you are here:

Maris Spinners Ltd.

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

BSE Live

Sep 28, 14:14
55.50 -0.95 (-1.68%)
Volume
AVERAGE VOLUME
5-Day
6,700
10-Day
5,122
30-Day
6,977
1,202
  • Prev. Close

    56.45

  • Open Price

    55.55

  • Bid Price (Qty.)

    55.15 (100)

  • Offer Price (Qty.)

    55.50 (992)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

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 accompanying financial statements of M/s MARIS SPINNERS LIMITED, (''the Company'') No. 11, Cathedral Road, Chennai - 600 086 at 31st March 2014, which comprise the Balance Sheet as at March 31, 2014, 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) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 certain Debtors and Creditors and advances given to and received from parties are subject to confirmation as mentioned in Note No.24 (f). 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. 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, 2014; 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. 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; e) on the basis of written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2014, 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 a substantial part of its fixed assets during the year, reporting under Para 4(i)(c) of the Order does not arise. ii. a. The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is adequate. 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. In our Opinion, the Company is maintaining proper records of inventory. The discrepancies between the physical stocks and the book stocks were not material and have been properly dealt with in the books of accounts; iii. a) The Company has not granted any secured loans to Companies, firms or other parties covered in the register maintained under section 301 of the Act. The Company has granted an unsecured loan of Rs. 10 crores during the year to M/s Maris Power Supply Company Private Limited a Company listed under the register maintained under section 301 of the Act. b) The rate of interest and other terms and conditions of the loan given are prima facie not prejudicial to the interest of the Company. c) The Company has received repayment of the entire loan including interest during the financial year. d) As there is no outstanding balance recoverable form the Company to whom an unsecured loan was given during the year as above, reporting under this para does not arise. e) The Company has not received secured loans from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has received unsecured loans from the following parties covered in the register to be maintained under section 301 of the Companies Act, 1956. Sl. Name of the Party Relationship Balance as on No. 01.04.13 (Rs.) 1. Sri. M. Rengaswamy Director 28,10,000 2. Sri. Anandkumar Rengaswamy Director 25,70,000 3. Maris Hotels & Theatres Pvt Ltd Associate Concern 1,00,00,000 4. Sri. T. Raghuraman Director NIL Sl. Name of the Party Payment Receipt Balance as during the during the on 31.03.14 year (Rs.) year (Rs.) 1. Sri. M. Rengaswamy NIL NIL 28,10,000 2. Sri. Anandkumar Rengaswamy NIL 12,63,920 13,06,080 3. Maris Hotels & Theatres Pvt Ltd NIL 1,00,00,000 NIL 4. Sri. T. Raghuraman 51,50,000 1,50,000 50,00,000 f) As per the information and explanations provided to us, the rate of interest and terms and conditions of such loans are prima facie not prejudicial to the interest of the company. g) The Company has made repayment of principal and interest to a few parties as mentioned above during the financial year. 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, excise duty and service tax, cess and any other statutory dues except for marginal delays in a few cases. 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 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 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 a cash credit and overdraft facility with Indian Overseas Bank and Karur Vysya Bank. On the basis of review of utilization of funds pertaining to the short term working capital loans on an overall basis and related information made available to us, the short term loans taken by the Company as above have been not been applied for long term investments. 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 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 : 30.05.2014 (Membership No. 5952)