Market
BSE Prices delayed by 5 minutes... << Prices as on Jul 02, 2025 - 3:59PM >>  ABB India  5893.5 [ -0.97% ] ACC  1940 [ 1.02% ] Ambuja Cements  594.8 [ 2.55% ] Asian Paints Ltd.  2419.85 [ 2.15% ] Axis Bank Ltd.  1175.05 [ 0.14% ] Bajaj Auto  8353.45 [ -0.51% ] Bank of Baroda  242.85 [ -1.86% ] Bharti Airtel  2030.05 [ 0.53% ] Bharat Heavy Ele  260.6 [ -1.53% ] Bharat Petroleum  331.9 [ -0.02% ] Britannia Ind.  5780.5 [ 0.62% ] Cipla  1496 [ -1.32% ] Coal India  386.9 [ -0.72% ] Colgate Palm.  2436.9 [ 1.15% ] Dabur India  487.45 [ 1.05% ] DLF Ltd.  830 [ -1.48% ] Dr. Reddy's Labs  1271.75 [ -0.41% ] GAIL (India)  190.8 [ 0.61% ] Grasim Inds.  2849.8 [ -0.07% ] HCL Technologies  1715 [ -0.19% ] HDFC Bank  1985.7 [ -1.30% ] Hero MotoCorp  4240.75 [ 0.28% ] Hindustan Unilever L  2304.85 [ 0.38% ] Hindalco Indus.  698.15 [ 0.56% ] ICICI Bank  1428.15 [ -0.27% ] Indian Hotels Co  756.6 [ -0.71% ] IndusInd Bank  858.15 [ -2.41% ] Infosys L  1609.9 [ 0.11% ] ITC Ltd.  412.9 [ -0.55% ] Jindal St & Pwr  971.5 [ 2.43% ] Kotak Mahindra Bank  2163.25 [ -0.94% ] L&T  3597.4 [ -1.89% ] Lupin Ltd.  1960 [ -0.07% ] Mahi. & Mahi  3164.65 [ -0.36% ] Maruti Suzuki India  12614.9 [ 1.38% ] MTNL  51.21 [ -1.16% ] Nestle India  2390.05 [ -0.84% ] NIIT Ltd.  128.5 [ -2.13% ] NMDC Ltd.  68.03 [ 0.06% ] NTPC  333.6 [ 0.30% ] ONGC  241.15 [ -0.88% ] Punj. NationlBak  113.85 [ 0.71% ] Power Grid Corpo  294.85 [ -0.94% ] Reliance Inds.  1518.25 [ -0.66% ] SBI  813.2 [ -0.86% ] Vedanta  469.6 [ 0.82% ] Shipping Corpn.  223.8 [ -0.49% ] Sun Pharma.  1680 [ 0.77% ] Tata Chemicals  934.4 [ 0.44% ] Tata Consumer Produc  1097.5 [ 0.19% ] Tata Motors  688.4 [ 0.65% ] Tata Steel  165.9 [ 3.72% ] Tata Power Co.  406.45 [ 0.00% ] Tata Consultancy  3423.35 [ -0.18% ] Tech Mahindra  1679.5 [ 0.48% ] UltraTech Cement  12400 [ 1.60% ] United Spirits  1383.4 [ -1.23% ] Wipro  266.95 [ 0.95% ] Zee Entertainment En  141 [ -0.84% ] 
Ushdev International Ltd. Auditor Report
Search Company 
You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 34.86 Cr. P/BV -0.01 Book Value (Rs.) -94.30
52 Week High/Low (Rs.) 3/1 FV/ML 1/1 P/E(X) 0.00
Bookclosure 28/09/2020 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2024-03 

We were engaged to audit the accompanying standalone Ind AS
financial statements of Ushdev International Limited ('the Company'),
which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flow
for the year then ended, and notes to the standalone Ind AS financial
statements including a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as 'the Ind
AS Financial Statements').

