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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 11, 16:00
139.80 6.05 (4.52%)
Volume
AVERAGE VOLUME
5-Day
17,560
10-Day
16,476
30-Day
13,859
18,726
  • Prev. Close

    133.75

  • Open Price

    134.05

  • Bid Price (Qty.)

    136.00 (100)

  • Offer Price (Qty.)

    139.80 (25)

NSE Live

Jun 11, 15:54
138.65 5.30 (3.97%)
Volume
AVERAGE VOLUME
5-Day
40,990
10-Day
46,272
30-Day
51,422
64,514
  • Prev. Close

    133.35

  • Open Price

    137.00

  • Bid Price (Qty.)

    138.65 (1193)

  • Offer Price (Qty.)

    0.00 (0)

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 KANORIA CHEMICALS & INDUSTRIES LIMITED (the Company), which comprise the Balance Sheet as at 31 st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the yearthen ended, and a summary of the significant accounting policies and otherexplanatory 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 standalone 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 orerror. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 whetherthe Company has in place an adequate internal financial controls system overfinancial 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 aforesaid standalone 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, of the state of affairs of the Company as at 31 st March, 2015, and its profit and its cash flows fortheyearended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the Act, we reportthat: a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes ofouraudit. b) in our opinion, proper books of account as required by law have been kept by the Company so far as it 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 applicable 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 31 st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st 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 has disclosed the impact of pending litigation on its financial position in its financial statements - Refer Note 29 to the financial statements; ii. The Company has long-term contracts including derivative contracts as at 31st March, 2015 for which there were no material foreseeable losses; and iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, exceptforRs. 0.31 million which is held in abeyance due to pending legal cases. 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 perthe 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. 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. The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 189 ofthe Companies Act, 2013. IV. On the basis of checks carried out during the course of audit and as per explanations given to us, we are of the opinion that there is adequate internal control system commensurate with the size of the Company and the 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 records ofthe Company and according to the information and explanation given to us, no major weakness has been noticed or reported in the internal controls system. V. The Company has not accepted any depositfrom the public. VI. We have broadly reviewed the books of accounts maintained by Company in respect of product, where pursuant to the rule made by the Central Government of India the maintenance of cost records has been prescribed under section 148 (1) of the Companies Act 2013 and are of the opinion that, prima facie, the prescribed records have been maintained. We have not, however, made a detailed examination of the records with a view to determine whetherthey are accurate or complete. VII. (a) According to the information and explanations given to us and on the basis of our examination ofthe books of account, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, 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 31 st March, 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, the dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Service Tax and Cess which have not been deposited on account of any dispute and the forum where the dispute is pending as on 31 st March, 2015 are as under: Name of the statute Nature of Dues Amount Period to which the amount relate The Service Tax under Service Tax Demand 6.60 Apr-2009 to Aug-2012 the Finance Act, 1994 The Central Excise Excise Duty 0.55 Jul-2012 to May-2013 Act 1994 The IncomeTaxAct, 1961 IncomeTax Demand 42.91 A Y 2012-13 The Indian Stamp Act, Stamp Duty Demand 3.19 2011-12 1899 Name of the Statute Forum where dispute is pending The Service Tax under Commissioner (A)- Central Excise the Finance Act, 1994 The Central Excise Act 1994 CESTAT - Central Excise The IncomeTaxAct, 1961 C.l.T. (A) The Indian Stamp Act, 1899 Rajasthan High Court (c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time, except Rs. 0.31 million which is held in abeyance due to pending legal cases. VIII. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. IX. The Company has not defaulted in repayment of dues to Banks during the year. There were no debentures outstanding during the year. X. The company has given the corporate guarantee amounting of Rs. 1377 million to Export-Import Bank of India for securing loan to its subsidiary company, Kanoria Africa Textiles PLC, Ethiopia and Rs. 270.04 million to Ceskoslovenska obchodni banka for securing loan to its Subsidiary CompanyAPAGEIektroniks.ro., Czech Republic. The terms and conditions of which, primafacie, are not prejudicial to the interest of the company. XI. Based on our audit procedures and according to the information and explanations given to us, the Company has not obtained any term loans during the year and hence, this clause is not applicable. XII. In our opinion and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company have been noticed or reported during the course of the audit. For SINGHI & CO. Chartered Accountants Firm Registration NO.302049E (RAJIV SINGHI) Place : New Delhi (Partner) Dated : the 27th day of May, 2015 Membership No. 53518