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Acknit Industries Ltd.

BSE: 530043 Sector: Industrials
NSE: N.A. ISIN Code: INE326C01017
BSE LIVE 15:26 | 08 Dec 87.50 0.35
(0.40%)
OPEN

87.00

HIGH

93.40

LOW

87.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 87.00
PREVIOUS CLOSE 87.15
VOLUME 966
52-Week high 154.90
52-Week low 64.85
P/E 7.40
Mkt Cap.(Rs cr) 22.05
Buy Price 87.50
Buy Qty 14.00
Sell Price 89.05
Sell Qty 10.00
OPEN 87.00
CLOSE 87.15
VOLUME 966
52-Week high 154.90
52-Week low 64.85
P/E 7.40
Mkt Cap.(Rs cr) 22.05
Buy Price 87.50
Buy Qty 14.00
Sell Price 89.05
Sell Qty 10.00

Acknit Industries Ltd. (ACKNITINDUS) - Auditors Report

Company auditors report

Independent Auditor

To the Members of Acknit Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Acknit Industries Limitedwhich comprise the Balance Sheet as at 31 March 2014 the Statement of Profit and Loss andthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in subsection (3C) ofsection 211 of the Companies Act 1956 ("the Act") read with General Circular15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect ofSection 133 of the Companies Act 2013. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion of the effectiveness ofthe entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India :

i. in the case of the balance sheet of the state of affairs of the Company as at 31March 2014;

ii. in the case of the statement of profit and loss of the profit for the year endedon that date; and

iii. in the case of the cash flow statement of the cash flows for the year ended onthat 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) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 ourknowledge 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 theCompany so far as appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account [and with the returns receivedfrom branches not visited by us];

d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in sub-section (3C) of Section211 of the Companies Act 1956 read with General Circular 15/2013 dated 13th September2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act2013; and

e. on the basis of written representations received from the directors as on 31 March2014 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act 1956.

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.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Acknit Industries Limited forthe year ended 31 March 2014. We report that:

I. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) In our opinion the fixed assets have been physically verified by the management atreasonable intervals having regard to the size of the company and the nature of itsassets. No material discrepancies between the book records and the physical inventory werenoticed.

(c) During the year in our opinion the company has not disposed of a substantial partof the fixed assets. According to the information and explanations given to us we are ofthe opinion that the withdrawal of the fixed assets has not affected the going concernstatus 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 theprocedures of physical verification of inventory followed by the management were foundreasonable 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 thecompany has maintained proper records of inventory and the discrepancies noticed onphysical verification between the physical stocks and the book records were not materialin relation to the operations of the company.

III. (a) The company has granted unsecured loans to two Body Corporate covered in theregister maintained under section 301 of the Companies Act 1956. The maximum amountinvolved during the year aggregate to Rs. 22000000/-

(b) In our opinion and according to the information and explanations given to us therate of interest and other terms and conditions on which loans have been granted to thecompany listed in the register maintained under section 301 of the Companies Act 1956 arenot prima facie prejudicial to the interest of the company.

(c) According to information and explanations given to us the loan as aforesaid wasrepayable on demand and Body Corporate is regular in payment of Principal amount andinterest as and when demanded by the company.

(d) According to information and explanations given to us there is no overdue amountof loans and interest granted to the companies firms or other parties listed in theregister maintained under section 301 of the companies Act 1956.

(e) The company has taken unsecured loan from one Body Corporate covered in theregister maintained under section 301 of the companies Act 1956 and the maximum amountinvolved in the transaction is Rs. 11100000/-

(f) In our opinion and according to the information and explanations given to us therate of interest and other terms and conditions on which loans have been received from thecompany listed in the register maintained under section 301 of the Companies Act 1956 arenot prima facie prejudicial to the interest of the company.

(g) According to information and explanations given to us there is no overdue amountof loans and interest received from the companies listed in the register maintained undersection 301 of the companies Act 1956.

IV. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods and services. Further on the basis of our examination and according to theinformation and explanation given to us we have neither come across nor have we beeninformed 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 weare of the opinion that the contracts or arrangements that need to be entered into theregister 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 certaintransactions of purchases/sales of goods and materials of special nature for whichalternate quotations are not available in our opinion the transactions have been made atprices which are prima facie reasonable having regard to the prevailing market price atthe relevant time.

VI. In our opinion and according to the information and explanations given to us thecompany has not accepted deposits from the public during the year covered by our auditreport and therefore the provision of section 58A & 58AA or any other relevantprovision of the Companies Act1956 and Rules there under are not applicable to thecompany.

VII. In our opinion the company has an internal audit system commensurate with itssize and nature of its business.

VIII. We have broadly reviewed the cost records maintained by the company asprescribed by the Central Government under section 209(1) (d) of the Companies Act 1956and are of the opinion that prima facie the prescribed cost records have been maintainedand are being made up. We have however not made a detailed examination of the costrecords 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 thebooks and records as produced and examined by us in our opinion the company is generallyregular in depositing undisputed statutory dues including provident fund InvestorsEducation Protection Fund employees' state insurance income tax sales tax wealth taxservice tax custom duty excise duty cess and other material statutory dues asapplicable with the appropriate authorities.

(b) According to the information and explanation given to us and the records of thecompany examined by us the particulars of dues at income tax sales tax wealth taxservice tax customs duty excise duty and the Cess as at 31.03.2014 which have not beendeposited on accounts of dispute are as follows :

Name of the Statute Name of the dues Amount (in Rs. ) Period to which the amount relates Forum where pending
West Bengal Sales Tax Act 1994. Sales Tax 13200/- Year 1996-97 Assistant Commissioner Commercial Taxes Calcutta South Circle
West Bengal Value Added Tax Act 2003 VAT 807300/- Year 2007-08 West Bengal Commercial Taxes Appellate & Revisional Board
West Bengal Value Added Tax Act 2003 VAT 6542794/- Year 2008-09 West Bengal Commercial Taxes Appellate & Revisional Board
Central Sales Tax Act 1956 CST 266664/- Year 2008-09 West Bengal Commercial Taxes Appellate & Revisional Board

X. The company does not have accumulated losses as at 31st March 2014 and has notincurred cash loses during the financial year ended on that date or in the immediatelypreceding financial year.

XI. According to information and explanations given to us the company has notdefaulted 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 grantedany loans and advances on the basis of security by way of pledge of shares debenture andother securities.

XIII. The Provisions of any special statute applicable to chit fund/ nidhi /mutualbenefit fund/societies are not applicable to the company.

XIV. In our opinion and according to the information and explanations given to us thecompany has maintained proper records of transaction and contracts in respect of dealingor trading in shares securities debentures and other investments and timely entries havebeen made there in. All shares debentures & other investments have been held by thecompany in its own name.

XV. In our opinion and according to the information and explanations given to us theCompany has not given any guarantees for loans taken by other from banks and financialinstitution.

XVI. In our opinion the term loans have been applied for the purpose for which theywere raised.

XVII.According to the information and explanations given to us and on overallexaminations of Balance Sheet of the company in our opinion there are no funds raised onshort-term basis which have been used for long-term investments.

XVIII.The company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under section 301 of the Companies Act 1956during 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 nofraud 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.

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