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Siddha Ventures Ltd.

BSE: 530439 Sector: Financials
NSE: N.A. ISIN Code: INE140C01012
BSE 00:00 | 27 Jan 4.59 -0.20
(-4.18%)
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NSE 05:30 | 01 Jan Siddha Ventures Ltd
OPEN 4.50
PREVIOUS CLOSE 4.79
VOLUME 4294
52-Week high 11.64
52-Week low 4.15
P/E 3.64
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.50
CLOSE 4.79
VOLUME 4294
52-Week high 11.64
52-Week low 4.15
P/E 3.64
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Siddha Ventures Ltd. (SIDDHAVENTURES) - Auditors Report

Company auditors report

To the Members of Siddha Ventures Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of SiddhaVentures Limited ("the Company") which comprise the Balance Sheet as at March31 2022 the Statement of Profit and Loss (including other comprehensive income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the Ind AS financial statements including a summary of significant accountingpolicies and other explanatory information. In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid standalone Ind ASfinancial statements give the information required by the Companies Act 2013 as amended("the Act") in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 its profit (including other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the standalone Ind AS financial statements' sectionof our report. We are independent of the Company in accordance with the ‘Code ofEthics' issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2022. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of standalone the Ind AS financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Valuation and Existence of Inventories
We have focused on the valuation and existence of the inventories in Equity because these represents a principal element on the net assets in the Financial Statements We have assessed the Company's process to compute the fair value of various investments and inventories .For quoted instruments we have independently obtained the market value and recalculated the fair value. For unquoted instruments we have obtained an understanding of various methods used by the management and analyzed the reasonableness of the principal assumptions made for estimating the fair value and other various data used while arriving at the fair value measurements.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Corporate Governance andShareholder's Information but does not include the standalone Ind AS financialstatements and our auditor's report thereon.

Our opinion on the standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether such other informationis materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Ind AS Financial Statements

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 standalone Ind AS financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone Ind AS financial statements managementis responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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 theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness 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 standalone Ind ASfinancial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant deficiencies in internal control that we identifyduring our audit. Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that economic decisionsof a reasonably knowledgeable user of the financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the financial statements. We also provide those chargedwith governance with a statement that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone Ind ASfinancial statements for the financial year ended March 31 2022 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 of the Act wegive in the "Annexure 1" a statement on the matters specified in paragraphs 3and 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 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;

(c) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 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 with reference tostandalone Ind AS financial statements and the operating effectiveness of such controlsrefer to our separate Report in "Annexure 2" to this report;

(g) No managerial remuneration has been paid during the year

(h) 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 as amended in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has no pending litigations on its financial position in its standaloneInd AS financial statements

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. a) 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 person(s)or entity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries; b)The management has represented that to the best of its knowledge and belief no fundshave been received by the company from any person(s) or entity(ies) including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that were considered reasonable and appropriate inthe circumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (a) and (b) contain any material misstatement.

v. The Company has not declared any dividend during the year so reporting under thisclause for the compliance with section 123 of the Companies Act 2013 is not applicable.

Annexure 1 referred to in paragraph 1 of the section on gReport on other legaland regulatory requirementsh of our report of even date on the Ind AS financialstatements of Siddha Ventures Limited

(i) (a) (A) The Company does not hold any Property Plant and Equipment or capitalizedany intangible assets during the year ended March 31 2022 and accordingly therequirement to report on clause 3(i)(a) (A) and (B) of the Order are not applicable to theCompany.

(b) The Company does not hold any Property Plant and Equipment in the books of theCompany and accordingly the requirement to report on clause 3(i)(b) of the Order is notapplicable to the Company

(c) There is no immovable property (other than properties where the Company is thelessee and the lease agreements are duly executed in favour of the lessee).held by theCompany and accordingly the requirement to report on clause 3(i)(c) of the Order is notapplicable to the Company

(d) The Company does not hold any Property Plant and Equipment (including Right of useassets) or intangible assets during the year ended March 31 2022 and accordingly therequirement to report on clause 3(i)(d) of the Order is not applicable to the Company.

(e) There are no proceedings initiated or are pending against the Company for holdingany benami property under the Prohibition of Benami Property Transactions Act 1988 andrules made thereunder.

(ii) (a) The Company has maintained inventory in form of shares and mutual funds.

(b) The Company has not been sanctioned working capital limits in excess of Rs. fivecrores in aggregate from banks or financial institutions during any point of time of theyear on the basis of security of current assets. Accordingly the requirement to report onclause 3(ii)(b) of the Order is not applicable to the Company.

(iii) During the year the Company has not provided loans advances in the nature ofloans stood guarantee and provided security to (companies firms Limited LiabilityPartnerships or any other parties). Accordingly the requirement to report on clause3(iii)(a) to (f) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or given security or madeinvestments to which provisions of section 185 and 186 of the Companies Act 2013.

Accordingly the requirement to report on clause 3(iv) of the Order is not applicableto the company.

(v) The Company has neither accepted any deposits from the public nor accepted anyamounts which are deemed to be deposits within the meaning of sections 73 to 76 of theCompanies Act and the rules made thereunder to the extent applicable. Accordingly therequirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any services rendered by the Company.Accordingly the requirement to report on clause 3(vi) of the Order is not applicable tothe Company.

