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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 16, 16:00
8.40 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
1,211
10-Day
1,569
30-Day
2,991
2
  • Prev. Close

    8.40

  • Open Price

    8.45

  • Bid Price (Qty.)

    8.40 (499)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 16, 15:43
9.00 0.35 (4.05%)
Volume
AVERAGE VOLUME
5-Day
8,849
10-Day
8,895
30-Day
11,720
6,741
  • Prev. Close

    8.65

  • Open Price

    9.00

  • 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

Report on the Financial statements We have audited the accompanying financial statements of Kanani Industries Limited, which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit & Loss Account and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on Auditing issued by the Institutes of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon, give the information required by the Act in the manner so required, give a true and fair view in conformity with the accounting principles generally accepted in India : a) In the case of the balance sheet, of the state of affairs of the company as at March 31, 2013; b) In the case of the Profit and Loss Account, of the profit of the company for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 1. As required by section 227(3) of the Act, 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 purpose of our audit; (b) In our opinion, proper books of account as required by the law have been kept by the company so far as appears from our examination of those books. (c) The balance sheet, Statement of profit & 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, the profit & loss Account and cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (e) On basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the director is disqualifies as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; To The Members of KANANI INDUSTRIES LIMITED Mumbai 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 company has not entered into any transactions that are needed to be entered into the register in pursuance of section 301 of the Companies Act, 1956. 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. We have broadly reviewed the books of account maintained by the Company pursuant to the Rule made by the Central Government for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we are not required to carry out and have not carried out a detailed examination of the records with a view to determine whether they are accurate or complete. 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 employees'' state Insurance authorities. b. According to the information and explanations given to us, as at 31st March, 2013, 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. In our opinion and in accordance with the information and explanation given to us, there are no dues of sales tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. However, with reference to Note No.12(i) of ''Note 20 in Notes to Accounts'' the company has not deposited income tax demand amounting to Rs.1,64,47,430/- in view of pending disposal with appellate authorities. 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 preceding 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 (Auditor''s 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 (FRN: 108752W) (DEVENDRA A. MEHTA) Place: Mumbai Partner Date: May 30th, 2013 M. No.82325