to the information and explanations given to us, the Company has not taken any loan or borrowing from any financial institution or bank or has not issued any debentures therefore comment on any default on repayment of any dues is not applicable. (xii) In our opinion and according to the information and explanations given to us, no leans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund or nidhi/mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions o: clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (xv) According to the information and explanations given to us, the Company has given guarantees for loans, taken by others from bank or financial institutions, the terms and conditions whereof in our opinion are not prima facie prejudicial to the interest of the company. (xvi) According to the information and explanation given to us and records examined by us, the company has not taken any term loan, therefore comment on application of term loan is not applicable. (xvii) According to the information and explanations given to us and on an overall examination of the Cash Flow Statement of the Company for the year, we report that no funds raised on short-term basis have been used for long term investment. (xviii) The Company has not made preferential allotment of shares to the parties covered in register maintained under section 301 of the Companies Act, 1956. (xix) The Company has not issued any debentures during the year. (xx) The Company has not raised money by way of public issue during the year. (xxi) During the course of the audit carried and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor we have been informed of such case by the management. For Doogar & Associates (Reg. No. 000561N) Chartered Accountant Vikas Modi (Partner) M. No. 505603 Place: Panchkula Dated: 30.08.2011.