(vii) (a) The Company in generally is regular in depositing with appropriateauthorities undisputed statutory dues including goods and services tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and other statutory dues as applicable to it. According tothe information and explanations given to us and based on audit procedures performed byus no undisputed amounts payable in respect of these statutory dues were outstanding atthe year end 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 goods and servicetaxes provident fund employee's state insurance income tax sales- tax service taxduty of customs duty of excise value added tax cess and other statutory dues which havenot been deposited on account of any dispute as on 31st March2022.

(viii) The Company has not surrendered or disclosed any transaction previouslyunrecorded in the books of account in the tax assessments under the Income Tax Act 1961as income during the year. Accordingly the requirement to report on clause 3(viii) of theOrder is not applicable to the Company.

(ix) During the year the Company did not have any outstanding loans or borrowings orinterest thereon due to any lender during the year Accordingly the requirement to reporton clause 3(ix)(a) to (f) of the Order are not applicable to the Company

(x) (a) According to the information and explanations given by the management theCompany has not raised any money way of initial public offer / further public offer / debtinstruments and term loans hence reporting under clause (x)(a) of the Order is notapplicable to the Company.

(b) According to the information and explanations given by the management the Companyhas not made any preferential allotment or private placement of shares /fully or partiallyor optionally convertible debentures during the year under audit and hence therequirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) Based upon the audit procedures performed for the purpose of reporting thetrue and fair view of the Ind AS financial statements and according to the information andexplanations given by the management we report that no fraud by the Company or on theCompany by the officers and employees of the Company has been noticed or reported duringthe year.

(b) During the year no report under sub-section (12) of section 143 of the CompaniesAct 2013 has been filed by cost auditor/ secretarial auditor or by us in Form ADT 4 asprescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment

(c) As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3(xii)(a) to(c) of the Order are not applicable to the Company.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe Ind AS financial statements as required by the applicable accounting standards.

(xiv) (a) According to the information and explanations given by the management theCompany has an internal audit system commensurate with the size and nature of itsbusiness.

(b) We have considered the internal audit report of the company issued till 31stMarch 2022 for the period under audit.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with them and hence provisions of section 192 of Companies Act 2013 arenot applicable.

(xvi) (a) The Company has registered as required under Section 45-IA of the ReserveBank of India Act 1934.

(b) According to the information and explanations given by the management the Companyhas not conducted any Non-Banking Financial or Housing Finance activities without obtaineda valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934.

(c) According to the information and explanations given by the management the Companyis not a Core Investment Company as defined in the regulations made by Reserve Bank ofIndia. Accordingly the requirement to report on clause 3(xvi) (c) of the Order is notapplicable to the Company.

(d) According to the information and explanations given by the management there is noCore Investment Company as a part of the Group hence the requirement to report on clause3(xvi) (d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current year as well as in theimmediately preceding financial year respectively.

(xviii) There is no resignation of the statutory auditor during the year.

(xix) On the basis of the financial ratios disclosed in the financial statementsageing and expected dates of realization of financial assets and payment of financialliabilities other information accompanying the financial statements our knowledge of theBoard of Directors and management plans and based on our examination of the evidencesupporting the assumptions nothing has come to our attention which causes us to believethat any material uncertainty exists as on the date of the audit report that Company isnot capable of meeting its liabilities existing at the date of balance sheet as and whenthey fall due within a period of one year from the balance sheet date.

(xx) With respect to obligations under Corporate social responsibility (CSR) thecompany is not required to spend towards CSR based on criteria as specified under section134(5) of the Act during the year and there are no such ongoing projects and unspentamount related to it hence no reporting is required to be reported under the clause(xx)(a) to (b) of the Order.

(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect ofaudit of standalone financial statements. Accordingly no comment in respect of the saidclause has been included in this report.

Annexure 2 to the Independent Auditorfs report of even date on the standalone IndAS financial statements of Siddha Ventures Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section

143 of the Companies Act 2013 (gthe Acth)

We have audited the internal financial controls with reference to standalone Ind ASfinancial statements of Siddha Ventures Limited ("the Company") as of March 312022 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for the year ended on that date.

Managementfs 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 the Company's policies the safeguardingof its 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.

Auditorfs Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over

Financial Reporting (the "Guidance Note") and the Standards on Auditing asspecified under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both issued by ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tothese standalone Ind AS financial statements 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 with reference to these standalone Ind AS financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone Ind ASfinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 withreference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls with Reference to these standalone Ind ASFinancial Statements

A company's internal financial controls with reference to standalone Ind AS financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to standalone Ind AS financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to standalone Ind ASFinancial Statements

Because of the inherent limitations of internal financial controls with reference tostandalone Ind AS financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone Ind AS financial statements to future periods aresubject to the risk that the internal financial control with reference to standalone IndAS financial statements 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 adequate internal financialcontrols with reference to standalone Ind AS financial statements and such internalfinancial controls with reference to standalone Ind AS financial statements were operatingeffectively as at March 31 2022 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the ICAI.

For K. K. CHANANI & ASSOCIATES

Chartered Accountants

ICAI Firm Registration Number: 0322232E

SD/-

Krishna Kumar Chanani

Partner

Membership Number: 056045

UDIN: 22056045AJQPJJ9780

Place: Kolkata

Date: May 25 2022

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