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Acknit Industries Ltd.

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

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Sep 24, 16:00
114.10 1.10 (0.97%)
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30-Day
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  • Prev. Close

    113.00

  • Open Price

    112.80

  • Bid Price (Qty.)

    113.20 (245)

  • Offer Price (Qty.)

    114.80 (100)

NSE Live

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

Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the accompanying financial statements of Acknit Industries Limited which comprise the Balance Sheet as at 31 March 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 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 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 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 of 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 audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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 : i. in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014; ii. in the case of the statement of profit and loss, of the profit for the year ended on that date; and iii. 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), as amended, 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 by section 227(3) of the Act, 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 [and with the returns received from branches not visited by us]; d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. Annexure to the Auditors'' Report The Annexure referred to in our report to the members of Acknit Industries Limited for the year ended 31 March 2014. We report that: 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 are 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 physical 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. 2,20,00,000/- (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 taken unsecured loan from one Body Corporate covered in the register maintained under section 301 of the companies Act, 1956 and the maximum amount involved in the transaction is Rs. 1,11,00,000/- (f) 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 received from 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. (g) According to information and explanations given to us, there is no overdue amount of loans and interest received from the companies listed in the register maintained under section 301 of the companies Act, 1956. 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/sales of goods and materials of special nature for which alternate quotations are not available, in our opinion, 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. We have broadly reviewed the cost records maintained by the company, as prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956, and are of the opinion that prima facie the prescribed cost records have been maintained and are being made up. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. IX. (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 31.03.2014 which have not been deposited on accounts of dispute are as follows : Name of the Name of the Amount Period to Statute dues (in Rs.) which the amount relates West Bengal Sales Tax Act, Sales Tax 13,200/- Year 1996-97 1994. West Bengal Value Added VAT 8,07,300/- Year 2007-08 Tax Act, 2003 West Bengal Value Added VAT 65,42,794/- Year 2008-09 Tax Act, 2003 Central Sale CST 2,66,664/- Year 2008-09 Tax Act, 1956 Name of the Forum where pending Statute West Bengal Assistant Commissioner, Sales Tax Act, Commercial Taxes, 1994. Calcutta South Circle West Bengal West Bengal Commercial Value Added Taxes, Appellate & Tax Act, 2003 Revisional Board West Bengal West Bengal Commercial Value Added Taxes, Appellate & Tax Act, 2003 Revisional Board West Bengal Commercial Central Sale Taxes, Appellate & Revisional Board X. The company does not have accumulated losses as at 31st March 2014 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 Provisions 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. For R. K. Bajaj & Co. Chartered Accountants Firm''s registration number : 314140E R. K. Bajaj Proprietor Membership number: 051715 Place: Kolkata Dated: The 30th day of May, 2014.