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Kanoria Chemicals and Industries Ltd.

BSE: 506525 | NSE: KANORICHEM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE138C01024 | SECTOR: Chemicals

BSE Live

Jun 25, 10:11
143.25 -0.05 (-0.03%)
Volume
AVERAGE VOLUME
5-Day
13,414
10-Day
21,213
30-Day
17,116
154
  • Prev. Close

    143.30

  • Open Price

    144.50

  • Bid Price (Qty.)

    143.25 (64)

  • Offer Price (Qty.)

    145.95 (10)

NSE Live

Jun 25, 10:11
143.40 0.40 (0.28%)
Volume
AVERAGE VOLUME
5-Day
32,918
10-Day
72,692
30-Day
58,855
6,915
  • Prev. Close

    143.00

  • Open Price

    142.00

  • Bid Price (Qty.)

    143.30 (85)

  • Offer Price (Qty.)

    144.65 (34)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of KANORIA CHEMICALS & INDUSTRIES LIMITED as at 31st March 2008, the Profit & Loss Account for the year ended on that date and also the Cash Flow Statement for the year ended on that date annexed thereto. 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 auditing standards generally accepted in India. Those Standards require that we plan and 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India 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. Further to our comments in the Annexure referred to above, we report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; 2. 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; 3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account; 4. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C)ofsection211 of the Companies Act, 1956; 5. On the basis of the written representations received from the Directors as on 31 March 2008 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2008 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and notes on account in Schedule R give the information required by the Companies Act, 1956 in the manner so required and 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 31st March 2008; (b) In the case of the Profit and Loss Account, of the PROFIT for the year ended on that date; and (c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date. (Referred to in Paragraph 3 of our report of even date) I. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As per the information and explanations given to us, physical verification of fixed assets has been carried out in terms of the phased program of verification of its fixed assets adopted by the Company and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable having regard to size of the Company and nature of its business. (c) There was no substantial disposal of fixed assets during the year. ii (a) The inventories have been physically verified at reasonable intervals during the year by the management/Internal Auditors except materials lying with third parties, where confirmations are obtained. (b) In our opinion, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventories. The discrepancies between the physical stocks and book stocks, which are not significant, have been properly dealt with in the books of account. iii (a) As per the information furnished, 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. Hence Clauses 3(b), (c) and (d) of the order are also not applicable to the company. (b) As per the information furnished, the Company has not taken any loans secured or unsecured from Companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Hence Clauses 3(f) and (g)of the order are also not applicable to the company. 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 nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books of accounts and according to the information and explanations given to us, we have not come across nor have we been informed of any instances of major weaknesses in the aforesaid internal control system. v To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there no contracts or arrangements, the particulars of which need to be entered into register maintained in Section 301 of the Companies Act, 1956. vi The Company has not accepted any deposit during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made thereunder. According to information and explanations given to us no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Tribunal on the company. vii In our opinion, the Company has internal audit system commensurate with the size and nature of its business. viii We have broadly reviewed the Books of Account maintained by the Company in respect of its product as prescribed 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 maintained. However, we have not carried out a detailed examination of accounts and records. ix (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31 March 2008 for a period of more than six months from the date they became payable. (b) According to the record of the Company, the dues of Sales tax and Excise Duty, which have not been deposited on account of dispute and the forum where the disputes are pending are as under:- Nature of the Statute Nature of Dues Amount(Rs.in million) Sales Tax Act Sales Tax demand 0.25 Sales Tax demand 0.09 Sales Tax demand 0.33 Central Excise Act Excise Duty demand 4.63 Excise Duty demand 3.89 Excise Duty demand 0.25 Excise Duty demand 1.33 Customs Act Customs Duty 0.12 Period Forum where dispute is pending 1989-90 & 1990-91 High Court 1998-99 Trade Tax Tribunal/ Appellate Tribunal 2004-05 Deputy Commissioner of Commercial Taxes 1996-97 to 2004-05 CESTAT 1995-96 to 2000-01 & Commissioner Appeal 2002-03 to 2004-05 1999-2000 to 2003-04 Allahabad High Court 1996-97 to 1997-98 & Asstt. Commissioner 2004-05 to 2006-07 1999-2000 Asstt. Commissioner x. The Company has no accumulated losses as at 31st March 2008 and has not incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year. xi The Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. xii According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii The Company is not a chit fund/nidhi/mutual benefit fund/society. xiv According to the information and explanations given to us, the company is notdealing or trading in shares, securities, debentures and other investments. xv The company has given the corporate guarantee amounting to Rs.11.63 million to Gujarat Industrial Development Corporation for securing loan by Bharuch Eco-Aqua Infrastructure Ltd. The terms and conditions of which, prima facie, are not prejudicial to the interest of the company. xvi According to the information and explanations given to us the Company has applied term loans for the purpose for which they were obtained during the year. xvii On the basis of our examination of the Cash Flow Statement, records and information and explanations given to us, the fund raised on Short Term basis, during the year, have not been used for Long Term investments. Long Term investments during the year have been financed through Long Term Borrowings and internal accrual of the Company. xviii The company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Act. xix The securities have been duly created by the Company in respect of outstanding debentures. xx The Company has not raised any money by public issues during the year. xxi According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For SINGHI & CO. Chartered Accountants Camp : New Delhi Rajiv Singhi 1 -B, Old Post Office Street, Kolkata (Partner) Dated, the 29th day of April 2008 Membership No. 53518