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Marsons Ltd.

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Nov 27, 15:40
4.67 -0.05 (-1.06%)
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7,865
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4,170
30-Day
1,954
5,350
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    4.72

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    4.75

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Dec 27, 11:22
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Marsons is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

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