Attached files
| file | filename |
|---|---|
| 8-K/A - LAKELAND INDUSTRIES INC | v176896_8ka.htm |
| EX-10.27 - LAKELAND INDUSTRIES INC | v176896_ex10-27.htm |
| EX-10.30 - LAKELAND INDUSTRIES INC | v176896_ex10-30.htm |
| EX-10.26 - LAKELAND INDUSTRIES INC | v176896_ex10-26.htm |
| EX-10.29 - LAKELAND INDUSTRIES INC | v176896_ex10-29.htm |
| EX-10.24 - LAKELAND INDUSTRIES INC | v176896_ex10-24.htm |
| EX-10.25 - LAKELAND INDUSTRIES INC | v176896_ex10-25.htm |
| EX-10.28 - LAKELAND INDUSTRIES INC | v176896_ex10-28.htm |
Exhibit
10.23
QUALYTÊXTIL
S.A.
A
free translation of the original in Portuguese relating to the Financial
Statements prepared in
accordance
with the requirements of General Accepted Accounting Principles in
Brazil
Independent
Auditors’ Report
as of
April 30, 2008 and December 31st,
2007
1
INDEPENDENT
AUDITORS’ REPORT
To the Shareholders and Board of
Directors of
QUALYTÊXTIL
S.A.
1. We
have audited the balance sheets of QUALYTEXTIL S.A., as of April
30, 2008 and December 31, 2007, and the related statements of profit & loss,
changes in shareholders’equity and changes in sources and uses of funds for
the four month period and year then ended. 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
audits.
2. We
conducted our audits in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures on the
financial statements. The audits also include assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statements presentation. We believe that our
audits provide a reasonable basis for our opinion.
3. In
our opinion, the financial statements referred to in the first paragraph present
fairly, in all material respects, the financial position of QUALYTÊXTIL S.A., as of April 30, 2008 and
December 31, 2007, and the results of its operations, changes in its
shareholders’equity and changes in its sources and uses of funds for the four
month period and year then ended, in conformity with generally accepted
accounting principles adopted in Brazil.
4. We
conducted our audits with the objective to express an opinion on the financial
statements referred to first paragraph. The statement of cash flow, presented in
order to offer supplementary information about QUALYTÊXTIL S.A., is not
required as part of the mandatory financial statements by the accounting
procedures adopted in Brazil. The statement of cash flow regarding the four
month period ended April 30, 2008 and the year ended December 31, 2007 was
examined under the same auditing procedures described in the second paragraph,
and in our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Exhibit
10.23
QUALYTÊXTIL
S.A.
A
free translation of the original in Portuguese relating to the Financial
Statements prepared in
accordance
with the requirements of General Accepted Accounting Principles in
Brazil
Independent
Auditors’ Report
as of
April 30, 2008 and December 31st,
2007
2
5. As
described on note nº. 6, the Company based on their legal advisors and
accounting experts, initiate at 2006 a judicial demand against tax authorities,
aiming the recoverance of PIS and Cofins (Social contributions) paid over ICMS
(Value Added Tax) from 2002 to 2006. Based on this understanding, the
Company accounted for, at December 31, 2006, tax recoverable as
long-term assets, of amount of R$ 688,145. The related credit entries
were accounted for as other operational revenues (Statement of loss – current
year) on amount of R$ 47,338 and on Shareholders’ equity on amount of R$329,811
as prior year adjustments. These credits are net of the judicial
demands fees. Consequently, the result and Shareholders’ equity of
the four month period and year ended as of April 2008 and December 31, 2007,
were increased of R$46,086 (R$150,811 at 2007) and R$526,708 (R$480,622 at
2007), respectively.
Rio de
Janeiro, May 05, 2008.
/s/ ACAL CONSULTORIA E AUDITORIA
S/S
CRC
- RJ – 1144
Gelson
José Amaro - Partner in Charge
CRC-RJ -
049.669/O-4 – Accountant