qwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvb nmqwertyuiopasdfghjklzxcvbnmqwer Analysis of Auditor Report tyuiopasdfghjklzxcvbnmqwertyuiopas dfghjklzxcvbnmqwertyuiopasdfghjklzx cvbnmqwertyuiopasdfghjklzxcvbnmq wertyuiopasdfghjklzxcvbnmqwertyuio pasdfghjklzxcvbnmqwertyuiopasdfghj klzxcvbnmqwertyuiopasdfghjklzxcvbn mqwertyuiopasdfghjklzxcvbnmqwerty uiopasdfghjklzxcvbnmqwertyuiopasdf

ghjklzxcvbnmqwertyuiopasdfghjklzxc vbnmqwertyuiopasdfghjklzxcvbnmrty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxc

Junaid Asghar Ikram Ullah Aitzaz Ahsan Umer Rasool

Kohinoor Textile mills

Kohinoor textile mill is one of the listed companies in Karachi stock exchange. Riaz Ahmed and Company ( chartered accountants ) are conducting the audit of Kohinoor textile mills from last 5 years i-e 2009 to 2013 with the help of Syed Mustafa Ali as Engagement partner. Riaz Ahmed and Company (chartered accountants) conducted audit in accordance with the auditing standards as applicable in Pakistan under the section 252 of the company ordinance 1984. Riaz Ahmed and Company (chartered accountants) has audited the annexed Balance Sheet Profit and Loss Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity of Kohinoor Textile mills. In their opinion. For these five years, Proper books of accounts have been kept by the Company as required by the Companies Ordinance, 1984. All rest of the 5 years the expenditure incurred during the year was for the purpose of the Company's business. For whole five years, no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980). In 2010, company bears an accumulated loss of Rs. 2042.346 million due to which they could not meet their obligation in respect of repayment of long term loans and finance cost occurs thereon. Also In 2012, company bears an accumulated loss of Rs. 3077.307 million due to which they could not meet their obligation in respect of repayment of long term loans and finance cost occurs thereon. According to them, the reports of whole 5 years are unqualified but the analysis of above mentioned 2 years raises a question on it. Throughout all 5 years the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Company.

Ahmed Hassan Textiles Mills Limited

Ahmed Hassan textile is one of the listed companies in Karachi stock exchange. In Auditors Opinion: Proper books of accounts have been kept by the Company as required by the Companies Ordinance, 1984. All rest of the 4 years the expenditures incurred during the year were for the purpose of the Company's business. Throughout all 4 years the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Company.

Auditors report Table for 4 years (2009-2012)

2008-09 Year Auditor Engagement partner in audit Opinion of Auditor 2009-10 2010-11 2011-2012

M.Yousuf Adil, M.Yousuf Adil, Saleem & Co Saleem & Co Mohammed Saleem Mushtaq Ali Hirani Unqualified Unqalified yes Yes True & Fair True & Fair True & Fair True & Fair True & Fair

M.Yousuf Adil, F.R.A.N.I.S Saleem & Co Talat Javed Muhammed Talib Unqualified Unqualified Yes Yes True & Fair True & Fair True & Fair True & Fair True & Fair yes yes True & Fair True & Fair True & Fair True & Fair True & Fair

Conformity with the Companies yes Ordinance, 1984. Accounting standards followed? yes Presentation of Balance Sheet Profit and Loss account Statement of comprehensive income Cash flow Statement Statement of changes in equity Purpose of expenditure True & Fair True & Fair True & Fair True & Fair True & Fair

For Companys For Companys For Companys For Business Business Business Companys Business Investment According to According to According to According to Companys Companys Companys Companys objectives objectives objectives objectives Zakat deductible at source under Yes Yes Yes Yes Zakat and Ushr Ordinance, 1980 (XVIII of 1980)

SAPPHIRE TEXTILE LTD auditor report analysis (2009-2013)

SAPPHIRE TEXTILE LTD. With its group companies is listed in Karachi stock exchange. MUSHTAQ & COMPANY (chartered accountants) conducted audit in accordance with the auditing standards as applicable in Pakistan. MUSHTAQ & COMPAN (chartered accountants) have audited the annexed Balance Sheet Profit and Loss Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity of SAPPHIRE TEXTILE MILLS LIMITED.

