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Shri Lakshmi Cotsyn Ltd.

BSE: 526049 Sector: Industrials
NSE: SHLAKSHMI ISIN Code: INE851B01016
BSE LIVE 13:33 | 28 Mar Stock Is Not Traded.
NSE 15:31 | 10 Jul Stock Is Not Traded.
OPEN 1.81
PREVIOUS CLOSE 1.90
VOLUME 32116
52-Week high 1.82
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.81
Sell Qty 934.00
OPEN 1.81
CLOSE 1.90
VOLUME 32116
52-Week high 1.82
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.81
Sell Qty 934.00

Shri Lakshmi Cotsyn Ltd. (SHLAKSHMI) - Auditors Report

Company auditors report

To the Members of

Shri Lakshmi Cotsyn Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

1. We have audited the accompanying standalone financial statements of Shri LakshmiCotsyn Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss (including other comprehensive income) forthe year and statement of cash flow statement and statement of changes in equity for theyear ended 31st March 2017 and a summary of the significant accounting policies andother explanatory informafion.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. 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 financialpositton financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounttng principles generallyaccepted in India including the Indian Accounting Standards specified under Section 133of the Act. This responsibility also includes maintenance of adequate accounttng 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 accounttng policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effecttvely for ensuring the accuracy andcompleteness of the accounttng records relevant to the preparation and presentatton ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

3. Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit.

4. We have taken into account the provisions of the Act and the rules made thereunderthe accounttng and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit of the Standalone Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act and otherapplicable authoritative pronouncements issued by the Institute of Chartered Accountantsof India. Those Standards and pronouncements 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accounttngpolicies used and the reasonableness of the accounttng estimates made by the Company'sDirectors as well as evaluattng the overall presentatton of the Standalone Ind ASfinancial statements.

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

OPINION

8. In our opinion and to the best of our informafion and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informafionrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounttng principles generally accepted in India of the state of affairs of theCompany as at 31st March 2017 and its loss (including other comprehensive income) itscash flow and changes in equity for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Sub Sectton (ii) of Section 143 ofthe Act and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the informafion and explanation given to us wegive in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the statement of cash flow and the statement of changes in equity dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

e) On the basis of the 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 31st March 2017 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the control and the operating effectiveness of such controls refer to ourseparate report in Annexure A.

g) 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 Standalone Ind AS financial statements - Refer Note 25 in 'Other Notes'.

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

iii. There were amounts which were required to be transferred to the investor educationand protection fund by the company and there has been no delay in transferring the same.

iv. The company has provided requisite disclosure in its financial statements as toholdings as well as dealing in Specified Bank Notes during the period from November 82016 to December 30 2016 and these are in accordance with the books of accountsmaintained by the company. Refer to Note No. 26 under Notes to Accounts.

For PRADEEP & ASSOCIATES

Chartered Accountants

P. K. Gupta

Partner

Membership No. 070492

Firm Registration No. 001254C

Date : 30.05.2017 Place : Kanpur

Annexure A to the Independent Auditors Report

Referred to in paragraph 10(f) of the Independent Auditors' Report of even date to themembers of Shri Lakshmi Cotsyn

Limited on the standalone financial statements for the year ended March 31 2017.

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION143 OF THE ACT.

1. We have audited the internal financial controls over financial reporting of ShriLakshmi Cotsyn Limited ("the Company") as of March 31 2017 in conjunction withour audit of the standalone financial statements of the company for the year ended on thatdate.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets thepresentation and

detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

AUDITORS' RESPONSIBILITY

3. 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 in Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls over financial reporting included operatingeffectiveness. Our audit of the internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

7. 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

8. 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 2017 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 PRADEEP & ASSOCIATES

Chartered Accountants

P. K. Gupta

Partner

Membership No. 070492

Firm Registration No. 001254C

Date : 30.05.2017 Place : Kanpur

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2017 we report that:

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of

fixed assets.

b. The fixed assets of the Company have been physically verified by the managementduring the year and no material discrepancies were noticed on such verification. In ouropinion this periodicity of physical verification is reasonable

c. The title deeds of immovable properties as disclosed in note 9 on fixed assets tothe financial statements are held in the name of the company

2. The inventories were physically verified during the year by the Management atreasonable intervals discrepancies noted were not material.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013. Therefore the provisions of Clause 3(iii) (iii)(a) (iii) (b) and (iii)(c) of thesaid order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantee provided by it.

5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from the public within the provisions of sections 7374 75 and 76 of the act or any other relevant provisions of the Companies Act 2013 andthe rules framed there under to the extent notified.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theRules prescribed by the Central Government under Sub-Section (1) of section 148 of theCompanies Act 2013 and are of the opinion that prima facie the prescribed accounts andrecords have been so made and maintained. However we have not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

7. a. According to the information and explanations given to us certain undisputedamounts payable in respect of provident fund employees' state insurance income tax andcess were in arrears as at 31 March 2017 for a period of more than six months from thedate they became payable which are as follows:-

. Particulars Amount
1. Contribution to Employee Provident Fund 902.50
2. Contribution to Employee State Insurance 9.61

b. According to the information and explanations given to us there are no dues ofservice tax duty of customs and cess income tax sales tax duty of excise and valueadded tax which have not been deposited on account of any dispute as at 31st March 2017.

8. The Company has outstanding dues to financial institutions banks and others duringthe year and all the loan accounts of the company are NPA as on date. The bank/financialinstitution wise details of outstanding amounts are as under:-

Name of the Lender Total o/s Amount
1 Andhra Bank 70.87
2 Bank of Baroda 289.71
3 Canara Bank 352.39
4 Central Bank of India 574.74
5 Corporation Bank 41.98
6 Edelweiss Assets Reconstruction Company Ltd. 272.59
7 Exim Bank 23.50
8 IDBI Bank 3.09
9 IFCI Ltd. 5.27
10 Indian Bank 170.62
11 Oriental Bank of Commerce 128.60
12 Punjab National Bank 237.07
13 Saraswat Bank 103.35
14 State Bank of Bikaner & Jaipur 48.79
15 State Bank of Mysore 61.11
16 State Bank of Patiala 73.67
17 Syndicate Bank 420.33
18 Union Bank of India 371.89
19 Vijaya Bank 31.90
Total 3281.47

9. The company has not raised and money by way of initial public offer further publicoffer and term loans. Accordingly the provisions of Clause 3(ix) of the order are notapplicable to the company.

10. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have we been informed of such case by themanagement.

11. The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by provisions of section 197 r/w schedule V to the Act.

12. As the company is not a Nidhi Company and Nidhi Rules 2014 are not applicable toit the provisions of the clause 3(xii) of the Order are not applicable to the company.

13. The company has entered into transactions with the related parties in compliancewith the provisions of section 177 and 188 of the act. The details of such related partytransactions have been disclosed in notes to the financial statements as required underaccounting standard 18 related party disclosures specified under section 133 of the actr/w Rule 7 of Companies (Accounts) Rules 2014.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clauses 3(xiv) of the order are not applicable to the company.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of clauses 3(xv) of the order arenot applicable to the company.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the company.

For PRADEEP & ASSOCIATES

Chartered Accountants

P. K. Gupta

Partner

Membership No. 070492

Firm Registration No. 001254C

Date : 30.05.2017 Place : Kanpur