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Kiduja India Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 60.24 Cr. P/BV -10.19 Book Value (Rs.) -2.46
52 Week High/Low (Rs.) 52/16 FV/ML 1/1 P/E(X) 0.00
Bookclosure 31/01/2025 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2025-03 

We have audited the accompanying financial statements of Kiduja India Limited (“the Company”),
which comprises of Balance Sheet as at March 31,2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash
Flows for the year then ended, and notes to the financial statements, including a summary of
material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (the Act) in
the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards (“Ind AS”) prescribed under Section 133 of the Act read with Companies (Indian
Accounting Standards) Rules, 2015, as amended, and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31,2025, its losses (including
other comprehensive income), Its 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) specified under Section
143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor’s
Responsibilities for the Audit of the Financial Statements
section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code
of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 have been prepared
on the principles of a going concern basis, which contemplate the realisation of assets and the
satisfaction of liabilities in the normal course of business. The Company has been incurring losses
for the past few years and its net worth has been fully eroded. Also, the Company’s financial
liabilities exceeded its financial assets as on March 31, 2025. These conditions indicate the
existence of a material uncertainty that may cast significant doubt about the Company’s ability to
continue as a going concern. However, in view of comfort received from the Promoters and their
Associates to the effect that they will be continuing to provide financial support to the Company,
these financial statements have been prepared on a going concern basis. (Refer note no. 27 to the
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 most significant in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. In addition to the matter described in the
material uncertainty related to going concern section, we have determined that there are no key
audit matters to communicate in our report.

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

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Board’s Report including Annexures to the Board Report
but does not include the financial statements and our auditor’s report thereon. The report is
expected to be made available to us after the date of this auditor’s report.

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

In connection with our audit of financial statements, our responsibility is to read the other information
and, in doing so, consider whether such other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated

When we read the report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.

Responsibilities of Management and those charged with Governance for the Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance (including other comprehensive income), changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the accounting Standards specified under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, the 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.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it
exists.

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

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

• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate
internal financial control system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of Management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the 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’s report. However,
future events or conditions may cause the entity to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financial statements that individually or in
aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative materiality and qualitative factors
in (i) planning the scope of our audit work and in evaluating the results of our work and (ii) to
evaluate the effect of any identified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be 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, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the
Annexure “A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books.

(c) The Balance sheet, the Statement of Profit & Loss (including other comprehensive income),
the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this
Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on March 31,2025
taken on record by the Board of Directors, none of the directors is disqualified as on March
31,2025 from being appointed as a Director in terms of Section 164(2) of the Act.

(f) 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”.

(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 remuneration paid by the Company to its director during the year is in accordance
with the provisions of Section 197 of the Act.

(h) With respect to the matters to be included in the Auditor’s report in accordance with the Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:

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

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

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

iv. a) The Management has represented that, to the best of its knowledge and belief, no funds
other than those disclosed in financial statements, 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;

b) The Management has represented, that, to the best of its knowledge and belief, no
funds other than those disclosed in financial statements, have been received by the
Company from any 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; and

c) Based on such audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material mis-statement (Refer
Note No 31 (vi) and (vii) to the financial statements)

v. The Company has not declared or paid any dividend during the year ended March 31,
2025. Accordingly, reporting under Rule 11(f) of Companies (Audit and Auditors) Rules,
2014 is not applicable.

vi. Based on our examination, which included test checks, the Company has used accounting
software for maintaining its account books for the financial year ended March 31, 2025
which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software. Further, during
the course of our audit we did not come across any instance of the audit trail feature being
tampered with. The Company is in compliance with the preservation of audit trail as per the
statutory requirements for record retention.

For Lodha & Co LLP

Chartered Accountants

Firm Registration No: 301051E/E300284

A M Hariharan
Partner

Place : Mumbai Membership No: 038323

Date : April 29, 2025 UDIN: 25038323BMJJGY2815


 
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