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Notes to Accounts of Kanani Industries Ltd.

Mar 31, 2015

1. SHARE CAPITAL

(a) Issue of Bonus Shares :

During the year ended March 31,2010 , the company issued 59,96,000 fully paid up bonus shares of Rs. 10/- each by capitalisation of Securities premium account Rs.1,62,60,000/- and Profit and Loss Account Rs. 4,37,00,000/-. and issued 89,94,000 fully paid up bonus share of Re.1/- each by capitalisation of Profit and Loss Account Rs. 89,94,000/- in the year ended 31st March, 2013 .

(b) Terms/rights attached to equity shares :

The company has only one class of equity shares having a par value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all liabilities is, in the opinion of the management, adequate and not in excess of amount reasonably necessary.

3. Disclosures as required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows :

a) Names of related parties and nature of relationship where control exists :

Subsidiary Company

KIL International Limited

Key Management Personnel

Harshil P. Kanani

Premji D. Kanani

Enterprises where key management personnel have control

Kanani Polyfab Pvt. Ltd.

M/s. Star Diam

4. The company has only one reportable segment i.e. Studded Jewellery, therefore no separate information is being given under Accounting Standard - AS 17 "Segment Reporting".

2015 2014 Rs. Rs. 5. Contingent Liability

Bank Guarantee 150,000,000 -

6. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

7. The company has also reclassified the previous year figures in accordance with requirement for the current period.

8. Figures have been rounded off to the nearest of a rupee.




Mar 31, 2014

(A) Issue of Bonus Shares :

During the year ended March 31, 2009, the company had issued 14,99,000 fully paid bonus shares of Rs.10/- each to the equity shareholders by capitalisation of Securities Premium Account and during the year ending March 31, 2010 , the company issued 59,96,000 fully paid up bonus shares of Rs. 10/- each by capitalisation of Securities premium account Rs. 1,62,60,000/- and Profit and Loss AccountRs. 4,37,00,000/-. and issued 89,94,000 fully paid up bonus share of Rs. 1/- each by capitalisation of Profit and Loss Account Rs. 89,94,000/- in the year ended 31st March, 2013 .

(B) Terms/rights attached to equity shares :

The company has only one class of equity shares having a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all liabilities is, in the opinion of the management, adequate and not in excess of amount reasonably necessary.

3. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

4. The company has also reclassified the previous year figures in accordance with requirement for the current period.

5. Figures have been rounded off to the nearest of a rupee.


Mar 31, 2013

1. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all liabilities is, in the opinion of the management, adequate and not in excess of amount reasonably necessary.

2. Disclosures as required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows :

a) Names of related parties and nature of relationship where control exists :

Subsidiary Company KIL International Limited

Key Management Personnel Harshil P. Kanani Premji D. Kanani

Enterprises where key management personnel have control Kanani Polyfab Pvt. Ltd. M/s. Star Diam

3. The company has only one reportable segment i.e. Studded Jewellery, therefore no separate information is being given under Accounting Standard - AS 17 "Segment Reporting".

4. Contingent Liability

(i) The assessee has preferred an appeal before the Comissioner of Income Tax against an order passed by Income Tax Officer , raising demand of Rs.1,64,47,430/- on the company for the Assessment Year 2010-2011.

5. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

6. Derivative contracts entered into by the company and outstanding as on 31st March, 2013 : NIL

7. The company has also reclassified the previous year figures in accordance with requirement for the current period.

8. Figures have been rounded off to the nearest of a rupee.


Mar 31, 2012

1. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all liabilities is, in the opinion of the management, adequate and not in excess of amount reasonably necessary.

2. Disclosures as required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows :

a) Names of related parties and nature of relationship where control exists : Subsidiary Company KIL International Limited

Key Management Personnel Harshil P. Kanani Premji D. Kanani

Enterprises where key management personnel have control M/s. Star Diam

3. The company has only one reportable segment I.e. Studded Jewellery, therefore no separate information is being given under Accounting Standard -AS 17 "Segment Reporting".

4. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

5. During the year ended 31 st March, 2012, the company has prepared the financial statements as per the format prescribed by the Revised Schedule VI to the Companies Act, 1956 issued by Ministry of Corporate Affairs. The company has also reclassified the previous year figures in accordance with requirement for the current period.

6. Figures have been rounded off to the nearest of a rupee.


Mar 31, 2011

1. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all the liabilities is, in the opinion of the management, adequate and not in excess of the amount reasonably necessary.

2. Disclosures as required by Accounting Standard AS-18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows :

a) Names of related parties and nature of relationship where control exists : Key Management Personnel

Harshil P. Kanani Premji D. Kanani

Enterprises where key management personnel have control

M/s. Star Diam

3. The company has only one reportable segment i.e. Studded Jewellery, therefore no separate information is being given under Accounting Standard - AS 17 "Segment Reporting".

4. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

5. Additional information pursuant to Part IV of Schedule VI to the Companies Act, 1956

6. The figures of the previous year have been regrouped/reclassified/recasted to conform to the current year's classification.

7. Figures have been rounded off to the nearest of a rupee.


Mar 31, 2010

1. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realised in the ordinary course of the business. The provision for all the liabilities is, in the opinion of the management, adequate and not in excess of the amount reasonably necessary.

2.Disclosures as required by Accounting Standard AS-18 "Related Parties Disclosure"issued by The Institute of Chartered Accountants of India are as follows :

a)Names of related parties and nature of relationship where control exists :

Key Management Personnel

Harshil P.Kanani *

Premji D.Kanani

Enterprises where key management personnel have

control and where transactions have taken place

Star Diam,Kanani Textiles Pvt Ltd,Kanani Infracon Pvt Ltd

3.The company has only one reportable segment I.e.Studded Jewellery, therefore no separate information is being given under Accounting Standard -AS 17 "Segment Reporting".

4.Additional information pursuant to Part IV of Schedule VI to the Companies Act,1956

5.The figures of the previous year have been regrouped/ reclassified/recasted to conform to the current years classification.

6.Figures have been rounded off to the nearest of a rupee.

 
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