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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 Financial Statements

We have audited the accompanying financial statements of Shri Lakshmi Cotsyn Limited("the Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss for the year and statement of cash flow for the year ended31st March 2015 and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 financial statements.

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 of the state of affairs of the Company as at 31stMarch 2015 and its profit/loss and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of Sub Section 11 of Section 143 of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2. 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 and the statement of cash flowdealt with by this 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 read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164(2) of the Act.

f) 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 Note 26 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 no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For PRADEEP & ASSOCIATES
Chartered Accountants
(Firm Registration No. 001254C)
P. K. GUPTA
Date : 05.09.2015 Partner
Place : Kanpur Membership No. 070492

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2015 we report that:

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

b. The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

2. a. As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

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.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company andthenature of its business with regard to purchases of inventory and fixed assets and thesale of goods and services. During the course of our audit we have not observed any majorweakness in such internal control system.

5. The Company has not accepted any deposits from the public.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Accounting Records) Rules 2011 prescribed by the Central Government underSection 209(1)(d) of the Companies Act 1956 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view todetermine whether they are accurate orcomplete.

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 2015 for a period of more than six months from thedate they became payable.

b. According to the information and explanations given to us there are dues of incometax for A.Y. 2012-13 amounting to Rs. 4283740/- against which the appeal is pendingbefore the DCIT of ITO-6 Kanpur which have not been deposited with the appropriateauthorities. Other than the above no dues are pending against which any dispute ispending as on 31-03-2015.

c. According to the information and explanations given to us the amounts (if any) whichwere required to be transferred to the investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesthere under has been transferred to such fund within time.

8. The accumulated losses at the end of the financial year exceed fifty percent of thenetworth of the company. The company has further incurred cash losses during the yearunder consideration and also in the year immediately preceding the financial year.

9. The Company has outstanding dues to financial institutions banks and others duringthe year. However as the company has opted for CDR mechanism as per letter of approvaldated 28th June 2013 and Master Restructuring Agreement (MRA) signed on 29th June 2013the outstanding dues have been restructured.

10. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

11. As per the information and explanations given by the management the Company hasapplied the term loan for the purpose for which the loan amount was granted. year.

12. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For PRADEEP & ASSOCIATES
Chartered Accountants
(Firm Registration No. 001254C)
P. K. GUPTA
Date : 05.09.2015 Partner
Place : Kanpur Membership No. 070492