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Shri Lakshmi Cotsyn | Auditor's Report > Textiles - Processing > Auditor's Report from Shri Lakshmi Cotsyn - BSE: 526049, NSE: SHLAKSHMI
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Shri Lakshmi Cotsyn

BSE: 526049|NSE: SHLAKSHMI|ISIN: INE851B01016|SECTOR: Textiles - Processing
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Shri Lakshmi Cotsyn is not traded in the last 30 days
Shri Lakshmi Cotsyn is not traded in the last 30 days
Mar 14
Auditor's Report (Shri Lakshmi Cotsyn) Year End : Mar '15
We have audited the accompanying financial statements of Shri Lakshmi
 Cotsyn Limited (the Company), which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss for the year and
 statement of cash flow for the year ended 31st March, 2015, and a
 summary of the significant accounting policies and other explanatory
 information.
 
 Management''sResponsibility for theFinancial 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 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 principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, 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 taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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 the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, 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 on the financial
 statements.
 
 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, of the state of affairs of the Company as
 at 31st March, 2015, and its profit/loss and its cash flow for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of Sub
 Section 11 of Section 143 of the Act, we give in the Annexure, a
 statement on the matters specified in paragraphs 3 and 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 best of 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 the Company so far as it appears from our examination of those
 books.
 
 c) The Balance Sheet, the Statement of Profit and Loss and the
 statement of cash flow dealt with by this Report are in agreement with
 the books of account.
 
 d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards 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 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 26 in
 ''Other Notes''.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii.  There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company.
 
 Annexure to the Independent Auditors'' Report
 
 The Annexure referred to in our Independent Auditors'' Report to the
 members of the Company on the financial statements for the year ended
 31 March 2015, we report that:
 
 1.  a.  The Company has maintained proper records showing full
 particulars, including quantitative details and situation of
 
 fixed assets.
 
 b. The Company has a regular programme of physical verification of its
 fixed assets by which fixed assets are verified in a phased manner over
 a period of three years. In accordance with this programme, certain
 fixed assets were verified during the year and no material
 discrepancies were noticed on such verification. In our opinion, this
 periodicity of physical verification is reasonable having regard to the
 size of the Company and the nature of its assets.
 
 2.  a.  As explained to us, the inventories were physically verified
 during the year by the Management at reasonable
 
 intervals.
 
 b. In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c. In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 3.  The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013.
 
 4.  In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and thenature of its business with regard
 to purchases of inventory and fixed assets and the sale of goods and
 services. During the course of our audit, we have not observed any
 major weakness in such internal control system.
 
 5.  The Company has not accepted any deposits from the public.
 
 6.  We have broadly reviewed the cost records maintained by the Company
 pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209(1)(d) of the
 Companies Act, 1956 and are of the opinion that prima facie the
 prescribed cost records have been maintained. We have, however, not
 made a detailed examination of the cost records with a view todetermine
 whether they are accurate or complete.
 
 7.  a.  According to the information and explanations given to us,
 certain undisputed amounts payable in respect of provident fund,
 employees'' state insurance, income tax and cess were in arrears as at
 31 March 2015 for a period of more than six months from the date they
 became payable.
 
 b.  According to the information and explanations given to us, there
 are dues of income tax for A.Y. 2012-13 amounting to Rs. 42,83,740/-
 against which the appeal is pending before the DCIT of ITO-6, Kanpur
 which have not been deposited with the appropriate authorities. Other
 than the above, no dues are pending against which any dispute is
 pending as on 31-03-2015.
 
 c.  According to the information and explanations given to us the
 amounts (if any) which were required to be transferred to the investor
 education and protection fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules there under
 has been transferred to such fund within time.
 
 8.  The accumulated losses at the end of the financial year exceed
 fifty percent of the networth of the company. The company has further
 incurred cash losses during the year under consideration and also in
 the year immediately precedingthe financial year.
 
 9.  The Company has outstanding dues to financial institutions, banks
 and others during the year. However, as the company has opted for CDR
 mechanism as per letter of approval dated 28th June, 2013 and Master
 Restructuring Agreement (MRA) signed on 29th June, 2013 the outstanding
 dues have been restructured.
 
 10.  In our opinion and according to the information and the
 explanations given to us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 11.  As per the information and explanations given by the management,
 the Company has applied the term loan for the purpose for which the
 loan amount was granted. year.
 
 12.  According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
                                             For PRADEEP & ASSOCIATES
 
                                                Chartered Accountants 
 
                                      (Firm Registration No. 001254C)
 
                                                          P. K. GUPTA
             
 Date  : 05.09.2015                                           Partner
 
 Place : Kanpur                                 Membership No. 070492
Source : Dion Global Solutions Limited
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