To the Board of Directors of
Kshitij Investments Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone quarterly financial results of Kshitij
Investments ltd (the company) for the quarter ended 31st March 2023 and the year to date
results for the period from 01st April 2022 to 31st March 2023, attached herewith, being
submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
In our opinion and to the best of our information and according to the explanations
given to us these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable accounting standards and other accounting
principles generally accepted in India of the net profit and other comprehensive income
and other financial information for the quarter ended 31" March 2023 as well as the
year to date results for the period from 01st April 2022 to 31" March 2023.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit of
the Standalone Financial Results 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 together with the ethical requirements that are relevant to our audit of the
financial results under the provisions of the Companies Act, 2013 and the Rules
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 opinion.
Managements Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year to date standalone financial
results have been prepared on the basis of the interim financial statements. The Companys
Board of Directors are responsible for the preparation of these financial results that
give a true and fair view of the net profit/loss and other comprehensive income and other
financial information in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34, Interim Financial Reporting prescribed under
Section 133 of the Act read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the listing
Regulations 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 standalone financial results that give a true and fair view and are free from material
misstatement, whether due to fraud or error In preparing the standalone financial results,
the Board of Directors are responsible for assessing the Companys ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do
so.
The Board of Directors are also responsible for overseeing the Companys financial
reporting process
Auditors Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone
financial results as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditors 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 standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone
financial results, 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, but not for the purpose
of expressing an opinion on the effectiveness of the companys internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors 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
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
Independent Auditors Report of Kshitij Investments Ltd for Financial year ended 31s1
March, 2023 related disclosures In the financial results 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 auditors report However, future events or conditions may cause the
Company to cease to continue as a going concern
• Evaluate the overall presentation, structure and content of the standalone
financial results, including the disclosures, and whether the financial results represent
the underlying transactions and events in a manner that achieves fair presentation.
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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2015 ("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-B" a statements on the matters specified in
the paragraph 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) we have sought and obtained all the information and explanations which to the 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 appears from our examination of those books
c) the Balance Sheet and Statement of Profit and Loss & Cash Flow statement 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 Rule 7 of the Companies
(Accounts) Rules, 2014.
e) on the basis of written representations received from the directors as on March 31,
2023, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023, 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-A; and
g) With respect to the other matters to be included in the Auditors Report in
accordance with 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) on the basis of information and explanation given to us the Company does not have
any pending litigations which would impact its financial position.
(ii) on the basis of information and explanation given to us the Company did not have
any long-term contracts including derivatives contracts for which there were any material
foreseeable losses.
Independent Auditors Report of Kshitij Investments Ltd for Financial year enckd 31st
March, 2023
(iii) on the basis of information and explanation given to us there were no amounts
which were required to be transferred to the Investor Education and Protection Fund by the
Company.
|
For Rahul Sureka & Company |
|
Chartered Accountants |
|
(Rahul Sureka) |
Place: 72, Bentinck Street, Kolkata-700001 |
Proprieter |
Dated: 24th Day of April, 2023 |
Membership No. 309988 |
UDIN- 23309988BGXREB9917 |
Firm Registration No. 329872E |
Annexure "A" to the Auditors Report
Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Kshitij
Investments Limited ("the Company"), as on 31st March, 2023 In conjunction with
our audit of the standalone financial statements of the Company for the period ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on internal control over financial reporting criteria established
by the Company considering the essential components of internal control stated in the
Guidance note on Audit of Internal Financial controls over Financial Reporting issued by
the Institute of Chartered Accountants of India (ICAI). These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with 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
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial 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 and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Companys internal financial controls system over
financial reporting.
Independent Auditors Report of Kshitii Investments Ltd for Financial year ended 31st
March, 2023
Meaning of Internal financial Controls over financial Reporting
A companys internal financial control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of standalone financial statements for external purposes In
accordance with generally accepted accounting principles A companys internal
financial control over financial reporting Includes thrive policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company, (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal financial Controls over financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal financial Controls Over Financial Reporting issued by the institute of Chartered
Accountants of India.
Annexure B to the Auditors Report
The Annexure referred to in Independent Auditors Report to the members of the Company
on the standalone financial statements for the year ended 31 March 2023, we report that:
i) As the company has no fixed assets during the year under review or in previous year,
this para of this order is not applicable
ii) The company has no operations and has income from investments. Further, the company
has no inventory in the year under review, or in the previous year. Accordingly, paragraph
3(ii) of the order is not applicable to the company.
iii) According to the information and explanations given to us, the Company has not
granted any loans to companies, firms or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013 (The Act"). Hence reporting under
sub-clause (a), (b) and (c) to this clause is not required.
iv) In our opinion and according to the information and explanations given to us, the
Company have not given any loans and investments, guarantee which attracts the provisions
of section 185 and 186 of the Act. Therefore, (iv) of the order is not applicable
v) In our opinion and according to the explanations given to us, the Company has not
taken any deposits from the public. Hence, the directives issued by the Reserve Bank of
India and the provisions of sections 73 to 76 of the Act, and the rules framed there under
are not applicable.
vi) On the basis of records produced we are of the opinion that prima facie cost
records and accounts prescribed by the Central Government under sub section (1) of Section
148 of The Companies Act, 2013 in respect of the products of the company covered under the
rules under said section have been made and maintained. However, we are neither required
to carry out nor have carried out any detailed examination of such accounts and records.
vii) (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion the Company is regular in depositing the
undisputed statutory dues including income tax, sales tax, service tax. Goods and Service
Tax and other statutory dues, as applicable with the appropriate authorities. According to
the information and explanations given to us and the records of the Company examined by
us, no undisputed amounts payable in respect of provident fund, sales tax, income tax and
other material statutory dues were in arrears as on 31st March,2023 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material
dues of any duty which have not been deposited with the appropriate authorities on account
of any dispute
Independent Auditor s Report of Kshitij Investments Ltd for Financial year ended 31st
March, 2023
viii) The Company does not have any loans or borrowings from any financial institution,
banks, government or debenture holders during the year Accordingly, paragraph 3(viii) of
the Order is not applicable.
ix) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) and term loans during the year. Accordingly,
paragraph 3 (ix) of the Order is not applicable.
x) According to the information and explanations given to us, no material fraud by the
Company or on the Company by its officers or employees has been noticed or reported during
the course of our audit.
According to the information and explanations give to us and based on our examination
of the records of the Company, the Company has not provided for managerial remuneration
therefore provisions of section 197 read with Schedule V to the Act are not applicable.
xi) In our opinion and according to the information and explanations given to us, the
company is not a Nidhi company. Accordingly, paragraph 3(xii) of the order is not
applicable.
xii) According to the information and explanation given to us and based on the
examination of the records of the company, transactions with the related parties are in
compliance with section 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the Ind AS financial statements as required by the
applicable accounting standards.
xiii) According to the information and explanations give to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
xiv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of
the Order is not applicable, applicable.
xv) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act 1934.
|
For Rahul Sureka & Company |
|
Chartered Accountants |
|
(Rahul Sureka) |
Place: 72, Bentinck Street, Kolkata-700001 |
Proprieter |
Dated: 24th Day of April, 2023 |
Membership No. 309988 |
UDIN- 23309988BGXREB9917 |
Firm Registration No. 329872E |
+91-9892691696
