You are here » Home » Companies » Company Overview » Kotia Enterprises Ltd

Kotia Enterprises Ltd.

BSE: 539599 Sector: Others
NSE: N.A. ISIN Code: INE079C01012
BSE 00:00 | 02 Dec 14.70 0
(0.00%)
OPEN

14.70

HIGH

14.70

LOW

14.70

NSE 05:30 | 01 Jan Kotia Enterprises Ltd
OPEN 14.70
PREVIOUS CLOSE 14.70
VOLUME 827
52-Week high 19.40
52-Week low 10.29
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.70
CLOSE 14.70
VOLUME 827
52-Week high 19.40
52-Week low 10.29
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kotia Enterprises Ltd. (KOTIAENTERPRISE) - Auditors Report

Company auditors report

To the Members of Kotia Enterprises Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of Kotia Enterprises Limited (“theCompany”) which comprise the balance sheet as at 31st March 2022 and thestatement of Profit and Loss statement of changes in equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2022 and profit changes in equity and its cash flows for the year endedon that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements 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.

Those 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 as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'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 Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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

As required by the Companies (Auditor's Report) Order 2020 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) statement of change in equity and the Cash Flow Statement dealt with by thisReport 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(Accounts) Rules 2014. e) On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2022 from beingappointed as a director in terms of Section 164 (2) of the Act. f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in AnnexureB.

g) With respect to the other matters to be included in the Auditor ' s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impact its financialposition.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv) The management has represented that to the best of its knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities (“Intermediaries”)

h) With respect to the other matters to be included in the Auditor ' s Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to documents provided to us theremuneration paid to the Managing Director of the Company is in accordance with theprovisions of Section 197 along with Schedule V of Companies Act 2013.

For Ajay Rattan & Co. Chartered Accountants (Firm Registration No.012063N)

(CA. Ajay Aggarwal) Place: New Delhi
Partner Dated: 30.05.2022
Membership No. 090975
UDIN: 22090975AJXUQZ7169

Annexure A to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirements' of our report of even date to the financial statements of theCompany for the year ended March 31 2022:

We report that:

(i)

(a)

A. The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant & Equipment; B. The company ismaintaining proper records showing full particulars of intangible assets

; (b) As explained to us these Property Plant & Equipment have been physicallyverified by the management at reasonable intervals and no material discrepancies werenoticed on such verification;

(c) According to the information and explanations given to us the company has noimmovable property as on balance sheet date (other than properties where the company isthe lessee and the lease agreements are duly executed in favour of the lessee);

(d) the company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year; (e) According to the informationand explanations given to us no proceedings have been initiated or are pending againstthe company for holding any benami property under the Benami Transactions (Prohibition)Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The inventory has been physically verified by the management during theyear. In our opinion the frequency of such verification is reasonable and procedures andcoverage as followed by management were appropriate. No discrepancies were noticed onverification between the physical stocks and the book records that were 10% or more in theaggregate for each class of inventory. (b) According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company the companyhas not been sanctioned working capital limits on the basis of security of current assets.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any investmentsprovided guarantee or security or granted any advances in the nature of loans secured orunsecured to companies firms limited liability partnerships during the year. Thecompany has granted loans to one company during the year the details of the loan isstated in sub clause (a) below.

(a) A. Based on the audit procedures carried on by us and as per the information andexplanations given to us the Company has not granted any loans to subsidiaries.

B. Based on the audit procedures carried on by us and as per the information andexplanations given to us the Company has granted loans to a party other than subsidiariesas below:

45

Particulars Amount (Rs. In hundreds)
Aggregate amount during the year- Nil (given in last year)
Others
Balance outstanding as at balance 365000
sheet date- Others

(b) According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of theloans given are prima facie not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that in respect of loans and advances inthe nature of loans given by the company the schedule of repayment of principal andpayment of interest has been stipulated and the repayments or receipts are generallyregular;

(d) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there is no overdue amount for more than ninetydays in respect of loans given

(e) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there is no loan given falling due during theyear which has been renewed or extended or fresh loans given to settle the overdues ofexisting loans given to the same party (f) In our opinion and according to the informationand explanation given to us the company has not granted any loans or advances in thenature of loans either repayable on demand or without specifying any terms or period ofrepayment.