2. Disclaimer of Opinion

We were engaged to audit the accompanying standalone Ind AS
financial statements of the Company, which comprise the Balance
Sheet as at March 31, 2024, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flow for the year then ended,
and notes to the standalone Ind AS Financial statements including a
summary of the significant accounting policies and other explanatory
information.

We do not express an opinion on the accompanying Ind AS financial
statements of the Company. Because of the significance of the matters
described in the Basis for Disclaimer of Opinion section and Annexures
of our report, we have not been able to obtain sufficient appropriate
audit evidence to provide a basis for an audit opinion on these
financial statements.

3. Basis for disclaimer of opinion

During the year, the Company has incurred a Net loss of Rs. 970.75
lakhs resulting into negative net worth of Rs. 3,19,097.59 lakhs as at
March 31, 2024. The net current liabilities stand at Rs. 3,25,948.39
lakhs as at the year end. Further we refer to Note 3 to the financial
statements regarding a Corporate Insolvency Resolution Process (CIRP)
initiated against the Company vide an order of the Mumbai Bench of
National Company Law Tribunal (NCLT) dated May 14, 2018 under
the provisions of Insolvency and Bankruptcy Code, 2016 ('Code').
Under the CIRP, Committee of Creditors (COC) in their meeting on
June 24, 2021 voted in favour of Resolution Plan. NCLT vide its order
dated February 3, 2022 approved the resolution plan, which was
subsequently approved by National Company Law Appellate Tribunal
(NCLAT) vide its order dated March 1 1, 2022.

As required under paragraph 1 of Schedule V read with paragraph
14 of Schedule I of the Resolution plan, the Company has applied
for various approvals from various governing bodies viz. Reserve
Bank of India (RBI) and Bombay Stock Exchange (BSE) as conditions
precedent to the implementation of the resolution plan. The approval
from RBI is yet to be received by the Company. Further, The Hon'ble
NCLT Mumbai issued an order on December 8, 2023, granting a two-
month period for the Resolution Applicant to execute the Resolution
Plan. As no payment was received from Resolution Applicant M/s
Taguda Pte Ltd, on February 9, 2024, the secured financial lenders
of the company, led by State Bank of India, invoked the Bid Bond
and Performance Security funds deposited by the Resolution Applicant
totalling Rs. 1813.46 lakh (including Rs. 160.74 lakh in interest
earned on the Bid Bond and Performance Security funds held as a
Fixed Deposit), which has been forfeited. Further the secured financial

lenders have filed an application seeking liquidation of the company
as the Successful Resolution Applicant has failed to implement the
resolution plan, the said application is currently pending adjudication
before the NCLT Mumbai bench.

The Company has prepared the financial results on a going concern
basis. However, in view of the negative net worth and negative
net current liabilities as at the year end and pending liquidation
proceedings as stated above, we are unable to comment on the ability
of the Company to continue as a going concern for the foreseeable
future.

The Ind AS financial statements, however, do not include any
adjustment relating to the recoverability and classification of recorded
asset amounts and classification of liabilities that may be necessary
should the Company be unable to continue as a going concern.

a) We refer to Note 41 to the financial statements of the Company
regarding balances in respect of trade receivables, advance
for purchase of steel given, trade payables including MSME,
various claims submitted to Resolution Professional pursuant to
the CIRP against the Company, borrowings, loans & advances,
advance from customers, book overdraft, bank balances and
fixed deposits with banks, other deposits, taxes recoverable
being subject to adequate documentation, confirmations and /
or reconciliations and in the absence of alternative corroborative
evidences, we are unable to comment on such balances.

b) We refer to Note 48 to the financial statement of the Company
regarding non evaluation of trade receivables and advances to
trade payables denominated in foreign currency as required
under Ind AS 21 'Effects of changes in Foreign Exchange rates',
consequent impact on Expected Credit Loss as required under
Ind AS 109 'Financial Instruments' and taxation, if any, thereon.

