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Kiduja India Ltd.

BSE: 507946 Sector: Financials
NSE: N.A. ISIN Code: INE845A01010
BSE 00:00 | 30 Jul 23.30 -0.85
(-3.52%)
OPEN

24.10

HIGH

25.35

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23.30

NSE 05:30 | 01 Jan Kiduja India Ltd
OPEN 24.10
PREVIOUS CLOSE 24.15
VOLUME 927
52-Week high 27.50
52-Week low 19.25
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.10
CLOSE 24.15
VOLUME 927
52-Week high 27.50
52-Week low 19.25
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kiduja India Ltd. (KIDUJAINDIA) - Auditors Report

Company auditors report

To the Members of Kiduja India Limited

Report on the Audit of Financial Statements

Opinion

We have audited the accompanying financial statements of Kiduja India Limited("the Company") which comprises of Balance Sheet as at March 31 2020 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flow for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the Act) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards ("Ind AS") prescribed undersection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 its profits (including other comprehensiveincome) changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Material Uncertainty related to Going Concern

We draw your attention to the fact that the financial statements of the Company havebeen prepared on the principles of a going concern basis which contemplated therealization of assets and the satisfaction of liabilities in the normal course ofbusiness. The Company has been incurring losses for the past few years and its net worthhas been fully eroded. Also the Company's financial liabilities exceeded its financialassets as on March 31 2020. These conditions indicate the existence of a materialuncertainty that may cast significant doubt about the Company's ability to continue as agoing concern. However in view of comfort received from the promoters to the effect thatthey will be continuing to provide financial support to the Company accordingly thesefinancial statements have been prepared on a going concern basis. (Refer note no. 26 tothe financial statements)

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificant in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Inaddition to the matter described in the material uncertainty related to going concernsection we have determined that there are no key audit matters to communicate in ourreport.

Information Other than the Financial Statements and Auditor's report thereon

The Company's Board of Directors is responsible for the preparation of otherinformation. The Other information comprises the information included in the Board'sReport including Annexures to the Board report and Corporate Governance report but doesnot include the financial statement and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we required to report that fact. We have nothingto report in this regard.

Responsibilities of Management and those charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance (including othercomprehensive income) changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements the Management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit We are also:

• Identify and assess the risks nf material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(B)(1)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate interna! financial control system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management

• Conclude on the appropriateness of Management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the entity'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the entity to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of a reasonablyknowledgeable user of the financial statements may be influenced we consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work and (ii) to evaluate the effect of any identifiedmisstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication-

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure "A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany so far as it appears from our examination of those books and records.

(c) The Balance sheet the Statement of Profit & Loss (including othercomprehensive income). Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Account) Rules 2014.

(e) On the basis of the written representation received from the directors as on March31 2020 taken on records by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a Director in terms of Section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure "B".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Sec 197(16) of the Act as amended:

During the year the Company has not paid any remuneration to its directors.

(h) With respect to the matters to be included in the Auditor's report in accordancewith the rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and tothe best of our information and according to the explanations given to us:

i. There were no pending litigations which would impact the financial position of theCompany.

ii. The Company did not have any long-term contracts including derivative contracts forwhich

there were any material foreseeable losses

iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company

For Bagaria & CO LLP
Chartered Accountants
Firm registration No. -
113447W/W-100019
Vinay Somani
Place: Mumbai Partner
Date: June 30 2020 Membership No. 143503
UDIN:- 20143503AAAAGQ1125

Annexure "A" referred to in "Report on Other Legal and RegulatoryRequirements" section of our report to the members of Kiduja India Limited of evendate:

i. The Company does not have any Property Plant & Equipment (Fixed assets).Therefore the provision of clause 3(i) of the order are not applicable to the Company.

ii. The Company does not held any inventory during the year. Therefore the provisionsof clause 3(ii) of the order are not applicable to the Company.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theAct. Accordingly the provisions of clause 3(iii) of the Order are not applicable to theCompany.

iv. In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and securities granted in respect of which provisionof section 185 and 186 except sub section (1) of the Act are applicable and hence notcommented upon. In respect of section 186(1) there were no investment made through notmore than two layers of investment companies.

v. No deposits have been accepted by the Company within the meaning of directivesissued by Reserve Bank of India and Section 73 to 76 or any other relevant provisions ofthe Act and rules framed thereunder.

vi. As informed the Central Government has not prescribed the maintenance of costrecords under section 148(1) of the Act in respect of services/activities carried out bythe Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination

of the records the Company is generally regular in depositing undisputed statutorydues including provident fund employees' state insurance income tax custom duty goodsand service tax and other material statutory dues during the year with the appropriateauthorities. No undisputed amounts payable in respect of the aforesaid statutory dues asat the last day of the financial year for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax goods and service tax and duty of customs which have not been deposited onaccount of any dispute.

viii. Based on our audit procedures and on the basis of information and explanationsgiven to us we are of the opinion that the Company has not defaulted in the repayment ofdues to banks. The Company has not taken any loan from government or debenture holdersduring the year in earlier years.

ix. In our opinion and according to the information and explanations given to us thehas not taken any term loans during the year. The Company has not raised any money by wayof Initial public offer or further public offer (Including debt instrument) during theyear or in the recent past.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by or on the Company by its officers or employees noticed or reportedduring the year nor have we been informed of such case by the management.

xi. According to the information and explanations given to us and based on ourexamination of the books and records of the Company the Company has not paid anymanagerial remuneration during the year. Accordingly the provisions of clause (xi) of theorder are not applicable to the Company.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Orderare not applicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company all the transactions with related parties arein compliance with section 177 and 188 of the Act and all the details have been disclosedin the financial statements as required by the applicable Accounting Standard (Refer Note21 to the financial statements).

xlv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year or in the recent past. Therefore the provisions of clause 3(xiv) of the Orderare not applicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions prescribed under Section 192 of the Act withdirectors or persons connected with them during the year.

xvi. The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

For Bagaria & CO. LLP
Chartered Accountants
Firm registration No.
113447W/W-100019
Vinay Somani
Place: Mumbai Partner
Date: June 30 2020 Membership No. 143503
UDIN:- 20143503AAAAGQ1125

Annexure "B" referred to in "Report on Other Legal and RegulatoryRequirements" section of our

report to the members of The Oriental Aromatics Limited of even date:

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofsub-section 3 of Section 143 of the Act

We have audited the internal financial controls over financial reporting of the KidujaIndia Limited ("the Company") as of March 31 2020 in conjunction with our auditof the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential component of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the entity are being made only in accordance with authorisations ofmanagement; (3) and provide reasonable assurance regarding prevention or timely detectionof unauthorised acquisition use or disposition of the entity's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the best of our information and according to the explanations given tous the Company has broadly in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2020 based on the internalcontrol over financial reporting criteria established by the Company considering theessential Component of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the ICAI.

For Bagaria & CO. LLP
Chartered Accountants
Firm registration No.
113447W/W-100019
Vinay Somani
Place: Mumbai Partner
Date: June 30 2020 Membership No. 143503
UDIN:- 20143503AAAAGQ1125