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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
56.00 2.65 (4.97%)
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3,125
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3,257
30-Day
8,049
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  • Open Price

    55.95

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NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Maris Spinners is not listed on NSE

Annual Report

For Year :
2016 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the attached Balance sheet of M/s MARIS SPINNERS LIMITED, (the Company1) No 11, Cathedral Road, Chennai - 600 086 at 31st March 2010, 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. These financial statements are the responsibility of the Companys 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 evaluate 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 except Accounting Standard 15 to the extent of the provision for Leave encashment of employees; (e) On the basis of written representations received from the directors, as on 31st March, 2010 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 2010 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.8 withregard to confirmation of balances of debtors & creditors, advances received from and given to parties and Note No 1(viii)(B)(iii) on the Provision for Leave Encashment, 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and (b) in the case of the Profit and Loss Account, profit of the Company for the year ended on that date. (c) in the case of the cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS REPORT Statement of matters to be reported as specified in Paragraphs 4 and 5 of COMPANYS (AUDITORS REPORT) ORDER, 2003 PARA 4 i. a. The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets. b. 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. c. As the Company has not disposed off substantial part of its fixed assets, reporting under Para 4(i)(c) of the Order does not arise. ii. a. As per the information and explanation given to us, the management has conducted physical verification of inventory at reasonable intervals during the year. b. As per the information 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. c. The Company is maintaining proper records of inventory and as per the information and explanation given to us and based on our observation no material difference was noticed during the year. iii. a. 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 and hence reporting under Clause (a), (b), (c) & (d) of Para 4(iii) of the Order does not arise. b. The Company has not taken any unsecured loan from any parties covered under register required to be maintained under Section 301 of the Companies Act, 1956. iv. 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. v. a. All the transactions that need to be entered into a register in pursuance of Section 301 of the Act tiave been entered. b. In our opinion the prices at which such transactions have been entered into are reasonable having regard to the prevailing market prices for such transactions. vi. 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, and hence reporting under Clause 4(vi) of the Order does not arise. vii. According to the information made available and explanation given to us and in our opinion, the Companys present internal audit system is commensurate with its size and nature of its business. viii. We have 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. However, we have not made a detailed examination of the records with a view to determining whether they are accurate or complete. ix. 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, employees state insurance, Income-tax, wealth tax, custom duty, cess and any other statutory dues with the appropriate authorities. x. The accumulated losses of the Company at the end of the financial year are not more than 50% of the Net Worth of the company. The Company has not incurred any cash losses in the current financial year and in the immediately preceding financial year. xi. According to the records made available to us. the Company has not defaulted in repayment of its dues to any financial institutions or banks and hence reporting under Clause 4(xi) does not arise xii. The Company has not granted loans and advances on the basis of the security by way of pledge of shares, debentures and other securities and hence reporting under Clause 4(xii) of the order does not arise. xiii. 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. hence reporting under Clause 4(xiii) of the order does not arise. xiv The Company is not dealing or trading in shares, securities, debentures and other investments, hence reporting under Clause 4(xiv) of the order does not arise xv 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, and therefore reporting under Clause 4(xv) of the order does not arise. xvi. The Company has obtained term loans under the Textile Upgradation Fund scheme from the Indian Overseas Bank and the Karur Vysya Bank Ltd. 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 loan taken by the Company have been primarily applied for the purposes for which they were obtained. However, it not possible to ascertain with reasonable accuracy as to whether such loans were wholly used for the purposes for which they were obtained. xvii 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 xviii 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. Hence reporting under Clause 4(xviii) of the order does not arise. xix. The Company has not issued any debentures. xx. The Company has not raised any money by way of public issue during the financial year under reporting. The Company had raised funds through a public issue of shares in the year 1995-96 and according to information made available and explanation given to us and in our opinion; the funds raised through the public issue were used only for the purposes of the business of the Company. However a complete disclosure of the end use of money raised by public issue has not been made by the management as on date, as there was no legal requirement to do so under the Companies Act 1956. xxi 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 (Firm Registration No.: 007335S) N.C. SUNDARA RAGHAVAN PARTNER (Membership No. 5952) Place Bangalore Date 01 09.2010