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Maral Overseas
BSE: 521018|NSE: MARALOVER|ISIN: INE882A01013|SECTOR: Textiles - Spinning - Cotton Blended
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Mar 12
Auditor's Report (Maral Overseas) Year End : Mar '13
Report on the financial Statements
 
 We have audited the accompanying Financial Statements of Maral Overseas
 Limited (the Company), which comprise the Balance Sheet as at March
 31, 2013, and the Statement of Proft and Loss and Cash Flow Statement
 for the year then ended, and a summary of signifcant accounting
 policies and other explanatory information.
 
 Management''s responsibility for the financial Statements
 
 Management is responsible for the preparation of these Financial
 Statements that give a true and fair view of the fnancial position,
 fnancial performance and cash fows of the Company in accordance with
 the accounting principles generally accepted in India, including
 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 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 of the Financial Statements.
 
 We believe that the audit evidence we have obtained is suffcient 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 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, 2013;
 
 (b) in the case of the Statement of Proft and Loss, of the proft for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash fows for the
 year ended on that date.
 
 Emphasis of matter
 
 Without qualifying our opinion, we draw attention to:
 
 i) Note 2.7.6 to these Financial Statements wherein the Company, has
 considered certain plant & machinery as continuous process and charged
 depreciation accordingly. This being a technical matter, we cannot form
 an independent opinion on such classifcation of assets and are
 therefore unable to comment thereon.
 
 ii) Note 2.2.1 to these Financial Statements wherein the Company has
 given effect to the fnancial restructuring package approved by the
 Corporate Debt Restructuring Cell (CDR'') and the various lenders. In
 view of the status of CDR scheme as explained therein, the Management
 is confdent of being able to continue and operate the business as a
 going concern and accordingly, these Financial Statements have been
 prepared on a going concern'' basis.
 
 iii) Note 2.1.2 to these Financial Statements wherein the Company has
 made provision for proposed dividend on the cumulative preference
 shares. The Board of Directors have recommended payment of preference
 dividend (including arrears) subject to obtaining approval of the
 Central Government, if required, prior to declaration of dividend.
 
 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 sub-
 section (4A) of section 227 of the Act, we give in the Annexure A'' a
 statement on the matters specifed 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, Statement of Proft 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 Proft and Loss, and
 Cash Flow Statement comply with the accounting standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 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 disqualifed 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 A'' referred to in paragraph 1 under the heading Report on
 other legal and regulatory requirements of our report of even date to
 the members of Maral Overseas limited
 
 1.  (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fxed
 assets.
 
 (b) All fxed assets have not been physically verifed by the management
 during the year but there is a regular programme of verifcation which,
 in our opinion, is reasonable having regard to the size of the Company
 and the nature of its assets.  The discrepancies noticed on verifcation
 were not material and have been properly dealt with in the books of
 accounts.
 
 (c) Fixed assets disposed off during the year were not substantial and
 therefore do not affect the going concern assumption.
 
 2.  (a) The inventory, except material lying with third parties, has
 been physically verifed by the management during the year. In our
 opinion, the frequency of such verifcation is reasonable.
 
 (b) The procedures for physical verifcation of inventory followed by
 the management are, in our opinion, reasonable and adequate in relation
 to the size of the Company and nature of its business.
 
 (c) In our opinion, the Company is maintaining proper records of
 inventory. The discrepancies noticed on physical verifcation of
 inventory as compared to book records were not material and have been
 properly dealt with in the books of accounts.
 
 3.  (a) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 frms or other parties covered in the register maintained under section
 301 of the Companies Act, 1956. Accordingly, the provisions of clause
 4(iii) (a) to (d) of the Order are not applicable to the Company and
 hence not commented upon.  (b) According to the information and
 explanations given to us, the Company has not taken any loans, secured
 or unsecured, from companies, frms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 Accordingly, the provisions of clause 4(iii) (e) to (g) of the Order
 are not applicable to the Company and hence not commented upon.  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 the nature of its business, for the purchase of
 inventory and fxed assets and for the sale of goods and services.
 During the course of our audit, we have not observed any major weakness
 or continuing failure to correct any major weakness in the internal
 control system of the Company in respect of these areas.
 
