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Kansai Nerolac Paints Ltd.

BSE: 500165 | NSE: KANSAINER |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE531A01024 | SECTOR: Paints & Varnishes

BSE Live

Aug 04, 16:00
631.65 -3.30 (-0.52%)
Volume
AVERAGE VOLUME
5-Day
19,338
10-Day
21,221
30-Day
26,920
14,784
  • Prev. Close

    634.95

  • Open Price

    639.75

  • Bid Price (Qty.)

    629.85 (1)

  • Offer Price (Qty.)

    631.65 (1)

NSE Live

Aug 04, 16:01
632.55 -2.65 (-0.42%)
Volume
AVERAGE VOLUME
5-Day
704,424
10-Day
499,988
30-Day
390,688
582,894
  • Prev. Close

    635.20

  • Open Price

    640.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    632.55 (658)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached balance sheet of Kansai Nerolac Paints Limited, as at 31st March, 2009, and also the profit and loss account and 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. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of section 227(4A) 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. 4. Further to our comments in the Annexure referred to in paragraph 3 above, 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 purposes 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 and proper returns adequate for the purposes of our audit have been received from the locations not visited by us; (c) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in section 211(3C) of the Companies Act, 1956; (e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts 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, 2009; (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 the cash flow statement, of the cash flows for the year ended on that date. 5. On the basis of written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2009 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF KANSAI NEROLAC PAINTS LIMITED (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) According to the information and explanations given to us, the company has adopted a phased programme of physical verification of fixed assets. Under this programme, all the assets would be verified in a period of three years, the frequency of which, in our opinion, is reasonable, having regard to the size of the company and the nature of its assets. As explained to us, no material discrepancies were noticed in respect of assets verified during the year. (c) The fixed assets disposed off during the year are not substantial and therefore the question of reporting on clause 4(i)(c) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the said Order) does not arise. (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 book records were not material. (iii) (a) According to the information and explanations given to us, 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. In view of the foregoing, the question of reporting on Clauses 4(iii)(b), 4(iii)(c) and 4(iii)(d) of the said Order does not arise. (b) According to the information and explanations given to us, 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. In view of the foregoing, the question of reporting on Clauses 4(iii)(f) and 4(iii)(g) of the said Order does not arise. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system 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 sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system in respect of these areas. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into 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, transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time or at prices for which similar transactions have been made with other parties, except for transactions of a special nature where comparable alternative quotations were not available or where a comparison of prices could not be made since there were no similar transactions with other parties. (vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed thereunder with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal. (vii) In our opinion, the company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed, without carrying out a detailed examination, the books of account maintained by the company pursuant to the Order made by the Central Government for the 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. We are informed that the cost statements as at the end of the financial year are in the process of being made up. (ix) (a) According to the records of the company, the company has been generally regular in depositing with the appropriate authorities, undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no 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 other material statutory dues applicable to the company, were in arrears, as at 31st March, 2009, for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, there are no dues of income-tax, sales tax, wealth-tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute, except as stated below: (Rs. in lacs) Period to which the Name of the Statute / Nature of dues amount relates Various State Sales Tax Acts and 1980-81 Central Sales Tax Act, 1956/ 1991-92 Tax, Penalty and Interest 1995-96 to 2006-07 Total The Central Excise Act, 1944 / 1990-91 Tax, Penalty and Interest 1993-94 to 2003-04 Total Forum where dispute is pending Commissionarate Appellate Total Authorities & Amount Tribunal 0.33 0.33 1.25 1.25 59.51 9.11 68.62 61.09 9.11 70.20 8.05 - 8.05 151.08 44.78 195.86 159.13 44.78 203.91 (x) The company does not have any accumulated losses at the end of the financial year. Further, the company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions and banks. The company has not issued any debentures. (xii) According to the information and explanations given to us, the company has not granted any 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 or nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the said Order are not applicable to the company. (xiv) According to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein, where the company is dealing or trading in shares, securities, debentures and other investments, and such securities are held by the company in its own name, except to the extent of the exemption granted under section 49 of the Companies Act, 1956. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prejudicial to the interest of the company. (xvi) The company has not obtained any term loans. Accordingly, the question of reporting on its application does not arise. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the company does not arise. (xix) The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise. (xx) The company has not raised any money by public issues during the year. Accordingly, the question of disclosure of end use of such monies does not arise. (xxi) 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 A. F. FERGUSON & CO. Chartered Accountants R. K. HIRANANDANI Partner Membership No. 36920 Mumbai: 30th April, 2009