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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 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
211
10-Day
1,458
30-Day
2,901
965
  • Prev. Close

    9.26

  • Open Price

    9.00

  • Bid Price (Qty.)

    8.38 (5)

  • Offer Price (Qty.)

    9.25 (400)

NSE Live

Sep 22, 15:40
8.85 0.10 (1.14%)
Volume
AVERAGE VOLUME
5-Day
11,903
10-Day
10,427
30-Day
11,196
9,611
  • Prev. Close

    8.75

  • Open Price

    9.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    8.85 (1426)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of Kanani Industries Limited which comprise of the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act and the rules made thereunder including the accounting and auditing standards and matters which are required to be included in the audit report . We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable pronouncements issued by the Institue 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Act in the manner so required 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 31 March 2015; (ii) in the case of the statement of profit and loss, 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 Report on Other Legal and Regulatory Requirements 1. As required by the companies''(Auditors'' Report) Order,2015 issued by the Central Government of India in terms of sub -Section (11) 0f Section 143 of the Companies Act, 2013 and on the basis of such of the book 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 Paragraph 3 & 4 of the order. 2. As required by section 143(3) of the Act, we report that: a. we have sought and 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 law have been kept by the Company so far as appears from our examination of those books; c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. f. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us : i. The Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company as there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March, 2015. ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph 2 of our report of even date) To The Members of KANANI INDUSTRIES LIMITED Mumbai i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. As explained to us, the fixed assets have been physically verified by the management during the year in accordance with a regular programme for verification, 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. ii. a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. iii. a. The company has not granted any loans, secured or unsecured to any companies,firms or other parties covered in the register maintained under section 189 of the Companies Act,2013. As such sub-clause (a) and (b) are not applicable. iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. v. In our opinion and according to the information and explanations given to us, the Company did not accept any deposit in contravention of sections 73 to section 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under. As informed to us, no order has been passed by Company Law Board or National Company Tribunal or Reserve Bank of India or any court or any other tribunal. vi. 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 148(1) of the Companies Act, 2013 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. vii. a. The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund,investor education and protection fund, employees'' state insurance fund, income tax, sales tax, wealth tax, custom duty, excise duty cess and other material statutory dues wherever applicable to it. b. As per 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, excise duty and cess which have not been deposited on account of any dispute. c. The company has deposited the amount required to be transferred to the Investor Education & Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder within time. viii. The Company does not have any accumulated losses. The company has neither incurred cash losses during the current financial year nor immediately preceding financial year. ix. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. x. In our opinion, and according to the information and explanation given to us, the terms and conditions of the guarantees given by the company for loans taken by others from banks or financial institutions during the year, are not prejudicial to the interest of the company. xi. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an overall basis, for the purposes for which they were obtained. xii. According to 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, 2015 M. No.82325