Mar 31, 2015
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
Mar 31, 2014
We have audited the accompanying financial statements of KIDUJA INDIA
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") read with
the general circular 15/2013 dated September 13, 2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 principleqfgeberally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss 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.
Emphasis of Matter
Without qualifying, we draw your attention to Note No.23.1(a) regarding
the financial statements of the Company having been prepared on a going
concern basis:
The Company has been incurring losses since last four years and its
net worth has been fully eroded. The management is confident of
reversing the losses in the coming years with the committed financial
support from the Promoters. Accordingly, these financial statements
have been prepared on a going concern basis."
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 it appears from our examination of
those books;
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub- section (3C) of Section 211 of the Act;
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Act.
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 KIDUJA INDIA LIMITED
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. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets
b) The Company has carried out physical verification of all its fixed
assets during the year. In our opinion, the frequency of verification
is reasonable considering the size of the Company and the nature of its
assets. No material discrepancies were noticed on such verification.
c) Substantial part of the fixed assets has been disposed off during
the year.
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. a) During the year, the Company has taken interest free loans from
one company covered in the register maintained under section 301 of
the Act, the terms and conditions whereof, are prima facie, not prej
-udicial to the interest of the Company. Maximum amount due during the
year Rs.402,450,000 (including Opening Balance of Rs.394,071,000) and the
year-end balance is Rs.401,850,000.
b) 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 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
for the sale of shares except as stated in para no.7 below. During the
course of our audit, no major weakness has been noticed in the internal
control system.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, there were no contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Act.
6. No deposits within the meaning of directives issued by RBI (Reserve
Bank of India) and Sections 58A and 58AA or any other relevant
provisions of the Act and Rules framed there under have been accepted
by the Company.
7. The Company does not have any formal internal audit system. However
as explained, effective internal control is being exercised
departmentally.
8. In respect of Company''s activities, the Central Government
has/tax-prescribed maintenance of cost records under Section 209 (1)
(d) of the Act.
9. a) The Company is generally regular in depositing 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 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 information and explanations given to us, there are
no dues of sales tax / income-tax / custom duty / wealth-tax / service
tax / excise duty / cess, which have not been deposited on account of
any dispute, except as under:
Name of the Nature of Dues Period to which Amount Forum where
Statute the amount dispute is
relates (Rs.) pending
The Income Income Tax Income Tax
Tax Act 1961 A Y. 2011-12 35,29,420 Department
CIT (Appeal)
The Income Interest Income Tax
on late
Tax Act, 1961 payment of TDS A.Y. 2013-14 2,63,925 Department
10 The accumulated losses of the Company as at 31st March, 2014 exceed
its net worth. The Company has incurred cash losses in the financial
year ended on that date and in the immediately preceding financial
year.
11. The Company has not taken any loan from financial institutions or
banks during the year. Therefore, the provisions of Clause 4(xi) of the
Order are not applicable to the Company.
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of Clause 4(xii) of the Order are
not applicable to the Company.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of Clause 4(xiii) of the Order are
not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in respect of dealing in shares, securities and timely
entries have been made therein. All the shares and securities have been
held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16 According to the information and explanations given to us, the term
loans have been
applied for the purposes for which they were raised.
17. In our opinion, funds of Rs.173,358,871 as at the close of the year
raised on short term basis have been applied for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered and recorded in
the Register maintained under Section 301 of the Act.
19. The Company has not raised any money by way of issue of debentures.
20 The Company has not raised any money by way of public issue during
the year or in the recent past.
21. 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 :27th June, 2014 MEMBERSHIP NO: 44101
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of KIDUJA INDIA
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the loss 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.
Emphasis of Matter
Without qualifying, we draw your attention to Note No.23.1 (a)
regarding the financial statements of the Company having been prepared
on a going concern basis:
The Company has been incurring losses since last three years and its
net worth has been fully eroded. The management is confident of
reversing the losses in the coming years with the committed financial
support from the Promoters. Accordingly, these financial statements
have been prepared on a going concern basis."
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 it appears from our examination of
those books;
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act;
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of sub-
section (1) of section 274 of the Act.
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 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. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has carried out physical verification of all its fixed
assets during the year. In our opinion, the frequency of verification
is reasonable considering the size of the Company and the nature of its
assets. No material discrepancies were noticed on such verification.
c) No Substantial part of the fixed assets has been disposed off during
the year.
