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
GARMENTS
EXPORTS 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
 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
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 that
date annexed thereto, which we have signed under reference to
this report.
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.

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 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 on
the matters specified in paragraphs 4 and 5 of the Order.
 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 the
Central 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, which

to 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 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 in sub-section (3C) of Section
211 of the Act;

(e) On the basis of written representations received from the

directors, 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;
 (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 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 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.
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 which
approval 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

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 or

other 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