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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

Jul 29, 16:00
619.20 9.55 (1.57%)
Volume
AVERAGE VOLUME
5-Day
17,469
10-Day
25,655
30-Day
25,187
8,837
  • Prev. Close

    609.65

  • Open Price

    611.00

  • Bid Price (Qty.)

    619.20 (27)

  • Offer Price (Qty.)

    625.00 (40)

NSE Live

Jul 29, 15:53
619.85 9.90 (1.62%)
Volume
AVERAGE VOLUME
5-Day
193,012
10-Day
346,923
30-Day
292,330
167,987
  • Prev. Close

    609.95

  • Open Price

    614.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    619.85 (44)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of Kansai Nerolac Paints Limited (the Company), which comprise the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory 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 or error. 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 there under. 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 auditors'' 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 whether the Company has in place an adequate internal financial controls system over financial 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 March, 2015, and its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2015 (''the Order''), issued by the Central Government of India in exercise of powers conferred by sub-section 11 of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. As required by Section 143 (3) of the Act, we report that: (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 of our audit. (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 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 March, 2015 taken on record by the Board of Directors, none of the Directors are disqualified as on 31 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 Auditors'' 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: 1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 26 to the financial statements; 2. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and 3. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March, 2015. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT - 31 MARCH 2015 (Referred to in 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 explanation given to us, the fixed assets are being physically verified by the management according to a phased programme designed to cover all the items over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and nature of its assets. Pursuant to this programme, some of the fixed assets have been physically verified by the management during the year, and no material discrepancies were noticed on such verification. ii. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the year-end, written confirmation have been obtained. (b) The procedures for the 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 has maintained proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been dealt with in books of account. iii. (a) The Company has granted an unsecured loan to one body corporate (overseas subsidiary company) covered in the register maintained under Section 189 of the Act. The maximum amount outstanding during the year was Rs. 6.38 crores and the year-end balance of such loan was Rs. 6.38 crores. (b) According to the information and explanation given to us, the unsecured loans are repayable on demand but the Company has not demanded loan during the year. (c) There is no overdue amount of more than Rupees one lakh in respect of loan granted to body corporate listed in the register maintained under Section 189 of the Act. 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 purchase of inventories and fixed assets and with regard to the sale of goods. In our opinion and according to the information and explanations given to us, there is no major weakness observed in internal control system during the course of our audit. v. In our opinion, and according to the information and explanations given to us, the Company has not accepted deposits as per the directives issued by the Reserve Bank of India under the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly, paragraph 3 (v) of the Order is not applicable to the Company. vi. The Central Government has not prescribed the maintenance of cost records under Section 148 (1) of the Companies Act, 2013 for any of the products manufactured/services rendered by the Company. vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident fund, Income-tax, Sales-tax/ Value added tax, Wealth tax, Service tax, duty of customs, Employees'' State Insurance, duty of Excise and other material statutory dues have been generally regularly deposited during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees'' State Insurance, Sales tax / Value added tax, Wealth tax, duty of Excise, Income- tax, Service tax, duty of customs and other material statutory dues were in arrears as at 31 March, 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of Service tax, Wealth tax, Income tax, Sales tax/ Value added tax, duty of Excise and duty of customs as at 31 March, 2015 which have not been deposited with the appropriate authorities on account of any dispute, except as stated below. (Rs. in crores) Forum where dispute is pending Name of the Statute/Nature of dues Period to which Commissioner Appellate Total the amount relates Authorities Amount & Tribunal Sales Tax 1980-81 0.01 0.01 1991-92 0.01 0.01 1995-96 to 2009-10 0.60 0.51 1.11 The Central Excise Act, 1944 1993-94 to 2002-03 1.53 0.08 1.61 Tax, Penalty and Interest Sales Tax 2011-12 to 2014-15 0.14 5.10 5.24 (c) According to the information and explanations given to us, the Company has transferred amounts required to be transferred to the investor education and protection fund within the prescribed time. 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. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers. The Company did not have any outstanding dues to any financial institutions and debenture holders during the year. x. 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 are not primafacie prejudicial to the interest of the Company. xi. The Company did not have any term loans outstanding during the year. xii. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For B S R & Co. LLP Chartered Accountants Firm''s Registration No.: 101248W/W-100022 Sadashiv Shetty Partner Membership No.: 048648 Mumbai, 8th May, 2015