How lsb module affects system, and can be made available to the system?

aks@aks-K55VD:~$ lsb_release -a  
No LSB modules are available.  
Distributor ID: Ubuntu  
Description:    Ubuntu 12.04.1 LTS  
Release:    12.04  
Codename:   precise

used the command lsb_release -a and found 'No LSB modules are available'

LSB->http://en.wikipedia.org/wiki/Linux_Standard_Base

what does that mean by the unavailability of this module and how can they be made available to my system?

Since there are no lsb modules installed in your machine, you get that message.

You can install the lsb modules using the command

sudo apt-get install lsb-core

After installation, when you run the same command you wont see the message saying 'No LSB modules are available'

lsb_release -a will display some basic info about to which LSB specifications your system/OS complies with.

Hope this helps.