 5.  (a) Based upon the audit procedures applied by us and according to
 the information and explanations provided by the management, we are of
 the opinion that the particulars of contracts or arrangements referred
 to in section 301 of the Companies Act, 1956 that need to be entered
 into the register maintained under section 301 have been so entered.
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of such contracts or
 arrangements and exceeding the value of Rupees fve lakhs have been
 entered into during the fnancial year at prices which are reasonable
 having regard to the prevailing market prices at the relevant time,
 where such market prices are available.  In respect of transactions
 where comparable prices are not available and due to the specifc nature
 of the items involved, we are unable to comment whether the
 transactions are made at prevailing market prices at the relevant time.
 
 6.  The Company has not accepted any deposits from the public.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size & nature of its business.
 
 8.  We have broadly reviewed the records, including the books of
 account maintained by the Company pursuant to the rules prescribed by
 the Central Government for the maintenance of cost records under clause
 (d) of sub-section (1) of section 209 of the Companies Act, 1956 in
 respect of Company''s products and are of the opinion that prima facie
 the prescribed accounts and records have been made and maintained.
 
 9.  (a) According to the records of the Company, undisputed statutory
 dues including provident fund, employees'' state insurance, income tax,
 sales tax, wealth tax, service tax, custom duty, excise duty, cess and
 other material statutory dues have been regularly deposited during the
 year with the appropriate authorities, though there has been a minor
 delay in a few cases.  According to the records of the Company and as
 explained to us the Company did not have any dues on account of
 investor education and protection fund.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
 other material statutory dues were outstanding, at the year end, for a
 period of more than six months from the date they became payable.
 
 (c) According to the information and explanations given to us and the
 records of the Company examined by us, the particulars of statutory
 dues of income-tax, sales-tax, wealth-tax, service tax, customs duty,
 excise duty and cess, which have not been deposited on account of a
 dispute are referred to in Annexure B''.
 
 10.  The accumulated losses of the Company at the end of the fnancial
 year are more than ffty percent of its net worth. The Company has not
 incurred cash losses in the current fnancial year and immediately
 preceding fnancial year.
 
 11.  Based on our audit procedures and as per the information and
 explanations given by the management and in view of the practice
 followed by the lenders, as explained in note 2.2.1 to these Financial
 Statements, we are of the opinion that the Company has not defaulted in
 repayment of dues to any fnancial institution or bank.
 
 12.  According to the information and explanations given to us and
 based on the documents and records produced before us, the Company has
 not granted loans and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 13.  In our opinion, the Company is not a chit fund or a nidhi / mutual
 beneft fund / society. Therefore, the provisions of clause 4(xiii) of
 the Companies (Auditor''s Report) Order, 2003 (as amended) are not
 applicable to the Company.
 
 14.  In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
 2003 (as amended) are not applicable to the Company.
 
 15.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or fnancial institutions.
 
 16.  In our opinion, and according to the information and explanations
 given to us, the term loans raised during the year by the company have
 been applied for the purpose for which the said loans were obtained.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we report
 that funds raised on short term basis have not been used for long term
 investments.
 
 18.  The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Companies Act 1956.
 
 19.  The Company has not issued any debentures.
 
 20.  The Company has not raised any money by way of public issue,
 during the year.
 
 21.  Based on the audit procedures performed and as per the information
 and explanations given by the management, no fraud on or by the Company
 has been noticed or reported during the year.
 
 For Doogar & Associates           For Ashim & Associates
 
 Chartered Accountants             Chartered Accountants 
 
 Firm Registration No. 000561N     Firm Registration No.006064N
 
 Mukesh goyal                      Ashim Agarwal
 
 Partner                           Partner
 
 Membership No.081810              Membership No.084968
 
 Noida (U.P.) 30th April, 2013
Source : Dion Global Solutions Limited
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