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|
|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|
To the Members of
Lyons Corporate Market Limited
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of Lyons Corporate MarketLimited ("the Company") C.I.N.- L74140WB1994PLC061497 whichcomprise the Balance Sheet as at March 31 2021 the Statement of Profit and Loss(including comprehensive income) statement of changes in equity and Cash Flow Statementfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.
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 including Indian Accounting Standards (IndAS') specified under section 133 of the Act of the state of affairs (financial position)of the company as at March 312021 and its profit and other comprehensive income changein equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountantsof India together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on the financialstatements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matter described below to be the key audit matter to be communicatedin our report.
Impact of COVID 19
Due to outbreak of pandemic COVID-19 and consequent country wide lockdown enforced bygovernment of India we could not carry out normal audit procedures by visiting the clientoffice and audit was carried out using "Work from Home" approach. This isconsidered as Key Audit Matter since alternate audit procedures were performed forcarrying out audit.
Due to "work from home "approach adopted we performed following alternativeaudit procedures:
Various data and confirmation were received either electronically through emailor through data sharing on drive.
For various audit procedures reliance was placed on scanned copies of originaldocument shared with us electronically.
Interview/ discussion with client via video conferencing / call conferencing andother verbal communications.
Information other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors and Management is responsible for the preparation ofthe other information. The other information comprises the information obtained at thedate of this auditor's report but does not include the financial statements and ourauditor's report thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon. In connection with our audit of thefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information we are required to report thatfact. We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the FinancialStatements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the state ofaffairs profit/loss and other comprehensive income change in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under Section 133 of theAct.This responsibility also includes maintenance of adequate accounting records inaccordance with the provision 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 judgements 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure above the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.
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 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of 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 (including other comprehensiveincome) and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account;
d. In our opinion the aforesaid financial statements comply with the Indian 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 March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) ofthe Act;
f. 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 in our opinionand 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 statements as on date.
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.
Annexure "A" to the Independent Auditor's Report
The Annexure referred to in Independent Auditors' Reports to the members of M/sLyons Corporate Market Limited on the financial statements for the year ended 31stMarch 2021 We report that:
(i) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant & Equipment.
b. The Fixed Assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at regular intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.
c. According to the information and explanation given to us the title deeds ofimmovable properties are held in the name of the company.
(ii) The Company does not have any inventory and accordingly the provision of clause3(ii) of the order are not applicable to the company and hence not commented upon.
(iii) The Company has granted loans to two parties covered in the register maintainedunder section 189 of the Companies Act 2013 (the Act').
a. In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company.
b. In the case of the loans granted to the parties listed in the register maintainedunder section 189 of the Act the borrowers have been regular in the payment of theinterest as stipulated. The terms of arrangement do not stipulate any schedule ofrepayment and the loans are repayable on demand.
c. There are no overdue amounts in respect of the loan granted to the parties listed inthe register maintained under section 189 of the Act.
iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Section 185 and Section 186 of the CompaniesAct 2013 with respect to loans investments guarantees and security made.
v.) According to the information and explanation given to us by the management theCompany has not accepted any deposit from the public within the meaning of Sections 73 to76 of the Act and the rules framed there under to the extent notified.
vi.) The Company is not required to maintain cost records as specified by the CentralGovernment under section 148 (1) of the Companies Act 2013.
vii.) a. According to the records of the company and information and explanations givento us the Company has generally been regular in depositing undisputed statutory duesincluding Income-tax Tax deducted at sources Professional Tax value added tax (VAT) andother material statutory dues applicable to it with the appropriate authorities.
b. According to the information and explanations given to us there were noundisputed amounts payable in respect of Income-tax GST and other material statutory duesin arrears were outstanding as at 31st March 2021 for a period of more thansix months from the date they became payable.
viii.) The Company has not defaulted in the repayment of loan taken from the financialinstitution. As per book and records maintained by the company and according to theinformation and explanation given to us the company does not have any loans or borrowingsfrom the banks or governments. Further the Company does not have any outstandingdebentures during the year.
ix.) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loan during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.
x.) According to the information and explanations given to us by the management nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.
xi.) According to the information and explanations given to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provision ofsection 197 read with schedule V to the Companies Act 2013 xii.) In our opinion andaccording to the information and explanations given to us the Company is not a NidhiCompany. Accordingly the provisions of clause 3(xii) of the Order are not applicable tothe Company.
xiii.) According to the information and explanations given to us and based on ourexamination of the records of Company transactions with the related parties are incompliance with section 177 and 188 of the Companies Act 2013 and the 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 under review. Accordingly the provision of clause 3 (xiv) of the Order are notapplicable to the Company.
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 any non-cashtransactions with directors or persons connected with him. Accordingly the provision ofclause 3 (xv) of the Order are not applicable to the Company.
xvi.) The Company is duly registered under section 45 IA of the Reserve Bank of IndiaAct 1934 and such registration has been obtainted by the company.