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Shree Ganesh Knit (India) Ltd.

BSE: 530653 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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NSE 05:30 | 01 Jan Stock Is Not Traded.
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Shree Ganesh Knit (India) Ltd. (SHGANESHKNIT) - Auditors Report

Company auditors report

SHREE GANESH KNIT (INDIA) LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT We have audited the attached Balance Sheet and Profit and Loss Accounts of SHREE GANESH KNIT (INDIA) LIMITED Ahmedabad as at 31st March 2005 for the year ended on that date annexed thereto: These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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. As required by the Companies (Auditor's Report) under, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956. We enclose in the Annexure a statement on the matters in the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, We report that: (i) 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; (ii) 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 have been forwarded to us and have been appropriately dealt with; (iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts. iv) In our opinion, subject to Note No.2 of Schedule M regarding non- provision for municipal taxes and Non-Provision of Excise Duty Liability. The Balance Sheet and Profit & Loss comply with the Accounting standards referred to in sub section 3(C) of section 211 of the Companies Act, 1956 that have been made mandatory by the Institute of Chartered Accountants of India. v) Attention is invited to the following Notes in Schedule in No. M :- i) Note No.3 regarding contingent liability pursuant to Demand raised by Excise Department. ii. Note No.2 regarding Non-Provision for municipal taxes. iii. Note No.9 regarding accounts of the Company prepared on going concern basis. iv. Note No.11 regarding confirmation of balances of sundry debtors, and creditors and loans & advances. v. Note No.12 regarding non provision of depreciation of assets. (v) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2005 and (b) in case of the Profit and Loss Account, of the Loss for the year ended on that date. (c) in case of the Cash Flow Statements, of the cash flows for the year ended on that date. D.A. RUPAWALA & ASSOCIATES CHARTERED ACCOUNTANTS (D.A. RUPAWALA) Proprietor Date : 04.09.2005 Place : Ahmedabad ANNEXURE TO AUDITOR'S REPORT (Attach with Audit Report dated 6th September 2005) 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) The fixed assets of the company have been physically verified by the Management at reasonable intervals and no materials discrepancies have been noticed on such verification. (c) During the year, company has not deposited off any substantial / major part of Fixed assets. 2. According to the information and explanations given to us, the company has not granted or taken secured or unsecured loans to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act. 3. On the basis of the audit procedure performed by us and according to the information given to us, we are of the opinion that the company has not entered into transaction that need to be entered into a register in pursuance to Section 301 of the Act. 4. In our opinion and according to the information and explanation given to us, the company has not accepted deposits from the public. 5. The company has no internal audit system commensurate with the size and nature of its business. 6. We have been informed that the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956. 7. According to the records of the company and information and explanations given to us there are no disputed statutory dues payable by the company accept excise duty as per note 3 of schedule M. 8. The company has an accumulated losses at the end of the financial year and it has incurred cash losses during current and immediately preceding financial year. 9. According to the information and explanations given to us and in our opinion the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders. 10. According to the information and explanations given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 11. The company is not a chit fund or a nidhi / mutual benefit fund or society. Therefore clause 4 (xii) is not applicable to the Company. 12. The Company is not dealing or trading in shares or securities, debentures and other investments. Therefore clause 4(xiv) is not applicable to the Company. 13. According to the information and explanations given to us the Company has not given guarantee for loans taken by others from bank or financial institutions. 14. Company has not raised any new term loans during the year. Therefore clause 4(xvi) is not applicable to the Company. 15. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that no funds raised on short term basis have been used for long term investment by the company and vice a versa. 16. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. 17. The Company did not have any outstanding debenture during the year. 18. The company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise. 19. According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the company has been noticed or reported by the company during the year. 20. The other clauses of CARO are not applicable to the Company during the year. D.A. RUPAWALA & ASSOCIATES CHARTERED ACCOUNTANTS (D.A. RUPAWALA) Proprietor Date : 04.09.2005 Place : Ahmedabad