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Kiduja India Ltd.

BSE: 507946 | NSE: | Series: NA | ISIN: INE845A01010 | SECTOR: Finance - Investments

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Jan 09, 16:00
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Kiduja India is not traded on BSE in the last 30 days

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Dec 27, 11:22
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Kiduja India is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying standalone financial statements of Kiduja India Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, 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 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 whether the Company has in place an adequate internal financial 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 31stMarch, 2015 and its loss and its cash flows for the year ended on that date. Emphasis of Matter: Without qualifying, we draw your attention to: a) Note No. 21.1(a) which indicates that the Company has accumulated losses and its net worth has been fully eroded. Also, the Company has incurred net cash losses during the current and previous years and, the Company''s current liabilities exceeded its current assets as at the balance sheet date. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a going concern. However, the management is confident of reversing the losses in the coming years with the committed financial support from the Promoters. Accordingly, the financial statements have been prepared on a going concern basis. b) Note No. 21.7 regarding likely diminution (presently not quantifiable) in respect of certain long term investments. 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 paragraphs 3 and 4 of the Order. 2. 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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 litigations on its financial position in the aforesaid financial statements- Refer Note 21.6 to the financial statements; ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE KIDUJA INDIA LIMITED ON STANDALONE FINANCIAL STATEMENTS On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we state that: 1. The Company does not have any Fixed Assets. Therefore, the provisions of Clause 3(i) of the Order are not applicable to the Company. 2. a) The inventory of shares has been held in dematerialized form and verified with demat account statements at reasonable intervals during the year. b) The procedures for physical verification of the 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 and no discrepancies were noticed on physical verification. 3. During the year, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business for the sale of shares. The Company does not have any formal internal audit system. However as explained, effective internal control is being exercised departmentally. During the course of our audit, no major weakness has been noticed in the internal control system. 5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevant provisions of the Act and rules framed there under have been accepted by the Company. 6. As informed, the Central Government has not prescribed the maintenance of cost records under Section 148 (1) of the Act in respect of service/activities carried out by the Company. 7. a) The Company has deposited undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to the Company with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable. b) According to the records of the Company, there are no dues of Income Tax, Sales Tax, Service tax or duty of Customs or duty of Excise or Value Added Tax or Cess which have not been deposited on account of any dispute except the following: Name of the Nature of Forum where Statute dues dispute is pending The Income Income Income Tax Appellate Tax Act, 1961 Tax Tribunal (ITAT) Name of the Financial Amount Statute Year (Rs) The Income Tax Act, 1961 2010-11 35,29,420 c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. 8. The accumulated losses of the Company exceed the net worth at the end of the financial year. The Company has incurred the cash losses of in the financial year and in the immediately preceding financial year. 9. According to the information and explanations given to us by the management, there is no default in repayment of dues to financial institution or bank. 10. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks and financial institutions. 11. Based on the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained. 12. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing standards in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For LODHA & COMPANY CHARTERED ACCOUNTANTS Firm Registration No: 301051E R.P. Baradiya Place : Mumbai PARTNER Dated : 29th June 2015 Membership No: 044101