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. a) During the year, the Company has taken interest free loans from
three companies covered in the register maintained under section 301 of
the Act, terms and conditions whereof, are prima facie, not prejudicial
to the interest of the Company. Maximum amount due during the year
Rs.672, 974,000 (including Opening Balance of Rs.385, 597,000) and the
year-end balance is Rs.394, 071,000.
b) 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 301 of the act.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased and sold are of the special nature and suitable alternative
source does not exist for obtaining comparable quotations, there are
adequate internal control procedures commensurate with the size of the
Company and nature of its business for purchase of shares, fixed assets
and with regard to the sale of shares except as stated in para no. 7
below. During the course of our audit, no major weakness has been
noticed in the internal control system.
5. There are no contracts or arrangements that need to be entered in
the register maintained under Section 301 of the Act.
6. No deposits within the meaning of directives issued by RBI (Reserve
Bank of India) and Sections 58A and 58AA or any other relevant
provisions of the Act and Rules framed there under have been accepted
by the Company.
7. The Company does not have any formal internal audit system. However
as explained effective internal control is being exercised
departmentally.
8. In respect of Company''s activities, the Central Government has not
prescribed maintenance of cost records under Section 209 (1) (d) of the
Act.
a) The Company Is regular in depositing uridispuieo 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 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, Customs Duty, Wealth Tax, Excise Duty, and
Cess which have not been deposited on account of any dispute.
10. The accumulated losses of the Company as at 31st March, 2013
exceed its net worth. The Company has incurred cash losses in the
financial year ended on that date and in the immediately preceding
financial year.
11. The Company has not taken any loan from financial institutions or
banks during the year.
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of Clause 4(xii) of the order are
not applicable to the Company.
13. The Company is not a chit fund or a nidhi / mutual fund benefit
fund / societies. Therefore, the provisions of Clause 4(xiii) of the
order are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in respect of dealing in shares, securities and timely
entries have been made therein. All the shares and securities have been
held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. According to the information and explanations given to us, the
term loans have been applied for the purposes for which they were
raised.
17. In our opinion, funds of Rs.392,344,175 as at the clcse of the
year raised on short term basis have been applied for long term
investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered and recorded in
the Register maintained under section 301 of the Act.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year or in the recent past.
21. 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
A.M.. HARIHARAN
Place: Mumbai PARTNER
Dated : 28th June, 2013 Membership No: 38323
Mar 31, 2012
1. We have audited the attached Balance Sheet of KIDUJA INDIA LIMITED
as at 31st March, 2012 and also the Profit and Loss Statement and the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those 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 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 (Auditor's Report) Order, 2003,
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956 (hereinafter referred to as
the 'Act'), 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;
(c) The Balance Sheet, Profit and Loss Statement 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 Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards prescribed by the Companies (Accounting Standards)
Rules, 2006, to the extent applicable except for recognition of
actuarial liabilities in respect of Gratuity (Point No. 5 in Note No.
20)',
(e) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of Section 274 (1) (g)
of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with Significant Accounting Policies and the accompanying
notes to 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) in the case of the Profit and Loss Statement, of the loss of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE
ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2012 OF
KIDUJA INDIA LIMITED
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets.
b) All fixed assets have been physically verified by the management at
reasonable intervals during the year and no discrepancies were noticed
on such verification.
c) No fixed assets have been disposed off during the year.
2. a) The inventory of shares has been held in dematerialized form and
are verified with the Demat account statements at reasonable intervals.
b) The procedures for verification of inventory 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 and no
discrepancies were noticed on physical verification.
3. a) During the year, the Company has taken interest free loans from
three Companies covered in the register maintained under Section 301 of
the Act, terms and conditions whereof, are prima facie, not prejudicial
to the interest of the Company. Maximum amount due during the year
Rs.500, 827,000 (including Opening Balance of Rs.385, 425,000) and the
year-end balance is Rs.385, 597,000.
b) 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 301 of the Act.
4. There is adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to
purchase of shares, fixed assets and for sale of shares except as
stated in para no.7 below. During the course of our audit, no major
weaknesses have been noticed in the internal control system.
5. According to the information and explanations given to us, there
was no contract or agreement entered into during the year that needs to
be entered in the register required to be maintained in pursuance of
Section 301 of the Act.
6. During the year, the Company has not accepted any deposit within
the meaning of Section 58A, 58AA and other relevant provisions of the
Act and rules framed thereunder and read with NBFC regulations issued
by Reserve Bank of India from time to time.
7. The Company does not have any system. However, as explained,
effective internal control is being exercise departriVenrally.
8. In respect of Company's activities the central /Government has not
prescribed maintenance of cost records under of the Act.
9. a) According to the records of the Company, it is generally regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Cess and other material statutory dues
with the appropriate authorities. There are no undisputed amounts
payable in respect of such statutory dues which have remained
outstanding as at 31st March, 2012 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 income tax, wealth tax, sales tax, service tax, custom duty,
excise duty and cess which have not been deposited on account of any
dispute.
