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Maris Spinners Ltd.

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

BSE Live

Sep 24, 16:00
57.50 0.40 (0.70%)
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AVERAGE VOLUME
5-Day
5,928
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4,781
30-Day
7,023
9,815
  • Prev. Close

    57.10

  • Open Price

    55.80

  • Bid Price (Qty.)

    57.70 (10)

  • Offer Price (Qty.)

    58.40 (10)

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

Report on the Financial Statements We have audited the accompanying financial statements of M/s MARIS SPINNERS LIMITED, (''the Company'') No 11, Cathedral Road, Chennai - 600 086 at 31st March 2013, which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Management is responsible for 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 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 fair presentation of the financial statements that 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. These 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 sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion The balances of trade receivables, trade payables, advances paid to trade creditors, advances received from customers are subject to confirmation as mentioned in Note No. 1(H). The balances of such parties are subject to reconciliation of differences, if any. The Management have sent letters of Confirmations to various parties who are classified as Sundry Debtors and Creditors and to parties from whom Trade advances have been received and to whom Trade advances are given. Some of the Parties to whom such confirmation letters have been sent have responded pursuant to which their accounts have been reconciled. As all the Parties to whom the letters have been sent have not responded due to which their accounts could not be reconciled, the same cannot be treated as confirmed, although in the opinion of Management the balances of such Parties are in order. As some of the parties to whom letters have been sent have not responded, their account balances could not be verified and to that extent, differences if any could not be ascertained. With regard to the provision for Leave Encashment as mentioned in Note No. 1 (A) (viii) B (iii), the Management has been consistently following the policy of accounting for the same on the basis of the calendar year with respect to the liability of the workers and on the basis of the financial year with respect to the staff at both units which is strictly not in accordance with the requirement of Accounting Standard 15 issued by ICAI and the preparation of accounts on accrual basis. The effect of not providing for the leave encashment on accrual basis based on the financial year for the workers is not material and cannot be quantified. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements, along with notes accompanying such 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 Profit and Loss, of the profit for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 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 statement on the matters specified in paragraphs 4 and 5 of the Order. Or 2. As required under provisions of section 227(3) of the Companies Act, 1956, 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 Profit 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 Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 except for Accounting Standard 15 with regard to provision of liability towards leave encashment; 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 are disqualified 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 Act. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. 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 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. 1. In respect of the loans secured or unsecured, granted or taken by the company to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956; a) The Company has granted/ received unsecured loan during the financial year to the following parties covered in the register 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 have 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 Company''s 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, employee''s state insurance, Income-tax, custom duty, cess and any other statutory dues except for marginal delays in a few cases except in the case of wealth tax where payment is yet to be made. x. The accumulated losses of the Company at the end of the financial year does not exceed 50% of its net worth. The company has not suffered cash losses during the present financial year but had suffered cash losses 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 Joans taken by others from banks 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, Indian Bank and Karur Vysya Bank. On the basis of review of utilization of funds pertaining to the term loans on an overall basis and related information made available to us, the term loans taken by the Company have been primarily applied 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. ix. The Company has not issued any debentures and hence reporting under Clause (xix) of the order does not arise. xx. The Company has not raised any money by way of public issue during the financial year under reporting and hence reporting under Clause 4(xx) does not arise. 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 Place : Bangalore PARTNER Date : 30.05.2013 (Membership No. 5952)