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Kanani Industries Ltd.

BSE: 506184 | NSE: KANANIIND |

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Series: BE | ISIN: INE879E01037 | SECTOR: Diamond Cutting & Jewellery & Precious Metals

BSE Live

Sep 20, 16:00
9.26 0.44 (4.99%)
Volume
AVERAGE VOLUME
5-Day
518
10-Day
1,415
30-Day
2,969
965
  • Prev. Close

    8.82

  • Open Price

    9.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 20, 15:31
8.75 -0.10 (-1.13%)
Volume
AVERAGE VOLUME
5-Day
11,178
10-Day
9,992
30-Day
11,644
19,098
  • Prev. Close

    8.85

  • Open Price

    9.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Kanani Industries Limited as at 31st March, 2010 and both the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, 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. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan & 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion and report thereto: 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of sub- section 4A of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our commenis in the annexure referred to in the paragraph (1) above: I. We have obtained all the information and explanations which, to the bast of our knowledge and belief, were necessary for the purpose of our audit; II. In our opinion, proper books of account as required by the law have been maintained by the company so far as appears from our examination of such books. III. The balance sheet and the profit & loss account are in agreement with the books of account; IV. In our opinion, the profit & loss Account and the balance sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; V. on the basis of written representations received from the directors of the company and taken on record by the Board of Directors, we report that none of the directors of the company is disqualified from being appointed as a director under clause (g) of sub-section(l) of section 274 of the companies Act,1956; VI. in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes thereon, give the information required under the Companies Act, 1956 in the manner so required give a true and fair view in conformity with the accounting principles generally accepted in India : i. in the case of balance sheet, of the state of affairs as at 31st March, 2010; and ii. in the case of profit and loss account, of the profit for the year ended on that date. iii. in the case of the cash flow statement, of the cash flows for the year ended on that date; i. a) As informed by the management, the proper records of fixed assets showing full particulars including quantitative details and location of fixed assets are under updation and compilation. b) As explained to us, the fixed assets have been physically verified by the management during the year at regular intervals, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification. c) The company has not disposed of any part of its fixed assets during the year. ii. a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) In our opinion and according to information and explanation given to us, the procedures of physical verification of the company are reasonable and adequate having regard to the size of the company and nature of its business. c) In our opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on such verification between physical stocks and book records were not material and have been properly dealt with in the books of accounts. iii. a) The company has not granted any loans, secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. b) The company has not taken any secured or unsecured loans from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. iv. In our opinion and according to the information and explanation give to us, there is adequate internal control system commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and also for the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v. a) According to the information and explanations given to us, we are of the opinion that the transactions that are needed to be entered into the register in pursuance of section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us, the Company has not entered into any transactions exceeding Rs.5,00,000/- in value made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 vi. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit in contravention of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 and other relevant provisions of the Act. As informed to us, no order has been passed by the Company Law Board, National Company Law Tribunal or any Court or Tribunal. vii. The Company does not have an internal audit system. The management has informed us that steps are being taken to introduce internal audit system. viii. The Central Government has not prescribed maintenance of cost records u/s. 209(1 )(d) of the Companies Act, 1956 for any of the product of the company. ix. a) The company is generally regular in depositing undisputed statutory dues including investor education protection fund, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and other material statutory dues with appropriate authorities, wherever applicable to it. The Company has yet to apply for registration with provident fund and employees state Insurance authorities. b) According to the information and explanations given to us, as at 31st March, 2010, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears for a period exceeding six months from the date they became payable. c) As per the records of the company and in accordance with the information and explanation given to us, there are no dues of sales-tax, income-tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute. x. The Company does not have any accumulated losses. The company has not incurred cash losses during the current financial year or in the immediately preceeding financial year. xi. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to the bank. It has not borrowed any funds from financial institution or debenture holders. xii. The company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. xiv. In our opinion and according to Information and explanation given to us, the Company does not deal in shares, securities, debentures etc. xv According to the information and explanation given to us, the company has not given guarantees for loans taken by others from banks or financial institutions. xvi. In our opinion, the company has not taken any term loan. xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investments. No long term funds have been used to finance short term assets except permanent working capital. xviii. During the year under consideration, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. xix. During the year, the company has not issued any debentures. xx. During the year, the company has not raised any money by way of public issue. xxi. In our opinion, on the basis of audit conducted by us and in accordance with the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For RAVI & DEV Chartered Accountants (DEVENDRA A. MEHTA) Partner M. No.82325 Place: Mumbai Date: April 30, 2010