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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 18, 16:00
148.00 -5.05 (-3.30%)
Volume
AVERAGE VOLUME
5-Day
29,440
10-Day
23,500
30-Day
17,003
20,871
  • Prev. Close

    153.05

  • Open Price

    153.95

  • Bid Price (Qty.)

    146.00 (800)

  • Offer Price (Qty.)

    149.45 (30)

NSE Live

Jun 18, 15:43
147.45 -4.75 (-3.12%)
Volume
AVERAGE VOLUME
5-Day
109,483
10-Day
75,237
30-Day
64,750
49,597
  • Prev. Close

    152.20

  • Open Price

    152.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    147.45 (85)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of KANORIA CHEMICALS & INDUSTRIES LIMITED (the company), which comprise the balance sheet as at 31st March, 2014, and the statement of profit and loss 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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 Institute 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 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 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. 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 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: a) In the case of the balance sheet, of the state of affairs of the company as at 31st March, 2014 b) In the case of the statement of profit and loss, of the profit for the year ended on that date, and c) 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 (Auditor''s Report) Order, 2003 (the Order) 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 Order. 2) 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 law have been kept by the company so far as appears from our examination of those books. c) the balance sheet, statement of profit and loss and cash flow statement dealt with the this report are in agreement with the books of account. d) in our opinion, the balance sheet, statement of profit and loss, and cash flow statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. e) on the basis of written representations received from the directors as on 31st March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of our report of even date Re: Kanoria Chemicals & Industries Limited (the company) 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 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 listed in the register maintained under Section 301 of the Companies Act, 1956. Hence Clauses 3 (b), (c), (d) of the order are not applicable to the company. (e) 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 explanation 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 explanations given to us, the particulars of contracts or arrangements that need to be entered in the 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 of 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 fixed deposit from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. VII. In our opinion, the Company has an 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 is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us and the records of the Company examined by us, no undisputed statutory dues as above were outstanding as at 31st March, 2014 for a period of more than 6 months from the date they became payable. (b) As per the information and explanations given to us and as per the records of the company there are no dues of Wealth Tax, Custom Duty, Excise Duty, Cess and sales Tax which have not been deposited on account of any dispute. The dues of the Income Tax and Service Tax which has not been deposited on account of any dispute and forum where the dispute is pending is given as under :- Name of the statute Nature of Amount Period to which the Dues amount relates The Service Tax under Service Tax 6.60 Apr-2009 to Aug-2012 the Finance Act, 1994 Demand The Income Tax Act, Income Tax 34.34 A.Y. 2002-03 & 1961 Demand A.Y. 2008-09 to 2010-11 Name of the Statute Forum where the disputes are pending The Service Tax under Commissioner (A) Central Excise the Finance Act 1994 The Income Tax Act 1961 C.I.T (A) X. The Company has no accumulated losses as at 31st March 2014 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 on the basis of information and explanations given to us we are of the opinion that the Company has not defaulted in repayment of dues to Financial Institutions or Banks. 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 chit fund/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. The company has maintained proper records of transactions and contracts in respect of Shares, Securities, Debentures and other Investments and timely entries have been made therein. The Shares, Securities, Debentures and other Investments have been held by the company, in its own name except to the extent of exemption granted under section 49 of the Companies Act, 1956. 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., Rs. 1322.20 million to Export-Import Bank of India for securing loan to its subsidiary company, Kanoria Africa Textiles PLC, Ethiopia and Rs. 330.31 million to Ceskoslovenska obchodni banka for securing loan to APAG Elektronik s.r.o., Czech Republic. The terms and conditions of which, prima facie, are not prejudicial to the interest of the company. XVI. Based on information and explanations given to us and records of the Company examined by us, the Company has not obtained any term loans during the year. XVII. On the basis of our examination of the Cash Flow Statement, records and as per the 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 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 has not issued debentures during the year. XX. The Company has not raised any money by Public Issue during the year. XXI. During the course of our examination of the books and records of the Company, carried out in accordance with the Generally Accepted Auditing Practice 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 we have been informed of such cases by the management. For SINGHI & CO. Chartered Accountants Firm Registration No.302049E (RAJIV SINGHI) Camp : New Delhi (Partner) Dated : 17th day of May, 2014 Membership No. 53518