10. The accumulated losses of the Company as at the end of the
financial year are more than 50% of its net worth. The Company has not
incurred cash loss during the preceding year but has incurred cash loss
during the current financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to banks.
12. During the year, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual fund benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the Order
are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in respect of dealing in shares, securities and timely
entries have been made therein. All the shares and securities have been
held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
16. According to the information and explanations given to us, the
Company has not obtained any term loan during the year.
17. According to the information and explanations given to us and on
overall examination of the cash flow statements and balance sheet of
the Company, in our opinion, funds raised on short term basis have,
prima facie, not been used for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Act.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances 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 & CO.
Chartered Accountants
A.M HARIHARAN
Place: Mumbai
Partner
Date: 29th June, 2012 Membership No.38323
Firm Registration No.: 301051E
Mar 31, 2010
1. We have audited the attached Balance Sheet of KIDUJA INDIA LIMITED
as at 31st March, 2010 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. Those 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 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 sub-section (4A) of
Section 227 of the Companies Act, 1956 (hereinafter referred to as the
Act), 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;
(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 prescribed by the Companies (Accounting Standards) Rules,
2006, to the extent applicable except for recognition of actuarial
liabilities in respect of Gratuity and Leave Entitlements (Refer Note
no.B 6 in Schedule R)
(e) On the basis of written representations received from the directors
as on 31* March, 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of Section 274 (1) (g)
of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes appearing in Schedule R of "Significant Accounting Policies and
Notes on Accounts" and other notes appearing elsewhere in the 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF KIDUJA
INDIA LIMITED
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All fixed assets have been physically verified by the management at
reasonable intervals during the year and no discrepancies were noticed
on such verification.
c) Substantial part of the fixed assets has been disposed off during
the year, However the same does not affect going concern status of the
Company.
2. a) The inventory of shares has been held in dematerialized form and
are verified with the Demat account statements at reasonable intervals.
b) The procedures for verification of inventory 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 and no
discrepancies were noticed on physical verification.
3. a) During the year, the Company has taken interest free loans from
two Companies covered in the register maintained under Section 301 of
the Act, terms and conditions Whereof, are prima facie, not prejudicial
to the interest of the Company. Maximum amount due during the year
Rs.370,880,000 (including Opening Balance of Rs.339,550,000) and the
year-end balance is Rs.358,000,000.
b) 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 301 of the Act.
4. There is adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to
purchase of shares, fixed assets and for sale of shares except as
stated in Note No.7 below. During the course of our audit, no major
weaknesses have been noticed in the internal control system.
5. According to the information,and explanations given to us, there
were no contract or agreement entered during the year that need to be
entered in the register in pursuance of Section 301 of the Act.
6. During the year, the Company has not accepted any deposit within
the meaning of Section 58A, 58AA and other relevant provisions of the
Act and rules framed thereunder and read with NBFC regulations issued
by Reserve Bank of India from time to time.
7. The Company does not have any formal internal audit system.
However, as explained, effective internal control is being exercised
departmentally.
8. In respect of Companies activities, the Central Government has not
prescribed maintenance of cost records under Section 209 (1) (d) of the
Act.
9. a) According to the records of the Company, it is generally regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Cess and other material statutory dues
with the appropriate authorities. There are no undisputed amounts
payable in respect of such statutory dues which have remained
outstanding as at 31st March, 2010 for a period of six months from the
date they became payable.
b) According to the information and explanations given to us, there are
no dues of income tax, wealth tax, sales tax, service tax, custom duty,
excise duty and cess which have not been deposited on account of any
dispute,
10. The accumulated losses of the Company as at the end of the
financial year are more than 50% of its net worth. The Company has
incurred cash losses during the current financial year and in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to banks.
12. During the year, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual fund benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the
Order are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in respect of dealing in shares, securities and timely
entries have been made therein. All the shares and securities have
been held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
16. According to the information and explanations given to us, the
Company has not obtained any term loan during the year.
17. According to the information and explanations given to us and on
overall examination of the cash flow statements and balance sheet of
the Company, in our opinion, funds raised on short term basis have,
prima facie, not been used for long- term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Act.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year and in the recent past.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances 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 & CO.
Chartered Accountants
R.P.BARADIYA
Parmer
Place: Mumbai Membership No.44101
Date : 30th July, 2010 Firm Registration No.: 301051E
Mar 31, 2009
We have audited the attached Balance Sheet of KIDUJA INDIA LIMITED as
at 31st March, 2009, the Profit and Loss Account for the year ended on
that date. As required by the Non-Banking Financial Companies Auditors
Report (Reserve Bank) Directions, 1999 issued by the Reserve Bank of
India in terms of Section 45MA(1A) of the Reserve Bank of India Act,
1934 and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us during the
course of audit, we report, to the extent applicable to the Company,
that
1. The Company had applied for registration as required under section
45-1A of the Reserve Bank of India Act, 1934 and has received the
registration certificate bearing No.N-13.01904 dated 09.07.2008.
