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Lyons Corporate Market Ltd.

BSE: 531441 Sector: Financials
NSE: N.A. ISIN Code: INE100F01019
BSE 05:30 | 01 Jan Lyons Corporate Market Ltd
NSE 05:30 | 01 Jan Lyons Corporate Market Ltd

Lyons Corporate Market Ltd. (LYONSCORPORATE) - Auditors Report

Company auditors report

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") (CIN: L74140WB1994PLC061497) which comprisethe Balance Sheet as at 31st March 2017 and the Statement of Profit and Loss and the CashFlow Statement for the year then ended and a summary of the significant accountingpolicies and other explanatory 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 preparationand presentation of these financial statements to give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 of the Financial Statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation and presentation of the financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas 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 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:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended 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 of India in terms of sub-section (11)of section 143 of the Act and on the basis of such checks of the books and records ofthe Company as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure "A" a statement on the matters specifiedin the paragraphs 3 and 4 of the Order.

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 Cash Flow Statementdealt with by this Report are in agreement with the books of account. d) In our opinionthe aforesaid financial statements comply with the Accounting Standards specified underSection 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 March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of sub section 164 (2) ofthe 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".

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigation on its financial position in itsFinancial Statement.

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 required to be transferred to the Investor Education andProtection Fund by the Company.

iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. In our opinion these are in accordance with the books ofaccounts maintained by the Company. (Refer note no. 21 (k)).

For Mandawewala & Co.

Chartered Accountants

Place : Kolkata

(Registration No. 322130E)

CA.Swati Singhal

Partner

The 30th day of May 2017

Membership No. 308308

27

ANNEXURE "A" TO THE INDEPENDENT AUDITORS’ REPORT

Statement referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of the even date to the members of M/sLYONS CORPORATE MARKET LIMITED ("the Company") (CIN:L74140WB1994PLC061497) on the accounts for the year ended 31st March 2017.

In terms of the information and explanations given to us and the books and recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe state that: i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of its Fixed Assets.

. (b) The Fixed Assets of the Company have been physically verified by the managementduring the year and there is a regular program of verification which in our opinion isreasonable having regard to the size of company and the nature of its assets. No materialsdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii) Inventories have been physically verified during the year by the management. In ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on verification between the physical stocks and book records and the same havebeen properly dealt with in the books of account.

. iii) The Company has not granted any loans during the year to the parties covered inthe register maintained under section 189 of the Companies Act. Accordingly the provisionsof clause 3(iii) (a) (b) & (c) of the Order are not applicable.

iv) The Company has not granted any loans or provided any guarantees or security to theparties covered under section 185.

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 186 of the Act in respect of loansand investments made by it and Guarantees or securities provided in connection with loansto any other body corporate or person.

v) The Company has not accepted any deposits from the public during the year within themeaning of sections 73 to 76 of the Act and the rules framed there under to the extentnotified. Hence clause 3(v) of the Order is not applicable.

vi) The Company is not required to maintain cost records as specified by the CentralGovernment under section 148 (1) of the Companies Act 2013. Hence clause 3(vi) of theOrder is not applicable.

vii) (a) The Company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income-Tax Sales tax Service TaxDuty of Customs Duty of Excise Value added Tax Cess and any other statutory dues withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2017for a period of more than six months from the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute. viii) The company has not taken loans fromfinancial institution banks or debenture holders. Hence clause 3(viii) of the order isnot applicable.

ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Thereforeclause 3(ix) of the Order is not applicable.

x) Based on audit procedures performed and the information and explanations given tous we report that no fraud by the Company or any fraud on the Company by its officers oremployees has been noticed or reported during the year nor have we been informed of suchcase by the management.

xi) The company has not paid any managerial remuneration. Hence clause 3(xi) of theOrder is not applicable.

xii) The Company is not a Nidhi Company. Therefore clause 3(xii) of the Order is notapplicable.

xiii) 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 financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given 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. Therefore clause 3(xiv) of the Order is not applicable.

xv) 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 them.Therefore clause 3(xv) of theOrder is not applicable.

xvi) In our opinion and according to information and explanation given to us thecompany is registered under section 45 IA of the Reserve Bank of India Act 1934 andaccordingly the registration has been obtained.

For Mandawewala & Co.

Chartered Accountants

Place : Kolkata

(Registration No. 322130E)

CA.Swati Singhal

Partner

The 30th day of May 2017

Membership No. 308308

ANNEXURE - "B" TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/sLYONS CORPORATE MARKET LIMITED ("the Company") (CIN:L74140WB1994PLC061497) as of March 31st 2017 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

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 on Auditing to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

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

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

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 31st 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 Mandawewala & Co.

Chartered Accountants

Place : Kolkata

(Registration No. 322130E)

CA.Swati Singhal

Partner

The 30th day of May 2017

Membership No. 308308