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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 15, 10:08
143.75 2.45 (1.73%)
Volume
AVERAGE VOLUME
5-Day
13,672
10-Day
16,626
30-Day
13,641
9,118
  • Prev. Close

    141.30

  • Open Price

    137.65

  • Bid Price (Qty.)

    143.75 (1)

  • Offer Price (Qty.)

    144.15 (1)

NSE Live

Jun 15, 10:08
144.15 3.70 (2.63%)
Volume
AVERAGE VOLUME
5-Day
42,072
10-Day
51,459
30-Day
52,600
30,299
  • Prev. Close

    140.45

  • Open Price

    140.45

  • Bid Price (Qty.)

    143.55 (1)

  • Offer Price (Qty.)

    144.00 (100)

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 2011, the Profit & Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. 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 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 (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s 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) of section 211 of the Companies Act, 1956; 5. On the basis of the written representations received from the Directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 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, 2011; (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. ANNEXURE TO THE AUDITORS'' REPORT (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 U/S 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 U/S 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. (a) In our opinion and according to the information and explanation given to us, the transactions that need to be entered into register maintained under 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 transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at price, which are reasonable having regard to the prevailing market price at the relevant time. 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. 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 and cess during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and cess and other statutory dues were outstanding as at 31st March, 2011 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, Excise Duty, Service Tax, Custom duty and Income Tax, which have not been deposited on account of dispute and the forum where the disputes are pending are as under: Nature of Status Nature of Dues Amount (Rs. in million) The Sales Tax Act Sales Tax demand 4.35 The Central Excise Act Excise Duty demand 1.20 1944 Excise Duty demand 0.74 Excise Duty demand 0.53 Excise Duty demand 56.13 The Service Tax Service Tax Demand 5.39 under The Finance Act, 1994 Service Tax Demand 13.66 The Income Income Tax Demand 175.99 Tax Act, 1961 The Custom Act, 1962 Custom duty demand 0.13 Nature of statue Period Forum where dispute is pending The Sales Tax Act 1989-90,1990-91, High Court 2003-04 and 2005-06 The Central Excise Act 1996-97 and 1997-98 Asst. Commissioner 1944 2006-07 Commissioner (Appeals) 1996-97 to 2000-01 High Court 2000-01 to 2007- 08 CESTAT The Service Tax 2005-06 to 2010-11 Commissioner / Joint under The Finance Commissioner (Appeals) Act, 1994 2005-06 CESTAT The Income 2002-03 to 2004-05 C.I.T(A) Tax Act, 1961 and 2007-08 The Custom Act, 1962 1999-2000 Asstt. Commissioner of Custom x. The Company has no accumulated losses as at 31st March 2011 and has not incurred cash losses in the current financial year ended on that date and in the immediately preceding financial year. xi. Based on our audit procedures and as per the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution or bank. There were no outstanding debentures during the year. 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 chitfund/nidhi/mutual benefit fund/society to which the provision of the special statutes as specified in paragraph 4(xiii) of the order are applicable. xiv. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments and accordingly this clause is not applicable. 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 company did not have any outstanding debenture during the year and accordingly paragraph 4(xix) of the order is not applicable. xx. The Company has not raised any money by public issues during the year and accordingly paragraph 4(xx) of the order is not applicable. xxi. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management. For SINGHI & CO. Chartered Accountants Firm Registration No.302049E Rajiv Singhi (Partner) Membership No. 53518 Camp: New Delhi 1-B, Old Post Office Street, Kolkata Dated, the 28th day of May 2011