2. The Board of Directors has passed a resolution for the
non-acceptance of any public deposits.
3. The Company has not accepted any public deposits during the year.
4. The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning for bad and doubtful debts as applicable to it.
1. We have audited the attached Balance Sheet of KIDUJA INDIA 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. Those 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 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 sub-section (4A) of
Section 227 of the Companies Act, 1956 (hereinafter referred to as the
Act), 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 knowtedgeand beKefwere 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;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt - _ with by ibis report are in agreement with the books of
account;
(d) Irvour opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards prescribed by the Companies (Accounting Standards) Rules,
2006, to the extent applicable except for recognition of actuarial
liabilities in respect of Gratuity and Leave Entitlements (Refer Note
no. B6 in Schedule P);
(e) On the basis of written representations received from the directors
as on 31st
director in terms of Section 274 (1) (g) of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with note
no.B 3(a) in Schedule P of "Significant Accounting Policies and Notes
on Accounts" regarding the Company carrying on its NBFC activities
prior to receiving of the necessary approval of 9th July 2008 and other
notes appearing in the said Schedule and elsewhere in the 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:
i) in the st case of the Balance Sheet, of the state of affairs of the
Company as
ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2009 OF KIDUJA
INDIA LIMITED.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a) The Company has maintained proper records showing full
particulars including
quantitative details and situation of fixed assets.
b) All fixed assets have been physically verified by the management at
reasonable intervals during the year and no discrepancies were noticed
on such verification.
c) No substantial part of the fixed assets has been disposed off during
the year.
2. a) The inventory of shares has been held in dematerialized form and
are verified
with the Demat account statements at reasonable intervals.
b) The procedures for verification of inventory 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 and no
discrepancies were noticed on physical verification.
3. a) During the year, the Company has taken interest free loans from
one of the
directors of the Company and from a Company covered in the register
maintained under Section 301 of the Act, terms and conditions whereof
are prima facie, not prejudicial to the interest of the Company.
Maximum amount due during the year Rs.340,763,000 and the year-end
balance is Rs.339,550,000.
b) During the vear, 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 Act.
4. There is adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to
purchase of shares, fixed assets and for sale of shares except as
stated in Note No.7 below. During the course of our audit, no major
weaknesses have been noticed in the internal control
-system.
5. According to the information and explanations given to us, there
were no contract or agreement entered during the year that need to be
entered in the register in pursuance of Section 301 of the Act.
6. During the year, the Company has not accepted any deposit within
the meaning of Section 58A, 58AA and other relevant provisions of the
Act and rules framed thereunder and read with NBFC regulations issued
by Reserve Bank of India from time to time. (Also refer Note No.B 3(a)
of Schedule P)
7. The Company does not have any formal internal audit system.
However, as explained, effective internal control is being exercised
departmental
8. In respect of Companies activities, the Central Government has not
prescribed maintenance of cost records under Section 209 (1) (d) of the
Act.
9. a) According to the records of the Company, it is regular in
depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Income Tax, Wealth Tax, Sales Tax, Service Tax,
Custom Duty, Cess and other material statutory dues with the
appropriate authorities. There are no undisputed amounts payable in
respect of such statutory dues which have remained outstanding as at
31st March, 2009 for a period of six months from the date they became
payable except Income tax (including Interest) amounting to Rs.
10,200,000 relating to financial year 2007-08.
b) According to the information and explanations given to us, there are
no dues of income tax, wealth tax, sales tax, service tax custom duty,
excise duty and cess which have not been deposited on account of any
dispute.
10. The accumulated losses of the Company as at the end of the
financial year are less than 50% of its net worth. The Company has
incurred cash losses during the current financial year. However, it did
not incur cash losses in the immediately preceding financial year.
11. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to banks.
12. During the year, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual fund benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the
Order are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in -respectof dealing in shares, securities and timely
entries have been made therein. -æAll the shares and securities have
been held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not
given any guarantee for loan taken by others from banks or financial
institutions.
16. According to the information and explanations given to us, the
Company has not obtained any term loan during the year.
17. According to the information and explanations given to us and on
an overall examination of cash flow statement and balance sheet of the
Company, short term funds of Rs.434,496,388 have been used for long
term investments
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Act.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year and in the recent past.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances 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 & CO.
Chartered Accountants
R.P. BARADIYA
Place: Mumbai Partner
Date:30th July,2009 Membership No.44101
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