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Lykis Ltd.

BSE: 530689 | NSE: | Series: NA | ISIN: INE624M01014 | SECTOR: Plantations - Tea & Coffee

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Jul 26, 15:40
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57,539
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47,647
30-Day
30,172
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    43.05

  • Open Price

    45.15

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  • Offer Price (Qty.)

    40.90 (1859)

NSE Live

Dec 27, 11:22
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Lykis is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

Report on the Financial Statement We have audited the accompanying financial statements of LYKIS LIMITED (the Company ), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow \ Statement for the year then ended, and a summary of significant accounting policies and other explanatory ; information. Management''s Responsibility forthe Financial Statements '' Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the Accounting ; Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinio In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: : a) in the case ofthe Balance Sheet, ofthe state of affairs ofthe Company as at March 31,2013; b)inthecaseof statementof Profitand Loss Account, ofthe loss for the year ended on that date; and c) in the case ofthe Cash Flow Statement, ofthe cash flows forthe yearended on that date. Report on other Legal and Regulatory Requirment 1 As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the mattersSpecified in paragraphs 4 and 5 ofthe Order. 2.As required by section 227(3) of the Act,we report that: a) we have obtained all the information and explanations which to the best of our knowledge and belief were | necessary for the purpose of our audit; b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 oftheCompaniesAct, 1956; e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure to Independent Auditors''Report Referred to in Paragraph I underthe heading of Report on other Legal and regulatory requirements of our report of even date: The Company has made available the fixed asset records showing full particulars including quantitative details and situation of fixed assets of the company during the audit period under review. As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such physical verification. The Stock of inventories has been physically verified during the period by the Management at reasonable intervals in our opinion, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company has I maintained proper records of inventories. The discrepancies noticed on physical verification of stocks as compared to books record were not material. However the same has been properly dealt with the books of account. iii. The company has granted or taken unsecured loans and advances to/from companies, firms and/or other parties covered in the register maintained under section 301 oftheCompaniesAct, 1956 a)The Company has given loans to subsidiary- in respect of said loan, the maximum amount outstanding af any time during the year was Rs.6,60,88,130/- and the Year end balance is Rs.6,60,88,130/-(including interest) b) In our opinion and according to the information and explanation given to us, the rate of interest and other | conditionsoftheloangivenbythecompanyarenotprimefacieprejudidal to the interest of the company. c) In respect of said loans and interest thereon, there are n overdue amount. d)The Principal amounts are repayable on demand. e) The company has taken interestfree loans of Rs.53,75,000/-from directors during the year. iv In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. Further on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed . of any instance of continuing failure or major weakness in the intemal control systems. v. In respect ofthe contract or arrangement referred to in section 301 oftheCompaniesAct 1956: a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of : the Companies Act, 1956 have been entered. b) In our opinion and according to the information and explanations'' given to us, the transactions made in : I pursuance of contracts/arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/-in respect of each party during the year have been made at : prices which appear reasonable as per information available with the Company. vi. The Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India; the provisions of Section 58Aand 58AAor any other relevant provision of the Companies Act, 1956 and the rules framed there under are not applicable. vii. In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. viii. The Central Government has prescribed the maintenance of cost records under clause (d) of sub-secti6n (I) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the company. We have broadly reviewed the cost records maintained by the company and are of the opinion that prima facie the prescribed cost records have been maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. ix. According to the information and explanation given to us and on the basis of our examination of the books of account, the Company is regular in depositing the amount of undisputed statutory dues of Provident fund, Sale- tax, VAT, Cess on green leaf and other Statutory dues with appropriate authorities . However, there are outstanding settled amount of Rs. 18,83,791/-in respect of Cess on Green leaf including interest and land revenue amounting to Rs. 2,00,072/- as on 31.03.2013. According to the information and explanation given to us, there were no undisputed amounts payable in respect of Sales tax and Vat, Customs Duty, Excise Duty and Cess as on 31 st March 2013 for a period of more than six months from the date of becoming payable. Further there were disputed demand of Rs.6,79,380/- on account of Agricultural Income Tax for the Asst.Year2007-08 x. TheCompany''s accumulated loss at the end of the year is less than the fifty percent of its net worth.The company: has not incurred cash losses during the current financial year covered by the audit but incurred cash losses in the immediately preceding six months period ended 31st March 2012. xi. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders. xii. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures during the period. Accordingly, Clause4(xii) of the order is not applicable. xiii. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4 (xiii) of the order is not applicable. xiv. The company has invested in shares during the period. Proper records have been maintained of the transactions and contracts. The shares have been held by the company, in its own name exceptto the extent of the exemption, if any, granted under section 49 of the Companies Act, 1956. xv. According to the information and explanations, the company has not given any guarantee for loans taken by other from banks and /orfinancial institutions. : xvi. During the period, the company has not obtained any fresh Term loans; accordingly, clause 4(xvi) of the order is not applicable. xvii. According to information and explanation given to us, the fund raised on short-term basis has not been used for long-term investments. xviii. The Company has made preferential allotment of 25,33,335 nos. of equity shares to parties and companies covered in the register maintained under section 301 of the Act. However the price paid for the same is not prejudicial to the interest of the company. xix. The Company has not issued any debentures. Accordingly clause 4(xix) of the order is not applicable. xx. The Company has not raised any money by public issues during the period. Accordingly, clause 4(xx) of the order | : is not applicable. xxi. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period. For SANJAY P AGARWAL & ASSOCIATES Chartered Accountants Firm Regn. No. 325683E Place : Kolkata (SANJAY AGARWAL) Partner Date : 30th May, 2013 Mem.No,062218