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Lyons Corporate Market Ltd.

BSE: 531441 Sector: Financials
NSE: N.A. ISIN Code: INE100F01019
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Lyons Corporate Market Ltd. (LYONSCORPORATE) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

TO

THE MEMBERS OF

M/S LYONS CORPORATE MARKET LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. LYONS CORPORATE MARKETLIMITED (The Company) which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss and Cash Flow Statement for the year than ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in India includingAccounting Standards notified under the Companies Act 1956 ("the Act") readwith General Circular 15/2013 dated 13th September 2013 issued by theMinistry of Corporate Affairs in respect of Section 133 of the Companies Act 2013. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditors' 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 31 2014 and

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government of India in terms of Section 227 (4A) of the Act we givein the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227 (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 and the Statement of Profit and Loss and the cashflow statement comply with the Accounting Standards notified under the Companies Act 1956read with General Circular 15/2013 dated 13th September 2013 issued by the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act 2013.

(e) On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

For MANDAWEWALA & CO.

Chartered Accountants

Firm Registration No. 322130E

Anil Kumar Mandawewala

Partner

Membership No. 055939

Place. Kolkata

Date: 31st May 2014

ANNEXURE TO INDEPENDENT AUDITORS' REPORT A

Statement referred to in paragraph 3 of our report of even date to the members of M/s LYONSCORPORATE MARKET LIMITED on the accounts for the year ended 31st March 2014. In termsof the information and explanations given to us and the books and records examined by usin the normal course of audit and to the best of our knowledge and belief we state that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

(b) The fixed Assets of the Company except assets given on lease have been physicallyverified by the management at reasonable intervals. No material discrepancies have beennoticed on such verification.

(c) None of the Fixed Assets have been sold/disposed off during the year under report.

(ii) (a) Stock of Shares physically lying with the Company has been verified by themanagement at reasonable intervals. No material discrepancies have been noticed on suchverification. Further the Company has received confirmations of shares lying withdepository participants at regular intervals.

(b) In our opinion the procedures of physical verification of stock followed by theManagement are reasonable and adequate in relation to the size of the company and natureof its business.

(c) The company is maintaining proper records of inventory. No material discrepancieshave been noticed on such verification.

(iii) As informed to us the company has neither granted nor taken any loans securedor unsecured to/from companies firms or other parties listed in the register maintainedunder section 301 of the Companies Act 1956 and as such clauses (iii)(a) to (iii)(g) ofthe Companies (Auditors Report) Order 2003 are not applicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andnature of its business with regard to purchases of shares fixed assets and with regard tothe sale of shares. During the course of our Audit we have not observed any continuingfailure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us we are of theopinion that the transactions that need to be entered if any into the registermaintained under section 301 of the companies Act 1956 have been so entered.

(b) According to the information and explanations given to us there are notransactions of purchase of shares and materials and sale of shares materials andservices made in pursuance of contracts or arrangements with any party entered in theregister maintained under Section 301 of the Companies Act 1956 for value aggregating toRs. 500000/ - or more during the year under review.

(vi) The Company has not accepted any deposits from the public during the year withinthe meaning of Section 58A and Section 58AA of the Companies Act 1956 and the rulesframed there under with regard to the deposits accepted from the public. No order has beenpassed by the Company Law Board National Company Law Tribunal or Reserve Bank or anyCourt or any other Tribunal.

(vii) In our opinion there is an adequate internal audit system commensurate with thesize of the Company and nature of its business.

(viii) According to the information and explanations given to us the CentralGovernment has not prescribed the maintenance of cost records under sections 209(1)(d) ofthe Companies Act 1956 for any of the products of the company.

(ix) (a) As explained to us the Provident Fund Scheme and Employees State InsuranceScheme are not applicable to the company.

(b) According to the information given to us no undisputed amounts payable in respectof Income Tax Sales Tax Wealth Tax Service Tax customs duty and excise duty and cesswere in arrears as at 31st March 2014 for the period exceeding six months from the datethey become payable.

(c) According to the information and explanation given to us there are no dues ofSales Tax Income Tax Service Tax Customs Duty Wealth Tax Excise Duty and Cess whichhave not been deposited on account of any dispute.

(x) In our opinion the accumulated losses of the Company are not more than 50% of thenet worth. The company has not incurred cash losses during the financial year covered byour audit and also immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to bank with whom transactions have beenmade during the year.

(xii) The Company has not granted any loans and advances on the basis of security byway of pledge of shares debentures and other securities.

(xiii) The Company is not a chit fund nidhi/mutual benefit fund and therefore therequirements pertaining to such class of companies is not applicable. Therefore theprovision of clause 4(xiii) of the Companies (Auditors' Report) Order 2003 are notapplicable to the company.

(xiv) The Company has maintained proper records of transactions and contracts inrespect of trading in shares and other securities and timely entries have been madetherein. The Investments are held by the Company in its own name except to the extentexemption provided under Section 49 of the Companies Act 1956.

(xv) The Company has given corporate guarantee for credit facilities taken by anotherbody corporate from a bank. According to the information and explanation given to us weare of the opinion that the terms and conditions thereof are not prima facie prejudicialto the interest of the company.

(xvi) The Company has not taken any term loans during the year.

(xvii) According to the information and explanations given to us and on overallexamination of the Balance Sheet of the company we report that no Funds raised on shortterm basis which have been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares during the yearto parties and companies covered in the Register maintained under Section 301 of TheCompanies Act 1956.

(xix) The Company has not issued any debentures during the year and therefore thequestion of creating security in respect thereof does not arise.

(xx) The Company has not made any public issues during the year and therefore thequestion of disclosing the end use of money does not arise.

(xxi) According to the information and explanations given no fraud on or by the companyhas been noticed or reported during the year.

For MANDAWEWALA & CO.
Chartered Accountants
Firm Registration No. 322130E
Anil Kumar Mandawewala
Place: Kolkata Partner
Date: 31st May 2014 Membership No. 055939