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Maris Spinners Ltd.

BSE: 531503 | NSE: | Series: NA | ISIN: INE866D01010 | SECTOR: Textiles - Spinning - Cotton Blended

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Sep 22, 16:00
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30-Day
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Dec 27, 11:22
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Maris Spinners is not listed on NSE

Annual Report

For Year :
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Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT To the Members of M/s MARIS SPINNERS LIMITED. We have audited the attached Balance sheet of M/s MARIS SPINNERS LIMITED, (the Company No 9, Cathedral Road, Chennai - 600 086, at 31st March 2006 and the related Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform to obtain reasonable assurance about whether the financial statements are free from the material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditors' Report) (Amendment) Order 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and according to the information and explanation given to us we enclose in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said Order to the extent applicable to the Company. Further to our comments in the Annexure referred to above, 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards (as applicable) 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 31st March, 2006 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on 31st March 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (f) In our opinion and to the best of our information and according to the explanation given to us, the said Balance Sheet and Profit and loss account read together with notes thereon subject to Note No.6 with regard to confirmation of debtors & creditors balances, gives the information required by the Companies Act, 1956 and in the manner so required give a true and fair view and is in conformity with the accounting principles generally accepted in India: i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; ii. in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and iii. in the case of the cash flow statement, of the cash flows for the year ended on that date. For N.C.S. RAGHAVAN & CO. CHARTERED ACCOUNTANTS Place : Bangalore (N.C. SUNDARA RAGHAVAN) Date : 25th August 2006 PARTNER ANNEXURE TO AUDITORS' REPORT Statement of matters to be reported as specified in Paragraphs 4 and 5 of COMPANY'S (AUDITORS' REPORT) ORDER, 2003. PARA 4: 1. The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets. 2. According to the information and explanations given to us, physical verification of Fixed Assets have been carried out by the management at reasonable intervals and no material discrepancies have been noticed on such verification. 3. The Company has not made any sale or has not otherwise disposed off a substantial part of its fixed assets. 4. According to the information made available and explanation given to us, the management has conducted physical verification of inventory at reasonable intervals during the year. 5. According to the information made available and explanation given to us and in our opinion, the procedures of physical verification of inventory followed by the management are reasonable and commensurate with the size of the Company and the nature of its business. 6. The Company is maintaining proper records of inventory and the discrepancies between the physical inventory and the book inventory noticed on the physical verification as mentioned in the Paragraph 5 above are not material. 7. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Act. 8. The Company has taken an unsecured loan from M/s.Maris Hotels & Theaters Private Limited, a company entered in the register maintained under Section 301 of the Act, amounting Rs. 160 Lakhs. There are no stipulations with regard to the repayment of the said loan and the rate of interest and other terms and conditions of such loan are not prima facie prejudicial to the interest of the Company. 9. There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, with regard to the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us we have neither come across nor have we been informed of any continuing failure to correct weaknesses in the aforesaid internal control system. 10. All the transactions that need to be entered into a register in pursuance of Section 301 of the Act have been entered. 11. The prices at which purchases of goods and services were made from the parties listed in the register maintained under Section 301 of the Act are reasonable having regard to the prevailing market prices for the purchase of such goods and services. 12. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act 1956 and the rules framed thereunder. 13. According to the information made available and explanation given to us and in our opinion, the Company's present internal audit system is commensurate with its size and nature of its business. 14. We have broadly reviewed the books of accounts maintained by the Company pursuant to the Order made by the Central Government for the maintenance of Cost records under section 209(1)(d) of the Companies Act, 1956 and are of opinion that prima-facie the prescribed accounts and records have been maintained. We have not however, made a detailed examination of the records with a view to determining whether they are accurate or complete. 15. According to the books of accounts and other records as produced before us and examined by us, the Company is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employee's state insurance, Income-tax, wealth tax, custom duty, excise duty, cess and any other statutory dues with the appropriate authorities. However, there is a delay in payment of TDS amounting to Rs.1,51,600/-. 16. The Company has pending dispute with regard to Modvat Credit on excise duty. 17. The accumulated losses of the Company at the end of the financial year are not more than fifty percent of its net worth. 18. According to the records made available to us, the Company has not defaulted in repayment of its dues to any financial institution or bank. 19. The Company has not granted loans and advances on the basis of the security by way of pledge of shares, debentures and other securities. 20. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to it. 21. The Company is not dealing or trading in shares, securities, debentures and other investments. 22. According to the information made available and explanation given to us and in our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 23. The Company has obtained term loans under the Textile Upgradation Fund scheme with the Indian Bank to the tune of Rs.2.93 crores and Rs.7.87 Crores from Indian Overseas Bank during the year. On the basis of review of utilization of funds pertaining to the term loans on overall basis and related information made available to us, the term loans taken by the Company during the previous year have been applied for the purposes for which they were obtained. However with regard to the utilisation of the Term loans obtained in the earlier years it is not possible to ascertain with reasonable accuracy as to whether such loans were wholly used only for the purposes for which they were obtained. 24. According to the information made available and records produced before us and in our opinion, the Company has used the short-term funds obtained by it primarily only for the purpose of meeting its working capital requirements. However it is not possible to ascertain with reasonable accuracy as to whether such short term funds were also used for long-term purposes. 25. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act. 26. The Company has not issued any debentures during the year. 27. The Company has not raised any money by way of public issue in the year under report. 28. According to the information made available to us and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For N.C.S. RAGHAVAN & CO., CHARTERED ACCOUNTANTS Place : Bangalore (N.C. SUNDARA RAGHAVAN) Date : 25th August 2006 PARTNER