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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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57,653
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30-Day
31,423
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    40.90 (1859)

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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

We have audited the accompanying financial statements of LYKIS Limited (the Company), which comprise the Balance Sheet as at March 31,2014, 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 FOR THE FINANCIAL STATEMENTS The Company''s 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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. AUDITORS'' RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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 of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 of the Balance Sheet, of the state of affairs of the Company as at March 31,2014; (b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. e. On the basis of the written representations received from the directors as on March 31,2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of Section 274(1)(g) of the Act. Annexure to Independent Auditors'' Report Referred to in Paragraph I under the heading of Report on other Legal and regulatory requirements of our report of even date: i. 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. ii. 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 maintained the 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 not granted but taken unsecured loans and advances from companies, firms and/or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken interest free loans from its directors & related companies amounting to Rs. 34,65,000/- (Previous Year (Rs. 1,08,75,000/-)and repaid Rs. 1,43,40,000/- 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 internal control systems. v. In respect of the contract or arrangement referred to in section 301 of the companies Act 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 CompaniesAct,1956 have been entered. b) In our Opinion and according to the information and explanations given to us, the transactions made in 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 58A and 58AA or 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-section (l) 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. 21,13,109/- in respect of Cess on Greenleaf as on 31.03.2014. According to the information and explanation given to us, there were no undisputed amounts payable in respect of Sales tax and Vat, Customs Duty and Excise Duty as on 31st March 2014 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.Year 2007-08. x. The Company''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 and in the immediately preceeding financial year. 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, Clause 4(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 except to the extent of the exemption, if any, granted under section 49 of the CompaniesAct,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 not made any preferential allotment of Equity shares to parties and companies covered in the register maintained under section 301 of the Act during the current financial year. 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, 2014 Mem. No. 062218