Auditors report Table for 5 years (2009-2013)

2009 CONTENTS Auditor MUSHTAQ COMPANY, Chartered Accountants 2010 2011 MUSHTAQ & COMPANY, Chartered Accountants Shahabuddin A. Siddiqui F.C.A Unqualified yes yes True & Fair True & Fair
True & Fair True & Fair True & Fair Companys business According to Companys objectives Yes

2012 MUSHTAQ & COMPANY, Chartered Accountants Shahabuddin A. Siddiqui F.C.A Unqualified Yes Yes True & Fair True & Fair
True & Fair True & Fair True & Fair Companys business According to Companys objectives Yes

2013 MUSHTAQ & COMPANY, Chartered Accountants Mushtaq Ahmad Vohra F.C.A Unqualified yes yes True & Fair True & Fair
True & Fair True & Fair True & Fair Companys business According to Companys objectives Yes

Engagement partner in audit

& MUSHTAQ & COMPANY, Chartered Accountants Shahabuddin A. Shahabuddin Siddiqui A. Siddiqui F.C.A F.C.A Unqualified Unqualified yes yes True & Fair True & Fair
True & Fair True & Fair True & Fair Companys business According to Companys objectives Yes

Opinion of audit

Conformity with the Companies yes Ordinance, 1984, Accounting standards followed? Presentation of Balance Sheet Profit and Loss account
Statement of comprehensive income Cash flow Statement Statement of changes in equity Purpose of expenditure Investment

yes True & Fair True & Fair

True & Fair True & Fair True & Fair Companys business According to Companys objectives Yes

Zakat deductible at source under Zakat and Ushr Ordinance, 1980 (XVIII of 1980) Profit

Yes

Yes

Yes

Yes

Yes

DEWAN TEXTILE MILLS LIMITED

Auditors report analysis for 5 years (2009-2013) Sapphire textile with its group companies are listed in Karachi stock exchange. FARUQ ALI & Co. CHARTERED ACCOUNTANTS Engagement Partner: Fasih us Zaman has been conducted audit of Dewan Textile Mills Limited (2009-2012) conducted audit in accordance with the auditing standards as applicable in Pakistan FARUQ ALI & Co. CHARTERED ACCOUNTANTS have audited the annexed Balance Sheet Profit and Loss Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity of Dewan Textile Mills Limited In auditors opinion: In 2013, some issues arose when company appoints a new director but according to auditors, that member dont meet the criteria of independent director on account of his cross directorship as well as he holds a position of chief executive in an associated company of Deewan textile mills. In same years, training programs were not arranged for directors. In the year 2009 the incurred net loss of Rs. 674.9 millions and their current liabilities exceed the current asset by Rs. 736.13 millions as a result company has to sale out some mortgage properties. But of of the creditor filed petition against the company. Proper books of accounts have been kept by the Dewan Textile Mills Limited as required by the Companies Ordinance, 1984. In all years Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980). All of the 5 years the expenditure incurred during the year was for the purpose of the Dewan Textile Mills Limited business. Throughout all 5 years the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Dewan Textile Mills Limited. Based on our review, except for the above, nothing has come to our attention, which causes us to believe that the Statement of Compliance does not appropriately reflect the Company's compliance, in all material respects, with the best practices contained in the Code of Corporate Governance as applicable to the Company for the year ended June 30, 2013. [From the last five years Dewan Textile Mills Limited has unqualified auditors report]

Gul Ahmed auditor report analysis (5 years)

Gul ahmed textile is one of the listed company in Karachi stock exchange. Hyder bhimji & co ( chartered accountants ) has conducted audit of Gul Ahmed textile (holding company) & Gul Ahmed international limited (fzc) for last 5 (2009-2013) years. Hyder bhimji & co (chartered accountants) conducted audit in accordance with the auditing standards as applicable in Pakistan. Hyder bhimji & co (chartered accountants) have audited the annexed Balance Sheet Profit and Loss Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity of GUL AHMED TEXTILE MILLS LIMITED In their opinion. Proper books of accounts have been kept by the Company as required by the Companies Ordinance, 1984. Only in 2010, no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980). All rest of the 5 years the expenditure incurred during the year was for the purpose of the Company's business. Throughout all 5 years the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Company. The consolidated financial statements examined by Auditing firm, present fairly the financial position of Gul Ahmed Textile Mills Limited and its Subsidiaries as up till now June 30, 2013.