(iv) In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act2013.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits in contravention of the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under where applicablehave been complied with. No order has been passed by the Company Law Board or NationalCompany Law Tribunal or RBI or any court or any other tribunal. (vi) According to theinformation and explanation given to us government has not prescribed maintenance of costrecords under sub section (1) of section 148 of the Companies Act 2013 for the servicesof the company.

(vii) a) In our opinion the company is regular in depositing undisputed statutory duesincluding goods and services tax provident fund employees' state insurance income-taxand any other statutory dues with the appropriate authorities.

There is no arrears of outstanding statutory dues as at the last day of the financialyear concerned for a period of more than six months from the date they became payable. b)According to information and explanation given to us there are no dues on account ofabove statutory dues which have not been deposited due to any dispute.

(viii) Based upon the audit procedures performed and the information and explanationsgiven by the management there are no transactions not recorded in the books of accountwhich have been surrendered or disclosed as income during the year in the tax assessmentsunder the Income-tax Act 1961 (43 of 1961).

(ix) Based upon the audit procedures performed and according to information andexplanations given to us:

(a) the company has not defaulted in repayment of loans or other borrowings or in thepayment of interest thereon to any lender during the year of audit; (b) the company hasnot been declared wilful defaulter by any bank or financial institution or other lender;

(c) the term loans were applied for the purpose for which the loans were obtained;

(d) the funds raised on short term basis have not been utilised for long term purposes;

(e) the company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures;

(f) the company does not hold any securities in any subsidiaries joint ventures orassociate companies.

(x) Based upon the audit procedures performed and the information and explanationsgiven by the management

: a) The company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and term Loans. Accordingly the provisions of clause3(x)(a) of the Order are not applicable to the Company and hence not commented upon.

b) The company has not made any preferential allotment of shares or private placementof shares or convertible debentures during the year. Accordingly the provisions of clause3(x)(b) of the Order are not applicable to the Company and hence not commented upon.

(xi) Based upon the audit procedures performed and the information and explanationsgiven by the management: (a) no fraud on the company or by the company has been noticed orreported during the year; (b) no report under sub-section (12) of section 143 of theCompanies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government;

(c) no whistle-blower complaints have been received during the year by the company.(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4

(xii)(a) to (c) of the Order are not applicable to the Company and hence not commentedupon. (xiii) In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. (xiv) (a) thecompany has an internal audit system commensurate with the size and nature of itsbusiness;

b) the reports of the Internal Auditors for the period under audit were considered byus.

(xv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

(xvi) (a) In our opinion the company is not a Non-Banking Financial Company and is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934 andaccordingly the provisions of clause 3 (xvi) of the Order are not applicable to theCompany and hence not commented upon.

(b) the company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India; ( c) The Group does not have more than one CIC as partof the Group.

(xvii) The company has not incurred cash losses in the financial year and in theimmediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.

(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements our knowledge of the Board of Directors and management plans we areof the opinion that no material uncertainty exists as on the date of the audit report thatcompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen they fall due within a period of one year from the balance sheet date;

(xx) There is no unspent amount as specified in Schedule VII to the Companies Act andhence no comment is required under Clause 4(xx)(a) & (b) of the Order;

(xxi) As the company has no subsidiary or holding company therefore no consolidation isdone no comment is needed in this clause.

For Ajay Rattan & Co. Chartered Accountants (Firm Registration No.012063N)

(CA Ajay Aggarwal) Place: New Delhi
Partner Dated: 30/05/2022
Membership No. 090975
UDIN: 22090975AJXUQZ7169

Annexure - B to the Independent Auditors'Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financial reporting of KotiaEnterprises Limited (“the Company”) as of 31 March 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company ' s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued 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 Companies Act 2013.

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 issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 controls 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company and;

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company'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 Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ajay Rattan & Co. Chartered Accountants (Firm Registration No.012063N)

(CA Ajay Aggarwal) Place: New Delhi
Partner Dated: 30/05/2022
Membership No. 090975
UDIN: 22090975AJXUQZ7169

.