4. Emphasis of Matter

We refer to Note 43 of the financial statements regarding search
carried out at the Corporate Office premises by Central Bureau of
Investigation (CBI) and Enforcement Directorate (ED) on July 07,
2022 and February 02, 2023 respectively pertaining to the company
for the transactions done by ex-promoters of the Company prior to
the initiation of the Corporate Insolvency Resolution Process under
Insolvency and Bankruptcy code 2016. The matter is not yet concluded
and is under investigation.

Our Opinion is not modified in respect of above matter.

5. Information Other than the standalone Ind AS Financial
Statements and Auditor's Report thereon

As the corporate insolvency resolution process has been initiated in
respect of the Company under the provisions of the Insolvency and
Bankruptcy Code, 2016 ('the code') by the Mumbai bench of National
Company Law Tribunal vide its order dated May 14, 2018, the powers
of the Board of Directors stand suspended as per section 17 of the
Code and such powers are being exercised by the Implementation
and Monitoring Agency (IMA) authorized members effective from
March 16, 2022 and Resolution Professional appointed by the
National Company Law Tribunal by the said order under the provisions
of the code upto March 15, 2022 (jointly referred to as 'Company
Management').

The Company's management are responsible for the other information.
The other information comprises the information included in
Company's Annual report but does not include the standalone Ind
AS financial statements and our auditor's report thereon. The other

information is expected to be made available to us after the date of
this auditor's report.

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

In connection with our audit of the standalone Ind AS financial
statements, our responsibility is to read the other information when
it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the standalone Ind AS
financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.

6. Responsibility of the Management and Those Charged
with Governance for the Financial statements

The Company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ('the Act') with respect to
the preparation of these Ind AS financial statements that give a true
and fair view of the state of affairs (financial position), profit or loss
(financial performance including other comprehensive income), cash
flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the Indian
Accounting Standards prescribed under Section133 of the Act.

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 Ind AS financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management is responsible
for assessing the Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Those Company Management are also responsible for overseeing the
Company's financial reporting process.

7. Auditor's Responsibilities for the Audit of the Financial
Statements

Our responsibility is to conduct an audit of the Company's standalone
financial statements in accordance with Standards on auditing and to
issue an auditor's report. However, because of the matters described
in the Basis for Disclaimer of Opinion section and Annexures of
our report, we were not able to obtain sufficient appropriate audit
evidence to provide a basis for an audit opinion on these standalone
financial Statements.

We are independent of the Company in accordance with the ethical
requirements in accordance with the requirements of the Code of
Ethics issued by ICAI and the ethical requirements as prescribed under
the laws and regulations applicable to the Company.

8. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020, issued

by the Central Government of India in terms of sub-section (11) of
section 143 of the Act ('the Order'), and on the basis of such checks of
the books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we
give in the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order.

As required by Section 143 (3) of the Act, we report that:

a) We have sought and, except for the matters described in
the Basis for Disclaimer of Opinion paragraph, 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 including
other comprehensive income, the Statement of Cash Flow and
the Statement of Changes in Equity dealt with by this Report are
in agreement with the books of account;

d) Except for the effects of the matters described in the Basis for
Disclaimer of Opinion paragraph above, in our opinion, the
aforesaid Ind AS financial statements comply with the Indian
Accounting Standards prescribed under Section 133 of the Act;

e) The matter described in the Basis for Disclaimer of Opinion
paragraph above, in our opinion, may have an adverse effect on
the functioning of the Company;

f) As more fully explained in Note 42 of the standalone financial
statements, the erstwhile directors of the Company are
disqualified from being appointed as directors in terms of
Section 164(2) of the Act;

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

In our opinion and to the best of our information and according
to the explanations given to us, the provisions of section 197 are
not applicable to the company.

