You are here » Home » Companies » Company Overview » Lakshmi Automatic Loom Works Ltd

Lakshmi Automatic Loom Works Ltd.

BSE: 505302 Sector: Industrials
NSE: N.A. ISIN Code: INE718M01014
BSE 00:00 | 18 Oct 34.00 0
(0.00%)
OPEN

31.00

HIGH

34.00

LOW

30.95

NSE 05:30 | 01 Jan Lakshmi Automatic Loom Works Ltd
OPEN 31.00
PREVIOUS CLOSE 34.00
VOLUME 513
52-Week high 60.25
52-Week low 22.35
P/E 11.41
Mkt Cap.(Rs cr) 23
Buy Price 31.00
Buy Qty 100.00
Sell Price 34.00
Sell Qty 50.00
OPEN 31.00
CLOSE 34.00
VOLUME 513
52-Week high 60.25
52-Week low 22.35
P/E 11.41
Mkt Cap.(Rs cr) 23
Buy Price 31.00
Buy Qty 100.00
Sell Price 34.00
Sell Qty 50.00

Lakshmi Automatic Loom Works Ltd. (LAKAUTOLOOMS) - Auditors Report

Company auditors report

To The Members of M/s. Lakshmi Automatic Loom Works Limited

Report on the IND AS Financial Statements

We have audited the accompanying IND AS financial statements of LAKSHMI AUTOMATICLOOM WORKS LIMITED ("the Company") which comprise of the Balance Sheet asat March 31 2018 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation. (hereinafter referred to IND AS financial statements)

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese IND AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the IND ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these IND AS financial statements basedon our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting 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 and the Orderissued under section 143 (11) of the Act.

We conducted our audit of the IND AS financial statements in accordance with theStandards on Auditing specified under Section 143 (10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the IND AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the IND AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theIND AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the IND AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's directors as well as evaluating theoverall presentation of the IND AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the IND AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IND AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2018 and its profit total comprehensive income the cash flowsand the changes in equity for the year ended as on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143 (11) of the Act we give in Annexure"A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act based on our audit 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) statement of changes in equity and the statement of cash flow dealt with by thisreport are in agreement with the books of account;

d) in our opinion the aforesaid IND AS financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act;

e) on the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the board of directors none of thedirectors are disqualified as on March 31 2018 from being appointed as a directorin terms of Section 164 (2) of the Act;

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure "B" and

g) with respect to the other matters to be included in the auditors' report inaccordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its IND AS financial statements - Refer note no 29A to the IND AS financialstatements.

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

iii There is no amount required to be transferred to the Investor Education andProtection Fund by the Company and hence the question of delay in transferring such sumsdoes not arise.

Other matters

The comparative financial information of the Company for the year ended 31st March 2017and the transition date opening balance sheet as at 1st April 2016 included in these INDAS financial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited bythe predecessor auditor whose report for the year ended 31st March 2017 and 31st March2016 dated 29th May 2017 and 23rd May 2016 respectively expressed anunmodified opinion on those financial statements as adjusted for the differences in theaccounting principles adopted by the Company on transition to the IND AS which have beenaudited by us.

For Subbachar & Srinivasan
Chartered Accountants
Firm Registration No. 004083S
(Sd.) T.S.V. Rajagopal
Coimbatore Partner
May 24 2018 Membership No. 200380

Annexure - "A" to the Independent Auditors' Report

(Referred to in Paragraph 1 under "Report on Other legal and regulatoryrequirements" section of our report to the members of LAKSHMI AUTOMATIC LOOM WORKSLIMITED of even date) .

We report that

1. In respect of its Fixed Assets:

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

b. As explained to us fixed assets have been physically verified by the management atregular intervals in accordance with a programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals havingregard to the size of the company and nature of its assets. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us and the records examinedby us the title deeds of all freehold immovable properties are held in the name of theCompany.

2. In respect of its inventories:

As explained to us physical verification of inventories has been conducted atreasonable intervals by the management during the year and no material discrepancies werenoticed.

3. The company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 during the financial year and hence sub-clauses(a) to (c) of clause (iii) of the Order are not applicable to the company.

4. The Company has not granted loans or made investments or given guarantees andsecurities during the year and hence compliance with Section 185 and 186 are notapplicable.

5. The company has not accepted any deposits from the public during the year to whichthe provisions of sections 73 to 76 of the Act are applicable and as such clause 3(v) ofthe Order is not applicable.

6. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 read with the Companies (Cost Records andAudit) Rules 2014 for the business activities carried out by the Company. Thus reportingunder clause 3(vi) of the order is not applicable to the Company.

7. According to the information and explanations given to us and on the basis of ourexamination of the records of the company in respect of the statutory dues:

a. The company is regular in depositing undisputed statutory dues including ProvidentFund Employees' State insurance Income tax Sales Tax Service Tax Goods and ServiceTax duty of customs duty of excise value added tax and any other statutory dues withthe appropriate authorities during the year. According to the information and explanationsgiven to us no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at 31st March 2018 for a period of more than six monthsfrom the date they became payable.

b. According to the information and explanations given to us the details of disputedstatutory dues that have not been deposited on account of dispute is as under:

Name of Statute Nature of the Dues Amount (Rs in Lakhs) Amount paid / adjusted (Rs in Lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act/ Service Tax Act Service Tax 8.86 Nil February 2007 to September 2008 Customs Excise & Service Tax Appellate Tribunal Chennai.

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowings to any financialinstitution bank government or dues to debenture holders.

9. In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of term loans or by way of initial public offer orfurther public offer (including debt instruments) during the year and hence clause 3(ix)of the Order is not applicable to the company.

10. To the best of our knowledge and belief and according to the information andexplanations given to us during the course of our examination of the books and records ofthe company carried out in accordance with the auditing standards generally accepted inIndia no fraud on or by the company was noticed or reported during the year that causesthe IND AS financial statements to be materially misstated.

11. The company has not paid any managerial remuneration during the year and hence therequirement of getting requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013 is not applicable.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause 3(xii) of the Order is not applicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the IND AS financial statements as required by theapplicable accounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause 3(xv) ofthe Order is not applicable.

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

For Subbachar & Srinivasan
Chartered Accountants
Firm Registration No. 004083S
(Sd.) T.S.V. Rajagopal
Coimbatore Partner
May 24 2018 Membership No. 200380