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Notes to Accounts of Kanani Industries Ltd.

Mar 31, 2018

(A) 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 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.

1.1 CONTINGENT LIABILITY

(i) The assessee has preferred an appeal before the Commissioner of Income Tax (Appeals) against an order passed by Deputy Commissioner of Income Tax for the Assessment Years 2013-2014 & 2014-2015 raising a demand of Rs. 68,100/- & Rs. 2,090/- respectively.

1.2 In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business, unless otherwise stated.

1.3 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.

1.4 The Company has not provided for its gratuity liability for the current year in absence of actuarial valuation. The management has initited efforts to appoint a certified actuarial valuer to estimate the future estimated liability on account of gratuity that may be payable by the Company.

1.5 RELATED PARTIES DISCLOSURES

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

Wholly Owned 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

1.6 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”.

1.7 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.

1.8 Forward contracts entered into by the company and outstanding as on 31st March, 2018 :

The financial instruments are categorized into two levels based on the inputs used to arrive at fair value measurements as described below:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; and

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly.

Liquidity Risk

Liquidity risk is the risk that suitable sources of funding for the company’s business activities may not be available. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due, so that the company is not forced to obtain funds at higher rates. The Company monitors rolling forecasts of the Company’s cash flow position and ensure that the Company is able to meet its financial obligation at all times including contingencies.

Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due causing financial loss to the company. It arises from cash and cash equivalents, financial instruments and principally from credit exposures to customers relating to outstanding receivables. The Company deals with highly rated counter parties.

1.9 FIRST TIME IND AS ADOPTION

The Company has adopted Ind AS with effect from 1st April, 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April, 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.

Exemptions from retrospective application

Ind As 101allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemption

a. Property, Plant and Equipment

The Company has elected to measure all of its Property, plant and equipment and Intangible assets at their Historical cost less accumulated depreciation.

b. Estimates

The estimate as at April 1, 2016 and as at March 31, 2017 are consistent with those made for the same dates in accordance with Indian GAAP.


Mar 31, 2016

1. In the opinion of the management, Current Assets and Loans & Advances are approximately of the value stated if realized 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.


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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