h) The qualification relating to the maintenance of accounts and
other matters connected therewith are as stated in the Basis for
Disclaimer of Opinion paragraph;

i) With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate report in
Annexure B; and

j) 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
knowledge and belief and according to the information and
explanations given to us:

i) The Company has disclosed the impact of pending
litigations on its financial position in its Ind AS financial
statements (Refer note no. 34 and 46 to the Ind AS
financial statements);

ii) There were no material foreseeable losses on any long
term contracts including derivative contracts; and

iii) The Company is required to transfer Rs. 9.78 lakhs to

the Investor Education and Protection Fund. However, as
per the explanations given to us, since the Company is
undergoing CIRP, the transfer to said fund is not made.

iv) The management has represented that to the best of its
knowledge and belief, no funds have been advanced or
loaned or invested (either from borrowed funds or share
premium 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 the
understanding, whether recorded in writing or otherwise,
that the intermediary shall, whether directly or indirectly
lend or invest in other persons or entities identified in any
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 (Refer
Note 39(7) of the financial statements);

v) The management has represented that to the best of its
knowledge or belief, other than as disclosed in the notes to
the accounts, no funds have been received by the Company
to or in any other person(s) or entity(ies) including foreign
entities (funding parties) with the understanding, whether
recorded in writing or otherwise, that the Company
shall, whether directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by
or on behalf of the funding party (ultimate beneficiaries)
or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries (Refer Note 39(8) of the financial
statements);

vi) Based on the audit procedures considered reasonable
and appropriate in the circumstances carried out by us,
nothing has come to our notice that has caused us to
believe that the representations under sub clause (i) and
ii) of Rule 11(e) as provided under clause (iv) and (v) above
contain any material misstatements.

vii) The Company has not declared or paid any dividend during
the year and as such the compliance of section 123 of the
Act has not been commented upon.

viii) As per the information and explanation given to us and
based on examination which included test checks the
accounting software of the company in which books of
accounts are maintained during the year does not have
feature of recording audit trail (edit log) facility.

For SGN & CO.

Chartered Accountants

ICAI Firm Registration No. 134565W

Shreyans Jain

Partner

Membership No. 147097

Place : Mumbai

Date : 24th May, 2024

UDIN - 24147097BKCASZ5997


 
KYC IS ONE TIME EXERCISE WHILE DEALING IN SECURITIES MARKETS - ONCE KYC IS DONE THROUGH A SEBI REGISTERED INTERMEDIARY (BROKER, DP, MUTUAL FUND ETC.), YOU NEED NOT UNDERGO THE SAME PROCESS AGAIN WHEN YOU APPROACH ANOTHER INTERMEDIARY. | PREVENT UNAUTHORISED TRANSACTIONS IN YOUR ACCOUNT --> UPDATE YOUR MOBILE NUMBERS/EMAIL IDS WITH YOUR STOCK BROKER/DEPOSITORY PARTICIPANT. RECEIVE INFORMATION/ALERT OF YOUR TRANSACTIONS DIRECTLY FROM EXCHANGE/NSDL ON YOUR MOBILE/EMAIL AT THE END OF THE DAY .......... ISSUED IN THE INTEREST OF INVESTORS
Disclaimer Clause | Privacy | Terms of Use | Rules and regulations | Feedback| IG Redressal Mechanism | Investor Charter | Client Bank Accounts
Right and Obligation, RDD, Guidance Note in Vernacular Language
Attention Investors : "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
  "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
  "Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participants. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day.Issued in the interest of Investors."
Regd. Office: 76-77, Scindia House, 1st Floor, Janpath, Connaught Place, New Delhi – 110001
NSE CASH , NSE F&O,NSE CDS| BSE CASH ,BSE CDS |DP NSDL | MCX-SX SEBI NO: INZ000155732

Compliance Officer: Mukesh Rustagi, Company Secretary, Tel: 011-46890000, Email: mukesh_rustagi80@hotmail.com
For grievances please e-mail at: kkslig@hotmail.com

Important Links : NSE | BSE | SEBI | NSDL | Speed-e | CDSL | SCORES | NSDL E-voting | CDSL E-voting
 
Charts are powered by TradingView.
Copyrights @ 2014 © KK Securities Limited. All Right Reserved
Designed, developed and content provided by