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Acknit Industries Ltd.

BSE: 530043 | NSE: | Series: NA | ISIN: INE326C01017 | SECTOR: Textiles - Hosiery & Knitwear

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Sep 17, 16:00
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    111.70

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    113.50

  • Bid Price (Qty.)

    108.90 (20)

  • Offer Price (Qty.)

    110.75 (300)

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Dec 27, 11:22
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Acknit Industries Ltd. is not listed on NSE

Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of M/s. Acknit Knitting Limited as at 31 st March 2007, the Profit and Loss account and also the Cash Flow Statement for year ended on that date annexed thereto. These financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. 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 accounts as required by law have been kept by the Company so far as 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 referred to sub-section (3C) of section 211 of the Companies Act, 1956; subject to notes given herein under. e) On the basis of written representations received from the directors, as on 31st March 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2007 from being appointed as a director in terms of clause (g) of Sub - section (1) of section 274 of the Companies Act, 1956. f) i) The Company had not actuarially determined and made provision for accrued liability in respect of defined benefit plan for employees benefits under Accounting Standard AS 15 (Revised 2005) on Employees Benefits issued by the Institute of Chartered Accountants of India, had the same accounted for, the profit for the year and General Reserve shall be lower by the amount so ascertained for current year provisions and previous year respectively. ii) Subject to matter referred in (i) above, In our opinion and to the best of our informations and according to the explanation given to us, the said accounts, read in conjunction with the significant accounting polices and notes on accounts along with other schedules, give the information required by the Companies Act 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; a) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2007; b) In the case of the Profit and Loss account, 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. Annexure to the Auditors Report to the Members of Acknit Knitting Limited [Referred to in paragraph (3) thereof. I. (a). The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals, having regard to the size of the company and the nature of its assets. No material discrepancies between the book records and the physical inventory were noticed. (c) During the year, in our opinion the company has not disposed of a substantial part of the fixed assets. According to the information and explanations given to us, we were of the opinion that the withdrawal of the fixed assets has not affected the going concern status of the company. II. (a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management were found reasonable and adequate in relation to the size of the company and nature of its business. (c) On the basis of our examination of records of inventory, in our opinion, the company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physicals stocks and the book records were not material in relation to the operations of the company. III. (a) The company has granted unsecured loans to two Body Corporate covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 17,812,2187. (b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been granted to the company listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. (c) According to information and explanations given to us, the loan as aforesaid was repayable on demand and Body Corporate is regular in payment of Principal amount and interest as and when demanded by the company. (d) According to information and explanations given to us, there is no overdue amount of loans and interest granted to the companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956. (e) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. Accordingly the provision of clause (iii) (f) and (iii) (g) of the companys (Auditors Report) order 2003 are not applicable to the company. IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further on the basis of our examination, and according to the information and explanation given to us, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control procedures. V. (a) In our opinion and according to the information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) According to the information and explanations given to us and excluding certain transactions of purchases/sale of goods and materials of special nature for which alternate quotations are not available, in our opinions, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market price at the relevant time. VI. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public during the year covered by our audit report and therefore the provision of section 58A & 58AA or any other relevant provision of the Companies Act, 1956 and Rules there under are not applicable to the company. VII. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. VIII. To the best of our knowledge, the Central Government has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for any of the products of the company. x1. (a) According to the information and explanation given to us, and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues including provident fund, Investors Education Protection Fund, employees state insurance, income tax , sales tax , wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities, (b) According to the information and explanation given to us and the records of the company examined by us the particulars of dues at income tax, sales tax, wealth tax, service tax, customs duty, excise duty and the Cess as at 31.03.2007 which have not been deposited on accounts of dispute are as follows : Name of the Nature of the Amount Statute dues (in Rupees) West Bengal Sales Tax 132007= Sales Tax Act, 1994. West Bengal Sales Tax 4068637= Sales Tax Act, 1994. Period to which Forum where the amount relates pending Year 1996-1997 Assistant Commissioner, Commercial Taxes, Calcutta South Circle Year 2003-2004 Assistant Commissioner, Commercial Taxes, Calcutta South Circle X. The company does not have accumulated losses as at 31st March 2007 and has not incurred cash loses during the financial year ended on that date or in the immediately preceding financial year. XI. According to information and explanations given to us, the company has not defaulted in re-payment of dues to any financial institution, bank during the year. XII. According to information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture and other securities. XIII. The Provision of any special statute applicable to chit fund/ nidhi /mutual benefit fund/societies are not applicable to the company. XIV. In our opinion and according to the information and explanations given to us, the company has maintained proper records of transaction and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made there in. All shares, debentures & other investments have been held by the company in its own name. XV. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by other from banks and financial institution. XVI. In our opinion, the term loans have been applied for the purpose for which they were raised. XVII. According to the information and explanations given to us and on overall examinations of Balance Sheet of the company, in our opinion there are no funds raised on short-term basis which have been used 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 Companies Act, 1956 during the Year. XIX. As the company has no debenture outstanding at any time during the year, paragraph (xix) of the Order is not applicable to the company. XX. The company has not raised any money by public issue during the year. XXI. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been notified or reported during the course of our audit. R. K. Bajaj & Co. Chartered Accountants R. K. Bajaj Place: Kolkata Proprietor Date : The 27th day of August, 2007 Membership No. 051715