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Marsons

BSE: 517467|ISIN: INE415B01036|SECTOR: Electric Equipment
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Mar 14
Auditor's Report (Marsons) Year End : Jun '15
We have audited the accompanying financial statements of MARSONS
 LIMITED (''the Company''), which comprise the balance sheet as at 30th
 June 2015, 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 Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation and presentation 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 principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 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 have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act.  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 the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, 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 audit opinion on the financial
 statements.
 
 - Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid 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, of the state of affairs of the Company as
 at 30th June 2015 and its profit and its 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2) As required by Section 143 (3) of the Act, we report that:
 
 (a) we have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit, subject to i)Confirmations not available in
 respect in respect of balance in sundry debtors, in respect of certain
 unsecured loan creditors, of major parties and outstanding in trade
 payable, ii) Inventory stock sheet taken as certified by the management
 and iii)Market value of quoted share held as investments not stated and
 as such the extent of diminution in value of investment not ascertained
 and not reportable/ accounted though the market value of 4250000 equity
 shares of Advance Powerinfra Tech Limited, as per quoted rate of
 30.06.2015 being Rs,. 2.37 per share on the basis of which market value
 being Rs,. 100.73 lacs only, as against cost of Rs,. 976.21 lacs,
 thereby prima facie the diminution being Rs,. 875.48 lacs not
 considered and on account of ambiguity the overall impact of all these
 observations on the profits if any could not be reported as not
 ascertainable;
 
 (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, the statement of profit and loss and the cash
 flow statement dealt with by this Report are in agreement with the
 books of account;
 
 (d) in our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) on the basis of the written representations received from the
 directors as on 30th June 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 30th June 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 (f) with respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements.  
 
 ii.  The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ( Referred to in paragraph 5 under  Report on Other Legal and
 Regulatory section of the Independent Auditors'' Report to the members
 of MARSONS LIMITED on the financial statements for the year ended on
 30th June 2015, we report that:
 
 (i) In respect of Fixed Assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification, in
 our opinion, provides for the physical verification of all the fixed
 assets at reasonable intervals. According to the information and
 explanation given to us, no material discrepancies were noticed on such
 verification.
 
 (ii) In respect of Inventory:
 
 (a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (d) The Company is a service company, primarily rendering software
 services. Accordingly, it does not hold any physical inventories. Thus,
 paragraph 3(ii) of the Order is not applicable.
 
 (iii) In respect of Unsecured Loan:
 
 The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties cover in the register maintained
 under section 189 of the Companies Act, 2013.
 
 (iv) Internal Controls
 
 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 fixed assets and for the sale of goods and
 services. We have neither come across nor we have been informed of any
 continuing failure to correct major weakness in the internal control.
 
 (v) Acceptance of Deposits
 
 The Company has not accepted any deposit from the public within the
 meaning of section 73 to section 76 of the act and the rules made there
 under during the period under audit.
 
 (vi) Costing Records
 
 We have broadly reviewed the cost records maintained by the company
 under the maintenance of cost records rules specified by the Central
 Government under sub section (1) of section 148 of the Act, as we are
 of the opinion that, prime facie, the prescribed cost records have been
 made and maintained.
 
 (vii) Statutory Dues
 
 a) The Company is regular in depositing undisputed statutory dues
 including provident fund, employees'' statement insurance, income tax,
 sales tax, service tax, duty of customs, duty of excise and any other
 statutory dues with appropriate authorities.
 
 b) According to the information and explanation given to us and as per
 the records of the Company examined by us, the details of income tax,
 sales tax and duty of excise etc. no court deposited on account of
 dispute are as under:
 
                      Nature of             Amount
 Name of the Statute  Dues      Period to   (Rs. In 
                                which it    Lakhs)
                                relates                 Forum where
                                                        dispute is  
                                                        pending
 
                                A.Y. - 
                                2008-09     394.28      Appeal Level
 
                                A.Y. -
                                2009-10     228.33      Appeal Level
 
 Income Tax Act,   Income Tax   A.Y. -
                                2010-11       4.57      Appeal Level
 1961
 
                                A.Y. -
                                2011-12     911.04      Appeal Level
 
                                A.Y. -
                                2012-13      77.27      Appeal Level
 
 Central 
 Excise 
 Act, 1944                      F.Y. -
                                2011-12    1131.44      High Court
 
                   Excise 
                   Duty         F.Y. - 
                                2012-13       1.19      Appeal Level
  
 
                                F.Y.  
                                2005-06      62.61      Appeal Level
 
                                F.Y. 
                                2006-07      67.49      Appeal Level
 
                                F.Y. 
                                2007-08                 Appeal Level
 
 West Bengal 
 Value                          F.Y. 
                                2008-09     118.85      Appeal Level
 Added Tax 
 Rules,            VAT
 2005                           F.Y.  
                                2009-10     279.01      Appeal Level
 
                                F.Y.  
                                2010-11     445.75      Appeal Level
 
                                F.Y. 
                                2011-12      34.57      Appeal Level
 
                                F.Y.  
                                2005-06      63.50      Appeal Level
 
                                F.Y. 
                                2006-07     151.69      Appeal Level
 
                                F.Y.
                                2007-08                 Appeal Level
 
 Central 
 Sales Tax                      F.Y.  
                                2008-09      94.58      Appeal Level
 (West Bengal) 
 Rules,            CST
 1958                           F.Y. 
                                2009-10     234.46      Appeal Level
 
                                F.Y. 
                                2010-11     396.98      Appeal Level
 
                                F.Y. 
                                2011-12       6.68      Appeal Level
 
 (viii) Cash Losses
 
 The Company has no accumulated losses at the end of the financial year
 and it has not incurred cash losses in this financial year and in the
 immediately preceding financial year.
 
 (ix) Default in Repayment
 
 In our opinion and according to the information and explanation given
 to us, the Company has not defaulted in repayment of dues to bank. The
 Company has not issued any debenture.
 
 x) Application for term loan
 
 The Company has not obtained any term loan during the financial year.
 
 xi) Fraud
 
 During the course of our examination of the books of the Company
 carried out in accordance with the generally accepted auditing practice
 in India, and according to the information and explanations given to us
 we have neither come across to any material fraud on or by the Company
 nor we are informed of any such cases by the management.
 
 96/1B, Garpar Road                                   for K. M. Roy
 
 Kolkata  700 009                             Chartered Accountant
 
                                          Membership number: 053720 
 
 Dated the 29th day of August, 2015
Source : Dion Global Solutions Limited
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