gokaldas_exports_ltd audit report 2008

8/7/2019 GOKALDAS_EXPORTS_LTD Audit report 2008

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GOKALDAS EXPORTS LTD

INTRODUCTION:

NAME OF COMPNAY: GOKALDAS EXPORTS LTD

REGISTERED OFFICE: 70, MISSION ROAD

BANGALORE- 560027

INDIA

NATURE OF BUSINESS:

GOKALDAS EXPORTS LTD DEALS IN MANUFATURING OF READYMADE

GARMENTSEXPORTS OF READYMADE GARMENTS

GROUP IT BELONGS TO:

GOKALDAS EXPORTS LTD DOES NOT BELONG TO ANY GROUP

NAME OF CHAIRMAN:

SHRI MADANLAL J HINDUJA

NAME OF MANAGING DIRECTOR:SHRI RAJENDRA J HIDUJA

NAME OF EXECUTIVE DIRECTOR:DINESH J HINDUJA

NAME OF DIRECTOR:SHRI MATHEW CYRIAC

SHRI RICHAND B SALDANHA

AKHILESH KIRSHNA GUPTA


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COMMENTS ON LAST YEAR:

1) It has been another year of success for Gokaldas exports ltd

as in spite of 14% dip in the rate of dollar the company has

still managed to register profits

2) The company manufactured 47 lack more units then last year

3) The company started 2 new factories last year one in Mysore

and second one in Tumkur

4) The company made an investment of 70 cores for starting

the 2 new factories

5) The company has also joined hands with worlds largest

private equity fund M/S BLACKSTONE


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AUDIT REPORT

1. We have audited the attached Balance Sheet of Gokaldas

Exports Limited as at March 31, 2008 and the related Profit and

Loss Account and Cash Flow Statement for the year ended on thatdate annexed thereto, which we have signed under reference to

this report.

These financial statements are the 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 thatwe 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 by the Companies (Auditors Report) (Amendment)

Order, 2004, (together the Order), issued by the Central

Government of India in terms of sub- section (4A) of Section 227

of The Companies Act, 1956 of India (the Act) and on the basis of

such checks of the books and records of the Company as we

considered appropriate and according to the information and

explanations given to us we give in the Annexure a statement onthe matters specified in paragraphs 4 and 5 of the Order.


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4. We draw attention to Note C.26 of Schedule XVII

regarding payments made to relatives of Directors holding

office or place of profit as per provisions of section 314(1 B) of

the Companies Act, 7 956, aggregating Rs. 34.06 lakhs for

which a waiver application has been made with theCentral Government and is pending approval from concerned

authorities with conseguential impact on the profit of the year

and the networth of the company.

5. Further to our comments in the Annexure referred to in

paragraphs 3 and 4 above, we report that:

(a) We have obtained all the information and explanations, whichto the best of our knowledge and belief were necessary for the

purposes 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, Profit and Loss Account and Cash FlowStatement 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 in sub-section (3C) of Section

211 of the Act;

(e) On the basis of written representations received from thedirectors, as on March 31, 2008, and taken on record by the Board

of Directors, none of the directors is disqualified as on March 31,

2008 from being appointed as a director in terms of clause (g) of

sub-section (1) of Section 274 of the Act;


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(f) In our opinion and to the best of our information and according

to the explanations given to us, the said financial statements,

together with the notes thereon and attached thereto, subject to our

observations in paragraph 4 above, give in the prescribed manner,

the information required by the Act and give a true and fair view inconformity 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 March 31, 2008;

(ii) In the case of the Profit and Loss Account, of the profit for the

years 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.


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INTERPETATION OF THE AUDIT REPORT

1. Sec 314 (1b) of the company act 1956 on payments

regarding to relatives of directors holding office a wavier

application has been made with central government on whichapproval is still pending

2. The records have been maintained according to the rules

and regulations

3. Cash flow, balance sheet profit and loss are maintained

properly and correctly

4. Non of the directors have been disqualified as on 31st

march 2008

5. All the information provided by the company are in true

and fare view and are all legally accepted in India

6. Proper records are maintained showing all the details

including fixed asset and quantitative details

7. Physical examination of assets are done by management in

a very phased manner

8. substantial part of fixed assets has not been disposed by the

company

9. inventories has been verified physically by management

during the year and in a very satisfactory manner

10. company has not granted no secured or unsecured loan to

any company, firm or any parties

11. company has taken interest free loan from company


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12. the company has been able to repay loans regularly

13. company has not accepted any deposit from public

14. the company pays all the dues such as sales tax , income

tax, statutory dues , wealth tax, service tax, excise duty

on time

15. the company has not defaulted in payment any loan to any

financial institution or banks or debenture holder

16. company is not a dealer in share, debenture or securities orother investments

17. there are no short term funds raised by the company which

have been used for long term investments

18. company has not raised money from public this year

19. the company has not issued any debenture this year

20. the auditors have not come across any fraud or notice or

report which is unlawful during this year

gokaldas_exports_ltd audit report 2008

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